Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Reporting (Tables)

v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Segments

Inter-segment transactions primarily included the distribution of fuel by GPMP to substantially all of GPM’s sites that sell fuel (both in the retail and wholesale segments) and charges by GPMP primarily to sites that sell fuel in the fleet fueling segment which are not supplied by GPMP. The effect of these inter-segment transactions was eliminated in the consolidated financial statements.

 

Year Ended December 31, 2024

 

Retail

 

 

Wholesale

 

 

Fleet Fueling

 

 

GPMP

 

 

All Other

 

 

Total

 

 

 

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

3,509,935

 

 

$

2,799,869

 

 

$

515,462

 

 

$

3,624

 

 

$

30,029

 

 

$

6,858,919

 

Merchandise revenue

 

 

1,767,345

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,767,345

 

Other revenues, net

 

 

65,264

 

 

 

29,140

 

 

 

9,135

 

 

 

838

 

 

 

1,321

 

 

 

105,698

 

Total revenues from external customers

 

$

5,342,544

 

 

$

2,829,009

 

 

$

524,597

 

 

$

4,462

 

 

$

31,350

 

 

$

8,731,962

 

Inter-segment revenues

 

$

—

 

 

$

—

 

 

$

—

 

 

$

4,587,458

 

 

$

20,396

 

 

$

4,607,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

$

3,081,719

 

 

$

2,709,519

 

 

$

451,173

 

 

$

4,481,926

 

 

 

 

 

 

 

Merchandise costs

 

 

1,187,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

326,987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card fees

 

 

92,977

 

 

 

7,651

 

 

 

4,249

 

 

 

 

 

 

 

 

 

 

Rent

 

 

142,781

 

 

 

24,705

 

 

 

11,204

 

 

 

 

 

 

 

 

 

 

Repairs and maintenance

 

 

63,217

 

 

 

3,156

 

 

 

4,201

 

 

 

 

 

 

 

 

 

 

Other segment expenses

 

 

164,683

 

 

 

4,167

 

 

 

5,263

 

 

 

10,956

 

 

 

52,195

 

 

 

 

Operating income (loss) from segments

 

$

282,404

 

 

$

79,811

 

 

$

48,507

 

 

$

99,038

 

 

$

(449

)

 

$

509,311

 

Interest and other financial expenses, net

 

 

 

 

 

 

 

 

 

 

$

(31,698

)

 

 

 

 

$

(31,698

)

Income from equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

$

124

 

 

$

124

 

 

Year Ended December 31, 2023

 

Retail

 

 

Wholesale

 

 

Fleet Fueling

 

 

GPMP

 

 

All Other

 

 

Total

 

 

 

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

3,858,777

 

 

$

3,039,904

 

 

$

530,937

 

 

$

3,681

 

 

$

31,073

 

 

$

7,464,372

 

Merchandise revenue

 

 

1,838,001

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,838,001

 

Other revenues, net

 

 

74,406

 

 

 

25,775

 

 

 

7,818

 

 

 

939

 

 

 

1,420

 

 

 

110,358

 

Total revenues from external customers

 

 

5,771,184

 

 

 

3,065,679

 

 

 

538,755

 

 

 

4,620

 

 

 

32,493

 

 

 

9,412,731

 

Inter-segment revenues

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,160,146

 

 

$

19,643

 

 

$

5,179,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

$

3,423,455

 

 

$

2,946,996

 

 

$

475,037

 

 

$

5,052,391

 

 

 

 

 

 

 

Merchandise costs

 

 

1,252,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

325,920

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card fees

 

 

95,833

 

 

 

9,398

 

 

 

3,997

 

 

 

 

 

 

 

 

 

 

Rent

 

 

137,647

 

 

 

22,124

 

 

 

10,172

 

 

 

 

 

 

 

 

 

 

Repairs and maintenance

 

 

59,324

 

 

 

3,309

 

 

 

3,690

 

 

 

 

 

 

 

 

 

 

Other segment expenses

 

 

160,724

 

 

 

4,872

 

 

 

4,439

 

 

 

9,929

 

 

 

51,303

 

 

 

 

Operating income from segments

 

$

315,402

 

 

$

78,980

 

 

$

41,420

 

 

$

102,446

 

 

$

833

 

 

$

539,081

 

Interest and other financial expenses, net

 

 

 

 

 

 

 

 

 

 

$

(29,487

)

 

 

 

 

$

(29,487

)

Loss from equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(39

)

 

$

(39

)

 

Year Ended December 31, 2022

 

Retail

 

 

Wholesale

 

 

Fleet Fueling

 

 

GPMP

 

 

All Other

 

 

Total

 

 

 

(in thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel revenue

 

$

3,887,549

 

 

$

3,234,145

 

 

$

270,670

 

 

$

5,160

 

 

$

3,566

 

 

$

7,401,090

 

Merchandise revenue

 

 

1,647,642

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,647,642

 

Other revenues, net

 

 

67,280

 

 

 

23,451

 

 

 

2,178

 

 

 

1,024

 

 

 

134

 

 

 

94,067

 

Total revenues from external customers

 

$

5,602,471

 

 

$

3,257,596

 

 

$

272,848

 

 

$

6,184

 

 

$

3,700

 

 

$

9,142,799

 

Inter-segment revenues

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,678,167

 

 

$

4,264

 

 

$

5,682,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel costs

 

$

3,471,321

 

 

$

3,135,988

 

 

$

242,849

 

 

$

5,585,050

 

 

 

 

 

 

 

Merchandise costs

 

 

1,146,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

275,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card fees

 

 

89,812

 

 

 

9,701

 

 

 

1,915

 

 

 

 

 

 

 

 

 

 

Rent

 

 

118,492

 

 

 

24,743

 

 

 

4,103

 

 

 

 

 

 

 

 

 

 

Repairs and maintenance

 

 

52,839

 

 

 

2,511

 

 

 

913

 

 

 

 

 

 

 

 

 

 

Other segment expenses

 

 

133,625

 

 

 

5,588

 

 

 

1,802

 

 

 

10,266

 

 

 

7,172

 

 

 

 

Operating income from segments

 

$

314,879

 

 

$

79,065

 

 

$

21,266

 

 

$

89,035

 

 

$

792

 

 

$

505,037

 

Interest and other financial expenses, net

 

 

 

 

 

 

 

 

 

 

$

(11,654

)

 

 

 

 

$

(11,654

)

Loss from equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(74

)

 

$

(74

)
Schedule of Reconciliation of Operating Income from Reportable Segments to Consolidated Income Before Income Taxes

A reconciliation of operating income from reportable segments to consolidated income before income taxes on the consolidated statements of operations was as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Operating income from reportable segments

 

$

509,760

 

 

$

538,248

 

 

$

504,245

 

All other operating loss (income)

 

 

(449

)

 

 

833

 

 

 

792

 

Intercompany charges by GPMP 1

 

 

(109,201

)

 

 

(111,729

)

 

 

(98,412

)

Interest and other financial expenses, net

 

 

(31,698

)

 

 

(29,487

)

 

 

(11,654

)

Amounts not allocated to segments:

 

 

 

 

 

 

 

 

 

Site operating expenses

 

 

(13,848

)

 

 

(13,647

)

 

 

2,264

 

General and administrative expenses

 

 

(159,335

)

 

 

(162,132

)

 

 

(137,072

)

Depreciation and amortization

 

 

(125,043

)

 

 

(120,232

)

 

 

(94,383

)

Other expenses, net

 

 

(7,858

)

 

 

(13,327

)

 

 

(9,816

)

Interest and other financial expenses, net

 

 

(35,463

)

 

 

(41,756

)

 

 

(48,355

)

Income before income taxes

 

$

26,865

 

 

$

46,771

 

 

$

107,609

 

1 Represents the estimated fixed margin or fixed fee (currently 5.0 cents per gallon) paid to GPMP for the cost of fuel and recorded by GPMP as inter-segment revenues.