Detailed financial statements for ARKO Petroleum Corp. Class A Common Stock (APC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
ARKO Petroleum Corp. is a North American company specializing in fuel distribution, operating across three core segments: wholesale, fleet fueling, and GPMP. A significant portion of its business involves the fee-based wholesale supply of motor fuel, delivered both to its own retail sites and to external third-party dealers, all secured through long-term agreements.
Analysis Summary
ARKO Petroleum Corp. Class A Common Stock reported revenue of $7.64B in the most recent fiscal year, growing at a 5-year CAGR of -8.5%.
Balance sheet quality for APC: current ratio of 1.7, net debt of $3.62B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $65.3M represents 287% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $14.58B | $18.47B | $8.70B | $7.87B | $11.91B | $13.38B | $7.09B | $6.97B | $6.37B | $7.64B |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | $1.05B | $6.93B | $6.79B | $6.19B | $7.38B |
| Gross Profit | $14.58B | $18.47B | $8.70B | $7.87B | $11.91B | $12.34B | $158.5M | $178.4M | $180.9M | $261.1M |
| Research & Development | $1.33B | $1.64B | $2.64B | $946.0M | $2.54B | $459.0M | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.09B | $1.32B | $1.18B | $1.44B | $1.07B | $1.08B | $31.9M | $41.8M | $42.7M | $159.2M |
| Operating Expenses | $4.20B | $4.90B | $5.93B | $4.21B | $5.77B | $2.75B | $65.7M | $88.9M | $88.9M | $159.2M |
| Operating Income | $3.33B | $5.40B | -$8.81B | -$2.60B | -$672.0M | $2.62B | $92.8M | $89.5M | $92.0M | $101.9M |
| EBITDA | $6.58B | $5.19B | -$4.14B | $1.10B | $3.28B | $6.55B | $125.4M | $133.7M | $141.8M | $256.4M |
| Interest Expense | $686.0M | $772.0M | $825.0M | $890.0M | $932.0M | $947.0M | $14.5M | $35.1M | $40.4M | $92.9M |
| Pre-tax Income | $2.11B | $54.0M | -$9.69B | -$3.83B | -$1.69B | $1.49B | $78.4M | $54.5M | $55.3M | $29.1M |
| Income Tax | $1.17B | $1.62B | -$2.88B | -$1.02B | -$1.48B | $733.0M | $19.2M | $12.9M | $15.1M | $6.3M |
| Net Income | $801.0M | -$1.75B | -$6.69B | -$3.07B | -$456.0M | $615.0M | $58.9M | $41.4M | $40.2M | $22.7M |
| EPS | $1.60 | $-3.46 | $-13.17 | $-5.88 | $-0.83 | $1.22 | $0.16 | $0.11 | $0.26 | $0.37 |
| EPS (Diluted) | $1.59 | $-3.46 | $-13.17 | $-5.88 | $-0.83 | $1.22 | $0.16 | $0.11 | $0.26 | $0.37 |
| Shares Outstanding (Diluted) | $505.0M | $506.0M | $508.0M | $522.0M | $548.0M | $504.0M | $379.8M | $379.8M | $157.3M | $46.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $1.48B | $1.79B | $1.77B | $1.84B |
| Gross Profit | $34.4M | $70.8M | $54.1M | $35.8M |
| Operating Income | $24.6M | $30.3M | $14.1M | $24.2M |
| EBITDA | $38.5M | $57.6M | $45.0M | $39.0M |
| Net Income | $10.1M | $1.9M | -$6.6M | $12.2M |
| EPS | $0.10 | $0.01 | $-0.64 | $0.26 |
| EPS (Diluted) | $0.10 | $0.01 | $-0.64 | $0.26 |
Balance Sheet (10y)
| Year | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $2.47B | $3.70B | $7.37B | $939.0M | $3.18B | $4.55B | $1.29B | $17.1M | $25.1M | $323.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $6.5M |
| Receivables | $1.47B | $1.48B | $1.12B | $652.0M | $1.01B | $1.22B | $1.49B | $136.6M | $105.2M | $87.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $26.7M | $24.4M | $190.7M |
| Total Current Assets | $6.79B | $7.11B | $11.22B | $3.98B | $5.27B | $6.76B | $3.79B | $194.3M | $171.4M | $717.7M |
| Property, Plant & Equipment | $38.40B | $40.93B | $41.59B | $33.75B | $32.17B | $27.45B | $28.61B | $426.7M | $535.4M | $2.22B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $76.7M | $76.7M | $460.1M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $196.2M | $175.2M | 0 |
| Total Assets | $52.59B | $55.78B | $61.69B | $46.41B | $45.56B | $42.09B | $40.38B | $1.02B | $1.09B | $3.53B |
| Accounts Payable | $2.99B | $3.53B | $3.68B | $2.85B | $2.29B | $1.89B | $2.00B | $104.4M | $90.1M | $156.6M |
| Short-term Debt | $38.0M | $500.0M | $152.0M | $33.0M | $42.0M | $142.0M | $947.0M | 0 | 0 | $128.1M |
| Total Current Liabilities | $3.99B | $5.70B | $10.23B | $4.18B | $3.33B | $3.91B | $4.66B | $192.2M | $167.5M | $433.0M |
| Long-term Debt | $13.27B | $13.06B | $15.09B | $15.72B | $15.28B | $15.55B | $15.47B | $336.9M | $380.9M | $2.25B |
| Total Liabilities | $31.96B | $33.92B | $41.96B | $33.59B | $33.35B | $31.39B | $31.88B | $909.7M | $1.02B | $3.17B |
| Retained Earnings | $13.83B | $14.36B | $12.12B | $4.88B | $1.70B | $1.11B | $1.25B | 0 | 0 | $100.5M |
| Total Equity | $20.63B | $21.86B | $19.73B | $12.82B | $12.21B | $10.70B | $8.50B | $106.4M | $65.6M | $367.2M |
| Total Debt | $13.27B | $13.56B | $15.09B | $15.75B | $15.32B | $15.69B | $16.42B | $604.5M | $753.5M | $3.95B |
| Net Debt | $10.80B | $9.87B | $7.72B | $14.81B | $12.14B | $11.14B | $15.12B | $587.4M | $728.4M | $3.62B |
| Working Capital | $2.80B | $1.41B | $987.0M | -$199.0M | $1.94B | $2.86B | -$863.0M | $2.1M | $3.9M | $284.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $33.0M | $15.6M | $289.1M | $14.6M |
| Total Assets | $1.25B | $1.27B | $3.58B | $1.39B |
| Total Liabilities | $1.20B | $1.24B | $3.02B | $1.13B |
| Total Equity | $43.3M | $36.1M | $495.4M | $257.8M |
| Total Debt | $893.1M | $941.2M | $2.35B | $783.4M |
Cash Flow (10y)
| Year | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $801.0M | -$1.75B | -$6.69B | -$3.07B | -$456.0M | $615.0M | $59.1M | $41.6M | $40.2M | $22.7M |
| Depreciation & Amortization | $3.93B | $4.55B | $4.60B | $4.30B | $4.28B | $4.25B | $32.5M | $44.2M | $46.1M | $134.5M |
| Stock-based Compensation | $155.0M | $325.0M | $172.0M | $235.0M | $150.0M | $188.0M | $288,000 | $608,000 | $876,000 | 0 |
| Change in Working Capital | -$1.40B | -$418.0M | -$1.19B | $2.14B | $918.0M | -$3.72B | -$17.3M | -$31.5M | $20.7M | $41.7M |
| Operating Cash Flow | $8.89B | $8.47B | -$1.88B | $3.00B | $4.01B | $5.93B | $76.0M | $58.8M | $106.8M | $192.6M |
| Capital Expenditure | -$7.72B | -$9.51B | -$6.07B | -$3.50B | -$5.03B | -$6.18B | -$13.3M | -$12.0M | -$11.3M | -$127.3M |
| Acquisitions | -$473.0M | -$1.53B | -$3.0M | -$1.74B | $25.0M | 0 | -$184.2M | -$135.7M | 0 | $7.0M |
| Stock Repurchased | -$3.70B | -$7.37B | -$939.0M | -$3.18B | -$1.09B | -$2.73B | 0 | 0 | 0 | -$28.0M |
| Dividends Paid | -$274.0M | -$505.0M | -$553.0M | -$105.0M | -$111.0M | -$528.0M | 0 | 0 | 0 | -$19.4M |
| Free Cash Flow | $1.17B | -$1.04B | -$7.94B | -$505.0M | -$1.02B | -$254.0M | $62.7M | $46.8M | $95.5M | $65.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $25.0M | $16.4M | $18.7M | $10.4M |
| Capital Expenditure | -$3.5M | -$7.9M | -$30.3M | -$8.8M |
| Free Cash Flow | $21.5M | $8.5M | -$11.6M | $1.6M |
| Dividends Paid | 0 | 0 | -$4.8M | -$12.4M |
| Stock-based Compensation | $103,000 | $392,000 | 0 | 0 |
Growth & Margins (10y)
| Year | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +26.7% | -52.9% | -9.5% | +51.3% | +12.4% | -47.1% | -1.7% | -8.6% | +20.0% |
| Net Income Growth (YoY) | | -318.5% | -282.4% | +54.1% | +85.2% | +234.9% | -90.4% | -29.8% | -2.8% | -43.4% |
| EPS Growth (YoY) | | -316.2% | -280.6% | +55.4% | +85.9% | +247.0% | -86.9% | -31.2% | +132.7% | +44.5% |
| Shares Change (YoY) | | +0.2% | +0.4% | +2.8% | +5.0% | -8.0% | -24.6% | +0.0% | -58.6% | -70.7% |
| FCF Growth (YoY) | | -189.3% | -662.4% | +93.6% | -102.4% | +75.1% | +124.7% | -25.3% | +104.0% | -31.6% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 92.2% | 2.2% | 2.6% | 2.8% | 3.4% |
| Operating Margin | 22.9% | 29.3% | -101.3% | -33.0% | -5.6% | 19.6% | 1.3% | 1.3% | 1.4% | 1.3% |
| EBITDA Margin | 45.1% | 28.1% | -47.6% | 14.0% | 27.5% | 48.9% | 1.8% | 1.9% | 2.2% | 3.4% |
| Net Margin | 5.5% | -9.5% | -76.9% | -39.0% | -3.8% | 4.6% | 0.8% | 0.6% | 0.6% | 0.3% |
| FCF Margin | 8.0% | -5.6% | -91.3% | -6.4% | -8.6% | -1.9% | 0.9% | 0.7% | 1.5% | 0.9% |
| Effective Tax Rate | 55.3% | 2,994.4% | 29.7% | 26.7% | 87.5% | 49.4% | 24.5% | 23.7% | 27.3% | 21.8% |
Per-Share Data (10y)
| Year | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $2.31 | $-2.06 | $-15.64 | $-0.97 | $-1.86 | $-0.50 | $0.17 | $0.12 | $0.61 | $1.42 |
| Dividends Per Share | $0.54 | $1.00 | $1.09 | $0.20 | $0.20 | $1.05 | $0.00 | $0.00 | $0.00 | $0.42 |
| Shares Outstanding (Basic) | $502.0M | $506.0M | $508.0M | $522.0M | $548.0M | $504.0M | $379.8M | $379.8M | $157.3M | $46.1M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Key Ratios (10y)
| Year | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 11.25 | -5.20 | -1.37 | -3.06 | -21.69 | 14.75 | 112.50 | 163.64 | 70.31 | 48.65 |
| P/B | 0.41 | 0.46 | 0.71 | 0.77 | 0.92 | 1.07 | 0.00 | 64.22 | 43.19 | 2.26 |
| P/S | 0.62 | 0.49 | 1.05 | 1.19 | 0.83 | 0.68 | 0.96 | 0.98 | 0.44 | 0.11 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 92.2% | 2.2% | 2.6% | 2.8% | 3.4% |
| Operating Margin | 22.9% | 29.3% | -101.3% | -33.0% | -5.6% | 19.6% | 1.3% | 1.3% | 1.4% | 1.3% |
| Net Margin | 5.5% | -9.5% | -76.9% | -39.0% | -3.8% | 4.6% | 0.8% | 0.6% | 0.6% | 0.3% |