CrossAmerica Partners LP Segments Disclosure
Note 22. SEGMENT REPORTING
We conduct our business in two reportable segments: 1) the wholesale segment and 2) the retail segment.
The wholesale segment includes the wholesale distribution of motor fuel to lessee dealers and independent dealers. We have exclusive motor fuel distribution contracts with lessee dealers who lease the property from us. We also have exclusive distribution contracts with independent dealers to distribute motor fuel but do not collect rent from the independent dealers.
The retail segment includes the retail sale of motor fuel at retail sites operated by commission agents and the sale of convenience merchandise and the retail sale of motor fuel at company operated sites. A commission agent site is a retail site where we retain title to the motor fuel inventory and sell it directly to our end user customers. At commission agent retail sites, we manage motor fuel inventory pricing and retain the gross profit on motor fuel sales, less a commission to the agent who operates the retail site. Similar to our wholesale segment, we also generate revenues through leasing or subleasing real estate in our retail segment.
Unallocated items consist primarily of general and administrative expenses, depreciation, amortization and accretion expense, gains on dispositions and lease terminations, net, other income, interest expense and income tax expense. Total assets by segment are not presented as management does not currently assess performance or allocate resources based on that data.
Our is comprised of our Senior Leadership Team. Our CODM uses segment operating income to assess performance and allocate resources to our segments. Goals and bonus compensation for certain personnel are tied in part to segment operating income. The Senior Leadership Team considers actual-to-budget variances on a monthly basis using segment operating income when making decisions about allocating capital and personnel to our segments.
During 2025, we converted 35 sites from lessee dealer sites in the wholesale segment to company operated or commission agent sites in the retail segment, net. During 2024, we converted 107 sites from lessee dealer sites in the wholesale segment to company operated or commission agent sites in the retail segment, net, including 59 sites from the Applegreen Acquisition (see Note 3 for additional information). During 2023, we converted 44 sites from lessee dealer sites in the wholesale segment to company operated or commission sites in the retail segment, net.
As of December 31, 2025, our wholesale and retail segments operate in 33 and 27 states, respectively.
The following table reflects activity related to our reportable segments (in thousands):
|
|
Wholesale |
|
|
Retail |
|
|
Unallocated |
|
|
Consolidated |
|
||||
Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues from fuel sales to external customers |
|
$ |
1,515,578 |
|
|
$ |
1,653,425 |
|
|
$ |
— |
|
|
$ |
3,169,003 |
|
Revenues from food and merchandise sales |
|
|
— |
|
|
|
407,188 |
|
|
|
— |
|
|
|
407,188 |
|
Rent income |
|
|
47,132 |
|
|
|
15,414 |
|
|
|
— |
|
|
|
62,546 |
|
Other revenue |
|
|
4,963 |
|
|
|
18,834 |
|
|
|
— |
|
|
|
23,797 |
|
Total revenues |
|
|
1,567,673 |
|
|
|
2,094,861 |
|
|
|
— |
|
|
|
3,662,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of goods sold - fuel |
|
|
1,453,245 |
|
|
|
1,496,186 |
|
|
|
— |
|
|
|
2,949,431 |
|
Cost of goods sold - food and merchandise |
|
|
— |
|
|
|
290,953 |
|
|
|
— |
|
|
|
290,953 |
|
Cost of goods sold - rent expense |
|
|
13,914 |
|
|
|
5,529 |
|
|
|
— |
|
|
|
19,443 |
|
Gross profit |
|
|
100,514 |
|
|
|
302,193 |
|
|
|
— |
|
|
|
402,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Store labor |
|
|
— |
|
|
|
91,655 |
|
|
|
— |
|
|
|
91,655 |
|
Maintenance and environmental costs |
|
|
5,288 |
|
|
|
30,017 |
|
|
|
— |
|
|
|
35,305 |
|
Other items (a) |
|
|
21,731 |
|
|
|
83,021 |
|
|
|
73,346 |
|
|
|
178,098 |
|
Operating income (loss) |
|
$ |
73,495 |
|
|
$ |
97,500 |
|
|
$ |
(73,346 |
) |
|
$ |
97,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues from fuel sales to external customers |
|
$ |
1,809,897 |
|
|
$ |
1,802,995 |
|
|
$ |
— |
|
|
$ |
3,612,892 |
|
Revenues from food and merchandise sales |
|
|
— |
|
|
|
390,144 |
|
|
|
— |
|
|
|
390,144 |
|
Rent income |
|
|
57,765 |
|
|
|
13,419 |
|
|
|
— |
|
|
|
71,184 |
|
Other revenue |
|
|
4,601 |
|
|
|
19,467 |
|
|
|
— |
|
|
|
24,068 |
|
Total revenues |
|
|
1,872,263 |
|
|
|
2,226,025 |
|
|
|
— |
|
|
|
4,098,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of goods sold - fuel |
|
|
1,747,005 |
|
|
|
1,652,079 |
|
|
|
— |
|
|
|
3,399,084 |
|
Cost of goods sold - food and merchandise |
|
|
— |
|
|
|
280,234 |
|
|
|
— |
|
|
|
280,234 |
|
Cost of goods sold - rent expense |
|
|
16,643 |
|
|
|
4,008 |
|
|
|
— |
|
|
|
20,651 |
|
Gross profit |
|
|
108,615 |
|
|
|
289,704 |
|
|
|
— |
|
|
|
398,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Store labor |
|
|
— |
|
|
|
88,500 |
|
|
|
— |
|
|
|
88,500 |
|
Maintenance and environmental costs |
|
|
7,333 |
|
|
|
29,006 |
|
|
|
— |
|
|
|
36,339 |
|
Other items (a) |
|
|
24,421 |
|
|
|
78,726 |
|
|
|
99,773 |
|
|
|
202,920 |
|
Operating income (loss) |
|
$ |
76,861 |
|
|
$ |
93,472 |
|
|
$ |
(99,773 |
) |
|
$ |
70,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues from fuel sales to external customers |
|
$ |
2,215,110 |
|
|
$ |
1,751,846 |
|
|
$ |
— |
|
|
$ |
3,966,956 |
|
Revenues from food and merchandise sales |
|
|
— |
|
|
|
315,957 |
|
|
|
— |
|
|
|
315,957 |
|
Rent income |
|
|
69,693 |
|
|
|
12,638 |
|
|
|
— |
|
|
|
82,331 |
|
Other revenue |
|
|
5,248 |
|
|
|
15,771 |
|
|
|
— |
|
|
|
21,019 |
|
Total revenues |
|
|
2,290,051 |
|
|
|
2,096,212 |
|
|
|
— |
|
|
|
4,386,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of goods sold - fuel |
|
|
2,142,430 |
|
|
|
1,613,117 |
|
|
|
— |
|
|
|
3,755,547 |
|
Cost of goods sold - food and merchandise |
|
|
— |
|
|
|
226,110 |
|
|
|
— |
|
|
|
226,110 |
|
Cost of goods sold - rent expense |
|
|
18,820 |
|
|
|
3,518 |
|
|
|
— |
|
|
|
22,338 |
|
Gross profit |
|
|
128,801 |
|
|
|
253,467 |
|
|
|
— |
|
|
|
382,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Store labor |
|
|
— |
|
|
|
71,101 |
|
|
|
— |
|
|
|
71,101 |
|
Maintenance and environmental costs |
|
|
9,459 |
|
|
|
20,976 |
|
|
|
— |
|
|
|
30,435 |
|
Other items (a) |
|
|
28,529 |
|
|
|
64,681 |
|
|
|
99,452 |
|
|
|
192,662 |
|
Operating income (loss) |
|
$ |
90,813 |
|
|
$ |
96,709 |
|
|
$ |
(99,452 |
) |
|
$ |
88,070 |
|
(a) For the Wholesale and Retail segments, other segment items includes real estate taxes, utilities, management fees, insurance and other operating expenses. For the Retail segment, other segment items also includes rent expense, store supplies and shrink. Other segment items that are not allocated to a segment include general and administrative expenses, depreciation, amortization and accretion expense and gains/losses on dispositions and lease terminations, net.
A reconciliation from operating income to income before income taxes follows (in thousands):
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Operating income |
|
$ |
97,649 |
|
|
$ |
70,560 |
|
|
$ |
88,070 |
|
Other income, net |
|
|
577 |
|
|
|
780 |
|
|
|
790 |
|
Interest expense |
|
|
(48,140 |
) |
|
|
(52,320 |
) |
|
|
(43,743 |
) |
Income before income taxes |
|
$ |
50,086 |
|
|
$ |
19,020 |
|
|
$ |
45,117 |
|
Receivables relating to the revenue streams above are as follows (in thousands):
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Receivables from fuel and merchandise sales |
|
$ |
28,316 |
|
|
$ |
30,115 |
|
Receivables for rent and other lease-related charges |
|
|
937 |
|
|
|
2,122 |
|
Total accounts receivable |
|
$ |
29,253 |
|
|
$ |
32,237 |
|
Performance obligations are satisfied as fuel is delivered to the customer and as merchandise is sold to the consumer. Many of our fuel contracts with our customers include minimum purchase volumes measured on a monthly basis, for which our performance obligations are satisfied as services are rendered. Receivables from fuel are recognized on a per-gallon rate and are generally collected within 10 days of delivery.
The balance of unamortized costs incurred to obtain certain contracts with customers was $9.9 million and $8.9 million at December 31, 2025 and 2024, respectively. Amortization of such costs is recorded against operating revenues and amounted to $2.1 million, $2.0 million and $1.9 million for 2025, 2024 and 2023, respectively
Receivables from rent and other lease-related charges are generally collected at the beginning of the month.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.