Financial Analysis

"10. Commitments and Contingencies Surety Bonds In the normal course of business, we are required to post bid, performance, and other surety-related bonds. The majority of the surety bonds posted relate to our aviation and land segments. We had outstanding bonds that were executed in order to satisfy various security requirements of $65.5 million and $65.8 million as of December 31, 2025 and 2024, respectively. Sales and Purchase Commitments As of December 31, 2025, the notional value associated with fixed sales and purchase commitments under our derivative programs amounted to $761.6 million and $246.4 million, respectively, with delivery dates from 2026 through 2033. Additionally, we have a fixed purchase contract that extends through 2026, under which we have agreed to purchase annually approximately 2.0 million barrels of aviation fuel at future market prices. Deferred Compensation Plans We maintain a 401(k) defined contribution plan which covers all U.S. employees who meet minimum requirements and elect to participate. We make a matching contribution of 50% for each 1% of the participants' contributions up to a maximum of 6% of the participants' contributions, subject to applicable IRS limits. Annual Company contributions are made at our sole discretion, as approved by the Compensation Committee of the Board of Directors (the ""Compensation Committee""). Additionally, certain of our foreign subsidiaries have defined contribution plans, which allow for voluntary contribut …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"9. Debt, Interest Income, Expense, and Other Finance Costs Long-Term Debt Our outstanding debt consists of the following (in millions): As of December 31, 2025 2024 Credit Facility $ $ Term Loan 346.5 455.3 Convertible Notes (1) 343.4 340.9 Finance leases (2) 4.4 29.9 Other (3) 2.8 54.7 Total debt 697.1 880.8 Less: Current maturities of long-term debt and finance leases 11.9 84.0 Long-term debt $ 685.2 $ 796.8 (1) As of December 31, 2025 and 2024 the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs of $6.6 million and $9.1 million, respectively. The fair value of the Convertible Notes was estimated to be approximately $378.3 million and $395.7 million as of December 31, 2025 and 2024, respectively, using the Level 2 observable input of quoted market prices in an inactive market. (2) See Note 12. Leases for additional information. (3) Includes secured borrowings for the transfer of tax receivables of $50.3 million (EUR 48.5 million) as of December 31, 2024, which were repaid during the year ended December 31, 2025. Annual Maturities As of December 31, 2025, the aggregate annual maturities of debt are as follows (in millions): Year Ended December 31, 2026 $ 9.3 2027 11.7 2028 365.9 2029 17.2 2030 292.9 Thereafter Total $ 697.1 Issuance of Convertible Debt On June 26, 2023, we issued $350.0 million aggregate principal amount of 3.250% Convertible Senior Notes due 2028 (the ""Convertibl …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents our revenues from contracts with customers disaggregated by major geographic areas, based on the country of incorporation of the relevant subsidiary (in millions): For the Year Ended December 31, 2025 2024 2023 Aviation $ 1,021.7 $ 1,106.8 $ 1,151.9 Land 68.4 113.5 153.9 Marine 3,512.0 4,181.0 4,235.6 Asia Pacific 4,602.0 5,401.3 5,541.5 Aviation 4,375.1 4,641.7 4,320.6 Land 1,560.2 2,798.2 3,224.8 Marine 1,973.5 2,213.6 2,475.9 EMEA 7,908.7 9,653.5 10,021.2 Aviation 3,720.1 3,785.7 4,167.4 Land 0.1 918.1 1,010.4 Marine 700.6 771.7 806.0 LATAM 4,420.8 5,475.5 5,983.8 Aviation 9,846.7 10,913.1 13,625.0 Land 8,625.0 9,108.6 10,993.5 Marine 1,493.9 1,720.9 1,728.7 North America 19,965.7 21,742.5 26,347.3 Other revenues (excluded from ASC 606) (1) 19.4 (104.7) (183.2) Total revenue $ 36,916.6 $ 42,168.0 $ 47,710.6 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.

DisaggregationOfRevenueTableTextBlock

"5. Fair Value Measurements The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on their short-term maturities. With the exception of the Convertible Notes, as discussed in Note 9. Debt, Interest Income, Expense, and Other Finance Costs, the carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy. Recurring Fair Value Measurements The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions): Fair Value Measurements as of December 31, 2025 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Assets: Commodities contracts $ 113.4 $ 159.6 $ 10.7 $ 283.7 Foreign currency contracts 7.6 7.6 Cash surrender value of life insurance 20.1 20.1 Total assets at fair value $ 113.4 $ 187.3 $ 10.7 $ 311.4 Liabilities: Commodities contracts $ 118.5 $ 96.4 $ 3.8 $ 218.6 Foreign currency contracts 9.8 9.8 Total liabilities at fair value $ 118.5 $ 106.1 $ 3.8 $ 228.4 Fair Value Measurements as of December 31, 2024 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Assets: Commodities contrac …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

7. Goodwill and Identifiable Intangible Assets Goodwill The following table provides information regarding changes in goodwill (in millions): Aviation Segment Land Segment Total As of December 31, 2023 $ 398.3 $ 839.7 $ 1,238.0 2024 acquisitions (1) 17.5 17.5 Adjustment for sale of business (2) (59.5) (8.7) (68.2) Foreign currency translation of non-USD functional currency subsidiary goodwill (1.9) (3.8) (5.6) As of December 31, 2024 354.4 827.3 1,181.7 2025 acquisitions (2) 81.3 81.3 Goodwill impairment (528.3) (528.3) Adjustment for sale of business (2) (18.2) (18.2) Other 15.0 15.0 Foreign currency translation of non-USD functional currency subsidiary goodwill 0.1 5.9 6.0 As of December 31, 2025 $ 435.8 $ 301.7 $ 737.5 (1) During the year ended December 31, 2024 we completed an acquisition that did not have a material impact on our Consolidated Financial Statements. (2) See Note 2. Acquisitions and Divestitures for additional information. Goodwill Impairment We evaluate goodwill for impairment at the reporting unit level annually as of December 31, or more frequently if events or circumstances indicate that the carrying value may be impaired. During the second quarter of 2025, following our exit from the U.K. land fuels business, as part of the evolution of our strategy we completed our reassessment of the remaining business lines within the land reporting unit. Through this process, we updated key assumptions regarding certain lines of business and made related downward r …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"14. Income Taxes Income Tax Expense (Benefit) U.S. and foreign income before income taxes consist of the following (in millions): Year Ended December 31, 2025 2024 2023 United States $ (609.9) $ (20.5) $ (34.8) Foreign (129.8) 116.1 101.5 Income (loss) before income taxes $ (739.7) $ 95.5 $ 66.7 Our total income tax expense (benefit) related to income before income taxes consists of the following components (in millions): Year Ended December 31, 2025 2024 2023 Current: U.S. federal statutory tax $ 13.4 $ 8.4 $ 8.9 State 1.3 1.8 2.4 Foreign 32.8 40.1 23.4 Current income tax expense (benefit) 47.4 50.2 34.8 Deferred: U.S. federal statutory tax (136.9) (3.3) (12.7) State (44.6) (1.3) (1.1) Foreign 5.1 (10.6) (16.9) Deferred income tax expense (benefit) (176.4) (15.3) (30.7) Non-current tax expense (benefit) (1) 1.0 (7.4) 8.9 Total income tax expense (benefit) $ (127.9) $ 27.6 $ 13.0 (1) Non-current tax expense (benefit) is primarily related to income tax associated with the reserve for uncertain tax positions, including associated interest and penalties. Cash Paid for Income Taxes Cash paid for income taxes, net of refunds received, consists of the following (in millions): Year Ended December 31, 2025 Federal $ 36.9 State 2.3 Foreign 57.8 Total cash paid for income taxes, net of refunds received (1) $ 97.0 (1) Total cash paid for income taxes, net of refunds received, was $51.6 million and $42.0 million for the years ended December 31, 2024 and 2023, respectively. Cash paid for …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

12. Leases We enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage. We recognized the following total lease cost related to our lease arrangements (in millions): Year Ended December 31, 2025 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 5.9 $ 10.4 $ 4.0 Interest on lease liabilities 1.2 2.3 0.7 Operating lease cost 48.0 46.3 44.8 Short-term lease cost 26.4 27.9 27.1 Variable lease cost 8.9 8.3 8.6 Sublease income (14.4) (14.9) (14.5) Total lease cost $ 76.1 $ 80.4 $ 70.6 As of December 31, 2025, our remaining lease payments, excluding operating and finance leases classified as held for sale, were as follows (in millions): Operating Leases Finance Leases 2026 $ 36.1 $ 3.5 2027 29.2 0.3 2028 26.3 0.3 2029 23.4 0.3 2030 22.0 0.2 Thereafter 64.3 0.4 Total remain …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"New Accounting Standards Adoption of New Accounting Standards Income Taxes. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, was issued in December 2023. ASU 2023-09 amends the guidance in ASC 740, Income Taxes, to improve the transparency of income tax disclosures by revising the required rate reconciliation disclosures and requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure must be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. The ASU also includes changes intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and should be applied prospectively. The Company adopted ASU 2023-09 in the fourth quarter of 2025 and has included the relevant disclosures in Note 14. Income Taxes. Accounting Standards Issued But Not Yet Adopted Expense Disaggregation. ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, was issued in November 2024. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; however, it requires disaggregation of ce …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"16. Restructuring and Exit Activities 2025 Exit Activities During the fourth quarter of 2025, management committed to and initiated actions to execute a plan to exit certain operations within the land segment that are no longer profitable or not aligned with the Company's core business and corporate strategy. As a result, the Company has begun the process of exiting direct fuel transportation services, lubricants, heating oil, power, and certain advisory and sustainability offerings, including the Land Fuel Transportation and Lubricants disposal group as discussed in Note 2. Acquisitions and Divestitures. As a result of the actions taken, we recognized charges for exit activities totaling $57.8 million during the year ended December 31, 2025, comprised of severance and compensation costs of $26.2 million, charges associated with various legal matters and contract termination costs of $21.7 million, write-offs of receivables and other assets of $5.1 million, and a loss on the sale of assets of $4.7 million. In addition, we recognized asset impairment charges of $5.8 million related to assets no longer in use or expected to provide nominal future economic benefit. 2025 Restructuring Plan During the first quarter of 2025, in alignment with ongoing efforts to rationalize our assets and operations, we began a company-wide restructuring initiative designed to further streamline our operating model and enhance organizational efficiency and effectiveness (the ""2025 Restructuring Pl …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

13. Revenue from Contracts with Customers The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Our contracts with customers, which are primarily master sales agreements in combination with different types of nominations or standalone agreements, generally require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collection. Our billing and payment terms generally include monthly invoicing with average payment terms of one to three months. We have concluded that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfers to our customer. We may incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price. Our contracts may contain fixed pricing, variable pricing, or a combination. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered. Our contracts with …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

15. Business Segments, Geographic Information, and Major Customers Business Segments We operate in three reportable segments consisting of aviation, land, and marine. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers (businesses and governmental) and the products and services provided to those customers. Our Chief Executive Officer is the CODM. The CODM uses Income from operations as the primary measure of segment profit. The CODM considers Income from operations when assessing budget to actual variances as part of the annual budgeting and forecasting process, in order to evaluate performance and make decisions about the allocation of capital and other resources to each segment. In our aviation segment, we provide global aviation fuel supply and comprehensive service solutions to major commercial, international, and regional airlines, cargo carriers, airports, fixed-based operators, corporate fleets, and charter and fractional operators. We also supply fuel and provide services to U.S. and foreign government and military customers. In our land segment, we sell liquid fuels, natural gas, and related products and services to commercial, industrial, and government customers, as well as retail fuel outlets under long-term contracts. As discussed in Note 16. Restructuring and Exit Activities, management has initiated actions to execute a plan to exit certain operations within …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"8. Commitments and Contingencies On November 23, 2023, one of our subsidiaries submitted an erroneous bid in the Finnish power market. During the fourth quarter of 2023, the Company recognized related extraordinary losses totaling $48.8 million, which were primarily included in Cost of revenue in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. In December 2023, the subsidiary received a request for information from Energiavirasto, the Finnish energy regulatory authority (""EA"") indicating that EA had initiated an investigation in relation to the events surrounding the erroneous bid submission. On December 11, 2025, EA issued its decision in which it found the subsidiary had breached the prohibition on market manipulation in wholesale energy markets under E.U. law. On April 23, 2026, the EA submitted a recommendation to the Finnish Market Court that it impose a penalty fee in the amount of $10.6 million (EUR 9.3 million). We believe the EAs penalty payment proposal should be dismissed as unfounded and are defending against the proposal before the Finnish Market Court. The Finnish Market Court will ultimately determine whether any penalty should be assessed and, if so, the amount. We are also a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, personal injur …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"7. Debt, Interest Income, Expense, and Other Finance Costs Long-Term Debt Our outstanding debt consists of the following (in millions): June 30, 2026 December 31, 2025 Credit Facility (1) $ 55.0 $ Term loan (1) 342.2 346.5 Convertible Notes (2) 344.6 343.4 Finance leases 0.8 4.4 Other 2.7 2.8 Total debt 745.4 697.1 Less: Current maturities of long-term debt and finance leases 8.7 11.9 Long-term debt $ 736.6 $ 685.2 (1) The Fourth Amended and Restated Credit Agreement (as amended, the Credit Agreement) matures in November 2030 and provides for a term loan as well as a revolving credit facility of up to $1.65 billion (the ""Credit Facility""). (2) Our 3.250% Convertible Senior Notes due 2028 (the ""Convertible Notes"") were issued in June 2023 and mature on July 1, 2028, unless earlier converted, redeemed or repurchased. As of June 30, 2026 and December 31, 2025, the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs of $5.4 million and $6.6 million, respectively. As of June 30, 2026 and December 31, 2025, the fair value of the Convertible Notes was estimated to be approximately $438.3 million and $378.3 million, respectively, using the Level 2 observable input of quoted market prices in an inactive market. Interest Income, Expense, and Other Financing Costs The following table provides additional information about our Interest expense and other financing costs, net (in millions): For t …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Aviation $ 414.3 $ 230.2 $ 653.5 $ 493.4 Land 1.4 24.9 3.3 50.8 Marine 1,233.6 839.1 2,214.6 1,699.6 Asia Pacific 1,649.3 1,094.2 2,871.5 2,243.8 Aviation 2,060.8 1,165.4 3,106.3 2,010.1 Land 156.2 243.3 484.8 977.9 Marine 666.3 517.6 1,109.9 937.4 EMEA 2,883.2 1,926.4 4,701.0 3,925.4 Aviation 1,558.0 822.9 2,763.0 1,854.3 Land 0.1 Marine 209.5 155.5 406.2 411.3 LATAM 1,767.5 978.5 3,169.3 2,265.7 Aviation 3,960.5 2,501.6 6,519.9 5,003.9 Land 2,727.0 2,169.4 4,918.4 4,263.8 Marine 654.7 379.7 1,096.5 775.3 North America 7,342.1 5,050.7 12,534.8 10,043.0 Other revenues (excluded from ASC 606) (1) (51.0) (6.4) (0.5) 18.0 Total revenue $ 13,591.2 $ 9,043.3 $ 23,276.2 $ 18,495.8 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance. …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"5. Fair Value Measurements The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on their short-term maturities. With the exception of the Convertible Notes (as defined below), as discussed in Note 7. Debt, Interest Income, Expense, and Other Finance Costs, the carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy. Recurring Fair Value Measurements The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions): Fair Value Measurements as of June 30, 2026 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 232.4 $ 129.5 $ 6.8 $ 368.8 Foreign currency contracts 16.6 16.6 Cash surrender value of life insurance 21.4 21.4 Total assets at fair value $ 232.4 $ 167.5 $ 6.8 $ 406.8 Liabilities: Commodities contracts $ 235.6 $ 101.9 $ 1.6 $ 339.1 Foreign currency contracts 19.5 19.5 Total liabilities at fair value $ 235.6 $ 121.4 $ 1.6 $ 358.6 Fair Value Measurements as of December 31, 2025 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

11. Income Taxes Our income tax provision and the respective effective income tax rates are as follows (in millions, except for income tax rates): For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Income tax expense (benefit) $ 16.6 $ (109.6) $ 23.2 $ (116.4) Effective income tax rate 25.0 % 24.4 % 23.5 % 24.4 % Our provision for income taxes for the three months ended June 30, 2026 includes a net discrete income tax benefit of $1.0 million, of which a tax benefit of $1.5 million relates to changes in our reserves for uncertain tax positions, partially offset by a net tax expense of $0.4 million related to return-to-provision adjustments and other adjustments to our worldwide tax positions. Our provision for income taxes for the three months ended June 30, 2025 includes a net discrete income tax benefit of $12.3 million, of which a tax benefit of $17.4 million relates to the Watson Fuels sale and related asset impairment charges, partially offset by a net tax expense of $5.2 million related to return-to-provision adjustments and other changes in our reserves for uncertain tax positions. Our provision for income taxes for the six months ended June 30, 2026 includes a net discrete income tax benefit of $3.1 million, of which a net tax benefit of $5.0 million relates to changes in our reserves for uncertain tax positions, partially offset by a net tax expense of $1.9 million related to return-to-provision and other adjustments to our world …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Accounting Standards Issued but Not Yet Adopted Expense Disaggregation. Accounting Standards Update (""ASU"") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, was issued in November 2024. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; however, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements for each interim and annual period. The amendments require disclosure of the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. The amendments also require disclosure of certain amounts that are already required to be disclosed under current guidance in the same disclosure as the other disaggregation requirements, a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses as well as, in annual reporting periods, the entity's definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting peri …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"14. Restructuring and Exit Activities 2026 Exit Activities During the first half of 2026, management continued to execute the plan initiated in 2025 to exit certain operations within the land segment that are no longer profitable or not aligned with the Company's core business and corporate strategy. As a result of the actions taken during the six months ended June 30, 2026, we recognized charges for exit activities totaling $6.1 million, comprised of charges associated with various legal matters and contract termination costs of $10.2 million and severance and compensation costs of $4.1 million, which were partially offset by a net gain on the sale of assets of $8.2 million. In addition, as a result of the actions taken in 2026, we wrote off accounts receivable of $3.0 million. 2025 Exit Activities During the fourth quarter of 2025, management committed to and initiated actions to execute a plan to exit certain operations within the land segment that were no longer profitable or not aligned with the Company's core business and corporate strategy. As a result, the Company has begun the process of exiting direct fuel transportation services, lubricants, heating oil, power, and certain advisory and sustainability offerings, including the Land Fuel Transportation and Lubricants disposal group as discussed in Note 2. Acquisitions and Divestitures. As a result of the actions taken, we recognized charges for exit activities totaling $57.8 million during the year ended December 31, …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

10. Revenue from Contracts with Customers Disaggregated Revenue The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Aviation $ 414.3 $ 230.2 $ 653.5 $ 493.4 Land 1.4 24.9 3.3 50.8 Marine 1,233.6 839.1 2,214.6 1,699.6 Asia Pacific 1,649.3 1,094.2 2,871.5 2,243.8 Aviation 2,060.8 1,165.4 3,106.3 2,010.1 Land 156.2 243.3 484.8 977.9 Marine 666.3 517.6 1,109.9 937.4 EMEA 2,883.2 1,926.4 4,701.0 3,925.4 Aviation 1,558.0 822.9 2,763.0 1,854.3 Land 0.1 Marine 209.5 155.5 406.2 411.3 LATAM 1,767.5 978.5 3,169.3 2,265.7 Aviation 3,960.5 2,501.6 6,519.9 5,003.9 Land 2,727.0 2,169.4 4,918.4 4,263.8 Marine 654.7 379.7 1,096.5 775.3 North America 7,342.1 5,050.7 12,534.8 10,043.0 Other revenues (excluded from ASC 606) (1) (51.0) (6.4) (0.5) 18.0 Total revenue $ 13,591.2 $ 9,043.3 $ 23,276.2 $ 18,495.8 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance. Accounts Receivable, Contract Assets and Contract Liabilities The nature of the receivables related to revenue from contracts with customers and other types of contracts (excluded from ASC 606) are substantially similar, as they are both generated from transactions with the same type of counterparties (e.g., sale of fuel and storage that meet the definition of a lease with the same counte …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

12. Business Segments We operate in three reportable segments consisting of aviation, land and marine. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers (businesses and governmental) and the products and services provided to those customers. We use Income from operations as our primary measure of segment profit. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Information concerning our revenue, significant segment expenses, and income from operations by segment is as follows (in millions): For the Three Months Ended June 30, 2026 Aviation Land Marine Total Revenue $ 7,959.5 $ 2,867.9 $ 2,763.8 $ 13,591.2 Segment expenses: Cost of revenue (7,751.5) (2,790.4) (2,684.1) (13,226.0) Compensation and related costs (39.8) (29.5) (8.8) (78.0) Incentive compensation (21.0) (5.0) (8.9) (34.8) Corporate allocations (1) (12.3) (4.3) (6.8) (23.5) Depreciation and amortization (5.2) (6.8) (0.3) (12.3) Provision for credit losses (3.2) (4.0) (22.3) (29.6) Goodwill and other asset impairments 4.0 (1.4) 2.7 Restructuring and exit costs (0.6) (5.3) (0.1) (6.0) Other segment expenses (2) (21.1) (20.2) (8.9) (50.2) Operating income - segment profit (loss) 104.8 6.3 22.2 133.4 Unallocated corporate expenses (3) (37.4) Interest expense and other financing costs, net (30.6) Other income (expense), net …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"9. Shareholders' Equity Cash Dividends During the six months ended June 30, 2026, the Company's Board of Directors (the ""Board"") declared quarterly cash dividends of $0.20 and $0.23 per common share representing first and second quarter dividends of $10.2 million and $11.7 million, which were paid on April 16, 2026 and July 16, 2026, respectively. During the six months ended June 30, 2025, the Board declared quarterly cash dividends of $0.17 and $0.20 per common share representing first and second quarter dividends of $9.6 million and $11.0 million, which were paid on April 16, 2025 and July 16, 2025, respectively. Accumulated Other Comprehensive Income (Loss) Our Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and unrealized gains (losses) from derivative instruments designated as cash flow hedges. The after-tax changes in Accumulated other comprehensive income (loss) by component were as follows (in millions): Foreign Currency Translation Adjustments Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2026 $ (17.6) $ 0.3 $ (17.3) Other comprehensive income (loss) before reclassifications (1.4) (41.2) (42.6) Amounts reclassified from Accumulated other comprehensive income (loss) 27.3 27.3 Balance as of June 30, 2026 $ (19.0) $ (13.6) $ (32.7) Balance as of January 1, 2025 $ (92.2) $ 1.2 $ (91.0) Other …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing