Apple Inc. Q3 2026 Earnings Recap

ARKO Petroleum rose 7.5% after earnings, with investors responding to higher year-over-year EBITDA and cash flow and an increased full-year 2026 EBITDA outlook. The quarter’s growth came despite lower volume, as stronger fuel margins and other revenue more than offset the decline.

Key Takeaways

• Adjusted EBITDA increased 9.4% year over year to $41 million; discretionary cash flow rose 22% to $32.3 million.
• Lower gallons weighed on results, but blended wholesale margin per gallon increased 11.4%; Wholesale operating income rose 7% to $25.8 million.
• Fleet fueling operating income increased 8.9% to $13.3 million, driven by higher fuel margins. Management said fleet demand remained relatively stable despite record diesel prices.
• Management raised full-year 2026 Adjusted EBITDA guidance, but the stated range in the transcript—“$156 million to $150 million”—is internally inconsistent.
• The expected USPP acquisition is projected to add about 280 million annual gallons and approximately $30 million in annualized Adjusted EBITDA; closing is expected in Q4 2026.