YSWY Yesway, Inc.
Price Chart
Executive Summary
Yesway reported strong Q1 2026 results with revenue of $683.6M (+13.9% YoY) and net income of $30.2M vs a $5.6M loss a year ago. The company introduced its first-ever fiscal 2026 guidance with Adjusted EBITDA of $210M-$220M, well above consensus expectations, signaling confidence in continued operating momentum following its April 2026 IPO.
Key Financial Metrics
Actionable Insight
Yesway's first public quarter and inaugural guidance both exceeded expectations, driven by record fuel margins and consistent same-store inside sales growth. The FY2026 Adjusted EBITDA guide of $210-$220M implies significant expansion over Q1's run-rate. Watch for Q2 momentum commentary on the earnings call and progress on the planned sale of 29 Iowa/Kansas stores which could unlock further value.
Key Facts
- Revenue increased 13.9% YoY to $683.6M vs consensus of $679.1M
- Net income of $30.2M compared to a net loss of $5.6M in the prior-year period
- Adjusted EBITDA increased 112.9% YoY to $59.2M
- Same-store inside merchandise sales grew 4.5% YoY; same-store fuel gallons sold grew 0.2% YoY
- Fuel margins expanded 37.6% YoY to 49.4 cents per gallon; inside merchandise margin expanded 196 bps to 36.1%
- Operating cash flow of $48.4M, up from $13.6M in the prior-year period
- Introduced FY2026 guidance: Adjusted EBITDA $210-$220M, same-store inside merchandise sales growth 1.25%-3.25%, capex $85-$95M, 6-8 new stores
- Company operated 449 stores as of March 31, 2026, up from 448 at year-end 2025
- Cash balance of $56.5M and total debt of $649.5M as of March 31, 2026
- This is Yesway's first quarterly report since its IPO; the historical results reflect predecessor BW Ultimate Parent, LLC
Financial Impact
Revenue beat consensus by ~$4.5M (0.7%); net income swung $35.8M positive YoY; Adjusted EBITDA guided to $210-$220M for FY2026, implying ~20-25% growth over Q1 annualized run-rate
Risk Factors
- Fuel margins are volatile and sensitive to crude oil prices and regional competition; current elevated margins may normalize
- Planned divestiture of 29 Iowa/Kansas stores creates execution risk and one-time transition costs
- Total debt of $649.5M plus preferred membership interests of $249.3M represent meaningful leverage; rising interest rates could pressure cash flow
- Post-IPO float is small; Brookwood Financial Partners retains significant control, potentially limiting corporate governance improvements
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-069227 |
| Document: tm2616553d1_8k.htm | 0001104659-26-069227 |
| Document: 0001104659-26-069227-index-headers.html | 0001104659-26-069227 |
| Document: 0001104659-26-069227-index.html | 0001104659-26-069227 |
| Document: 0001104659-26-069227.txt | 0001104659-26-069227 |
| 8-K Data (Synthetic) | 0001104659-26-069227 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 2, 2026
10d ago
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8-K
| $20.00 $21.34 | ▲ +6.70% | ▲ +7.42% | $23.24 (+16.20%) |
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Jun 2, 2026
10d ago
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Press Release
| $20.00 $21.34 | ▲ +6.70% | ▲ +7.42% | $23.24 (+16.20%) |
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Apr 27, 2026
6w ago
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8-K
| $24.23 $24.12 | ▼ −0.45% | ▼ −0.44% | $23.24 (−4.09%) |
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Apr 23, 2026
7w ago
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424B4
| $21.70 $21.75 | ▲ +0.23% | ▼ −0.55% | $23.24 (+7.10%) |
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Apr 23, 2026
7w ago
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3
| $21.70 $21.75 | ▲ +0.23% | ▼ −0.55% | $23.24 (+7.10%) |
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Apr 23, 2026
7w ago
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3
| $21.70 $21.75 | ▲ +0.23% | ▼ −0.55% | $23.24 (+7.10%) |
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Apr 22, 2026
7w ago
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EFFECT
| $21.23 $21.70 | ▲ +2.21% | ▲ +2.61% | $23.24 (+9.47%) |
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Apr 13, 2026
8w ago
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S-1/A
| — | awaiting T+1 | — | — |
US Market Status
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