Direct Answer
19 SEC filers are classified under the Standard Industrial Classification codes that describe the fuel marketing & retail industry, and their latest annual reports show $421.3 billion of combined revenue and a median operating margin of 3.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Fuel marketers and retailers buy refined products and sell them through fuel stations, convenience stores and wholesale accounts. Profit per gallon is small, so volume, merchandise sales and operating cost control matter. The first numbers to compare across companies here are gallons sold and fuel margin per gallon, merchandise and foodservice margin and same-store sales.
Key Industry Metrics
- Gallons sold and fuel margin per gallon: Volume sold and the cents earned per gallon over wholesale cost. Margin per gallon is small and can compress when wholesale prices rise quickly, then widen when they fall.
- Merchandise and foodservice margin: Profit from in-store goods and prepared food. It is a higher-margin and steadier stream than fuel, and it often decides how profitable a site is.
- Same-store sales: Sales at stores open in both periods, which strips out openings and closings. Fuel sales move with pump prices, so review fuel gallons and inside sales separately.
- Operating expense per store: Labor, rent, card fees and utilities for each site. Rising costs compress profit when fuel margins are thin; compare with peers of similar format and region.
- Store count: Number of sites operated or supplied. Growth by acquisition adds volume but also integration risk; look at gallons and margin per store to see if new sites add value.
Primary Macro Drivers
- Wholesale fuel price volatility: Retail pump prices lag wholesale moves, so falling costs widen fuel margin per gallon while sharp increases squeeze it.
- Driving demand: More miles driven mean more gallons sold, which lifts volume and gives more traffic for store sales.
- Inside-store spending: Food, drinks and merchandise carry higher margins than fuel, so more spending per visit lifts merchandise margin and same-store sales.
- Credit-card fees and labor costs: Card fees rise with pump prices and wages add to store costs, so both raise operating expense per store and reduce profit per gallon.
Major Risks
- Margin compression when wholesale prices rise quickly: If costs jump faster than retail prices can follow, margin per gallon falls; watch fuel margin per gallon in volatile quarters.
- Long-term electric vehicle adoption: Growth in electric cars would reduce gallons sold over time and shift traffic; watch gallons per store trends and non-fuel mix.
- Competition from large retailers and clubs: Big-box and club stations compete on price and can take volume; watch same-store gallons and fuel margin versus peers.
- Environmental liabilities on sites: Leaking tanks can require cleanup and bring legal costs; watch environmental reserves and the age of underground tank systems.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Defensive |
| Capital Intensity | Medium |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | U.S. |
Fuel Marketing & Retail Filers in the SEC Record
19 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 5500, 5172, 5411. Their latest fiscal years end between 2023 and 2026, and together they reported $421.3 billion of revenue. Median revenue growth over the prior year was 3.8%. Median operating margin was 3.1% and median net margin 2.2%. Median total liabilities were 68% of total assets, and 15 of 19 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Kroger Co | $147.6 billion | 0.4% | 1.3% | 0.7% | FY 2026 |
| Albertsons Companies, Inc. | $83.2 billion | 3.5% | 0.9% | 0.3% | FY 2026 |
| Lithia Motors Inc | $37.6 billion | 4.0% | 4.2% | 2.2% | FY 2025 |
| Penske Automotive Group, Inc. | $31.8 billion | -0.2% | 4.0% | 2.9% | FY 2025 |
| Autonation, Inc. | $27.6 billion | 3.2% | 4.5% | 2.3% | FY 2025 |
| Carvana Co. | $20.3 billion | 48.6% | 9.3% | 6.9% | FY 2025 |
| Murphy Usa Inc. | $19.4 billion | -4.2% | 3.7% | 2.4% | FY 2025 |
| Caseys General Stores Inc | $17.6 billion | 10.2% | n/a | 4.1% | FY 2026 |
The 8 largest of 19 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Fuel Marketing & Retail guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Fuel Marketing & Retail industry?
Key performance indicators for the Fuel Marketing & Retail industry include: Gallons sold and fuel margin per gallon, Merchandise and foodservice margin, Same-store sales, Operating expense per store, Store count. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Fuel Marketing & Retail industry?
The Fuel Marketing & Retail industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions.
What are the biggest risks in the Fuel Marketing & Retail industry?
The primary risks for Fuel Marketing & Retail companies include: Margin compression when wholesale prices rise quickly, Long-term electric vehicle adoption, Competition from large retailers and clubs, Environmental liabilities on sites. Investors should assess each company's exposure to these factors and its track record of navigating them.