How many gas stations are there in the US?

There are approximately 152,396 convenience stores and gas stations in the United States as of 2024.

What percentage of gas stations are independently owned?

Approximately 60.2% of gas stations are single-store operators, though this has declined from 63% in 2014.

What was the largest gas station acquisition in history?

7-Eleven's $21 billion acquisition of Speedway (Marathon) in 2021 was the largest convenience store deal ever, adding 3,800 stores.

Last updated: December 2025|Source: NACS, Industry Publications

Gas Station Industry Trends

The US convenience store and gas station industry is undergoing significant consolidation. Understanding these trends is essential for service providers, operators, and technicians.

152,396

Total Stores

+1.5% YoY

60.2%

Independent

Single-store operators

16%

Top 5 Share

Highly fragmented

$21B

Largest Deal

7-Eleven + Speedway

Top 5 Convenience Store Chains

Rank	Chain	Stores	Notes
1	7-Eleven	12,700	Includes Speedway acquisition
2	Circle K (Couche-Tard)	5,700	-
3	Casey's	2,500	Growing via acquisitions
4	EG America	1,700	-
5	GPM Investments	1,400	-

Big getting bigger - independents slowly declining from 63% (2014) to 60% (2024)

Major M&A Deals

2021

7-ElevenSpeedway (Marathon)

Largest c-store deal ever

$21B

Deal Value

3,800

Stores

2023

MaverikKum & Go

Doubled Maverik to 800 stores, entered top 10

Undisclosed

Deal Value

400

Stores

2023

BPTravelCenters of America

BP re-enters US retail

$1.3B

Deal Value

280

Stores

2023

RaceTracGulf Oil brand

Vertical integration - supply + retail

Undisclosed

Deal Value

1,100

Stores

2023

Casey'sEG Group stores + Texas chain

Pushed Casey's past 2,500 locations

Undisclosed

Deal Value

Stores

Independent Market Share Declining

2014

63%

150,174 stores

2016

62.5%

150,932 stores

2018

61.8%

152,720 stores

2020

61.2%

150,274 stores

2022

60.8%

148,026 stores

2024

60.2%

152,396 stores

Independent operators (single-store) as percentage of total industry. Down 2.8 points in 10 years.

Why Consolidation is Happening

Aging owners without succession plans

Many independent owners are Baby Boomers approaching retirement with no family successor

Attractive valuations for sellers

High multiples and eager buyers create strong exit opportunities

Scale benefits in fuel procurement

Larger chains negotiate better rack prices and supply terms

Technology investment requirements

EMV, EV charging, and POS upgrades require capital many independents lack

Compliance costs forcing exits

EPA, state regulations, and tank upgrades burden smaller operators

Next generation not interested

Owner's children often choose different career paths

Key Industry Insights

The Top 5 chains control only 16% of stores

Industry remains fragmented despite consolidation

60% of stores are still single-store operators

Massive addressable market for service providers

Major oil companies exiting retail

Shell, Exxon, BP transitioning to brand licensing models

Private equity actively acquiring

Financial buyers see value in rolling up fragmented market

Regional Market Dynamics

Northeast

High consolidation, land scarcity limits new builds

Southeast

Rapid growth, new construction, chain expansion

Midwest

Casey's dominance, family-owned networks persisting

Southwest

Growing population, QuikTrip/Buc-ees expansion

West Coast

Highest regulations, EV pressure, station closures in urban areas

Industry Outlook

2024-2025

M&A appetite remains strong. Expect continued deals targeting 50-500 store regional chains.

High confidence

2025-2027

FTC may scrutinize mega-mergers. 7-Eleven required to divest ~300 stores for Speedway approval.

Medium confidence

2028+

Market likely consolidates to fewer, larger players. Independents will need to differentiate or exit.

Medium confidence

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Technology Evolution

EMV, automation, EV charging, and fleet cards

Workforce Dynamics

Technician shortage and salary trends

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