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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n​\n\n**FORM ****10-Q**\n\n​\n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarterly period ended****March 31,****2026**\n\n**OR**\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from ___________ to ___________**\n\n​\n\n**Commission File Number****001-43243**\n\n​\n\n**Yesway, Inc.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n**Delaware**\n\n**86-3446060**\n\n(State or other jurisdiction of\nincorporation or organization)\n\n(I.R.S. Employer\nIdentification No.)\n\n​\n\n**2301 Eagle Parkway**\n\n**Fort Worth****,****TX**\n\n(Address of registrant’s principal executive offices)\n\n​\n\n**76177**\n\n(Zip Code)\n\n​\n\n**(****682****)****428-2400**\n\n(Registrant’s telephone number, including area code)\n\n​\n\nSecurities Registered pursuant to Section 12(b) of the Act\n\nTitle of each class\n\n  ​ ​ ​\n\nTrading Symbol(s)\n\n  ​ ​ ​\n\nName of each exchange on which registered\n\nClass A Common Stock, par value $0.0001\n\n​\n\nYSWY\n\n​\n\nThe Nasdaq Global Select Market\n\n​\n\nIndicate by check mark whether the registrant has (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐  No ☒\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit such files. Yes ☒  No ☐\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge accelerated filer ☐\n\nAccelerated filer ☐\n\nNon-accelerated filer ☒\n\n​\n\n​\n\n​\n\nSmaller reporting company ☐\n\nEmerging growth company ☐\n\n​\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n​\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒\n\n​\n\nThe registrant had 31,185,562 shares of Class A common stock and 32,009,185 shares of Class B common stock outstanding as of June 1, 2026.\n\n[Table of Contents](#TOC)\n\n​\n\n**Yesway, Inc.**\n\n**Index**\n\n​\n\n​\n\n​\n\n**Page**\n\n[Part I FINANCIAL INFORMATION](#PartIFinancialInformation)\n\n​\n\n[Item 1.](#Item1)\n\n[Financial Statements (Unaudited)](#Item1)\n\n7\n\n​\n\nYesway, Inc.\n\n​\n\n​\n\n[Condensed Balance Sheets as of March 31, 2026, and December 31, 2025 (Unaudited)](#YeswayBalanceSheets)\n\n7\n\n​\n\n[Condensed Statements of Operations for the three months ended March 31, 2026, and March 31, 2025, (Unaudited)](#YeswayStatementsofOperations)\n\n8\n\n​\n\n[Condensed Statements of Changes in Redeemable Senior Preferred Membership Interests and Stockholder’s Equity (Unaudited) for the three months ended March 31, 2026, and March 31, 2025, (Unaudited)](#YeswayEquity)\n\n9\n\n​\n\n[Condensed Statements of Cash Flows for the three months ended March 31, 2026, and March 31, 2025, (Unaudited)](#YeswayCashFlows)\n\n10\n\n​\n\n[Notes to Financial Statements (Unaudited)](#YeswayNotestoFinancial)\n\n11\n\n​\n\nBW Ultimate Parent, LLC and Subsidiaries\n\n​\n\n​\n\n[Condensed Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025 (Unaudited)](#BWUltimateParentBalanceSheets)\n\n17\n\n​\n\n[Condensed Consolidated Statements of Income for the three months ended March 31, 2026, and March 31, 2025, (Unaudited)](#BWUltimateParentStatementsofIncome)\n\n18\n\n​\n\n[Condensed Consolidated Statements of Changes in Redeemable Senior Preferred Membership Interests and Members’ Equity (Unaudited) for the three months ended March 31, 2026, and March 31, 2025, (Unaudited)](#BWUltimateParentEquity)\n\n19\n\n​\n\n[Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026, and March 31, 2025, (Unaudited)](#BWUltimateParentCashFlows)\n\n20\n\n​\n\n[Notes to Condensed Consolidated Financial Statements (Unaudited)](#BWUltimateParentNotestoFinancial)\n\n22\n\n[Item 2.](#Item2ManagementsDiscussionandAnal)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnal)\n\n44\n\n[Item 3.](#Item3QuantitativeandQualitative)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#Item3QuantitativeandQualitative)\n\n53\n\n[Item 4.](#Item4ControlsandProcedures)\n\n[Controls and Procedures](#Item4ControlsandProcedures)\n\n54\n\n[Part II OTHER INFORMATION](#PartII)\n\n​\n\n[Item 1.](#Item1LegalProceedings)\n\n[Legal Proceedings](#Item1LegalProceedings)\n\n55\n\n[Item 1.A.](#Item1ARiskFactors)\n\n[Risk Factors](#Item1ARiskFactors)\n\n55\n\n[Item 2.](#Item_2_Unregistered_Sales_of_Equity)\n\n[Unregistered Sales and Equity Securities and Use of Proceeds](#Item_2_Unregistered_Sales_of_Equity)\n\n55\n\n[Item 3](#Item_3_Defaults_Upon_Senior_Securities)\n\n[Defaults Upon Senior Securities](#Item_3_Defaults_Upon_Senior_Securities)\n\n55\n\n[Item 4](#Item_4_Mine_Safety_Disclosures)\n\n[Mine Safety Disclosures](#Item_4_Mine_Safety_Disclosures)\n\n55\n\n[Item 5.](#Item5OtherInformation)\n\n[Other Information](#Item5OtherInformation)\n\n56\n\n[Item 6.](#Item6Exhibits)\n\n[Exhibits](#Item6Exhibits)\n\n56\n\n[SIGNATURE](#SIGNATURES)\n\n​\n\n58\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\n​\n\nSome information in this Quarterly Report on Form 10-Q (this \"Quarterly Report\") contains forward-looking statements that involve substantial risks and uncertainties. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report may be forward-looking statements. Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements regarding our future results of operations and financial position, industry trends, business strategy and plans, and objectives of management for future operations, including, among others, expected growth, future capital expenditures, and debt service obligations. In some cases, you can identify forward-looking statements by terms, such as “may,” “will,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these terms or other similar expressions.\n\nThe forward-looking statements in this Quarterly Report are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following:\n\n●changes in the global prices and availability of oil and petroleum products and general economic conditions that are out of our control, including interest rates;\n\n●our ability to successfully implement our rapid growth strategy;\n\n●our ability to maintain an adequate pipeline of suitable locations for new stores and manage the risks associated with new store development;\n\n●our ability to successfully recruit, hire, and retain qualified personnel;\n\n●our dependence upon market acceptance by consumers and our failure to offer products that meet our existing customers’ taste and attract new customers;\n\n●changes to wage regulations and other employment and labor laws;\n\n●changes in demand for fuel-based modes of transportation and advancements in technologies, such as hybrid and electric vehicles, that significantly reduce fuel consumption related to the public’s current general approach with regard to climate change and the effects of greenhouse gas emissions, among others;\n\n●our dependence on a limited number of suppliers for the majority of our gross fuel purchases and merchandise;\n\n●operational hazards and risks normally associated with marketing of petroleum products, as well as hazards and risks relating to the physical effects of weather and climate change;\n\n●changes to tobacco legislation, potential court rulings affecting the tobacco industry, campaigns to discourage smoking, increases in tobacco and nicotine products taxes, and wholesale cost increases of tobacco and nicotine products;\n\n●the significant influence that Brookwood Financial Partners, LLC continues to have over us, including control over decisions that require the approval of stockholders;\n\n●the Tax Receivable Agreement with the Continuing Equity Owners and Blocker Shareholders requires us to make cash payments to them in respect of certain tax benefits to which we may become entitled, and we expect that such payments will be substantial; and\n\n●the other important factors discussed under “Risk Factors” in our final prospectus dated April 21, 2026, as filed with the SEC on April 23, 2026, pursuant to Rule 424(b) under the Securities Act of 1933 (the “Prospectus”) and in this Quarterly Report.\n\n​\n\nThe forward-looking statements in this Quarterly Report are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\nYou should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report and have filed as exhibits to this Quarterly Report with the understanding that our actual future results, levels of activity, performance, and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report, whether as a result of any new information, future events, or otherwise.\n\n​\n\n4\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n**CERTAIN DEFINITIONS**\n\nAs used in this Quarterly Report, unless the context otherwise requires:\n\n•“we,” “us,” “our,” the “Company,” “Yesway,” and similar references refer: (1) following the consummation of the Transactions, to Yesway, Inc., and, unless otherwise stated, all of its direct and indirect subsidiaries, including Ultimate Parent, and (2) prior to the completion of the Transactions, to Ultimate Parent and, unless otherwise stated, all of its direct and indirect subsidiaries.\n\n•“Blocker Companies” refers to entities affiliated with Brookwood that were owners of LLC Interests in Ultimate Parent prior to the Transactions and are taxable as corporations for U.S. federal income tax purposes.\n\n•“Blocker Shareholders” refers to entities affiliated with Brookwood, which entities were also the owners of the Blocker Companies prior to the Transactions and, exchanged their interests in the Blocker Companies for shares of our Class A common stock and rights under the Tax Receivable Agreement in connection with the consummation of the Transactions.\n\n•“Brookwood” refers to our sponsor Brookwood Financial Partners, LLC, a Delaware limited liability company, certain funds affiliated with Brookwood Financial Partners, LLC and other entities over which Brookwood Financial Partners, LLC has voting control (including any such fund or entity formed to hold shares of Class A common stock for the Blocker Shareholders).\n\n•“Brookwood Holders” refers to the entities designated as Brookwood Holders on the Schedule of Holders to the Registration Rights Agreement between the Company and such entities (the “Brookwood Members”), together with any Affiliate of the Brookwood Members, any of its Affiliate Transferees and any Affiliate Transferee of any of the foregoing.\n\n•“Continuing Equity Owners” refers collectively to holders of LLC Interests and our Class B common stock (which include Brookwood and each of our executive officers, and their respective permitted transferees) who may exchange at each of their respective options (subject in certain circumstances to time-based vesting requirements and certain other restrictions), in whole or in part from time to time, their LLC Interests (along with an equal number of shares of Class B common stock (and such shares shall be immediately cancelled)) for, at our election (as determined solely by a majority of our independent directors (within the meaning of the rules of the Nasdaq Stock Market) who are disinterested), cash or newly issued shares of our Class A common stock.\n\n•“Final Payment” refers to our payment of $18.4 million to certain Continuing Equity Owners in connection with the IPO to satisfy certain contractual obligations of such entities.\n\n•“IPO” refers to the initial public offering by Yesway, Inc. that was closed on April, 23, 2026.\n\n•“LLC Interests” refers to the common units of Ultimate Parent, including those that we purchased with a portion of the net proceeds from the IPO.\n\n•“Ultimate Parent” refers to BW Ultimate Parent, LLC.\n\n•“Redeemable Senior Preferred Membership Interests” refers to the 150,000 redeemable, non-convertible, non-exchangeable senior preferred membership interests in Ultimate Parent issued and sold by Ultimate Parent to certain purchasers in December 2022 at a price of $980.00 per interest for gross proceeds of $147.0 million, which were redeemed in full in connection with the closing of our IPO.\n\n•“Transactions” refer to certain organizational transactions the Company underwent in connection with the IPO.\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n**EXPLANATORY NOTE**\n\n​\n\nThis Quarterly Report presents (i) the historical condensed consolidated financial information and data as of March 31, 2026, and December 31, 2025, and for the three months ended March 31, 2026, and March 31, 2025, of Yesway, Inc. and (ii) the historical condensed consolidated financial information and data as of March 31, 2026, and December 31, 2025, and for the three months ended March 31, 2026, and March 31, 2025, for BW Ultimate Parent, LLC.\n\n​\n\nYesway, Inc. was incorporated in Delaware on April 23, 2021 to be the issuer for our IPO. All of our business operations are currently, and have historically been, conducted through Ultimate Parent and its subsidiaries.\n\n​\n\nAs a result of the Transactions, which occurred in connection with the IPO, Yesway, Inc. consolidates Ultimate Parent. Accordingly, in future periodic reports, we will present the historical condensed consolidated financial information and data of Yesway, Inc., which will include the financial information and data of Ultimate Parent.\n\n​\n\n6\n\n[Table of Contents](#TOC)\n\n​\n\n**Part I. FINANCIAL INFORMATION**"}