World Fuel Services is a global middleman that buys and sells fuel for planes, ships, and trucks, handling logistics and permits so airlines and cargo fleets don't have to.
Money comes from razor-thin margins on massive fuel volumes—gross margin around 2.7%—with revenue of USD 36.92B in 2025, but the business swung to a net loss of USD 0.61B that year.
Scale and long-standing relationships with airlines, shipping lines, and governments create switching costs, but margins are so thin that any price war or fuel price swing can wipe out profits—competitors like BP and Shell have deeper pockets and broader netwo
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