Established Chains to Watch: Yesway

With 450 stores, a new public-market presence and record-setting performance, Yesway is building momentum for its next phase of growth.

Yesway held a vision in 2015 to build a differentiated convenience store. Now, with 450 stores and two brands under its belt, the chain has grown from its 2015 founding to a major Southern staple. In the past year alone, Yesway became a publicly traded company, set records for multiple metrics and was poised to enter its tenth state — Arizona — as of press time.

“I am proud of our people and the operating culture they have built. Over the past 12 months, we have shown that Yesway can grow on a scale while continuing to strengthen the business’ underlying performance. We have invested in new stores, improved our existing portfolio, expanded our foodservice and merchandising offerings, and deepened our relationships with customers,” said Tom Trkla, chairman, president and CEO of Yesway.

Expansion strategy

Concentrated largely in the South, Yesway has been expanding its footprint and opening its doors to new markets, opening a robust 90-plus stores since 2020.

“Our expansion strategy has always been about more than simply adding stores, (however). It is about building density in attractive markets, developing modern stores that customers want to visit and creating a portfolio capable of producing increasingly strong returns over time,” said Trkla.

Yesway acquired regional favorite Allsup’s in 2019, and the brand quickly became one of the chain’s most important assets. Home to the World Famous Allsup’s Burrito, a well-known offering in its region with a loyal following, Allsup’s inspires “genuine consumer affection with a highly scalable foodservice platform,” Trkla noted.

This past year, Yesway opened new-to-industry Allsup’s stores in Texas, New Mexico and Oklahoma, reaching a milestone 250 stores in Texas.

“Opening a store, however, is only the beginning. The value of that investment ultimately depends on how well the store operates every day. I am particularly proud of the way our teams have integrated into these new locations, introduced our brands to new customers and consistently applied Yesway’s operating standards as the company has grown,” said Trkla. “That ability to expand without compromising operational discipline is one of our most important competitive advantages.”

Allsup’s brand recognition is extensive. It was ranked No. 4 nationally in USA TODAY’s 2026 10Best Readers’ Choice Awards for both Best Gas Station Brand and Best Gas Station Food. This is consistently reinforced by its employees, who work to both preserve the brand’s character and support modernization and expansion.

Yesway is continuing to innovate around the Allsup’s menu.

“The lesson for us is that heritage and innovation do not have to be competing priorities. We can protect what makes Allsup’s special while modernizing our stores, expanding the footprint and introducing the brand to new generations of customers,” said Trkla.

Public trading status

Expansion was not Yesway’s only achievement this year. The chain has officially traded in its private status for a publicly traded identity with its recent initial public offering (IPO).

A “transformational moment for Yesway,” according to Trkla, the IPO validated the team’s disciplined execution, operational improvement and commitment across the organization.

“I view the IPO not as an endpoint, but as a new platform from which we can continue to grow. Being public gives us greater access to the capital markets, enhances our financial flexibility and provides additional tools to pursue organic growth, new-store development and acquisitions,” Trkla said.

He added that this also brings greater accountability, transparency and discipline, but it will reinforce the high standards the Yesway team already established. “We welcome that responsibility.”

In Q2 this year, Yesway set records for fuel gallons sold, fuel gross profit, inside merchandise sales, inside merchandise gross profit and store contribution. Adjusted EBITDA increased 35% year over year to $70.9 million.

“No single initiative or favorable market condition produced those results. They were built store by store, shift by shift, through thousands of decisions our people make every day. The team’s relentless focus on operational consistency, accountability and excellence is largely responsible for the company’s success,” said Trkla. “Strategy sets the direction, but our people bring it to life and turn it into results. I could not be prouder of the way they continue to raise the bar for themselves, for one another and for Yesway.”

Same-store inside merchandise sales increased 1.2%; same-store fuel gallons increased 1.4% — the quarter’s broad-based performance was its most important aspect.

Yesway benefited from the growing contribution of its newer stores and strong margins across both sides of the business. Fuel margin was 52.6 cents per gallon, and inside merchandise margin reached 35.7%. This powered a 29.5% increase in store contribution.

“We have now delivered same-store inside merchandise sales growth in 18 of the past 19 quarters. That level of consistency is not accidental. It reflects a business model that is working and, even more importantly, an organization that understands how to execute it. Our results directly reflect the dedication of our store teams, field leadership, distribution professionals and corporate support teams,” said Trkla.

Future growth avenues

Trkla noted three avenues of growth for Yesway: existing markets, productivity improvement in existing stores and acquisitions.

Yesway has demonstrated efficient development of new stores. “Our development capabilities, real estate expertise and established operating infrastructure give us a strong foundation from which to continue expanding,” he said.

The chain also has the opportunity to improve productivity in currently operating stores, including stronger foodservice execution, more effective merchandising, greater loyalty engagement, better use of technology and continued operational improvement.

“In many respects, this represents one of our most compelling opportunities because even incremental improvements, when applied consistently across 450 stores, can create meaningful value,” said Trkla.

These different areas of business all work together as part of one integrated strategy.

Yesway is investing in technology and automation, including its loyalty platform, to create a more seamless digital experience, deploy labor more efficiently and gather better data, all with the end goal of making stores easier to operate, helping employees make better decisions and improving the customer experience. Loyalty programs such as Stack & Save allow Yesway to target merchandising and promotions more precisely.

It also continues to differentiate itself through foodservice, viewing it as not just another category but as a reason customers choose Yesway or Allsup’s initially.

Yesway is also continuing to grow through acquisitions, which is “an important part of our DNA,” said Trkla. “We have successfully used acquisitions to build scales, enter attractive markets and strengthen our platform.”

“Our advantage today is that we can pursue these opportunities from a position of strength. We have differentiated brands, strong cash generation, greater financial flexibility and, most importantly, an experienced team that has demonstrated its ability to execute. Growth creates value only when it is accompanied by operational discipline, and our people have repeatedly shown they can deliver both,” he continued.

Yesway combines growth, performance and differentiation with a level of operational consistency that is difficult to achieve on a scale, which Trkla attributed to making it a 2026 Chain to Watch.

“Some companies can grow store count. Some companies can generate strong same-store performance. Some companies also have distinctive brands,” said Trkla. “What makes Yesway particularly compelling is that we are bringing all three together.”