Yesway is a U.S. convenience store operator focused on rural and suburban communities in the Southwest and Midwest. As of December 31, 2025, Yesway operated 448 stores across nine states under two brands: Allsup's (368 stores), concentrated in Texas, New Mexico, and Oklahoma, and Yesway (80 stores), spread across Texas, South Dakota, Missouri, Wyoming, and Nebraska. Most stores serve communities with fewer than 20,000 people, where Yesway is often the only local destination for fuel and basic groceries. Yesway sells directly to walk-in retail customers with no wholesale or franchise model. Fuel accounts for roughly two-thirds of revenue, with inside merchandise — including foodservice and private-label products — making up most of the rest. Fuel drives customer traffic, which Yesway converts into higher-margin inside sales. The Allsup's deep-fried burrito is a destination product with strong regional brand recognition. Yesway owns roughly 65% of its real estate. New store growth is the primary growth engine, with Yesway increasingly using a build-to-suit program where third-party REITs fund most construction costs, targeting roughly 30% ROI on Yesway's capital contribution. New stores are larger and generate roughly three times the fuel volume and store contribution of legacy stores. Yesway is also exiting Iowa and Kansas, selling 29 stores for $17.5M plus inventory, to concentrate on its core geographies.