Core Insights - ARKO Petroleum Corp. reported financial results for Q4 and the full year 2025, highlighting a positive trajectory following its IPO in February 2026, which strengthened its balance sheet and positioned the company for growth opportunities in a fragmented market [5][6]. Financial Performance - Net income for Q4 2025 increased to $8.1 million from $7.5 million in Q4 2024, while full-year net income decreased to $32.7 million from $40.2 million [6]. - Adjusted EBITDA for Q4 2025 rose to $36.9 million compared to $35.4 million in Q4 2024, and for the full year, it increased to $143.5 million from $139.2 million [6]. - Net cash provided by operating activities for Q4 2025 was $16.4 million, down from $35.1 million in Q4 2024, and for the year, it decreased to $79.6 million from $106.8 million [6]. - Discretionary Cash Flow for Q4 2025 was $21.1 million, up from $20.5 million in Q4 2024, while for the year, it increased to $88.9 million from $79.9 million [6]. IPO and Debt Management - The company completed its IPO on February 13, 2026, issuing 11,111,111 shares at $18.00 per share, and subsequently sold an additional 1,459,112 shares, representing 26.4% of economic interests [6]. - Approximately $206.7 million of net proceeds from the IPO was used to reduce debt, resulting in a net debt of $319.9 million after adjustments [6]. Segment Highlights Wholesale Segment - Fuel gallons sold at fuel supply locations increased to 211,406 thousand in Q4 2025 from 201,317 thousand in Q4 2024, and for the year, it rose to 836,232 thousand from 794,796 thousand [7]. - Fuel contribution from fuel supply locations increased to $13.7 million in Q4 2025 from $12.0 million in Q4 2024, and for the year, it rose to $52.5 million from $47.9 million [7]. - Fuel margin per gallon at fuel supply locations increased to 6.5 cents in Q4 2025 from 6.0 cents in Q4 2024 [7]. Fleet Fueling Segment - Fuel gallons sold at proprietary cardlock locations decreased to 31,420 thousand in Q4 2025 from 32,888 thousand in Q4 2024, while for the year, it decreased to 129,459 thousand from 136,104 thousand [16]. - Fuel contribution from proprietary cardlock locations was $15.4 million in Q4 2025, down from $15.8 million in Q4 2024, but increased to $63.4 million for the year from $62.6 million [19]. GPMP Segment - Fuel gallons sold to related party locations decreased to 204,000 thousand in Q4 2025 from 246,320 thousand in Q4 2024, and for the year, it decreased to 864,800 thousand from 1,023,480 thousand [20]. - Fuel contribution from related party locations decreased to $10.2 million in Q4 2025 from $12.3 million in Q4 2024, and for the year, it decreased to $43.2 million from $51.2 million [20]. Liquidity and Capital Expenditures - As of December 31, 2025, total liquidity was approximately $434.3 million, consisting of $15.6 million in cash and $418.7 million available under the credit line [25]. - Maintenance capital expenditures were $2.8 million for Q4 2025 and $6.9 million for the full year, while growth capital expenditures were $6.1 million for Q4 and $20.6 million for the year [25]. Dividend Declaration - The Board declared a quarterly dividend of $0.26 per share to be paid on April 21, 2026, representing an expected annual dividend rate of $2.00 per share, which corresponds to a yield of 10% to 11% at a share price of $18.50 to $19.50 [6][26].