Stocks ARKO Financial statements
Financial statementsARKO Corp. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data ARKO Corp. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 4,129 | 4,010 | 7,417 | 9,143 | 9,413 | 8,732 | 7,643 |
| General and administrative | 69.3 | 94.4 | 125 | 140 | 165 | 163 | 166 |
| Operating expenses | 4,124 | 3,921 | 7,272 | 8,966 | 9,282 | 8,630 | 7,548 |
| Operating income | 1.32 | 80.3 | 142 | 167 | 118 | 94 | 102 |
| Interest expense | 43.3 | 51.7 | 74.2 | 62.6 | 91.5 | 97.8 | 92.9 |
| Pre-tax income | -40.5 | 30.4 | 70.9 | 108 | 46.8 | 26.9 | 29 |
| Income tax | 6.17 | -1.5 | 11.6 | 35.6 | 12.2 | 6.14 | 6.34 |
| Net income to minority interests | -3.62 | 16.9 | 0.23 | 0.23 | 0.2 | 0 | 0 |
| Net income | -43.5 | 13.7 | 59.2 | 71.7 | 34.4 | 20.8 | 22.7 |
| EBITDA | 63.7 | 155 | 239 | 269 | 246 | 226 | 237 |
| EPS, basic | -0.65 | 0.15 | 0.43 | 0.54 | 0.24 | 0.13 | 0.15 |
| EPS, diluted | -0.65 | 0.15 | 0.42 | 0.53 | 0.24 | 0.13 | 0.15 |
| Shares, basic (weighted) | 66.7 | 71.1 | 124 | 121 | 119 | 116 | 113 |
| Shares, diluted (weighted) | 66.7 | 71.1 | 125 | 123 | 120 | 117 | 115 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 32.1 | 294 | 252 | 299 | 218 | 262 | 305 |
| Short-term investments | 0 | 58.8 | 2.4 | 3.89 | 5.33 | 6.47 | |
| Receivables | 46.9 | 62.3 | 118 | 135 | 95.8 | 87.3 | |
| Inventory | 164 | 198 | 222 | 251 | 231 | 191 | |
| Other current assets | 87.4 | 92.1 | 87.9 | 118 | 97.4 | 110 | |
| Total current assets | 609 | 684 | 747 | 749 | 722 | 718 | |
| Property, plant and equipment | 492 | 549 | 646 | 743 | 748 | 740 | |
| Lease right-of-use assets | 962 | 1,065 | 1,203 | 1,385 | 1,386 | 1,340 | |
| Goodwill | 134 | 174 | 198 | 217 | 292 | 300 | 300 |
| Intangible assets | 218 | 186 | 197 | 215 | 182 | 160 | |
| Other non-current assets | 53.6 | 66.6 | |||||
| Total assets | 2,740 | 2,942 | 3,255 | 3,650 | 3,621 | 3,535 | |
| Accounts payable | 156 | 173 | 217 | 214 | 190 | 157 | |
| Accrued liabilities | 36.5 | 35.7 | 43 | 50.8 | 39.7 | 43.3 | |
| Short-term debt | 41 | 40.4 | 11.9 | 16.8 | 12.9 | 36.7 | |
| Total current liabilities | 387 | 408 | 446 | 486 | 445 | 433 | |
| Long-term debt | 709 | 677 | 740 | 829 | 868 | 875 | |
| Lease liabilities | 974 | 1,077 | 1,218 | 1,395 | 1,408 | 1,374 | |
| Other non-current liabilities | 96.6 | 137 | 179 | 267 | 224 | 196 | |
| Total liabilities | 2,448 | 2,589 | 2,874 | 3,274 | 3,244 | 3,168 | |
| Total debt | 750 | 717 | 752 | 845 | 881 | 912 | |
| Paid-in capital | 212 | 218 | 230 | 245 | 277 | 292 | |
| Retained earnings | -29.7 | 26.6 | 81.8 | 96.1 | 97.2 | 101 | |
| Treasury stock | 0 | -40 | -74.1 | -106 | -134 | ||
| Other comprehensive income | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | |
| Shareholders' equity | 192 | 253 | 281 | 276 | 277 | 267 | |
| Minority interests | 0 | ||||||
| Total equity | 195 | 191 | 254 | 281 | 276 | 277 | 267 |
| Total liabilities and equity | 2,740 | 2,942 | 3,255 | 3,650 | 3,621 | 3,535 | |
| Shares outstanding | 124 | 124 | 120 | 116 | 116 | 111 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -47.2 | 30.6 | 59.4 | 72 | 34.6 | 20.8 | 22.7 |
| Depreciation and amortization | 62.4 | 74.4 | 97.2 | 102 | 128 | 132 | 134 |
| Stock-based compensation | 0.52 | 1.89 | 5.8 | 12.2 | 15 | 12.3 | 15.2 |
| Deferred income tax | 4.3 | -4.75 | 4.85 | 22.3 | -4.68 | -12.8 | 5.06 |
| Change in receivables | -1.69 | -24 | -16 | -50.2 | -17.9 | 38.1 | 7.75 |
| Change in inventory | -7.3 | 6.62 | -21.8 | -6.85 | -2.01 | 22.7 | 40.6 |
| Change in payables | 8.83 | 26.9 | 16.8 | 31.6 | -6.17 | -24.2 | -34 |
| Cash from operations | 43.3 | 174 | 159 | 209 | 136 | 222 | 193 |
| Capital expenditures | -58.3 | -44.6 | -226 | -98.6 | -111 | -114 | -127 |
| Acquisitions | -33.6 | -364 | -203 | -420 | -495 | ||
| Purchases of investments | 0 | 0 | -27.1 | ||||
| Cash from investing | -73 | -408 | -172 | -175 | -297 | -115 | -120 |
| Debt issued | 50.9 | 570 | 484 | 70.9 | 99.6 | 47.6 | 38.8 |
| Share buybacks | 0 | 0 | -40 | -33.7 | -32 | -28 | |
| Dividends paid | 0 | 0 | -10.9 | -14.3 | -14 | -13.6 | |
| Cash from financing | 31.7 | 491 | -26.4 | 10.6 | 85.4 | -56 | -41.5 |
| Exchange rate effect | 1.26 | 2.88 | -1.46 | -0.1 | 0.02 | -0.01 | 0.03 |
| Net change in cash | 1.95 | 257 | -39 | 44.3 | -75.4 | 51 | 31.3 |
| Free cash flow | -15 | 129 | -67 | 111 | 24.9 | 108 | 65.3 |
| Interest paid | 30.6 | 40 | 51.5 | 57.7 | 82.5 | 92.1 | 87.3 |
| Income taxes paid | 2.78 | 1.16 | 14.9 | 6.75 | 28.6 | 9.66 | 5.04 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 1.2% | Operating income / revenue. |
| EBITDA margin | 2.9% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 0.3% | Pre-tax income / revenue. |
| Net margin | 0.2% | Net income / revenue. |
| FCF margin | 0.5% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 2.0% | Cash from operations / revenue. |
| Effective tax rate | 25.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 3.7% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 0.4% | Net income / average total assets. |
| Return on invested capital (ROIC) | 8.7% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| Stock-based pay / revenue | 0.2% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.5% | Capital expenditures / revenue. |
| D&A / revenue | 1.6% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -12.5% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -5.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 13.8% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 8.8% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -15.1% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 5.0% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 4.6% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | -4.1% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 8.9% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 9.1% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -31.8% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 10.7% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 15.4% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -34.3% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 0.0% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -13.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -2.7% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 2.1% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -39.5% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -16.1% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -12.8% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -3.5% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -1.6% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 6.9% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -2.4% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 2.8% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 5.2% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -1.7% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -2.3% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 10.1% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.60x | Current assets / current liabilities. |
| Quick ratio | 0.87x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.55x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 1.68x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 19.0% | Total debt / total assets. |
| Liabilities / assets | 84.0% | Total liabilities / total assets. |
| Net debt | $420.8M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 1.84x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 1.13x | Operating income / interest expense. |
| Working capital | $280.4M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 12.6% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$46.8M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 2.23x | Revenue / average total assets. |
| Fixed asset turnover | 10.4x | Revenue / average property, plant and equipment. |
| Receivables turnover | 52.5x | Revenue / average receivables. |
| Days sales outstanding | 7 days | 365 x average receivables / revenue. |
| FCF conversion | 248.4% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 76.3% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.13 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $68.46 | Revenue / diluted weighted shares. |
| FCF per share | $0.32 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.34 | Cash from operations / diluted weighted shares. |
| Book value per share | $3.58 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$0.42 | Tangible book value / shares outstanding. |
| Cash per share | $2.26 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 90.9% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 36.6% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 43.2% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $480.2M | Share price x shares outstanding. |
| Enterprise value | $900.9M | Market cap + total debt - cash - short-term investments. |
| P/E | 32.5x | Market cap / net income. Only when net income is positive. |
| P/S | 0.06x | Market cap / revenue. |
| P/B | 1.19x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 13.1x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 3.10x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.11x | Enterprise value / revenue. |
| EV/EBIT | 9.21x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 3.95x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 24.5x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 7.7% | Free cash flow / market cap. |
| Earnings yield | 3.1% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 2.8% | Dividends paid over the period / market cap. |
| Shareholder yield | 6.1% | (Dividends paid + share buybacks) / market cap. |
What was ARKO Corp.'s revenue in fiscal 2025?
ARKO Corp. reported revenue of $7.64B for fiscal 2025, 12.5% lower than the year before.
Was ARKO Corp. profitable in fiscal 2025?
Yes. Net income was $22.7M, a net margin of 0.3%.
How much free cash flow did ARKO Corp. generate in fiscal 2025?
Cash from operations of $192.6M minus capital expenditures of $127.3M left free cash flow of $65.3M.