Arko Corp. (NASDAQ: ARKO) is a convenience store and fuel distribution company that operates retail convenience stores, wholesales fuel to dealer locations, and runs a fleet fueling business across the United States. Revenue comes from three segments: retail fuel and merchandise sales at company-operated stores, wholesale fuel distribution to dealer and consignment sites, and fleet fueling through cardlock locations and proprietary fuel cards. Based in Richmond, Virginia, ARKO is one of the largest U.S. convenience store operators by store count and one of the largest fuel wholesalers by gallons sold, as of the 10-K filed February 25, 2026. As of December 31, 2025, ARKO operated 1,118 retail convenience stores under more than 25 regional brands, supplied fuel to 2,099 dealer locations, and operated 295 proprietary and third-party cardlock locations. The company concentrates on secondary and tertiary markets, with approximately 46% of retail stores in cities with fewer than 20,000 people. Its wholesale segment sold 989.1 million gallons of fuel in FY2025, generating approximately $2.8 billion in wholesale revenue.

Revenue model

Transactional revenue from retail fuel and merchandise sales at 1,118 company-operated convenience stores; wholesale fuel distribution margins on 989.1 million gallons sold to 2,099 dealer locations in FY2025 (approximately $2.8 billion in wholesale segment revenue); and fleet fueling commissions and cardlock sales to commercial and municipal customers through a network of more than 320,000 fueling sites (FY2025, per 10-K filed 2026-02-25).

Products and services

Retail motor fuel, convenience merchandise (packaged beverages, candy, salty snacks, packaged sweet snacks, alternative snacks, and beer, representing approximately 54% of same-store merchandise contribution in FY2025), tobacco products, food service under the fas craves brand, bean-to-cup coffee, grab-and-go offerings, and Dunkin' licensed locations. Wholesale fuel distribution under consignment and supply contracts. Fleet fueling via cardlock locations and proprietary fuel cards (fas REWARDS loyalty program). Regional store brands include fas mart, E-Z Mart, Scotchman, Village Pantry, ExpressStop, shore stop, and more than 25 total regional names.

Customers and end markets

Retail customers at convenience stores in secondary and tertiary U.S. markets. Independent fuel dealers supplied through wholesale agreements. Commercial and municipal fleet operators using cardlock locations and proprietary fuel cards. Approximately 46% of retail stores serve cities with populations under 20,000 people; approximately 23% serve cities with populations between 20,000 and 50,000 people (as of December 31, 2025).

Value-chain role

Downstream fuel distributor and retail operator. ARKO buys motor fuel at wholesale prices, distributes it to company-operated stores and dealer locations, and sells merchandise and fuel directly to end consumers. In fleet fueling, it acts as a card-issuing intermediary providing access to a nationwide fueling network.

Geographic exposure

United States only. Operates in the District of Columbia and more than 30 states across the Mid-Atlantic, Midwestern, Northeastern, Southeastern, and Southwestern U.S. (as of December 31, 2025). Concentrated in secondary and tertiary markets.

Source: SEC 10-K, filed 2026-02-25

Industry: Retail-Convenience Stores Peers: America's CAR-MART Inc Camping World Holdings Inc EVgo Inc Group 1 Automotive Inc Monro Inc OneWater Marine Inc O'Reilly Automotive Inc Sonic Automotive Inc Volta Inc. TravelCenters of America Inc. /MD/