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CrossAmerica is a wholesale fuel distributor and retail c-store operator whose top line is mechanically tied to crude prices, so the FY2025 revenue decline of -10.6% to $3.66B is largely a pass-through of lower wholesale fuel costs rather than a demand problem — management explicitly states in the MD&A that 'Variations in our reported revenues and cost of sales are primarily related to the price of crude oil and wholesale motor fuel prices and generally not as a result of changes in motor fuel sales volumes.' What matters more is that gross profit actually grew (+1.1% to $403M) and operating income jumped +38.4% to $97.6M, with diluted EPS nearly doubling to $1.02. The class-of-trade conversion of the 59 Applegreen sites from wholesale lessee-dealer to company-operated retail appears to be lifting margin per gallon, which is the real bull case here.