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Debt -Scheduled principal payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Principal payment of debt
2026 (remaining period)	$ 2,050
2027	4,100
2028	393,350
Total	$ 399,500

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
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-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Description of Business - Amended and Restated Certificate of Incorporation (Details) - $ / shares	Jun. 30, 2026	Apr. 21, 2026	Dec. 31, 2025
Description of Business [Line Items]
Preferred stock shares authorized (in shares)		10,000,000
Preferred stock par value (in dollars per share)		$ 0.0001
Class A common stock
Description of Business [Line Items]
Common stock shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Class B common stock
Description of Business [Line Items]
Common stock shares authorized (in shares)	150,000,000	150,000,000	150,000,000
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001

Subsequent Events - Purchase requirements (Details) - gal gal in Thousands	Aug. 01, 2026	Jun. 30, 2026
Minimum volume purchase requirements
2026 (remaining period)		65,319
2027		130,638
2028		120,000
2029		120,000
2030		60,000
Total		495,957
Subsequent Event
Minimum volume purchase requirements
2026 (remaining period)	131,817
2027	316,360
2028	305,722
2029	305,722
2030	245,722
2031	108,338
Total	1,413,681

Description of Business

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1.	Description of Business

Yesway, Inc. (“Yesway”) was incorporated in Delaware on April 23, 2021. Pursuant to a reorganization into a holding company structure, Yesway is a holding company, and its principal asset is a controlling equity interest in BW Ultimate Parent, LLC (“Ultimate Parent”) as of the closing of its initial public offering (the “IPO”). As the sole managing member of Ultimate Parent, Yesway operates and controls all of the business and affairs of Ultimate Parent and, through Ultimate Parent and its subsidiaries, conducts its business.

Yesway and its subsidiaries (the “Company”) operate 450 convenience stores in nine states. The Company’s convenience stores offer a broad selection of merchandise, fuel, and other products and services designed to appeal to the convenience needs of the Company’s customers. Since inception, the Company has grown through acquisition and construction of new stores. The Company has funded its operations, acquisitions, and construction costs primarily with proceeds from funds raised by the Company and its members, the issuance of redeemable senior preferred membership interests, financing from build-to-suit landlords, as well as credit facilities from its banks.

IPO

On April 23, 2026, the Company completed an initial public offering by issuing 14,000,000 shares of Class A common stock (as defined below) at a price to the public of $20.00 per share. On April 27, 2026, the Company completed the sale of 2,100,000 shares of Class A common stock following the underwriters’ exercise in full of their overallotment option. From the IPO, including the exercise of the underwriters’ overallotment option, the Company received $301,070 in proceeds, net of underwriting discounts and commissions, which was used to purchase an aggregate of 16,100,000 LLC Interests of Ultimate Parent and Ultimate Parent utilized $251,523 of the net proceeds it received from the sale of LLC Interests to Yesway, Inc. to fully redeem the Redeemable Senior Preferred Member Interests.

Transactions

The Company and Ultimate Parent completed a series of transactions (“Transactions”), including the following:

●

The Company’s certificate of incorporation was amended and restated to, among other things, (i) create a class of common stock designated as Class A common stock with voting and economic rights, (ii) reclassify the existing shares of common stock into shares of Class A common stock, and (iii) create a class of common stock designated as Class B common stock, with voting rights but no economic rights.

●

The Company acquired the Blocker Companies (the “Blocker Mergers”) and issued to the Blocker Shareholders 15,085,561 shares of Class A common stock of the Company, and the Blocker Companies merged with and into Yesway, Inc.’s wholly owned merger subsidiaries, with Yesway, Inc.’s merger subsidiaries surviving;

●

The Company issued 32,009,185 shares of Class B common stock to the continuing equity owners of Ultimate Parent (the “Continuing Equity Owners”), which is equal to the number of LLC Interests held directly or indirectly by such Continuing Equity Owners immediately prior to the IPO; and

●

Ultimate Parent’s limited liability agreement (“LLC Agreement”) was amended and restated to, among other things, (i) recapitalize all existing ownership interests in the Ultimate Parent into a single class of common units (“LLC Interests”), (ii) exchange all of the then existing membership interests of the holders of Ultimate Parent into LLC Interests, and (iii) appoint the Company as the sole managing member of Ultimate Parent upon its acquisition of LLC Interests.

Amended and Restated Certificate of Incorporation

The Company’s Amended and Restated Certificate of Incorporation (which was filed with the Secretary of State of the State of Delaware on April 21, 2026) provides for among other things, the (i) authorization of 500,000,000 shares of Class A common stock, with a par value of $0.0001 per share (“Class A common stock”); (ii) authorization of 150,000,000

shares of Class B common stock, with a par value of $0.0001 per share (“Class B common stock”); (iii) authorization of 10,000,000 shares of preferred stock, with a par value of $0.0001 per share (“Preferred Stock”) that may be issued from time to time by the Company’s Board of Directors in one or more series; and (iv) establishment of a classified board of directors, divided into three classes, each of whose members will serve for staggered terms.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	2 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash Flows from Operating Activities:
Net income	$ 19,937	$ 29,654		$ 24,157	$ (5,634)	$ 59,890	$ 18,523
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion expense						32,609	31,208
Amortization of right-of-use assets						5,749	4,167
Amortization of deferred financing cost						2,196	2,063
Allowance for credit losses						9	4
Loss (gain) on disposal of assets		507		(1,446)		421	(2,191)
Equity-based compensation						4,708	0
Deferred income tax						6,190	0
Change in fair value of derivative liability		0		(2,100)		0	(800)
Changes in operating assets and liabilities, net
Accounts receivables						(10,936)	(6,019)
Inventories						(6,209)	375
Prepaid expenses						1,338	1,347
Other current assets - BTS						(7,021)	1,146
Other current assets - Other						(1,374)	(452)
Account payable - Fuel						24,649	(1,541)
Account payable - Other						21	(729)
Accrued expenses and other current liabilities						(3,603)	3,534
Lease liabilities						(2,642)	(2,127)
Other noncurrent liabilities						(1,094)	699
Due to/(from) affiliates						24	25
Net cash provided by operating activities						104,925	49,232
Cash Flows from Investing Activities:
Purchase of property and equipment						(35,133)	(48,149)
Acquisition of intangible assets						(10)	(1,354)
Proceeds from sale of assets						618	4,020
Other investing activities						(2,593)	(262)
Net cash used in investing activities						(37,118)	(45,745)
Cash Flows from Financing Activities:
Proceeds from revolver						0	15,000
Repayment of revolver						(40,000)	(15,000)
Repayment of borrowings from term loan						(2,050)	(2,050)
Cash paid for debt issuance costs						(110)	(599)
Proceeds from financing obligation						2,489	2,868
Repayment of financing obligation with lessors						(1,042)	(982)
Repayment of financing leases						(34)	(32)	$ (32)
Proceeds from issuance of common stock						301,070	0
Cash paid for IPO issuance costs						(7,338)	0
Distributions to redeemable senior preferred membership interests						(252,266)	(579)
Distributions to members						(23,510)	(6,191)
Distributions to noncontrolling interests						0	(26)
Net cash used in financing activities						(22,791)	(7,591)
Increase (decrease) in cash and cash equivalents						45,016	(4,104)
Cash and cash equivalents, beginning of period			$ 36,592		32,720	36,592	32,720	32,720
Cash and cash equivalents, end of period	$ 81,608	81,608		28,616		81,608	28,616	$ 36,592
Cash paid for:
Interest, net of amounts capitalized						23,304	27,036
Income taxes						7	158
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Fixed asset purchases in Accounts payable - Other						3,906	5,060
Fixed asset purchases in Accrued expenses and other current liabilities						3,337	1,965
Right-of-use assets acquired by assumption of operating leases						15,678	60,063
Remeasurement of lease liabilities and Right-of-use assets						95	206
Asset retirement obligations capitalized in fixed assets						38	237
Accretion of Redeemable senior preferred membership interests		$ 2,236	$ 10,402	$ 8,744	$ 8,394	12,638	17,138
Distribution to Non-controlling interests						0	(26)
Recapitalization of Continuing Equity Owners						585,875	0
Recording amounts payable pursuant to tax receivable agreement						92,263	0
Recording deferred tax assets related to tax receivable agreement liability						41,627	0
Allocation of equity to Non-controlling interests						$ 459,810	$ 0

Equity-Based Compensation - Activity of RSUs & PSUs (Details)	6 Months Ended
	Jun. 30, 2026 shares
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted	1,828,000
Forfeited	0
Unvested at end of the period	1,828,000
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted	1,800,000
Forfeited	0
Unvested at end of the period	1,800,000

Summary of Significant Accounting Policies - Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2026 segment
Accounting Policies [Abstract]
Number of Operating Segments	1
Number of reportable segments	1

Leases - Future minimum payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Finance leases
2026 (remaining period)	$ 93
2027	188
2028	189
2029	189
2030	198
Thereafter	2,591
Total minimum lease payments	3,448
Less: amount representing interest	1,234
Present value of net minimum lease payments	2,214
Operating leases
2026 (remaining period)	15,415
2027	31,262
2028	31,272
2029	31,587
2030	32,163
Thereafter	494,667
Total minimum lease payments	636,366
Less: amount representing interest	302,448
Present value of net minimum lease payments	$ 333,918

Payable Pursuant to the Tax Receivable Agreement (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Apr. 23, 2026	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Payable Pursuant to the Tax Receivable Agreement
LLC Interests redeemed from existing LLC Interest owners (in shares)	15,085,561	15,085,561
Tax receivable agreement liability		$ 92,263	$ 92,263	$ 0
Tax receivable agreement liability, payment period		15 years
Deferred tax assets for tax receivable agreement liability		$ 41,627	41,627
Payments for tax receivable agreement			0
Tax receivable agreement liability, due within 12 months		$ 0	$ 0

Financing Obligations, Net - Cancelled 2019 Sale-leaseback transactions - Components (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Sale Leaseback Transaction [Line Items]
Long-term Financing Obligation, net of amounts representing current maturities, debt discount, and debt issuance costs	$ 221,819	$ 222,851
Cancelled 2019 Sale-leaseback transactions
Sale Leaseback Transaction [Line Items]
Net principal payments under financing obligations	224,770	225,771
Less: current maturities of financing obligations	(2,097)	(2,034)
Less: debt discount and debt issuance costs, net of accumulated amortization of $422 and $390 as of June 30, 2026, and December 31, 2025, respectively	(854)	(886)
Long-term Financing Obligation, net of amounts representing current maturities, debt discount, and debt issuance costs	221,819	222,851
Accumulated amortization of debt discount and debt issuance costs	$ 422	$ 390

Summary of Significant Accounting Policies - Non-Controlling Interest (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Noncontrolling Interest [Line Items]
Net income attributable to non-controlling interest	$ 13,363	$ 13,363	$ 0	$ 13,363	$ 0
Subsidiaries \| RE Energy
Noncontrolling Interest [Line Items]
Net income attributable to non-controlling interest		$ 0	$ 0	$ 0	$ 0
BW Ultimate Parent, LLC
Noncontrolling Interest [Line Items]
Noncontrolling interests	50.70%	50.70%		50.70%

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 55
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

+ Details

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

On April 2, 2021, the Company entered into a credit facility which was subsequently amended on November 23, 2022 (the “2021 Credit Facility”). The 2021 Credit Facility includes a $410,000 term loan (the “2021 Term Loan”) with a seven-year maturity and a $150,000 revolver (the “2021 Revolver”) with a five-year maturity. The 2021 Credit Facility was further amended on May 26, 2023 (the “2023 Amendment”), to replace the benchmark interest rate from LIBOR to SOFR as of July 1, 2023, and to adopt other conforming changes. The Company elected to apply the optional expedient within FASB ASC 848, Reference Rate Reform, and determined that the 2023 Amendment was a debt modification in accordance with FASB ASC 470-50, Debt – Modifications and Extinguishments. There was no material impact to the accompanying unaudited Condensed Consolidated Financial Statements for these changes.

On May 30, 2025, the Company entered into an additional amendment to the Credit Facility with the Existing Revolver Lenders and extended the maturity date of the 2021 Revolver from April 2, 2026, to April 2, 2027 (the “First 2025 Credit Amendment”). On December 18, 2025, the Company entered into an additional amendment to the Credit Facility with the Existing Revolver Lenders (the “Second 2025 Credit Amendment” and together with the First 2025 Credit Amendment, the “2025 Credit Amendments”) and extended the maturity date of the 2021 Revolver from April 2, 2027, to April 2, 2028, lowered the interest rate by 25 basis points, and eliminated an upfront fee of 0.10% for each consenting Existing Revolving Credit Commitment. The Company determined the 2025 Credit Amendments to be debt modifications in accordance with FASB ASC 470-50. The fees associated with the 2025 Credit Amendments were immaterial.

As of June 30, 2026, the interest rate under the 2021 Term Loan is SOFR plus 350 basis points (7.26% as of June 30, 2026) and the interest rate under the 2021 Revolver is SOFR plus 225 basis points (5.89% as of June 30, 2026). Principal on the 2021 Term Loan is payable in quarterly installments of $1,025, with a balloon payment of the remaining outstanding balance due upon maturity in April 2028. Borrowings on the 2021 Revolver are due upon maturity in April 2028. As of June 30, 2026, the Company has $140,000 available for future borrowings under its 2021 Revolver facility, of which $3,127 is committed to undrawn letters of credit.

Debt components as of June 30, 2026, and December 31, 2025, are summarized as follows:


		June 30, 2026		December 31,2025
2021 Term Loan (effective interest rate of 8.48% and 9.11% as of June 30, 2026, and December 31, 2025, respectively)		$	389,500	$	391,550
2021 Revolver (effective interest rate of 6.32% and 7.63% as of June 30, 2026, and December 31, 2025, respectively)			10,000		50,000
Total debt			399,500		441,550
Less: debt discount and debt issuance costs			(7,227)		(9,239)
Less: current maturities of debt			(4,100)		(4,100)
Debt, net of current maturities, debt discount, and debt issuance costs		$	388,173	$	428,211

Scheduled principal payments of debts as of June 30, 2026, are as follows:


Years ending		Amount
2026 (remaining period)		$	2,050
2027			4,100
2028			393,350
Total		$	399,500

The 2021 Term Loan and 2021 Revolver are prepayable in accordance with the loan agreements without a prepayment penalty. In addition to contractually scheduled maturities, if certain excess free cash flow thresholds are achieved, as defined by the 2021 Credit Facility, and there is an outstanding balance on the 2021 Term Loan at the end of the respective calendar year, the Company will be obligated to prepay a certain amount of principal, as defined by the 2021 Credit Facility, within 125 days of the respective calendar year end. The 2021 Credit Facility is guaranteed by the Company. Under the 2021 Credit Facility, the Company is required to maintain compliance with certain financial and non-financial covenants. As of June 30, 2026, the Company was in compliance with its covenants.

Interest activity for debt for the periods presented is as follows:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
			2026		2025		2026		2025
Interest incurred		$	8,671	$	10,702	$	17,669	$	21,308
Less: Amounts capitalized			(72)		—		(497)		—
Interest expense		$	8,599	$	10,702	$	17,172	$	21,308

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment reporting

17. Segment reporting

The following table provides the information about the Company’s revenue, significant segment expenses, and other segment items:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Revenue
Fuel sales		$	673,138	$	440,822	$	1,137,443	$	840,999
Inside merchandise sales			240,104		230,078		453,781		425,182
Other revenues			7,532		6,773		13,180		11,810
Total revenues			920,774		677,673		1,604,404		1,277,991
Less:
Cost of fuel sales			589,153		379,148		981,849		731,128
Cost of merchandise sales			154,320		149,022		290,839		277,494
Salaries and employee benefits			51,022		50,032		100,734		99,128
Payment fees			16,842		12,224		29,392		22,959
Repairs and maintenance			5,653		5,207		10,312		10,106
Facility expense			11,824		9,894		23,257		18,705
Other selling, general, and administrative expenses^(a)			22,380		21,171		40,095		42,524
Depreciation, amortization, and accretion			16,621		15,690		32,609		31,207
Equity-based compensation			4,708		—		4,708		—
Loss (gain) on disposal of assets			507		(1,446)		421		(2,191)
Interest expense, net			11,893		14,516		24,101		29,050
Income tax expense			6,197		158		6,197		158
Other segment items^(b)			—		(2,100)		—		(800)
Consolidated net income (loss)		$	29,654	$	24,157	$	59,890	$	18,523

(a)	^{Other selling, general, and administrative expenses primarily includes: utilities, insurance, supplies, and other operating expenses.}

(b)	^{Other segment items include change in fair value of derivative liability.}

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Summary Of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations and should be read in conjunction with the Company’s latest audited annual financial statements.

In the opinion of the Company, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2026, and December 31, 2025, and its results of operations for the three and six months ended June 30, 2026, and June 30, 2025, and cash flows for the six months ended June 30, 2026, and June 30, 2025.

Principles of consolidation

The accompanying unaudited Condensed Consolidated Financial Statements of the Company include the accounts of Ultimate Parent and its subsidiaries. All of Ultimate Parent’s subsidiaries are wholly-owned with the exception of RE Energy Company, LLC (“RE Energy”), which has a non-controlling interest with the right to receive distributions related to a patronage program of RE Energy’s fuel distributor. The Company consolidates Ultimate Parent as a variable interest entity (“VIE”) in accordance with FASB ASC Topic 810, Consolidation (“ASC 810”). ASC 810 requires the consolidation of VIEs in which the entity is defined as the primary beneficiary of the VIE. To be a primary beneficiary, an entity must have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, among other factors. The Company has assessed its variable interests in this entity and determined that the Company has the power to direct those activities. As a result, Ultimate Parent and its subsidiaries’ financial position and results of operations are consolidated in the Company’s accompanying unaudited Condensed Consolidated Balance Sheets and unaudited Condensed Consolidated Statements of Income. The assets and liabilities of Ultimate Parent represent substantially all of the consolidated assets and liabilities of Yesway, except for amounts related to the tax receivable agreement which are attributable to Yesway.

All intercompany balances and transactions have been eliminated in consolidation.

Non-controlling interests

The non-controlling interests on the accompanying unaudited Condensed Consolidated Statements of Income primarily represent the portion of earnings attributable to the economic interest in Ultimate Parent, held by Continuing Equity Owners. As of June 30, 2026, the noncontrolling interests were 50.7%. Net income of $13,363 was allocated to this non-controlling interest during both the three months and six months ended June 30, 2026, and $0 during both the three and six months ended June 30, 2025.

In addition, all of the Ultimate Parent’s subsidiaries are wholly owned with the exception of RE Energy Company, LLC (“RE Energy”), which has a non-controlling interest with the right to receive distributions related to a patronage program of RE Energy’s fuel distributor. Net income of $0 was allocated to non-controlling interest during both the three and six months ended June 30, 2026, and June 30, 2025.

Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Among the estimates made by management are (i) estimated fair value of assets and liabilities acquired in a business combination or asset acquisition and identification of goodwill and intangible assets, (ii) assumptions used to evaluate goodwill, (iii) assumptions used to evaluate property and equipment and intangible assets for impairment, (iv) assumptions used to determine the fair value of leased properties, (v) accruals and contingent liabilities, and (vi) fair value of derivatives.

Although the Company believes its estimates are reasonable, actual results could differ from these estimates.

Cash and cash equivalents

Cash and cash equivalents are comprised of cash and investments with original maturity dates of three months or less at the time of purchase to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value.

Accounts receivable and allowance for credit losses

Below is a summary of the receivable values at June 30, 2026, and December 31, 2025, with a beginning balance at January 1, 2025, for the amount of $22,128:


		June 30, 2026		December 31, 2025
Trade accounts receivable		$	34,791	$	23,707
Lottery accounts receivable			417		684
Other accounts receivable			395		294
Allowance for credit losses			(138)		(147)
Accounts receivable, net		$	35,465	$	24,538

At June 30, 2026, and December 31, 2025, all of the Company’s accounts receivable were classified as current assets and there were no non-standard payment terms.

Inventories

Inventories primarily consist of merchandise in the Company’s stores and fuel. Merchandise is stated at the lower of cost or market using the average retail method. Fuel inventories use a weighted-average cost using the first-in, first-out method. The Company also carries supply and equipment parts inventory necessary to keep store facilities and equipment in working order.

In order to assure valuation at the lower of cost or market for merchandise, the retail value of inventory is adjusted on a consistent basis to reflect current market conditions. These adjustments include increases in the retail value of inventory for initial markups to set the selling price of goods or additional markups to adjust pricing for inflation and decreases to the retail value of inventory for markdowns associated with promotional, seasonal, or other declines in the market value.

Because these adjustments are made on a consistent basis and are based on current prevailing market conditions, they approximate the carrying value of the inventory at market. Therefore, after applying the cost to retail ratio, the cost value of inventory is stated at the lower of cost or market.

Inventories consist of the following:


		June 30, 2026		December 31, 2025
Fuel		$	25,776	$	21,097
Merchandise			63,604		62,074
Total inventories		$	89,380	$	83,171

Because the approximation of market under the retail inventory method is based on estimates such as markups, markdowns, and inventory losses (shrink), there exists an inherent uncertainty in the final determination of inventory cost and gross margin. In order to mitigate that uncertainty, the Company performs quarterly physical counts at all locations and has a formal review by product class which considers variables such as current market trends, seasonality, weather patterns, and age of merchandise to ensure that markdowns are taken currently, or a markdown reserve is established to cover future anticipated markdowns. This review also considers current pricing trends and inflation to ensure that markups are taken, if necessary.

The Company establishes inventory reserves to record its inventory at the lower of cost or net realizable value. A portion of the inventory reserves represent an amount for excess and slow-moving inventory on hand that is expected to be written off or otherwise disposed of below cost at a future date. The Company’s estimate of the appropriate amount of the excess and slow-moving inventory reserve utilizes certain inputs and involves judgment. The inventory reserve was $950 at both June 30, 2026, and December 31, 2025, which is included in Inventories in the accompanying unaudited Condensed Consolidated Balance Sheets.

Other current assets

The Company accounts for costs incurred for construction-in-progress under build-to-suit sale-leaseback arrangements (“BTS Arrangements”) within Other current assets in the accompanying unaudited Condensed Consolidated Balance Sheets. The costs consist primarily of payments made by the Company to purchase assets where the Landlords are the accounting owner. The costs are expected to be reimbursed by the Landlords throughout the construction period.


		June 30, 2026		December 31, 2025
BTS Arrangements - construction in progress		$	17,373	$	10,352
Other			4,257		2,883
Total other current assets		$	21,630	$	13,235

Property and equipment

Property and equipment are carried at cost, less accumulated depreciation, amortization, and accretion. Depreciation, amortization, and accretion are computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements and other assets at leased locations are amortized over the shorter of the estimated useful lives of the assets or the term of the lease. Useful lives for assets are as follows:


Category		Range
Buildings and improvements		10-39 years
Equipment		5 years
Tanks		Lesser of lease term or 40 years
Leasehold improvements		Lesser of lease term or useful life

Impairment and disposal of long-lived assets

FASB ASC 360, Property, Plant and Equipment, addresses the reporting for the impairment or disposal of long-lived assets and does not apply to goodwill or intangible assets that are not being amortized and certain other long-lived assets. The Company has long-lived assets, primarily consisting of real property and improvements thereon, underground storage tanks, dispensing equipment, other personal property, and right-of-use assets. The Company evaluates intangible and

tangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

The Company monitors closed and underperforming stores for an indication that the carrying amount of assets may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recognized to the extent the carrying value of the assets exceeds their estimated fair value. Fair value is based on management’s estimate of the amount that could be realized from the sale of assets in a current transaction between willing parties. The estimate is derived from offers, actual sale or disposition of assets subsequent to year end, and other indicators of fair value.

In determining whether an asset is impaired, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which for the Company is generally on a store-by-store basis.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net tangible and identifiable intangible assets of businesses acquired. The Company performs an annual impairment test of its goodwill unless interim indicators of impairment exist. The testing of goodwill for impairment is performed at a level referred to as a reporting unit. A reporting unit is either the “operating segment level” or one level below, which is referred to as a “component.” The level at which the impairment test is performed requires an assessment as to whether the operations below the operating segment constitute a self-sustaining business, in which case testing is generally required to be performed at this level. The Company has determined that it has one operating segment and one reporting unit. The Company’s annual impairment testing date is October 1 of each fiscal year. US GAAP permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, as a basis for determining whether it is necessary to perform the quantitative impairment test. An impairment loss is recognized in an amount equal to the excess of the reporting unit’s carrying value over its fair value, up to the amount of goodwill allocated to the reporting unit. At June 30, 2026, there were no triggering events.

Assets Held for Sale

The Company classifies assets and liabilities as held for sale when the below conditions are satisfied:

●

Management has approved and committed to a plan to sell the assets or disposal group.

●

The asset or disposal group is available for immediate sale in its present condition.

●

An active program to locate a buyer and other actions required to complete the sale have been initiated.

●

The sale of the asset or disposal group is probable and expected to be completed within one year.

●

The asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

●

It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

The assets and liabilities are classified as non-current when proceeds are expected to be used to re-pay long-term debt. The Company initially measures a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell and recognize any loss in the period in which the held for sale criteria are met. Gains are not recognized until the date of sale. The Company ceases depreciation and amortization of assets within a disposal group, upon their designation as held for sale and subsequently assesses fair value less any costs to sell at each reporting date until the asset or disposal group is no longer classified as held for sale.

Self-insurance reserves

The Company self-insures its health and dental benefits offered to its employees. To mitigate the risk of self-insured healthcare claims costs, the Company purchased stop-loss insurance that shifts the financial liability back to the insurance

provider if specific claim and expense amounts are in excess of $200. The self-insurance reserve is determined actuarially at each quarter end based on claims filed and an estimate of claims incurred but not yet reported. At June 30, 2026, and December 31, 2025, self-insurance reserves of $2,627 and $3,904 respectively, are included in Accrued expenses and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. The Company recorded expenses totaling $2,143 and $5,378 related to self-insured health care claims during the three and six months ended June 30, 2026, respectively, and $2,295 and $4,303 for the three and six months ended June 30, 2025, respectively, which are recorded in Selling, general, and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Income.

Self-insurance reserves were made for estimated liabilities associated with workers’ compensation and general liability. The reserve estimate is based on an actuarial evaluation of the Company’s history of claims, industry benchmark factors, and specific event analysis. At June 30, 2026, and December 31, 2025, self-insurance reserves of $6,488 and $5,550, respectively, for workers’ compensation and general liability reserve on a discounted basis are included in Accrued expenses and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets.

Revenue recognition

Point in time

The Company recognizes retail sales of fuel and merchandise at the point in time of the sale to the customer when goods or services are exchanged for legal tender as the performance obligation has been satisfied. Sales taxes collected from customers and remitted to the government are recorded on a net basis in the accompanying unaudited Condensed Consolidated Financial Statements.

The Company evaluates whether it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis. In performing this analysis, the Company considers first whether it controls the goods before they are transferred to the customers and if it has the ability to direct the use of the goods or obtain benefits from them. The Company also considers the following indicators: (1) the primary obligor, (2) the latitude in establishing prices and selecting suppliers, and (3) the inventory risk borne by the Company before and after the goods have been transferred to the customer. When the Company acts as principal, revenue is recorded on a gross basis. When the Company acts as an agent, revenue is recorded on a net basis. The Company recognizes commissions and other service fees on the sale of lottery and gaming products, at the point in time of the sale to the customer.

The following table disaggregates the Company’s revenue by major source for the three and six months ended June 30, 2026, and June 30, 2025:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Fuel sales		$	673,138	$	440,822	$	1,137,443	$	840,999
Inside merchandise sales			240,104		230,078		453,781		425,182
Other revenues			7,532		6,773		13,180		11,810
Total revenues		$	920,774	$	677,673	$	1,604,404	$	1,277,991

Deferred revenue – loyalty program

The Company offers customer loyalty programs whereby participants can earn rewards based on their spending or other promotional activities redeemable towards certain merchandise or fuel. These programs create a performance obligation which requires us to defer a portion of sales revenue to the loyalty program participants until they redeem their awards. Earned rewards expire after an account is inactive for between one month and one year, depending on the program. The Company determines the loyalty reward obligations based on the relative standalone selling price. Liabilities for

unredeemed awards are accrued until redemption or expiration and, upon redemption and expiration, recorded as an adjustment to Other revenues.

Changes in the loyalty rewards program liability are included in Accrued expenses and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets were as follows:


		June 30, 2026
Loyalty rewards liability, beginning balance		$	3,456
Revenue deferred			3,394
Revenue recognized			(3,207)
Loyalty rewards liability, ending balance		$	3,643

The Company expects all loyalty rewards outstanding as of June 30, 2026, to be recognized within one year.

Excise tax

Excise taxes of $66,309 and $125,283 for the three and six months ended June 30, 2026, respectively and $60,742 and $115,059 for the three and six months ended June 30, 2025, respectively, on retail fuel sales are included in total revenues and cost of goods sold.

Cost of goods sold (exclusive of depreciation and amortization)

The Company includes all costs incurred to acquire motor fuel and merchandise, including excise taxes, the costs of purchasing, storing, and transporting inventory prior to delivery to customers as Cost of goods sold (exclusive of depreciation and amortization) in the accompanying unaudited Condensed Consolidated Statements of Income. All depreciation and amortization of Property and equipment amounts are included in Depreciation, amortization, and accretion expense in the accompanying unaudited Condensed Consolidated Statements of Income.

Fuel and merchandise vendor allowances and rebates

Fuel suppliers and merchandise vendors offer incentives and allowances in different forms. The Company accounts for these incentives and allowances under FASB ASC 705-20, Accounting for Consideration Received from Vendors.

Fuel supplier incentives and allowances may include a discount for prompt payment, temporary volume allowances, and other volume rebates. Prompt payment discounts from suppliers are based on a percentage of the purchase price of motor fuel and the dollar value of these discounts varies with motor fuel prices. These incentives and allowance are recorded as reduction to the cost of goods sold.

The Company receives payments for vendor allowances and volume rebates from various suppliers of convenience store merchandise. Vendor allowances for price markdowns are credited to the Cost of goods sold (exclusive of depreciation and amortization) during the period the related markdown is realized. Volume rebates of merchandise are recorded as reductions to the cost of goods sold when the merchandise qualifies for the rebate is sold. Slotting and stocking allowances received from a vendor are recorded as a reduction to the cost of goods sold over the period covered by the agreement.

Income Taxes

Income taxes

The Company is taxed as a subchapter C corporation and is subject to U.S. federal, state, and local income taxes on its share of allocable partnership income. The Company’s sole material asset is its ownership in Ultimate Parent, which is a limited liability company that is taxed as a partnership for U.S. federal and certain state and local income tax purposes. Ultimate Parent’s allocable share of taxable income and related tax credits, if any, are passed through to its unit holders, including the Company, and are included in the unit holders’ tax returns.

In any period in which the Company acquires additional units of Ultimate Parent by means of an exchange transaction, the Company records related income tax effects as an adjustment to equity. (See Tax receivable liability below.)

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, which requires the asset and liability approach for financial accounting and reporting, including the recognition of deferred tax assets and liabilities for the expected tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would not be able to realize deferred taxes in the future, the Company would make an adjustment to the deferred tax asset valuation allowance, which would increase the provision for income taxes.

The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate selection with the related tax authority.

The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense in the accompanying Condensed Consolidated Statements of Income.

Tax Receivable Liability

Tax receivable liability

In connection with the IPO and Transactions, the Company entered into the Tax Receivable Agreement (“TRA”) with Ultimate Parent, the Continuing Equity Owners, and the Blocker Shareholders that provides for the cash payment of 85% of the amount of income tax benefits, if any, that the Company actually realizes or, in certain circumstances is deemed to realize, as a result of (i) the Company’s allocable share of the existing tax basis in the assets of Ultimate Parent and its flow-through subsidiaries, which tax basis is attributable to the LLC Interests acquired in connection with the Transactions, (ii) the increase in the Company’s allocable share of the tax basis of Ultimate Parent’s assets resulting from (a) any future redemptions or exchanges of LLC Interests from the Continuing Equity Owners and (b) certain distributions (or deemed distributions) by Ultimate Parent (iii) the Company’s allocable share of the existing tax basis in Ultimate Parent and its flow-through subsidiaries at the time of any redemption or exchange of LLC Interests which tax basis is attributable to the LLC Interests being redeemed or exchanged and acquired by the Company (any such resulting basis increases and/or allocable shares of existing basis described in clauses (i) through (iv), “Basis Adjustments”), and (v) certain additional tax benefits (such as interest deductions) attributable to payments that are made under the TRA. Payments under the TRA may be based on certain simplifying assumptions regarding the determination of the tax benefits that are realized or are deemed to be realized from the covered tax attributes, which may result in payments pursuant to the TRA in excess of those that would result if such assumptions were not made. No party to the TRA will reimburse the Company for any payments previously made if such basis increases or other benefits are subsequently disallowed, except that excess payments made to the TRA party will be netted against future cash payments that would otherwise be made under the TRA, to such TRA party, if any, after determination of such excess. The Company accounts for the TRA in accordance with ASC Topic 450, Contingencies. As such, subsequent changes in the value of the TRA liability between reporting periods are recognized in the accompanying unaudited Condensed Consolidated Statements of Income.

Concentration of suppliers

The Company procures most of its fuel products under branded fuel supply agreements with two major oil companies. The supply agreements provide formula-based pricing and minimum volume commitments. The Company’s branded fuel purchases totaled approximately 80% for both the three and six months ended June 30, 2026, respectively, and 83% and 84% for the three and six months ended June 30, 2025, and exceeded their minimum volume purchase commitments. The Company may also purchase unbranded fuel from other suppliers to supply unbranded sites. Fuel products are received at various fuel terminals throughout markets in which the Company operates and are transported to stores through common carriers. While the Company believes other fuel suppliers could supply product at similar or more favorable terms, there is a risk that an alternative supplier would not be immediately available or would not meet the current contracted pricing agreement, resulting in a material effect on the Company’s business, cost of goods sold, and results of operations.

The Company also purchased approximately 53% and 54% for the three and six months ended June 30, 2026, respectively, and 54% for both the three and six months ended June 30, 2025, of general merchandise and supplies from three wholesale grocers. While the Company believes other wholesale grocers could supply general merchandise at similar or more favorable terms, there is a risk an alternative supplier would not be immediately available or would not meet the current pricing resulting in a material effect on the Company’s business, costs of goods sold, and results of operations.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company invests a portion of its cash and cash equivalents with nonaffiliated institutions, which, at times, may exceed federally insured limits and which management believes to have strong credit ratings. The Company has not experienced any losses on its deposits of cash or cash equivalents. Federal insurance coverage was limited to $250 per depositor at each financial institution. As of June 30, 2026, and December 31, 2025, there were approximately $86,944 and $29,004, respectively, in accounts that were in excess of federally insured limits. Concentrations of credit risk with respect to accounts receivable are limited due to the credit worthiness of the Company’s credit card processors, vendors, tenants, and customers. Management regularly monitors the creditworthiness of its counterparties and believes that it has adequately provided for any exposure to expected credit losses.

Equity-Based Compensation and Unit Incentive Plan

Equity-based compensation

Equity-based compensation is accounted for as an expense in accordance with ASC Topic 718, Stock Compensation, which requires compensation cost for the grant-date fair value of equity-based awards to be recognized over the requisite service periods. The Company uses the straight-line method to amortize all stock awards granted over the requisite service period of the award. The Company accounts for forfeitures when they occur, and any compensation expense previously recognized on unvested equity-based awards is reversed when forfeited.

The fair value of restricted stock units (“RSUs”) is based on the fair value of Class A common stock at the time of grant.

The fair value of performance stock units (“PSUs”) is estimated using a Monte Carlo simulation approach. These require management to make assumptions on the grant date, including the expected term of the award, the expected volatility of the Company’s Class A common stock calculated based on a period of time commensurate with the expected term of the award, risk-free interest rates, expected dividend yields of the Company’s Class A common stock, and the probability and timing of achieving the hurdle amount.

Unit incentive plan

Prior to the IPO, employees of the Company were eligible to participate in the Unit Incentive Plan (the “Plan”). The Plan was designed as profit interests for plan participants (the “Plan Participants”) to share in any future appreciation of the Company after the Members receive the agreed upon distribution of $762,110, thereby aligning the interests of Plan Participants with those of the Company’s Members. The Company authorized the issuance of up to 2.5% Series P

member interests (“Series P Interests”) for Plan Participants. Series P Interests were subject to vesting, repurchase rights upon cessation of employment, and other events defined within the Plan. Series P Interests vested over a 4-year period as long as the Participant has provided continuous employment, consulting, or other service to the Company, one of its Affiliates or an Affiliate through each vesting date. The Series P Interests were all fully vested as of December 31, 2024. Vested Series P Interests were exchanged for LLC Interests on a “value-for-value” basis based on the fair market value of the Series P Interests at the time of the IPO and Transactions and the Class A common stock price in the IPO, and taking into account applicable participating thresholds.

Redeemable senior preferred membership interests

The Company accounted for members’ interest subject to possible redemption in accordance with the guidance in ASC 480, Distinguishing Liabilities from Equity. The redeemable senior preferred membership interests were redeemable upon the occurrence of certain deemed liquidation events which are outside of the Company’s control and therefore are classified outside of permanent equity. The redeemable senior preferred membership interests are recorded net of issuance costs and discounts and are being accreted to their expected redemption amount using the effective interest method over the expected term of the instrument. The Company recorded accretion of $2,236 and $12,638 during the three and six months ended June 30, 2026, respectively, and $8,744 and $17,138 during the three and six months June 30, 2025, respectively, which is considered a deemed dividend.

The redeemable senior preferred membership interests contained an embedded derivative which required bifurcation and mark-to-market treatment each period with changes in fair value recognized in earnings in accordance with ASC 815-15, Derivatives and Hedging – Embedded Derivatives. See also Note 14 Fair Value Measurements.

The interests were fully redeemed with proceeds from the IPO.

Lease accounting

Leases are classified and reported in accordance with FASB ASC 842, Leases (“ASC 842”). The Company leases certain properties under non-cancellable leases whose base terms are typically 10 to 20 years and generally provide options that permit renewals for additional periods. The Company recognizes a right-of-use asset representing its right to use the underlying assets for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability are initially measured at the present value of the lease payments using the implicit rate in the lease agreement when it is readily determinable. When the implicit rate is not readily determinable, the Company uses its incremental borrowing rate of debt over the term of the lease. The Company includes lease payments from renewal options in the measurement of its right-of-use assets and lease liabilities when the renewal options are reasonably certain of exercise. Minimum lease payments are expensed on a straight-line basis over the term of the lease including renewal periods that are reasonably expected to be exercised. In addition to minimum lease payments, certain leases provide for fixed or indexed-based increases and may also include additional payments based on the Company’s sales volumes. The Company is typically responsible for payment of real estate taxes, maintenance expenses, and insurance related to the leased properties. All variable-based increases or additional lease expenses are expensed as incurred and not included in the Company’s recognized lease liabilities.

The Company has elected to account for each lease component and its associated non-lease components as a single component and has allocated the contract consideration across lease components only.

Additionally, for each of the Company’s real estate transactions involving the leaseback of the related property from the buyer or affiliates of the buyer, the Company determines whether these transactions qualify as sale and leaseback transactions under ASC 842. A transaction involving a sale and leaseback will be accounted for as a sale if the buyer-lessor obtains control of the asset unless the leaseback would be classified as a finance lease or unless an option for the Company to repurchase the asset would preclude accounting as a sale. The Company considers various inputs and assumptions in assessing whether transactions involving a sale and leaseback should be accounted for as a sale, including whether the buyer-lessor has the significant risks and rewards of ownership, lease renewal options, and whether a repurchase option exists. For these transactions, the Company considers various inputs and assumptions including, but not

necessarily limited to, effective cost of funds, lease terms, renewal options, minimum lease payments, discount rates, economic life of the properties, the existence of a purchase option, and other rights and provisions in the purchase and sale agreement, lease, and other documentation to determine whether control has been transferred to the buyer or remains with the Company. A lease will be classified as direct financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease.

In addition to the sale and leaseback transactions described above, the Company entered into BTS Arrangements for the construction of new stores. For BTS Arrangements, the Company may transfer land or partially constructed assets to the lessor and leaseback the underlying assets upon completion of construction. Only transactions for which the construction-in-progress asset is substantially similar to the completed asset leased back are in the scope of the sale and leaseback guidance. If the asset leased back is substantially different from that being sold, the transaction is assessed as a sale of a non-financial asset under FASB ASC 606, Revenue Recognition.

Under FASB ASC 842, BTS Arrangements require specific consideration to determine whether the Company is considered the accounting owner of the land and asset during the construction period. This determination requires the Company to evaluate whether the Company controls the land and assets being constructed, which includes having the ability to direct how and for what purpose the asset is used during the construction period, as well as bearing the majority of the risks and rewards of ownership. For these BTS Arrangements, the Company has determined the lessor has obtained control of the land during the construction period. Nonetheless, the Company remains the accounting owner of the land until lease commencement as sale treatment cannot be determined until the lease commences. Upon commencement of the lease, the Company applies the leaseback measurement guidance under ASC 842 described above.

Asset retirement obligations

The following is a roll forward of the asset retirement obligations at June 30, 2026, and December 31, 2025:


		June 30, 2026		December 31, 2025
Balance at beginning of period		$	10,096	$	10,854
Accretion expense			324		635
Liabilities settled			—		(141)
Revisions in estimated cash flows			—		(178)
Liabilities incurred			37		348
Liabilities classified as held for sale			—		(1,422)
Balance at end of period		$	10,457	$	10,096

Earnings per Share

Earnings per share

Basic earnings per share is calculated by dividing the net income by the weighted-average number of shares of the Company’s Class A common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Shares of Class B common stock, RSUs, and PSUs are not entitled to receive any distributions or dividends and are, therefore, excluded from this presentation since they are not participating securities. The Company calculated diluted earnings per share using the treasury stock method for RSUs and the if-converted method for LLC Interests which are exchangeable at the Company’s election for the Company’s Class A common stock.

The Company did not include earnings per share for the pre-IPO period as part of its financial statements. All earnings prior to April 23, 2026, the completion of the IPO, were entirely allocable to the noncontrolling interests and, as a result, earnings per share information is not applicable for the reporting periods prior to this date. Consequently, only earnings per share for net income for periods including and subsequent to April 23, 2026, are presented.

Segment reporting

The Company manages its business activities on a consolidated basis and operates as a single operating segment (the “Retail segment”). The Company primarily derives its revenue in the United States by operating convenience stores that offer a broad selection of merchandise, fuel, and other products and services designed to appeal to the convenience needs of the Company’s customers. The Company’s stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers. The Chief Operating Decision Maker (“CODM”) is the Chairman and Chief Executive Officer. The CODM evaluates performance using Net income, as reported in the Company’s accompanying unaudited Condensed Consolidated Statements of Income. This metric is used to make operational and strategic decisions, prepare the Company’s annual plan, and allocate resources. The measurement of segment assets is reported in the accompanying unaudited Condensed Consolidated Balance Sheets as Total assets.

Accounting Pronouncements Adopted During the Current Year and Not Yet Adopted

Accounting Pronouncements adopted during the current year

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. The standard relates to estimating credit losses under CECL for current accounts receivable and current contract assets arising from revenue transactions accounted for under ASC 606, Revenue from Contracts with Customers, including those acquired in a transaction accounted for under ASC 805, Business Combinations. The standard does not apply to other types of accounts receivable and loans. The standard provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets. Entities will still be required to adjust historical data used in the estimation to reflect current conditions. If elected, the practical expedient must be applied consistently to all eligible current accounts receivable and current contract assets. The Company adopted this standard on January 1, 2026, on a prospective basis. There was no impact on the Company’s financial statements or footnote disclosures as a result of adopting the practical expedient.

Recently Issued Accounting Pronouncements - Not yet Adopted

In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations. The standard provides recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. The new guidance will be effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods and is to be adopted on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating ASU 2026-02 to determine its impact on financial and footnote disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting. The standard clarifies interim disclosure requirements and requires entities to disclose events since the end of the last annual reporting period that have had a material impact on the entity. The new guidance will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and is to be adopted on a prospective basis. Early adoption is permitted and may be applied either prospectively or retrospectively. The Company is currently evaluating ASU 2025-11 to determine its impact on financial and footnote disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general, and administrative, and research and development). The amendments will require public entities or private companies that are in the process of going public to disclose specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The new standard is effective for the Company’s annual periods beginning January 1, 2027, and interim periods within fiscal years beginning after December 15, 2027.

Early adoption is permitted. The Company is currently evaluating this standard to determine its impact on the financial statements and footnote disclosures.

Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Schedule of revised total minimum volume purchase requirements


Years ending
2026 (remaining period)		131,817
2027		316,360
2028		305,722
2029		305,722
2030		245,722
2031		108,338
Total		1,413,681

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of debt components


		June 30, 2026		December 31,2025
2021 Term Loan (effective interest rate of 8.48% and 9.11% as of June 30, 2026, and December 31, 2025, respectively)		$	389,500	$	391,550
2021 Revolver (effective interest rate of 6.32% and 7.63% as of June 30, 2026, and December 31, 2025, respectively)			10,000		50,000
Total debt			399,500		441,550
Less: debt discount and debt issuance costs			(7,227)		(9,239)
Less: current maturities of debt			(4,100)		(4,100)
Debt, net of current maturities, debt discount, and debt issuance costs		$	388,173	$	428,211

Schedule of principal payments of debts

Scheduled principal payments of debts as of June 30, 2026, are as follows:


Years ending		Amount
2026 (remaining period)		$	2,050
2027			4,100
2028			393,350
Total		$	399,500

Schedule of interest activity for debt


		Three Months Ended				Six Months Ended
		June 30,				June 30,
			2026		2025		2026		2025
Interest incurred		$	8,671	$	10,702	$	17,669	$	21,308
Less: Amounts capitalized			(72)		—		(497)		—
Interest expense		$	8,599	$	10,702	$	17,172	$	21,308

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of the fair value hierarchy of the Company's assets and liabilities measured at fair value on a recurring basis


	Fair Value Measurement at the end of
	June 30, 2026, and December 31, 2025
	Level 1				Level 2				Level 3
	2026		2025		2026		2025		2026		2025
Description
Cash equivalents
Overnight Investments	$	81,489	$	28,272	$	—	$	—	$	—	$	—
Total Cash equivalents	$	81,489	$	28,272	$	—	$	—	$	—	$	—
Derivatives
Redeemable senior preferred membership interests	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivatives	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	81,489	$	28,272	$	—	$	—	$	—	$	—

Summary of changes in the fair value of the Company's Level 3 valuation for the derivative liability


Balance at December 31, 2024	$	900
Change in fair value		(900)
Balance at December 31, 2025	$	—
Change in fair value		—
Balance at June 30, 2026	$	—

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of RSU activity


			Number of Units
Unvested at December 31, 2025			—
Granted			1,828,000
Vested			—
Forfeited			—
Unvested at June 30, 2026			1,828,000

Summary of PSU activity


			Number of Units
Unvested at December 31, 2025			—
Granted			1,800,000
Vested			—
Forfeited			—
Unvested at June 30, 2026			1,800,000

Financing Obligations, Net (Tables)

6 Months Ended

Jun. 30, 2026

Cancelled 2019 Sale-leaseback transactions

Sale Leaseback Transaction [Line Items]

Schedule of financing obligations associated with sale-leaseback transaction


		June 30, 2026		December 31, 2025
Net principal payments under financing obligations		$	224,770	$	225,771
Less: current maturities of financing obligations			(2,097)		(2,034)
Less: debt discount and debt issuance costs, net of accumulated amortization of $422 and $390 as of June 30, 2026, and December 31, 2025, respectively			(854)		(886)
Long-term Financing Obligation, net of amounts representing current maturities, debt discount, and debt issuance costs		$	221,819	$	222,851

Schedule of minimum payments related to the financing obligations under sale-leaseback transaction


Years ending		Amount
2026 (remaining period)		$	8,490
2027			17,110
2028			17,110
2029			17,110
2030			17,110
Thereafter			503,415
Total			580,345
Less: imputed interest			(355,575)
Total		$	224,770

BTS Arrangements

Sale Leaseback Transaction [Line Items]

Schedule of financing obligations associated with sale-leaseback transaction


		June 30, 2026		December 31, 2025
Beginning, financing obligation under BTS Arrangements		$	—	$	12,809
Add: Additional proceeds from BTS Arrangements, net of debt issuance costs			2,489		4,970
Less: Deferred closing costs			(41)		(231)
Less: Land considered sold upon commencement			(2,448)		(17,548)
Ending, financing obligation under BTS Arrangements		$	—	$	—

Financing Obligations, Net - BTS Arrangements (Details) - BTS Arrangements - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Sale Leaseback Transaction [Line Items]
Gain (loss) on disposal of land under BTS Arrangements	$ (15)	$ (64)	$ 81	$ (66)
Beginning, financing obligation under BTS Arrangements			0	$ 12,809	$ 12,809
Add: Additional proceeds from BTS Arrangements, net of debt issuance costs			2,489		4,970
Less: Deferred closing costs			(41)		(231)
Less: Land considered sold upon commencement	(2,448)		(2,448)		(17,548)
Ending, financing obligation under BTS Arrangements	$ 0		$ 0		$ 0

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of presentation

Principles of consolidation

All intercompany balances and transactions have been eliminated in consolidation.

Non-controlling interests

Use of estimates

Although the Company believes its estimates are reasonable, actual results could differ from these estimates.

Cash and cash equivalents

Accounts receivable and allowance for credit losses

Below is a summary of the receivable values at June 30, 2026, and December 31, 2025, with a beginning balance at January 1, 2025, for the amount of $22,128:


		June 30, 2026		December 31, 2025
Trade accounts receivable		$	34,791	$	23,707
Lottery accounts receivable			417		684
Other accounts receivable			395		294
Allowance for credit losses			(138)		(147)
Accounts receivable, net		$	35,465	$	24,538

At June 30, 2026, and December 31, 2025, all of the Company’s accounts receivable were classified as current assets and there were no non-standard payment terms.

Inventories

Inventories consist of the following:


		June 30, 2026		December 31, 2025
Fuel		$	25,776	$	21,097
Merchandise			63,604		62,074
Total inventories		$	89,380	$	83,171

Other current assets


		June 30, 2026		December 31, 2025
BTS Arrangements - construction in progress		$	17,373	$	10,352
Other			4,257		2,883
Total other current assets		$	21,630	$	13,235

Property and equipment


Category		Range
Buildings and improvements		10-39 years
Equipment		5 years
Tanks		Lesser of lease term or 40 years
Leasehold improvements		Lesser of lease term or useful life

Impairment and disposal of long-lived assets

tangible assets whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

Goodwill

Assets Held for Sale

The Company classifies assets and liabilities as held for sale when the below conditions are satisfied:

●

Management has approved and committed to a plan to sell the assets or disposal group.

●

The asset or disposal group is available for immediate sale in its present condition.

●

An active program to locate a buyer and other actions required to complete the sale have been initiated.

●

The sale of the asset or disposal group is probable and expected to be completed within one year.

●

The asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

●

It is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Self-insurance reserves

Revenue recognition

Point in time

The following table disaggregates the Company’s revenue by major source for the three and six months ended June 30, 2026, and June 30, 2025:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Fuel sales		$	673,138	$	440,822	$	1,137,443	$	840,999
Inside merchandise sales			240,104		230,078		453,781		425,182
Other revenues			7,532		6,773		13,180		11,810
Total revenues		$	920,774	$	677,673	$	1,604,404	$	1,277,991

Deferred revenue – loyalty program

unredeemed awards are accrued until redemption or expiration and, upon redemption and expiration, recorded as an adjustment to Other revenues.

Changes in the loyalty rewards program liability are included in Accrued expenses and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets were as follows:


		June 30, 2026
Loyalty rewards liability, beginning balance		$	3,456
Revenue deferred			3,394
Revenue recognized			(3,207)
Loyalty rewards liability, ending balance		$	3,643

The Company expects all loyalty rewards outstanding as of June 30, 2026, to be recognized within one year.

Excise tax

Cost of goods sold (exclusive of depreciation and amortization)

Fuel and merchandise vendor allowances and rebates

Income taxes

The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense in the accompanying Condensed Consolidated Statements of Income.

Tax receivable liability

Concentration of suppliers

Concentration of credit risk

Equity-based compensation

The fair value of restricted stock units (“RSUs”) is based on the fair value of Class A common stock at the time of grant.

Unit incentive plan

Redeemable senior preferred membership interests

The interests were fully redeemed with proceeds from the IPO.

Lease accounting

The Company has elected to account for each lease component and its associated non-lease components as a single component and has allocated the contract consideration across lease components only.

Asset retirement obligations

The following is a roll forward of the asset retirement obligations at June 30, 2026, and December 31, 2025:


		June 30, 2026		December 31, 2025
Balance at beginning of period		$	10,096	$	10,854
Accretion expense			324		635
Liabilities settled			—		(141)
Revisions in estimated cash flows			—		(178)
Liabilities incurred			37		348
Liabilities classified as held for sale			—		(1,422)
Balance at end of period		$	10,457	$	10,096

Earnings per share

Segment reporting

Accounting Pronouncements adopted during the current year

Recently Issued Accounting Pronouncements - Not yet Adopted

Early adoption is permitted. The Company is currently evaluating this standard to determine its impact on the financial statements and footnote disclosures.

Assets And Liabilities Held For Sale (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of assets and liabilities held for sale


		Carrying Amount			Carrying Amount
		as of			as of
Assets		June 30, 2026			December 31, 2025
Goodwill		$	1,460		$	1,460
Property and equipment, net			15,255			15,041
Total assets held for sale		$	16,715		$	16,501


	Carrying Amount		Carrying Amount
	as of		as of
Liabilities	June 30, 2026		December 31, 2025
Asset retirement obligations	$	1,422	$	1,422
Total liabilities held for sale	$	1,422	$	1,422

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of minimum volume purchase requirements

The following provides minimum volume purchase requirements on June 30, 2026 (in thousands of gallons):


Years ending
2026 (remaining period)		65,319
2027		130,638
2028		120,000
2029		120,000
2030		60,000
Total		495,957

Description of Business - Transactions (Details) - BW Ultimate Parent, LLC	Apr. 23, 2026 shares
Class A common stock
Description of Business [Line Items]
Shares in exchange for interest	15,085,561
Class B common stock
Description of Business [Line Items]
Shares in exchange for interest	32,009,185

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements - Fair value hierarchy of the Company's assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Apr. 23, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Derivatives		$ 0	$ 0
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	$ 81,489		28,272
Total Derivatives	0		0
Total	81,489		28,272
Recurring \| Level 1 \| Redeemable senior preferred membership interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Derivatives	0		0
Recurring \| Level 1 \| Overnight Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	81,489		28,272
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	0		0
Total Derivatives	0		0
Total	0		0
Recurring \| Level 2 \| Redeemable senior preferred membership interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Derivatives	0		0
Recurring \| Level 2 \| Overnight Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	0		0
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	0		0
Total Derivatives	0		0
Total	0		0
Recurring \| Level 3 \| Redeemable senior preferred membership interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Derivatives	0		0
Recurring \| Level 3 \| Overnight Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents	$ 0		$ 0

Summary of Significant Accounting Policies - Asset Retirement Obligations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Roll forward of the asset retirement obligations
Balance at beginning of period	$ 10,096	$ 10,854
Accretion expense	324	635
Liabilities settled	0	(141)
Revisions in estimated cash flows	0	(178)
Liabilities incurred	37	348
Liabilities classified as held for sale	0	(1,422)
Balance at end of period	$ 10,457	$ 10,096

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Gross	$ 1,143,302		$ 1,143,302		$ 1,111,495
Less: accumulated depreciation and amortization	(275,113)		(275,113)		(242,936)
Property and equipment, net	868,189		868,189		868,559
Loss on sale of property and equipment	(488)	$ 1,834	(499)	$ 2,384
Proceeds from disposal of property and equipment	618	2,837	618	3,753
Depreciation and amortization expense	16,429	$ 15,491	32,228	$ 30,868
Land
Property, Plant and Equipment [Line Items]
Gross	186,115		186,115		182,433
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross	541,674		541,674		535,982
Equipment
Property, Plant and Equipment [Line Items]
Gross	228,499		228,499		216,717
Tanks
Property, Plant and Equipment [Line Items]
Gross	160,595		160,595		158,833
Construction in process
Property, Plant and Equipment [Line Items]
Gross	$ 26,419		$ 26,419		$ 17,530

Commitments And Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and contingencies

Purchase commitments

The Company has minimum retail gasoline volume purchase requirements with various unrelated parties. These gallonage requirements are purchased at the fair market value of the product at the time of delivery. Should these gallonage requirements not be achieved, the Company may be liable to pay penalties to the appropriate supplier. As of June 30, 2026, the Company has fulfilled all gallonage commitments. The amounts purchased under these requirements were $459,945 and $748,248 for the three and six months period ended June 30, 2026, respectively, and $279,065 and $540,700 for the three and six months period ended June 30, 2025, respectively.

The following provides minimum volume purchase requirements on June 30, 2026 (in thousands of gallons):


Years ending
2026 (remaining period)		65,319
2027		130,638
2028		120,000
2029		120,000
2030		60,000
Total		495,957

Other commitments

The Company contracts with various contractors to build its stores. As of June 30, 2026, the Company had aggregate remaining commitments of approximately $19,497. These contracts are expected to be mostly completed by the end of the fourth quarter 2026.

The Company invested in Intrepid Venture GP, LLC as a Limited Partner in December 2021. This investment is accounted for using the cost method. The investment requires the Company to make capital contributions in cash to the partnership from time to time up to $3,000. As of June 30, 2026, the Company had an investment balance of $1,812 included in Other assets in the accompanying unaudited Condensed Consolidated Balance Sheets and a remaining commitment totaling $1,188.

Environmental liabilities

The United States Environmental Protection Agency and several states have adopted laws and regulations relating to underground storage tanks used for petroleum products. The Company has engaged environmental consultants to continually evaluate and monitor its locations for environmental compliance and potential remediation. If remediation is required, the Company’s consultants assist in developing remediation plans and cost projections, implement remediation actions, and monitor the sites as required. It is reasonably possible that the requirement for and the cost of remediation could change in the near term as a result of (1) changes to the remediation plan as required by federal, state, or local authorities, (2) changes in technology available to treat the sites, (3) unforeseen circumstances at the site, and (4) differences between projected and actual costs. Where allowable, the Company has filed claims under its property

insurance policies and with federal, state, and local agencies for ongoing maintenance and preventive care required by the Company’s insurance carriers. The Company accrues for environmental remediation liabilities when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Therefore, although the Company believes that these environmental liabilities are adequate, no assurances can be made that any costs incurred in excess of these environmental liabilities or outside of indemnifications or not otherwise covered by insurance would not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As of June 30, 2026, and December 31, 2025, the Company had an estimated liability of $3,153 and $3,262, respectively, recorded on an undiscounted basis in Other noncurrent liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. Amounts are expected to be paid out over a period that extends beyond one year from June 30, 2026. Environmental remediation and maintenance expense totaled $730 and $1,281 for each of the three and six months periods ended June 30, 2026, and $646 and $1,197 for each of the three and six months periods ended June 30, 2025, and is included in Selling, general, and administrative expenses in the accompanying unaudited Consolidated Statements of Income.

Legal proceedings

From time to time, the Company may be involved in legal or administrative proceedings or investigations arising from the conduct of its business operations, including, but not limited to, contractual disputes; employment, personnel, or accessibility matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is management’s opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on the Company’s accompanying unaudited Condensed Consolidated Financial Statements.

Commitments and Contingencies - Other commitments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Contract to build stores
Other Commitments [Line Items]
Remaining commitment amount	$ 19,497
Capital contribution for investment in Intrepid Venture GP, LLC
Other Commitments [Line Items]
Maximum capital contribution	3,000
Investment, carrying value	1,812
Remaining commitment amount	$ 1,188

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock for the periods following the IPO (in thousands, except share and per share amounts):


(in millions, except share and per share amounts)		Period from April 23, 2026, to June 30, 2026
Numerator:
Net income		19,937
Net income attributable to non-controlling interests		13,363
Net income attributable to Yesway, Inc. - basic	$	6,574
Net income effect of dilutive securities:
Effect of RSUs		28
Effect of conversion of LLC Interests to Class A common stock		—
Numerator for net income - diluted	$	6,602

Denominator:
Weighted-average shares of Class A common stock outstanding - basic		31,063,822
Weighted-average effect of dilutive securities:
Effect of RSUs		172,965
Effect of conversion of LLC Interests to Class A common stock		—
Weighted-average shares of Class A common stock outstanding - diluted		31,236,787

Earnings per share of Class A common stock - basic	$	0.21
Earnings per share of Class A common stock - diluted	$	0.21

Assets and Liabilities Held for Sale (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) store	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) store	Jun. 30, 2025 USD ($)	Mar. 31, 2025 store
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of stores operated by the company	450		450
Iowa and Kansas convenience stores \| Iowa and Kansas \| Held for sale not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of stores operated by the company					29
Impairment charge \| $	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Line Items]
Inventories	$ 89,380	$ 83,171
Inventory reserve	950	950
Fuel
Accounting Policies [Line Items]
Inventories	25,776	21,097
Merchandise
Accounting Policies [Line Items]
Inventories	$ 63,604	$ 62,074

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Stockholder's Equity

9. Stockholders’ Equity

Equity structure prior to IPO and Transactions

The Company historically conducted business through Ultimate Parent and its subsidiaries. Yesway, Inc. was formed to become the holding company of Ultimate Parent and had one class of common stock with par value of $0.01 and 100 shares authorized, issued, and outstanding held by the manager of Ultimate Parent’s Board of Directors. Yesway, Inc. incurred minimal expenses for audit, tax compliance, and bank fees from its inception on April 23, 2021 which were

reimbursed by Ultimate Parent through an expense sharing agreement. The outstanding shares were exchanged for one share of Class A common stock at the date of the IPO and Transactions.

Amendment and Restatement of Certificate of Incorporation

On April 21, 2026, the Company filed an Amended and Restated Certificate of Incorporation authorizing 500,000,000 shares of Class A common stock, par value $0.0001, 150,000,000 shares of Class B common stock, par value $0.0001, 10,000,000 shares of preferred stock, par value of $0.0001.

Holders of Class A common stock and Class B common stock are entitled to one vote per share and, except as otherwise required, will vote together as a single class on all matters presented to stockholders for their vote or approval, except for certain amendments to the amended and restated certificate of incorporation or as otherwise required by applicable law or the amended and restated certificate of incorporation.

Upon dissolution or liquidation, after full payment of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the remaining funds of the Company available for distribution will be divided among the holders of all outstanding shares of Class A and Class B common stock such that the holders shall each be entitled to receive par value per share. Shares of Class A and Class B common stock do not have preemptive, subscription, redemption, or conversion rights.

Class A common stock

Holders of Class A common stock are entitled to declared dividends and pro rata distribution of remaining available assets upon liquidation.

The Company must, at all times, maintain a one-to-one ratio between the number of shares of Class A common stock issued by the Company and the number of LLC Interests owned by the Company (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities).

At June 30, 2026, there were 31,185,561 shares of Class A common stock issued and outstanding.

Class B common stock

Holders of Class B common stock are not entitled to receive dividends and will not be entitled to receive any distributions upon liquidation, dissolution, or winding up of the Company other than a return of par value.

Shares of Class B common stock will be issued in the future only to the extent necessary to maintain a one-to-one ratio between the number of LLC Interests held by the Continuing Equity Owners and the number of shares of Class B common stock issued to the Continuing Equity Owners. Shares of Class B common stock are transferable only together with an equal number of LLC Interests. Shares of Class B common stock will be cancelled on a one-for-one basis if an existing LLC Interests owner elects to redeem their LLC Interests in exchange for, at the Company’s election, newly issued shares of Class A common stock or cash.

At June 30, 2026, there were 32,009,185 shares of Class B common stock issued and outstanding.

Preferred stock

The Company’s board of directors is authorized to direct the Company to issue one or more series of preferred stock and may determine with respect to any preferred stock, the powers, rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges, and liquidation preferences, of each series of preferred stock.

As of June 30, 2026, no series of preferred stock have been issued.

- Definition

The entire disclosure for equity.

+ References

+ Details

Description of Business (Details)	Jun. 30, 2026 state store
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores operated by the company \| store	450
Number of states in which company is operating \| state	9

Summary of Significant Accounting Policies - Unit Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Distribution for members	$ 743	$ 579
Unit incentive plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Distribution for members			$ 762,110
Unit incentive plan \| Series P Members
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum interest, percentage			2.50%
Vesting period			4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1D
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Self-Insurance Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Health and dental benefits
Accounting Policies [Line Items]
Stop-Loss coverage threshold for Self-Insured Claims	$ 200		$ 200
Self-insurance reserve, current	2,627		2,627		$ 3,904
Self-insurance expense	2,143	$ 2,295	5,378	$ 4,303
Workers' compensation and general liability
Accounting Policies [Line Items]
Self-insurance reserve, current	$ 6,488		$ 6,488		$ 5,550

Summary of Significant Accounting Policies - Concentration of Suppliers (Details) - Supplier Concentration Risk - Product Benchmark - Major Suppliers	3 Months Ended		6 Months Ended
	Jun. 30, 2026 store	Jun. 30, 2025 store	Jun. 30, 2026 company store	Jun. 30, 2025 store
Fuel
Accounting Policies [Line Items]
Number of major suppliers \| company			2
Concentration risk percentage	80.00%	83.00%	80.00%	84.00%
Merchandise
Accounting Policies [Line Items]
Number of major suppliers \| store	3	3	3	3
Concentration risk percentage	53.00%	54.00%	54.00%	54.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Summary of Significant Accounting Policies - Property and Equipment (Details)	Jun. 30, 2026
Buildings and improvements \| Minimum
Accounting Policies [Line Items]
Useful lives for assets	10 years
Buildings and improvements \| Maximum
Accounting Policies [Line Items]
Useful lives for assets	39 years
Equipment
Accounting Policies [Line Items]
Useful lives for assets	5 years
Tanks
Accounting Policies [Line Items]
Useful lives for assets	40 years
Leasehold improvements
Accounting Policies [Line Items]
Leasehold improvements, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Redeemable Senior Preferred Membership Interests

6 Months Ended

Jun. 30, 2026

Temporary Equity [Abstract]

Redeemable senior preferred membership interests

8.	Redeemable senior preferred membership interests

During the year ended December 31, 2022, the Company sold 150,000 units of Redeemable Senior Preferred Membership Interests with a stated value of $150,000 for aggregate gross cash proceeds of $147,000. Redeemable Senior Preferred Members had no voting rights but held liquidation preferences and were entitled to receive quarterly distributions and an annual fixed preferred return. On April 23, 2026, the Company used net proceeds from the IPO of $251,523 to fully redeem the outstanding Redeemable Senior Preferred Members equity interest.

Fair Value Measurements - Changes in fair value of derivative liability (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers between levels	$ 0	$ 0
Derivative liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	0	900
Change in fair value	0	(900)
Balance at end of the period	$ 0	$ 0

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 12, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Document Fiscal Year Focus	2026
Securities Act File Number	001-43243
Entity Registrant Name	Yesway, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3446060
Entity Address, Address Line One	2301 Eagle Parkway
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76177
City Area Code	682
Local Phone Number	428-2400
Title of 12(b) Security	Class A Common Stock, par value $0.0001
Trading Symbol	YSWY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001859836
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,185,561
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,009,185

Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jan. 01, 2025
Accounting Policies [Abstract]
Trade accounts receivable	$ 34,791	$ 23,707
Lottery accounts receivable	417	684
Other accounts receivable	395	294
Allowance for credit losses	(138)	(147)
Accounts receivable, net	$ 35,465	$ 24,538	$ 22,128

Noncontrolling Interests

6 Months Ended

Jun. 30, 2026

Noncontrolling Interests

Noncontrolling Interests

11. Noncontrolling Interests

On April 23, 2026, the Company used net proceeds from the IPO to indirectly redeem 15,085,561 LLC Interests from the existing LLC Interest owners. As of June 30, 2026, the Company owned 49.3% of Ultimate Parent.


	Three Months Ended
	June 30, 2026
Net income attributable to non-controlling interests	$	13,363
Transfers to non-controlling interests:
Decrease from reallocation of non-controlling interest		(30)
Change from net income attributable to/from non-controlling interest and transfers to non-controlling interest	$	13,333

Issuance of additional LLC Interests

Under the LLC Agreement, the Company is required to cause Ultimate Parent to issue additional LLC Interests to the Company when the Company issues additional shares of Class A common stock, such that, at all times, the number of LLC Interests held by the Company equals the number of outstanding shares of Class A common stock. The Company must contribute to Ultimate Parent net proceeds and property, if any, received by the Company with respect to the issuance of such additional shares of Class A common stock.

Distributions

As a limited liability company (treated as a partnership for income tax purposes), Ultimate Parent does not incur significant federal, state, or local income taxes, as these are primarily the obligations of its members. As authorized by the LLC Agreement, Ultimate Parent is required to distribute cash, to the extent that Ultimate Parent has available cash, on a pro rata basis, to its members to the extent necessary to cover the members’ tax liabilities, if any, with respect to each member’s share of Ultimate Parent taxable earnings. Ultimate Parent makes such tax distributions to its members quarterly, applied to projected year-to-date taxable income, with a final accounting once actual taxable income or loss has been determined. There were no tax distributions made to non-controlling LLC Interest holders during the three and six months ended June 30, 2026.

Other Distributions

Pursuant to the LLC Agreement, the Company has the right to determine when distributions will be made to LLC Interest holders and the amount of any such distributions. If the Company authorizes a distribution, such distribution will be made to the LLC Interest holders (including the Company) pro rata in accordance with the percentages of their respective LLC Interests units.

Equity-Based Compensation (Details) - 2026 Incentive Award Plan	Jun. 30, 2026 shares
Equity-Based Compensation
Number of shares authorized for equity-based awards	7,331,369
Maximum shares issued on exercise of incentive stock options	73,313,690

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
BTS Arrangements - construction in progress	$ 17,373	$ 10,352
Other	4,257	2,883
Total other current assets	$ 21,630	$ 13,235

Related-Party Transactions

6 Months Ended

Jun. 30, 2026

Related-party transactions

15. Related-party transactions

The Company reimburses an affiliate for various costs incurred on behalf of the Company, as described below.

The Company was charged $71 and $70 during the three months period ended June 30, 2026, and 2025, respectively, and $143 and $139 during the six months periods ended June 30, 2026, and 2025, respectively, by an affiliate for a portion of rent for shared office space, which is included in Selling, general, and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Income.

The Company was charged $12 and $11 during the three and six months periods ended June 30, 2026, and 2025, respectively, and $23 during each of the three and six months periods ended June 30, 2026, and 2025, respectively, by an

affiliate for certain operating expenses incurred on behalf of the Company, which is included in Selling, general, and administrative expenses in the accompanying unaudited Condensed Consolidated Statements of Income.

The Company has total outstanding payables to related parties of $70 and $46 as of June 30, 2026, and December 31, 2025, respectively, for rent and accruals.

All amounts Due to and Due from affiliates represent advances to and from the Company. Such amounts are non-interest bearing and are due on demand.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Company's revenue, significant segment expenses, and other segment items


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Revenue
Fuel sales		$	673,138	$	440,822	$	1,137,443	$	840,999
Inside merchandise sales			240,104		230,078		453,781		425,182
Other revenues			7,532		6,773		13,180		11,810
Total revenues			920,774		677,673		1,604,404		1,277,991
Less:
Cost of fuel sales			589,153		379,148		981,849		731,128
Cost of merchandise sales			154,320		149,022		290,839		277,494
Salaries and employee benefits			51,022		50,032		100,734		99,128
Payment fees			16,842		12,224		29,392		22,959
Repairs and maintenance			5,653		5,207		10,312		10,106
Facility expense			11,824		9,894		23,257		18,705
Other selling, general, and administrative expenses^(a)			22,380		21,171		40,095		42,524
Depreciation, amortization, and accretion			16,621		15,690		32,609		31,207
Equity-based compensation			4,708		—		4,708		—
Loss (gain) on disposal of assets			507		(1,446)		421		(2,191)
Interest expense, net			11,893		14,516		24,101		29,050
Income tax expense			6,197		158		6,197		158
Other segment items^(b)			—		(2,100)		—		(800)
Consolidated net income (loss)		$	29,654	$	24,157	$	59,890	$	18,523

(a)	^{Other selling, general, and administrative expenses primarily includes: utilities, insurance, supplies, and other operating expenses.}

(b)	^{Other segment items include change in fair value of derivative liability.}

Description of Business - IPO (Details) $ / shares in Units, $ in Thousands	Apr. 23, 2026 USD ($) $ / shares shares
IPO including over allotment
Description of Business [Line Items]
Consideration received on transaction \| $	$ 301,070
IPO \| Class A common stock
Description of Business [Line Items]
Common stock shares issued	14,000,000
Issue price per share \| $ / shares	$ 20
Over allotment option \| Class A common stock
Description of Business [Line Items]
Common stock shares issued	2,100,000
BW Ultimate Parent, LLC
Description of Business [Line Items]
Number of shares acquired	16,100,000
BW Ultimate Parent, LLC
Description of Business [Line Items]
Payment to liquidate Redeemable Senior Preferred Membership Interests \| $	$ 251,523

Related-Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Operating Expenses	$ 873,030	$ 640,942	$ 1,514,216	$ 1,231,060
Affiliate of the members
Related Party Transaction [Line Items]
Office rent	71	70	143	139
Operating Expenses	12	$ 11	23	$ 23
Outstanding payables for rent and accruals	$ 70		$ 70		$ 46

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

12. Earnings Per Share

Basic earnings per share is calculated by dividing the net income or (loss) by the weighted-average number of shares of the Company’s Class A common stock outstanding for the period, without consideration for potential dilutive shares of common stock. The Company’s Class B common stock are not participating securities because holders are not entitled to dividends.

Diluted earnings per share is computed by adjusting the net income available to the Company and the weighted-average number of shares outstanding to give effect to potentially dilutive securities. The Company calculated diluted earnings per share using the treasury stock method for RSUs and the if-converted method for LLC Interests which are exchangeable at the Company’s election for the Company’s Class A common stock. The Company’s RSUs are considered stock equivalents for this purpose. For the period from April 23, 2026, to June 30, 2026, the reallocation of net income and weighted average shares of Class A common stock attributable to noncontrolling interests from the assumed conversion of LLC Interests has been excluded as this was anti-dilutive.

Earnings per share is presented for the period from after the IPO, April 23, 2026, to June 30, 2026. The Company’s current capital structure is not reflective of the capital structure of Ultimate Parent prior to the IPO and the related transactions. Therefore, earnings per share has not been presented for the period of the year prior to the IPO or for the three and six months periods ended June 30, 2025.


(in millions, except share and per share amounts)		Period from April 23, 2026, to June 30, 2026
Numerator:
Net income		19,937
Net income attributable to non-controlling interests		13,363
Net income attributable to Yesway, Inc. - basic	$	6,574
Net income effect of dilutive securities:
Effect of RSUs		28
Effect of conversion of LLC Interests to Class A common stock		—
Numerator for net income - diluted	$	6,602

Denominator:
Weighted-average shares of Class A common stock outstanding - basic		31,063,822
Weighted-average effect of dilutive securities:
Effect of RSUs		172,965
Effect of conversion of LLC Interests to Class A common stock		—
Weighted-average shares of Class A common stock outstanding - diluted		31,236,787

Earnings per share of Class A common stock - basic	$	0.21
Earnings per share of Class A common stock - diluted	$	0.21

Summary Of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Accounts Receivable and Allowance for Credit Losses


		June 30, 2026		December 31, 2025
Trade accounts receivable		$	34,791	$	23,707
Lottery accounts receivable			417		684
Other accounts receivable			395		294
Allowance for credit losses			(138)		(147)
Accounts receivable, net		$	35,465	$	24,538

Schedule of current inventory


		June 30, 2026		December 31, 2025
Fuel		$	25,776	$	21,097
Merchandise			63,604		62,074
Total inventories		$	89,380	$	83,171

Schedule of other current assets


		June 30, 2026		December 31, 2025
BTS Arrangements - construction in progress		$	17,373	$	10,352
Other			4,257		2,883
Total other current assets		$	21,630	$	13,235

Schedule of property and equipment


Category		Range
Buildings and improvements		10-39 years
Equipment		5 years
Tanks		Lesser of lease term or 40 years
Leasehold improvements		Lesser of lease term or useful life

Schedule of disaggregation of revenue by major source


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Fuel sales		$	673,138	$	440,822	$	1,137,443	$	840,999
Inside merchandise sales			240,104		230,078		453,781		425,182
Other revenues			7,532		6,773		13,180		11,810
Total revenues		$	920,774	$	677,673	$	1,604,404	$	1,277,991

Schedule of changes in loyalty rewards liability


		June 30, 2026
Loyalty rewards liability, beginning balance		$	3,456
Revenue deferred			3,394
Revenue recognized			(3,207)
Loyalty rewards liability, ending balance		$	3,643

Schedule of changes in asset retirement obligations


		June 30, 2026		December 31, 2025
Balance at beginning of period		$	10,096	$	10,854
Accretion expense			324		635
Liabilities settled			—		(141)
Revisions in estimated cash flows			—		(178)
Liabilities incurred			37		348
Liabilities classified as held for sale			—		(1,422)
Balance at end of period		$	10,457	$	10,096

Segment Reporting (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended			6 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting Information [Line Items]
Total revenues		$ 920,774	$ 677,673		$ 1,604,404	$ 1,277,991
Expenses:
Cost of revenue		743,473	528,170		1,272,688	1,008,622
Salaries and employee benefits		55,617	50,032		105,329	99,128
Depreciation, amortization, and accretion		16,621	15,690		32,609	31,207
Loss (gain) on disposal of assets		507	(1,446)		421	(2,191)
Interest expense, net		(11,893)	(14,516)		(24,101)	(29,050)
Income tax expense		6,197	158		6,197	158
Consolidated net income (loss)	$ 19,937	$ 29,654	$ 24,157	$ (5,634)	$ 59,890	$ 18,523
Segment Reporting, Other Segment Item, Composition, Description		Other segment items include change in fair value of derivative liability.	Other segment items include change in fair value of derivative liability.		Other segment items include change in fair value of derivative liability.	Other segment items include change in fair value of derivative liability.
Single reporting segment
Segment Reporting Information [Line Items]
Total revenues		$ 920,774	$ 677,673		$ 1,604,404	$ 1,277,991
Expenses:
Salaries and employee benefits		51,022	50,032		100,734	99,128
Payment fees		16,842	12,224		29,392	22,959
Repairs and maintenance		5,653	5,207		10,312	10,106
Facility expense		11,824	9,894		23,257	18,705
Other selling, general, and administrative expenses		22,380	21,171		40,095	42,524
Depreciation, amortization, and accretion		16,621	15,690		32,609	31,207
Equity-based compensation		4,708	0		4,708
Loss (gain) on disposal of assets		507	(1,446)		421	(2,191)
Interest expense, net		11,893	14,516		24,101	29,050
Income tax expense		6,197	158		6,197	158
Other segment items		0	(2,100)			(800)
Consolidated net income (loss)		29,654	24,157		59,890	18,523
Single reporting segment \| Fuel sales
Segment Reporting Information [Line Items]
Total revenues		673,138	440,822		1,137,443	840,999
Expenses:
Cost of revenue		589,153	379,148		981,849	731,128
Single reporting segment \| Inside merchandise sales
Segment Reporting Information [Line Items]
Total revenues		240,104	230,078		453,781	425,182
Expenses:
Cost of revenue		154,320	149,022		290,839	277,494
Single reporting segment \| Other revenues
Segment Reporting Information [Line Items]
Total revenues		$ 7,532	$ 6,773		$ 13,180	$ 11,810

Property and Equipment

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment

4.	Property and Equipment

During each of the three and six months ended June 30, 2026, the Company disposed of certain assets for total proceeds of $618 in both periods, resulting in a loss of $488 and $499, respectively. During the three and six months ended June 30, 2025, the Company disposed of certain assets for total proceeds of $2,837 and $3,753, respectively, resulting in a gain of $1,834 and $2,384, respectively.

Property and equipment consist of the following:


		June 30, 2026		December 31, 2025
Land		$	186,115	$	182,433
Buildings and improvements			541,674		535,982
Equipment			228,499		216,717
Tanks			160,595		158,833
Construction in process			26,419		17,530
			1,143,302		1,111,495
Less: accumulated depreciation and amortization			(275,113)		(242,936)
Property and equipment, net		$	868,189	$	868,559

Depreciation and amortization expense was $16,429 and $32,228 for the three and six months ended June 30, 2026, respectively. Depreciation and amortization expense was $15,491 and $30,868 for the three and six months ended June 30, 2025, respectively.

Assets and Liabilities Held for Sale - Carrying amounts (Details) - Iowa and Kansas convenience stores - Iowa and Kansas - Held for sale not discontinued operations - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets held for sale
Goodwill	$ 1,460	$ 1,460
Property and equipment, net	15,255	15,041
Total assets held for sale	16,715	16,501
Liabilities held for sale
Asset retirement obligations	1,422	1,422
Total liabilities held for sale	$ 1,422	$ 1,422

Equity-Based Compensation - RSUs (Details) - RSUs $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Equity-Based Compensation
Time based vesting period	1 year
Vesting percentage	0.333%
Shares granted \| shares	1,828,000
Fair value at grant date \| $ / shares	$ 21.75
Total compensation expense	$ 2,542
Unamortized compensation cost	$ 37,217
Weighted-average period	2 years 9 months 18 days
Forfeited \| shares	0
Selling, general, and administrative expenses
Equity-Based Compensation
Total compensation expense	$ 113
Salaries and benefits
Equity-Based Compensation
Total compensation expense	$ 2,429

Noncontrolling Interests (Details) - USD ($) $ in Thousands		2 Months Ended	3 Months Ended		6 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Thousands	Apr. 23, 2026	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Noncontrolling Interests
LLC Interests redeemed from existing LLC Interest owners (in shares)	15,085,561		15,085,561
Net income attributable to non-controlling interest		$ 13,363	$ 13,363	$ 0	$ 13,363	$ 0
Transfers to non-controlling interests:
Decrease from reallocation of non-controlling interest			(30)
Change from net income attributable to/from non-controlling interest and transfers to non-controlling interest			13,333
Tax distribution			$ 0		$ 0
Ultimate Parent
Noncontrolling Interests
Percentage of ownership interest by controlling entity					49.30%

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

Summary of Significant Accounting Policies - Goodwill (Details)	6 Months Ended
	Jun. 30, 2026 segment item
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Number of reporting units \| item	1

Leases (Details) $ in Thousands	6 Months Ended
Leases (Details) $ in Thousands	Jun. 30, 2026 USD ($) store Options
Leases [Abstract]
Initial term	20 years
Existence of option to extend	true
Number of options to extend \| Options	2
Additional lease term	4 years
Percentage of annual increase to base rent	2.00%
Number of stores completed construction under build to suit \| store	1
Number of stores construction in progress under build to suit \| store	2
Initial recognition of operating lease liability \| $	$ 14,934
Initial recognition of operating lease right of use assets \| $	$ 15,144

Summary of Significant Accounting Policies - Revenue Recognition by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounting Policies [Line Items]
Total revenues	$ 920,774	$ 677,673	$ 1,604,404	$ 1,277,991
Fuel sales
Accounting Policies [Line Items]
Total revenues	673,138	440,822	1,137,443	840,999
Inside merchandise sales
Accounting Policies [Line Items]
Total revenues	240,104	230,078	453,781	425,182
Other revenues
Accounting Policies [Line Items]
Total revenues	$ 7,532	$ 6,773	$ 13,180	$ 11,810

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies - Deferred Revenue - Loyalty Program (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Changes in the loyalty rewards program liability
Loyalty rewards liability, beginning balance	$ 3,456
Revenue deferred	3,394
Revenue recognized	(3,207)
Loyalty rewards liability, ending balance	$ 3,643
Loyalty rewards liability, expected recognition period	1 year

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 81,608	$ 36,592
Accounts receivable, net of allowance for credit losses of $138 and $147 as of June 30, 2026, and December 31, 2025, respectively	35,465	24,538
Inventories	89,380	83,171
Prepaid expenses	4,821	6,158
Other current assets	21,630	13,235
Total current assets	232,904	163,694
Property and equipment, net	868,189	868,559
Intangible assets	280,956	280,946
Goodwill	277,996	277,996
Operating lease right-of-use assets, net	342,457	332,655
Finance lease right-of-use assets, net	1,874	1,931
Assets held for sale	16,715	16,501
Deferred tax assets	35,439	0
Other assets	9,933	6,892
Total assets	2,066,463	1,949,174
Current liabilities:
Current maturities of debt	4,100	4,100
Current maturities of financing obligations	2,097	2,034
Current maturities of operating lease liabilities	5,745	5,417
Current maturities of finance lease liabilities	70	68
Due to affiliates	70	46
Accounts payable	97,845	72,964
Accrued expenses and other current liabilities	47,000	49,072
Total current liabilities	156,927	133,701
Debt, net of current maturities, debt discount, and debt issuance costs	388,173	428,211
Financing obligations, net of current maturities, debt discount, and debt issuance costs	221,819	222,851
Operating lease liabilities, net of current maturities	328,173	316,451
Finance lease liabilities, net of current maturities	2,144	2,180
Asset retirement obligations	10,457	10,096
Liabilities held for sale	1,422	1,422
Tax receivable agreement liability	92,263	0
Other noncurrent liabilities	10,370	11,465
Total liabilities	1,211,748	1,126,377
Commitments and contingencies (Note 16)
Redeemable senior preferred membership interests (0 and 150,000 shares authorized and outstanding, redemption value of $0 and $239,628 and liquidation preference amount of $0 and $239,628 as of June 30, 2026, and December 31, 2025, respectively)	0	239,628
Stockholders'/members' equity
Members' equity	0	582,070
Additional paid-in capital	387,226	0
Retained earnings	6,574	0
Total stockholders' equity attributable to Yesway, Inc./members' equity	393,806	582,070
Non-controlling interests	460,909	1,099
Total stockholders'/members' equity	854,715	583,169
Total liabilities, senior preferred membership interests, stockholders' equity/members' equity	2,066,463	1,949,174
Class A common stock
Stockholders'/members' equity
Common stock	3	0
Class B common stock
Stockholders'/members' equity
Common stock	$ 3	$ 0

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Amount in excess of federally insured limits	$ 86,944	$ 29,004

Leases - Weighted-average remaining lease terms and discount rates (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Leases [Abstract]
Operating cash outflows for finance leases	$ 59		$ 61
Operating cash outflows for operating leases	17,661		14,017
Financing cash outflows for finance leases	$ 34	$ 32	$ 32
Weighted-average remaining lease-term - finance lease	16 years 9 months 18 days		17 years 9 months 18 days
Weighted-average remaining lease-term - operating lease	17 years 9 months 18 days		18 years 6 months
Weighted-average discount rate - finance lease	5.49%		5.48%
Weighted-average discount rate - operating lease	7.68%		7.67%

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues (a)	$ 920,774	$ 677,673	$ 1,604,404	$ 1,277,991
Expenses:
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) (a)	743,473	528,170	1,272,688	1,008,622
Salaries and employee benefits	55,617	50,032	105,329	99,128
Selling, general, and administrative expenses	56,812	48,496	103,169	94,294
Depreciation, amortization, and accretion	16,621	15,690	32,609	31,207
Loss (gain) on disposal of assets	507	(1,446)	421	(2,191)
Total Operating Expenses	873,030	640,942	1,514,216	1,231,060
Income from operations	47,744	36,731	90,188	46,931
Other expense
Interest expense, net	11,893	14,516	24,101	29,050
Change in fair value of derivative liability	0	(2,100)	0	(800)
Total other expense, net	11,893	12,416	24,101	28,250
Income before income tax expense	35,851	24,315	66,087	18,681
Income tax expense	6,197	158	6,197	158
Net income	29,654	24,157	59,890	18,523
Net income attributable to non-controlling interest	13,363	0	13,363	0
Net income (loss)	$ 16,291	$ 24,157	$ 46,527	$ 18,523

Financing Obligations, Net

6 Months Ended

Jun. 30, 2026

Financial Obligation, Net [Abstract]

Financing Obligations, net

7.	Financing obligations, net

2019 Sale-leaseback transactions

In connection with a sale in 2019 of 76 retail gasoline stations and convenience stores, the Company entered into sale and leaseback transactions with two different buyer-lessors. The leases provide for the lease of land, buildings, structures, and other improvements on the land, exclusive of storage tanks and fuel equipment. The leases have a twenty-year base term with four successive options to renew the leases for a five-year period on the same terms, covenants, conditions, and rental as the primary non-revocable lease term. The leases have a triple-net structure, which requires the Company to pay substantially all costs associated with the Company’s properties that are subject to the leases, including real estate taxes, insurance, utilities, maintenance, and operating costs.

The sale did not meet the criteria for sale accounting as the leases would be classified as finance leases. As a result of not meeting the criteria for sale accounting for these sites, the sale-leaseback transactions are accounted for as a failed sale-leaseback financing obligation. As such, the property and equipment sold and leased back by the Company has not been derecognized and continues to be depreciated. When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. Accordingly, the Company recognized a financing obligation of $236,894 based on proceeds from the sale. The value of the failed sale-leaseback financing obligations recognized in these transactions was determined to be the fair value of the leased real estate assets.

As the Company’s incremental borrowing rate at the time resulted in an ending financing obligation that was greater than the expected economic value of the leased property, the Company adjusted the interest rate to the effective yield of 6.2%, that, when applied to the minimum lease payments, produces a present value equal to the price. This will produce no gain or loss at the end of the lease term.

The rental payments under the lease are allocated between interest expense and principal repayment of the financing obligation using the effective interest method and amortized over the lease term. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased assets as of the end of the lease term.

In lieu of recognizing lease expenses for the lease rental payments, the Company incurs interest expense associated with the financing obligation. Interest expense of $3,837 and $7,694 was recorded for the three and six months ended June 30, 2026, respectively, and of $3,803 and $7,635 was recorded for the three and six months ended June 30, 2025, respectively. The financing obligation will amortize through expiration of the leases based upon the lease rental payments which were $504 and $1,001 for the three and six months ended June 30, 2026, respectively, and $474 and $942 for the three and six months ended June 30, 2025, respectively. The rent payable under the lease agreements escalates at the lesser of either 1.5% or 1.5x of the increase in the Consumer Price Index (“CPI”). The estimated future payments in the table below include payments and adjustments to reflect estimated payments as described in the lease agreements. As the annual increases are considered contingent on what the change in CPI will be, the estimated future payments in the table below are not adjusted for minimum annual increases. Contingent payments and payments on account of CPI increases are recorded as interest expense as incurred. The Company incurred $1,276 in financing costs associated with these transactions which were capitalized and are being amortized over the life of the lease.

The components of the financing obligations associated with 2019 sale-leaseback transaction are summarized as follows:


		June 30, 2026		December 31, 2025
Net principal payments under financing obligations		$	224,770	$	225,771
Less: current maturities of financing obligations			(2,097)		(2,034)
Less: debt discount and debt issuance costs, net of accumulated amortization of $422 and $390 as of June 30, 2026, and December 31, 2025, respectively			(854)		(886)
Long-term Financing Obligation, net of amounts representing current maturities, debt discount, and debt issuance costs		$	221,819	$	222,851

Future minimum payments related to the financing obligations are summarized below:


Years ending		Amount
2026 (remaining period)		$	8,490
2027			17,110
2028			17,110
2029			17,110
2030			17,110
Thereafter			503,415
Total			580,345
Less: imputed interest			(355,575)
Total		$	224,770

Build-to-suit sale-leaseback arrangements (“BTS Arrangements”)

During the three months ended June 30, 2026, and year ended December 31, 2025, the Company entered into BTS Arrangements with buyer-lessors. These transactions resulted in the Company remaining the accounting owner of the land until lease commencement as sale treatment cannot be determined until lease commencement, which is generally upon construction completion and store opening. Accordingly, the proceeds received from the sale of land are recorded as financing obligations until the lease commences and sale treatment can be evaluated.

Classification of the leases as operating leases upon lease commencement permitted sale recognition, allowing the Company to derecognize the associated obligations. The Company recorded a loss on disposal of land under BTS Arrangements of $15 for the three month period ended June 30, 2026, and a gain of $81 for the six months period ended June 30, 2026, and a loss of $64 and $66 for the three and six months ended June 30, 2025, respectively.

The components of financing obligation associated with BTS Arrangements are summarized as of June 30, 2026, and December 31, 2025, as follows:


		June 30, 2026		December 31, 2025
Beginning, financing obligation under BTS Arrangements		$	—	$	12,809
Add: Additional proceeds from BTS Arrangements, net of debt issuance costs			2,489		4,970
Less: Deferred closing costs			(41)		(231)
Less: Land considered sold upon commencement			(2,448)		(17,548)
Ending, financing obligation under BTS Arrangements		$	—	$	—

Debt - Interest activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Debt - Interest activity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt Disclosure [Abstract]
Interest incurred	$ 8,671	$ 10,702	$ 17,669	$ 21,308
Less: Amounts capitalized	(72)	0	(497)	0
Interest expense	$ 8,599	$ 10,702	$ 17,172	$ 21,308

Redeemable Senior Preferred Membership Interests (Details) - Redeemable Senior Preferred Members $ in Thousands		6 Months Ended	12 Months Ended
	Apr. 23, 2026 USD ($)	Jun. 30, 2026 Right	Dec. 31, 2022 USD ($) shares
Temporary Equity [Line Items]
Number of units issued \| shares			150,000
Stated value			$ 150,000
Aggregate gross cash proceeds			$ 147,000
Number of voting rights \| Right		0
Net proceeds from IPO	$ 251,523

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

During the three and six months periods ended June 30, 2026, and 2025, the Company entered into lease and disbursement agreements (the “BTS Arrangements”) with certain landlords. Under the BTS Arrangements, the Company identifies suitable parcels of land for convenience stores and such sites may be (i) initially owned by the Company and sold to the landlord, (ii) under a binding purchase and sale agreement which is then assigned to the landlord, or (iii) acquired by the landlord directly from a third-party. The Company prepares development, and construction plans which are approved by the landlord. The Company then engages and supervises third-party contractors to complete the construction of the stores which the landlord funds and legally owns. In some cases, the Company may begin construction prior to legal sale to landlord.

The landlords are expected to fund the majority of the overall construction costs and related improvements. Each individual lease commences upon the substantial completion of each store, and the rent commencement date is expected to occur simultaneously. The initial term of each lease is approximately 20 years with a Company option to extend for two additional four-year terms. The Company assessed the renewal options and has included periods in the lease term for which renewal is reasonably certain to be exercised. The Company pays base rent to the landlord in an amount determined based on the total costs funded by landlord and the base rent payments increase 2.0% annually. The Company has a right of first offer to purchase properties at a price determined by the landlord. The Company cannot exercise its right of first refusal without action first taken by the landlord. Thus, the Company does not control the asset, and the right of first refusal is not a repurchase option under ASC 606. During the term, the Company will also pay all operating expenses, taxes, and any other expenses payable under each lease.

The Company finished construction at one store and two stores under the BTS Arrangements during the three and six months ended June 30, 2026, respectively. The respective leases commenced and are included as components of the Company’s initial operating lease liabilities in the amount of $14,934 and initial Right-of-use assets in the amount of $15,144 as of June 30, 2026, in the accompanying unaudited Condensed Consolidated Balance Sheets.

Lease costs consist of the following:

The components of lease expenses, including base rent, variable lease costs primarily consisting of rent based on a percentage of sales and common area maintenance are included in the accompanying unaudited Condensed Consolidated Statements of Income as follows:


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2026		2025		2026		2025
Finance lease cost:
Amortization of right-of-use assets		$	29	$	29	$	57	$	57
Interest on lease liabilities			30		31		59		61
Operating lease cost			9,409		7,650		18,265		13,934
Variable lease cost			22		24		45		45
Short-term lease cost			6		8		14		13
Total lease costs, net		$	9,496	$	7,742	$	18,440	$	14,110

Weighted-average remaining lease terms and weighted-average discount rates for outstanding leases were as follows:


Six months ended June 30,		2026			2025
Operating cash outflows for finance leases	$	59		$	61
Operating cash outflows for operating leases	$	17,661		$	14,017
Financing cash outflows for finance leases	$	34		$	32
Weighted-average remaining lease-term - finance lease		16.8	years		17.8	years
Weighted-average remaining lease-term - operating lease		17.8	years		18.5	years
Weighted-average discount rate - finance lease		5.49	%		5.48	%
Weighted-average discount rate - operating lease		7.68	%		7.67	%

Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consist of the following as of June 30, 2026:


Years ending		Finance leases			Operating leases
2026 (remaining period)		$	93		$	15,415
2027			188			31,262
2028			189			31,272
2029			189			31,587
2030			198			32,163
Thereafter			2,591			494,667
Total minimum lease payments			3,448			636,366
Less: amount representing interest			1,234			302,448
Present value of net minimum lease payments		$	2,214		$	333,918

Commitments and Contingencies - Environmental liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Undiscounted estimated liability	$ 3,153		$ 3,153		$ 3,262
Environmental remediation and maintenance expense	$ 730	$ 646	$ 1,281	$ 1,197
Environmental Remediation Expense, before Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling General And Administrative Expense Excluding Salaries And Employee Benefits	Selling General And Administrative Expense Excluding Salaries And Employee Benefits	Selling General And Administrative Expense Excluding Salaries And Employee Benefits	Selling General And Administrative Expense Excluding Salaries And Employee Benefits

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

14. Fair Value Measurements

The Company follows the provisions of FASB ASC 820 Fair Value Measurement (“ASC 820”), which defines fair value and establishes a hierarchy for inputs used in measuring fair value that maximize the use of observable inputs and minimize the use of unobservable inputs, requiring that inputs that are most observable be used when available. Observable inputs are inputs that market participants operating within the same marketplace as the Company would use in pricing the Company’s assets or liability based on independently derived and observable market data. Unobservable input cannot be sourced from a broad active market in which assets or liabilities identical or similar to those of the Company are traded. The Company estimates the price of any assets for which there are only unobservable inputs by using assumptions that market participants that have investments in the same or similar assets would use as determined by the money managers for each investment based on best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the degree to which the exit price is independently observable or determinable as follows:

Level 1 - Valuation based on quoted market prices in active markets for identical assets or liabilities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date.

Level 3 - Valuation based on inputs that are unobservable and reflect management’s best estimate of what market participants would use as fair value.

The following table summarizes the fair value hierarchy of the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2026, and December 31, 2025:


	Fair Value Measurement at the end of
	June 30, 2026, and December 31, 2025
	Level 1				Level 2				Level 3
	2026		2025		2026		2025		2026		2025
Description
Cash equivalents
Overnight Investments	$	81,489	$	28,272	$	—	$	—	$	—	$	—
Total Cash equivalents	$	81,489	$	28,272	$	—	$	—	$	—	$	—
Derivatives
Redeemable senior preferred membership interests	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivatives	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	81,489	$	28,272	$	—	$	—	$	—	$	—

Valuation techniques and methodologies

Cash, Accounts receivables, Accounts payable, Accrued expenses and other noncurrent liabilities: The carrying amount approximates fair value due to the short maturity of these instruments.

Debt: The fair value of the Company’s debt is estimated based on the current rates offered to the Company for debt of the same or similar issues. Based on the variable rate interest (Level 2) in-place, the fair value of the Company’s debt approximated its carrying value on June 30, 2026, and December 31, 2025.

Derivative liability: The probability of near term payoff of the Redeemable Senior Preferred Membership Interests decreased the value of the derivative to $0 as of December 31, 2025. The derivative liability was extinguished on April 23, 2026, when the Redeemable Senior Preferred Membership Interests were fully redeemed. This liability continued to be valued at $0 through the redemption date.

The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the derivative liability during the six months ended June 30, 2026, and the year ended December 31, 2025, were as follows:

Change in fair value of derivative liability


Balance at December 31, 2024	$	900
Change in fair value		(900)
Balance at December 31, 2025	$	—
Change in fair value		—
Balance at June 30, 2026	$	—

There were no transfers between Levels 1, 2, and 3 during the reporting period.

Nonrecurring fair value measurements

The Company also measures certain assets at fair value on a nonrecurring basis, including other investments, goodwill, property and equipment, operating lease right-of-use assets, and finance lease right-of-use assets when impairment indicators are present.

The fair value of these assets is based on management’s estimates of the amount that could be realized from the sale of assets in a current transaction between willing parties. Impairment is evaluated and recorded throughout the year, as necessary. The fair value estimates are derived from offers, actual sale or disposition of assets, and other indications of fair value, which are considered Level 3 inputs. The Level 3 inputs of fair value measurement are significantly influenced by market conditions, including changes in supply and demand, interest rates and financing conditions, inflation, and broader economic trends.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies - Lease Accounting (Details)	Jun. 30, 2026
Lessee, Lease, Description [Line Items]
Initial term	20 years
Minimum
Lessee, Lease, Description [Line Items]
Initial term	10 years
Maximum
Lessee, Lease, Description [Line Items]
Initial term	20 years

Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2026

Noncontrolling Interests

Schedule of net income attributable to non-controlling interests


	Three Months Ended
	June 30, 2026
Net income attributable to non-controlling interests	$	13,363
Transfers to non-controlling interests:
Decrease from reallocation of non-controlling interest		(30)
Change from net income attributable to/from non-controlling interest and transfers to non-controlling interest	$	13,333

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of components of lease expenses and weighted-average remaining lease terms and discount rates


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2026		2025		2026		2025
Finance lease cost:
Amortization of right-of-use assets		$	29	$	29	$	57	$	57
Interest on lease liabilities			30		31		59		61
Operating lease cost			9,409		7,650		18,265		13,934
Variable lease cost			22		24		45		45
Short-term lease cost			6		8		14		13
Total lease costs, net		$	9,496	$	7,742	$	18,440	$	14,110

Schedule of future minimum payments under the finance leases and operating leases


Six months ended June 30,		2026			2025
Operating cash outflows for finance leases	$	59		$	61
Operating cash outflows for operating leases	$	17,661		$	14,017
Financing cash outflows for finance leases	$	34		$	32
Weighted-average remaining lease-term - finance lease		16.8	years		17.8	years
Weighted-average remaining lease-term - operating lease		17.8	years		18.5	years
Weighted-average discount rate - finance lease		5.49	%		5.48	%
Weighted-average discount rate - operating lease		7.68	%		7.67	%

Schedule of future minimum payments under the finance leases and operating leases


Years ending		Finance leases			Operating leases
2026 (remaining period)		$	93		$	15,415
2027			188			31,262
2028			189			31,272
2029			189			31,587
2030			198			32,163
Thereafter			2,591			494,667
Total minimum lease payments			3,448			636,366
Less: amount representing interest			1,234			302,448
Present value of net minimum lease payments		$	2,214		$	333,918

Financing Obligations, Net - Cancelled 2019 Sale-leaseback transactions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) item Options	Jun. 30, 2025 USD ($)
Sale Leaseback Transaction [Line Items]
Interest expense associated with the financial obligation	$ 8,599	$ 10,702	$ 17,172	$ 21,308
Cancelled 2019 Sale-leaseback transactions
Sale Leaseback Transaction [Line Items]
Number of retail gasoline stations and convenience stores, the Company entered into sale and leaseback transactions \| item			76
Number of buyer-lessors \| item			2
Base sale-leaseback terms (in years)			20 years
Lessee, Sale Leaseback Transaction, Existence of Option to Extend [true false]			true
Number of successive options to renew the leases \| Options			4
Sale-leaseback, renewal terms (in years)			5 years
Financial obligation recognized post cancellation of failed sale-leaseback transaction	$ 236,894		$ 236,894
Effective yield rate (in %)	6.20%		6.20%
Gain or loss on termination of sale-leaseback transaction			$ 0
Interest expense associated with the financial obligation	$ 3,837	3,803	7,694	7,635
Quarterly lease rental payments	$ 504	$ 474	$ 1,001	$ 942
Percentage, lower threshold of incremental rent payable			1.50%
Multiplier of the increase in the CPI , lower threshold of incremental rent payable	1.5		1.5
Financing costs incurred			$ 1,276

Summary of Significant Accounting Policies - Redeemable Senior Preferred Membership Interests (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Temporary Equity [Line Items]
Accretion	$ 2,236	$ 10,402	$ 8,744	$ 8,394	$ 12,638	$ 17,138
Redeemable senior preferred membership interests
Temporary Equity [Line Items]
Accretion	$ 2,236		$ 8,744		$ 12,638	$ 17,138

Stockholders' Equity (Details)		6 Months Ended
Stockholders' Equity (Details)	Apr. 21, 2026 Vote $ / shares shares	Jun. 30, 2026 class $ / shares shares	Dec. 31, 2025 $ / shares shares
Stockholders' Equity
Preferred stock shares authorized	10,000,000
Preferred stock par value \| $ / shares	$ 0.0001
Preferred stock shares issued (in shares)		0
Yesway, Inc.
Stockholders' Equity
Number of class of common stock \| class		1
Common stock par value (in dollars per share) \| $ / shares		$ 0.01
Common stock shares authorized (in shares)		100
Class A common stock
Stockholders' Equity
Common stock par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Number of votes per share \| Vote	1
Number of interests held by transferee		1
Common stock shares issued (in shares)		31,185,561	31,185,561
Common stock shares outstanding (in shares)		31,185,561	31,185,561
Class A common stock \| IPO
Stockholders' Equity
Number of shares exchanged from outstanding shares		1
Class B common stock
Stockholders' Equity
Common stock par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	150,000,000	150,000,000	150,000,000
Number of votes per share \| Vote	1
Number of interests held by transferee		1
Common stock shares issued (in shares)		32,009,185	32,009,185
Common stock shares outstanding (in shares)		32,009,185	32,009,185
Number of interests redeemed by interest holders		1

Assets and Liabilities Held for Sale

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

3.	Assets and Liabilities Held for Sale

In the first quarter of 2025, the Company committed to a plan to sell a disposal group that includes all of its 29 operating Iowa and Kansas convenience stores. The assets and related liabilities were classified as held for sale as of March 31, 2025. These assets and liabilities were not considered significant to the Company and did not represent a strategic shift. As of June 30, 2026, the disposal group continued to meet the criteria to be classified as held for sale under ASC 360, “Property, Plant, and Equipment” and an addition of one closed location was added to the disposal group. We expect to sell these stores by the end of 2026.

Held-for-Sale Criteria and Impairment

The assets and liabilities of the disposal group are classified as held for sale in the unaudited Condensed Consolidated Balance Sheet as of June 30, 2026, and are measured at the lower of their carrying amount or fair value less costs to sell.

●

The Company has actively initiated a program to find a buyer and is marketing the property at a price reasonable in relation to its current fair value.

●

The sale is considered highly probable and is expected to be completed within one year. Management is committed to the plan, and it is unlikely that significant changes will be made or that the plan will be withdrawn.

●

Upon classification as held for sale, the Company ceased amortizing the long-lived assets.

The carrying amounts of the major classes of assets and liabilities included in the disposal group classified as held for sale are as follows:


		Carrying Amount			Carrying Amount
		as of			as of
Assets		June 30, 2026			December 31, 2025
Goodwill		$	1,460		$	1,460
Property and equipment, net			15,255			15,041
Total assets held for sale		$	16,715		$	16,501


	Carrying Amount		Carrying Amount
	as of		as of
Liabilities	June 30, 2026		December 31, 2025
Asset retirement obligations	$	1,422	$	1,422
Total liabilities held for sale	$	1,422	$	1,422

There was no impairment charge recorded for the three and six months ended June 30, 2026, nor the three and six months ended June 30, 2025, as the fair value exceeded carrying value.

Condensed Consolidated Statements of Changes in Redeemable Senior Preferred Membership Interests and Stockholders'-Members' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2026 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of Class A units sold in IPO and greenshoe, net of discounts cost	$ 20,930

Commitments and Contingencies - Purchase commitments (Details) gal in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) gal	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) gal	Jun. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fulfilled purchase commitments \| $	$ 459,945	$ 279,065	$ 748,248	$ 540,700
Minimum volume purchase requirements
2026 (remaining period)	65,319		65,319
2027	130,638		130,638
2028	120,000		120,000
2029	120,000		120,000
2030	60,000		60,000
Total	495,957		495,957

Condensed Consolidated Statements of Changes in Redeemable Senior Preferred Membership Interests and Stockholders'-Members' Equity - USD ($) $ in Thousands	Members' Capital	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-in Capital	Retained Earnings	Non-controlling Interest	Members' Capital	Non-controlling Interest	Class A common stock	Class B common stock	Total
Balance as of beginning (in shares) at Dec. 31, 2024											150,000
Balance as of beginning at Dec. 31, 2024											$ 203,839
Redeemable Senior Preferred Membership Interests
Accretion											8,394
Balance as of end at Mar. 31, 2025											$ 212,233
Balance as of end (in shares) at Mar. 31, 2025											150,000
Balance as of beginning at Dec. 31, 2024							$ 573,654	$ 1,076			$ 574,730
Members' Equity
Distributions							(2,367)	(26)			(2,393)
Accretion							(8,394)				(8,394)
Net income							(5,634)				(5,634)
Balance as of end at Mar. 31, 2025							557,259	1,050			558,309
Changes in Stockholder's Equity
Distributions							(2,367)	(26)			(2,393)
Accretion							(8,394)				$ (8,394)
Balance as of beginning (in shares) at Dec. 31, 2024											150,000
Balance as of beginning at Dec. 31, 2024											$ 203,839
Redeemable Senior Preferred Membership Interests
Accretion											17,138
Balance as of end at Jun. 30, 2025											$ 220,398
Balance as of end (in shares) at Jun. 30, 2025											150,000
Balance as of beginning at Dec. 31, 2024							573,654	1,076			$ 574,730
Members' Equity
Net income											18,523
Balance as of end at Jun. 30, 2025							568,849	1,050			$ 569,899
Balance as of beginning (in shares) at Mar. 31, 2025											150,000
Balance as of beginning at Mar. 31, 2025											$ 212,233
Redeemable Senior Preferred Membership Interests
Distributions											(579)
Accretion											8,744
Balance as of end at Jun. 30, 2025											$ 220,398
Balance as of end (in shares) at Jun. 30, 2025											150,000
Balance as of beginning at Mar. 31, 2025							557,259	1,050			$ 558,309
Members' Equity
Distributions							(3,823)				(3,823)
Accretion							(8,744)				(8,744)
Net income							24,157				24,157
Balance as of end at Jun. 30, 2025							568,849	$ 1,050			569,899
Changes in Stockholder's Equity
Distributions							(3,823)				(3,823)
Accretion							$ (8,744)				$ (8,744)
Balance as of beginning (in shares) at Dec. 31, 2025											150,000
Balance as of beginning at Dec. 31, 2025											$ 239,628
Redeemable Senior Preferred Membership Interests
Distributions											(743)
Accretion											10,402
Balance as of end at Mar. 31, 2026											$ 249,287
Balance as of end (in shares) at Mar. 31, 2026											150,000
Members' Equity
Distributions	$ (5,115)										$ (5,115)
Accretion	(10,402)										(10,402)
Beginning balance at Dec. 31, 2025	582,070					$ 1,099					583,169
Beginning balance (in shares) at Dec. 31, 2025									31,185,561	32,009,185
Changes in Stockholder's Equity
Distributions	(5,115)										(5,115)
Accretion	(10,402)										(10,402)
Net income	30,236										30,236
Ending balance at Mar. 31, 2026	596,789					1,099					$ 597,888
Balance as of beginning (in shares) at Dec. 31, 2025											150,000
Balance as of beginning at Dec. 31, 2025											$ 239,628
Redeemable Senior Preferred Membership Interests
Accretion											12,638
Balance as of end at Jun. 30, 2026											$ 0
Balance as of end (in shares) at Jun. 30, 2026											150,000
Members' Equity
Net income											$ 59,890
Beginning balance at Dec. 31, 2025	582,070					1,099					583,169
Beginning balance (in shares) at Dec. 31, 2025									31,185,561	32,009,185
Ending balance at Jun. 30, 2026		$ 3	$ 3	$ 387,226	$ 6,574	460,909					$ 854,715
Ending balance (in shares) at Jun. 30, 2026		31,185,561	32,009,185						31,185,561	32,009,185
Balance as of beginning (in shares) at Mar. 31, 2026											150,000
Balance as of beginning at Mar. 31, 2026											$ 249,287
Redeemable Senior Preferred Membership Interests
Accretion											2,236
Redemption of redeemable senior preferred membership interests											$ (251,523)
Redemption of redeemable senior preferred membership interests (in shares)											(150,000)
Balance as of end at Jun. 30, 2026											$ 0
Balance as of end (in shares) at Jun. 30, 2026											150,000
Members' Equity
Distributions	(18,395)										$ (18,395)
Accretion	(2,236)										(2,236)
Net income											29,654
Beginning balance at Mar. 31, 2026	596,789					1,099					597,888
Changes in Stockholder's Equity
Distributions	(18,395)										(18,395)
Accretion	(2,236)										(2,236)
Net income	9,717										9,717
IPO offering costs				(7,338)							(7,338)
Recapitalization of Continuing Equity Owners	$ (585,875)	$ 1	$ 3	585,871
Recapitalization of Continuing Equity Owners (in shares)		15,085,561	32,009,185
Issuance of Class A units sold in IPO and greenshoe, net of discounts		$ 2		301,068							301,070
Issuance of Class A units sold in IPO and greenshoe, net of discounts (in shares)		16,100,000
Establishment of tax receivable agreement and corresponding deferred tax assets				(50,636)							(50,636)
Allocation of equity to non-controlling interests				(446,477)		446,477
Net Income					6,574	13,363					19,937
Allocation of equity to non-controlling interests				30		(30)
Equity-based compensation				4,708							4,708
Ending balance at Jun. 30, 2026		$ 3	$ 3	$ 387,226	$ 6,574	$ 460,909					$ 854,715
Ending balance (in shares) at Jun. 30, 2026		31,185,561	32,009,185						31,185,561	32,009,185

Debt - Debt components (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 399,500	$ 441,550
Less: debt discount and debt issuance costs	(7,227)	(9,239)
Less: current maturities of debt	(4,100)	(4,100)
Debt, net of current maturities, debt discount, and debt issuance costs	388,173	428,211
2021 Term Loan
Debt Instrument [Line Items]
Total debt	$ 389,500	$ 391,550
Effective interest rate	8.48%	9.11%
2021 Revolver
Debt Instrument [Line Items]
Total debt	$ 10,000	$ 50,000
Effective interest rate	6.32%	7.63%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accounts receivable, allowance for credit losses	$ 138	$ 147
Redeemable senior preferred membership interests, shares authorized	0	0
Redeemable senior preferred membership interests, shares outstanding	150,000	150,000
Redeemable senior preferred membership interests, redemption value	$ 0	$ 239,628
Redeemable senior preferred membership interests, liquidation preference amount	$ 0	$ 239,628
Class A common stock
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock shares issued (in shares)	31,185,561	31,185,561
Common stock shares outstanding (in shares)	31,185,561	31,185,561
Class B common stock
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	150,000,000	150,000,000
Common stock shares issued (in shares)	32,009,185	32,009,185
Common stock shares outstanding (in shares)	32,009,185	32,009,185

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 16,291	$ 24,157	$ 46,527	$ 18,523

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

18. Income Taxes

The Company is taxed as a subchapter C corporation and is subject to U.S. Federal, state, and local taxes. The Company’s sole material asset is its ownership of Ultimate Parent, which is a limited liability company that is taxed as a partnership for U.S. federal and certain state and local income tax purposes. Ultimate Parent’s allocable share of taxable income and related tax credits, if any, are passed through to its unit holders, including the Company, and are included in the unit holders’ tax returns.

Income tax expense was $6,197 for both the three and six months ended June 30, 2026, compared to $158 for the comparable 2025 periods. The increase primarily relates to the Company’s transition to a taxable C corporation following the IPO on April 23, 2026. Prior to the IPO, substantially all income was generated by Ultimate Parent, which is treated as a partnership for U.S. federal income tax purposes and generally was not subject to entity-level income taxes.

The effective tax rate for the three and six months ended June 30, 2026, was 17.3% and 9.4%, respectively, compared to 0.7% and 0.8% for the comparable 2025 periods. The 2026 effective tax rates were lower than the U.S. federal statutory rate of 21% primarily because a significant portion of the Company’s earnings is attributable to noncontrolling interests that are not subject to tax at Yesway, Inc. The results from the three and six months ended June 30, 2025, do not reflect

significant income tax expense because prior to the Transactions, the consolidated Ultimate Parent pass-through-entity was not subject to corporate tax.

As of the three and six months ended June 30, 2026, our deferred tax assets were primarily the result of our net operating loss carryforwards, interest limitation carryforwards, and deductible interest related to the tax receivable agreement, and our deferred tax liabilities were primarily the result of our investment in Ultimate Parent. Certain tax attributes remain subject to an annual limitation under Section 382 of the Internal Revenue Code of 1986 as a result of the historical acquisitions.

We evaluate the realizability of our deferred tax assets on a quarterly basis and establish valuation allowances when it is more likely than not that all or a portion of a deferred tax may not be realized. As of June 30, 2026, we concluded, based on the weight of all available positive and negative evidence, that all but an immaterial amount of our deferred tax assets are more likely than not to be realized. As such, no material valuation allowance was recognized.

The Company regularly monitors its uncertain tax positions, and as of June 30, 2026, there were no material uncertain tax benefits that, if realized, would affect the estimated annual effective tax rate, nor were there positions for which it is reasonably possible that the total amount of uncertain tax benefits will significantly increase or decrease within the next 12 months.

- Definition

The entire disclosure for income tax.

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+ Details

Equity-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

10. Equity-Based Compensation

2026 Incentive Award Plan

The Company established the 2026 Incentive Award Plan (the “Plan”) which allows the Company’s board of directors (or an authorized committee to which the board delegates such authority) to grant incentive stock options, stock appreciation rights, restricted stock, restricted stock units, or other stock or cash based awards. The maximum number of shares that may be issued pursuant to awards under the Plan initially is 7,331,369 shares, subject to annual increases as provided by the Plan. No more than 73,313,690 shares may be issued pursuant to the exercise of incentive stock options. Shares issued under the Plan may be authorized but unissued shares, shares purchased on the open market, or treasury shares.

RSUs

Concurrent with the IPO, the Company granted new RSUs to the members of the board of directors and certain employees. The RSUs have a time-based vesting of one year for the members of the board of directors and one-third on each of the first three anniversaries of the IPO for employees, in each case, subject to the recipient’s continuous service to the Company, a parent, subsidiary, or affiliate through the applicable vesting date. Both sets of RSUs have a contractual term approximately equivalent to their vesting periods. Upon vesting, the RSUs are subject to settlement in Class A common stock; unvested RSUs are not considered outstanding shares of Class A common stock.

The Company issued 1,828,000 RSUs with a fair value equal to the fair value of Class A common stock at the time of grant of $21.75 per unit. Total compensation expense for RSUs was approximately $2,542 for the three and six months ended June 30, 2026, of which $113 is included in Selling, general, and administrative expenses and $2,429 is included in Salaries and benefits in the accompanying Condensed Consolidated Statements of Income. As of June 30, 2026, the unamortized compensation cost related to RSUs is $37,217 and is expected to be recognized over a weighted-average period of approximately 2.8 years. There were no forfeitures as of June 30, 2026. The following table summarizes the RSU activity for the six months ended June 30, 2026:


			Number of Units
Unvested at December 31, 2025			—
Granted			1,828,000
Vested			—
Forfeited			—
Unvested at June 30, 2026			1,828,000

PSUs

Concurrent with the IPO, the Company granted new PSUs to certain employees. Each PSU was eligible to vest based on the achievement of pre-established stock price hurdles over a performance period of five years. More specifically, 50% of the PSUs will be eligible to vest on the later of (i) the first day following the date on which the 30-day volume weighted average market price of a share of Class A common stock equals or exceeds 1.5x the initial offering price per share of Class A common stock and (ii) the second anniversary of the date the registration statement became effective. The remaining 50% of the PSUs will be eligible to vest on the later of (i) the first day following the date on which the 30-day volume weighted average market price of a share of Class A common stock equals or exceeds 2.0x the initial offering price per share of Class A common stock and (ii) the third anniversary of the date the registration statement became effective.

The Company issued 900,000 PSUs with a fair value equal to $17.20 per unit and 900,000 PSUs with a fair value equal to $13.00 per unit. The fair value of the PSUs was calculated with the contractual term of 5 years as the expected term, estimated volatility of 35% based on observed equity volatility for comparable companies, adjusted for the Company's financial leverage, dividends of $0, and a risk- free rate 3.9% based on the U.S. Constant Maturity Treasury Yield commensurate with the term to the end of the derived service period. Total compensation expense for PSUs was approximately $2,166 for the three and six months ended June 30, 2026, which is included in Salaries and benefits in the

accompanying Condensed Consolidated Statements of Income. As of June 30, 2026, the unamortized compensation cost related to PSUs is $25,014 and is expected to be recognized over a weighted-average period of approximately 2.3 years. There were no forfeitures as of June 30, 2026. The following table summarizes the PSU activity for the six months ended June 30, 2026:


			Number of Units
Unvested at December 31, 2025			—
Granted			1,800,000
Vested			—
Forfeited			—
Unvested at June 30, 2026			1,800,000

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

Subsequent to June 30, 2026, the Company entered into a new agreement with a third-party fuel supplier containing minimum retail gasoline volume purchase requirements. The following provides the revised total minimum volume purchase requirements as of August 1, 2026, (in thousands of gallons):


Years ending
2026 (remaining period)		131,817
2027		316,360
2028		305,722
2029		305,722
2030		245,722
2031		108,338
Total		1,413,681

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 6,197	$ 158	$ 6,197	$ 158
Effective tax rate	17.30%	0.70%	9.40%	0.80%
U.S. federal statutory rate			21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-Subparagraph (ee)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
(a) Includes excise taxes of approximately:	$ 66,309	$ 60,742	$ 125,283	$ 115,059

Financing Obligations, Net - Cancelled 2019 Sale-leaseback transactions - Future minimum payments (Details) - Cancelled 2019 Sale-leaseback transactions - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Sale Leaseback Transaction [Line Items]
2026 (remaining period)	$ 8,490
2027	17,110
2028	17,110
2029	17,110
2030	17,110
Thereafter	503,415
Total	580,345
Less: imputed interest	(355,575)
Total	$ 224,770	$ 225,771

Equity-Based Compensation - PSUs (Details) - PSUs $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Equity-Based Compensation
Performance period	5 years
Shares granted	1,800,000
Expected term	5 years
Volatility rate	35.00%
Dividends \| $	$ 0
Risk-free rate	3.90%
Equity-based compensation \| $	$ 2,166
Unamortized compensation cost \| $	$ 25,014
Weighted-average period	2 years 3 months 18 days
Forfeited	0
At fair value $17.20 per unit
Equity-Based Compensation
Shares granted	900,000
Grant date fair value (in dollars per share) \| $ / shares	$ 17.2
At fair value $13.00 per unit
Equity-Based Compensation
Shares granted	900,000
Grant date fair value (in dollars per share) \| $ / shares	$ 13
Tranche one
Equity-Based Compensation
Vesting percentage	50.00%
VWAP measurement days	30 days
Price determination, multiplier	1.5
Tranche two
Equity-Based Compensation
Vesting percentage	50.00%
VWAP measurement days	30 days
Price determination, multiplier	2

Property And Equipment (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Schedule of property and equipment


		June 30, 2026		December 31, 2025
Land		$	186,115	$	182,433
Buildings and improvements			541,674		535,982
Equipment			228,499		216,717
Tanks			160,595		158,833
Construction in process			26,419		17,530
			1,143,302		1,111,495
Less: accumulated depreciation and amortization			(275,113)		(242,936)
Property and equipment, net		$	868,189	$	868,559

Debt (Details) - USD ($) $ in Thousands			6 Months Ended
Debt (Details) - USD ($) $ in Thousands	Dec. 18, 2025	Apr. 02, 2021	Jun. 30, 2026
2021 Term Loan
Debt Instrument [Line Items]
Amount borrowed		$ 410,000
Term		7 years
Basis spread			3.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Interest rate			7.26%
Principal amount payable quarterly			$ 1,025
2021 Revolver
Debt Instrument [Line Items]
Amount borrowed		$ 150,000
Term		5 years
Percentage of decrease	25.00%
Percentage of upfront fee eliminated	0.10%
Basis spread			2.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Interest rate			5.89%
Unused capacity			$ 140,000
Number of days to prepay			125 days
Letter of credit
Debt Instrument [Line Items]
Unused capacity			$ 3,127

Summary of Significant Accounting Policies - Excise Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounting Policies [Abstract]
Excise taxes	$ 66,309	$ 60,742	$ 125,283	$ 115,059

Leases - Components of lease expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Amortization of right-of-use assets	$ 29	$ 29	$ 57	$ 57
Interest on lease liabilities	30	31	59	61
Operating lease cost	9,409	7,650	18,265	13,934
Variable lease cost	22	24	45	45
Short-term lease cost	6	8	14	13
Total lease costs, net	$ 9,496	$ 7,742	$ 18,440	$ 14,110

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss	$ 19,937	$ 29,654	$ 24,157	$ (5,634)	$ 59,890	$ 18,523
Net income attributable to non-controlling interest	13,363	$ 13,363	$ 0		$ 13,363	$ 0
Net income attributable to Yesway, Inc. - basic	6,574
Net income effect of dilutive securities:
Effect of RSUs	28
Numerator for net income - diluted	$ 6,602
Weighted-average effect of dilutive securities:
Effect of RSUs	172,965
Class A common stock
Weighted-average shares of Class A common stock:
Basic	31,063,822
Weighted-average effect of dilutive securities:
Weighted-average shares of Class A common stock outstanding - diluted	31,236,787
Basic	$ 0.21
Diluted	$ 0.21

Payable Pursuant to the Tax Receivable Agreement

6 Months Ended

Jun. 30, 2026

Payable Pursuant to the Tax Receivable Agreement

Payable Pursuant to the Tax Receivable Agreement

13. Payable Pursuant to the Tax Receivable Agreement

Amounts payable under the TRA are contingent upon the generation of future taxable income over the term of the TRA and future changes in tax laws. If we do not generate sufficient taxable income in the aggregate over the term of the TRA

to utilize the tax benefits, then we would not be required to make the related payments. During the three months ended June 30, 2026, the Company indirectly redeemed an aggregate of 15,085,561 LLC Interests, which resulted in an increase in the tax basis of the Company’s investment in Ultimate Parent, subject to the provisions of the TRA. As a result of these redemptions, during the three months ended June 30, 2026, the Company estimated that the tax savings associated with all tax attributes described above would require us to pay $92,263, primarily over the next 15 years. The Company recorded this liability and a corresponding deferred tax assets in the amount of $41,627.

No TRA payments have been made as of June 30, 2026, nor are due within the next 12 months.