Global Partners Reports Third-Quarter 2025 Financial Results
WALTHAM, Mass.--( BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today reported financial results for the third quarter ended September 30, 2025.
CEO Commentary
“Global performed well in the third quarter, consistent with our expectations, reflecting our operational strength, focused execution, and the disciplined way we continue to grow and optimize our business,” said Eric Slifka, Global Partners’ President and Chief Executive Officer. “We delivered a strong performance in our Wholesale segment, fueled by the continued growth and scale of our terminal network, an investment that’s enhancing how we move energy and products across our footprint. While our Gasoline Distribution and Station Operations segment experienced lower fuel margins compared with the strong margin environment in Q3 2024, our focus remains clear: operate with discipline, invest wisely, and keep optimizing our assets to drive sustainable growth and long-term value for our unitholders. We’re proud of the progress we’ve made and confident in the opportunities ahead as we continue to put our energy to work across every part of our business.”
Third-Quarter 2025 Financial Highlights
Net income was $29.0 million, or $0.66 per diluted common limited partner unit, for the third quarter of 2025, compared with $45.9 million, or $1.17 per diluted common limited partner unit, in the same period of 2024.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $97.1 million in the third quarter of 2025 compared with $119.1 million in the same period of 2024.
Adjusted EBITDA was $98.8 million in the third quarter of 2025 versus $114.0 million in the same period of 2024.
Distributable cash flow (DCF) was $53.0 million in the third quarter of 2025 compared with $71.1 million in the same period of 2024.
Adjusted DCF was $53.3 million in the third quarter of 2025 compared with $71.6 million in the same period of 2024.
Gross profit was $271.4 million in the third quarter of 2025 compared with $286.0 million in the same period of 2024.
Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $303.9 million in the third quarter of 2025 compared with $318.3 million in the same period of 2024.
Combined product margin, EBITDA, adjusted EBITDA, DCF and adjusted DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three months and nine months ended September 30, 2025, and 2024.
Gasoline Distribution and Station Operations (GDSO) segment product margin was $218.9 million in the third quarter of 2025 compared with $237.7 million in the same period of 2024. Product margin from gasoline distribution was $144.8 million compared with $164.1 million in the year-earlier period, reflecting lower retail fuel volume and margin. Product margin from station operations was $74.1 million in the third quarter of 2025 compared with $73.6 million in the third quarter of 2024.
Wholesale segment product margin was $78.0 million in the third quarter of 2025 compared with $71.1 million in the same period of 2024. Gasoline and gasoline blendstocks product margin was $61.5 million in the third quarter of 2025 compared with $43.0 million in the same period of 2024. Product margin from distillates and other oils was $16.5 million in the third quarter of 2025 compared with $28.1 million in the same period of 2024.
Commercial segment product margin was $7.0 million in the third quarter of 2025 compared with $9.5 million in the same period of 2024.
Total sales were $4.7 billion in the third quarter of 2025 compared with $4.4 billion in the same period of 2024. Wholesale segment sales were $3.1 billion in the third quarter of 2025 compared with $2.7 billion in the same period of 2024. GDSO segment sales were $1.3 billion in the third quarter of 2025 compared with $1.4 billion in the same period of 2024. Commercial segment sales were $297.8 million in the third quarter of 2025 compared with $277.1 million in the third quarter of 2024.
Total volume was 1.9 billion gallons in the third quarter of 2025 compared with 1.7 billion gallons in the same period of 2024. Wholesale segment volume was 1.4 billion gallons in the third quarter of 2025 compared with 1.2 billion gallons in the same period of 2024. GDSO volume was 390.8 million gallons in the third quarter of 2025 compared with 412.7 million gallons in the same period of 2024. Commercial segment volume was 149.2 million gallons in the third quarter of 2025 compared with 122.6 million gallons in the same period of 2024.
Recent Developments
Financial Results Conference Call
Management will review the Partnership’s third-quarter 2025 financial results in a teleconference call for analysts and investors today.
Time:
10:00 a.m. ET
Dial-in numbers:
(877) 709-8155 (U.S. and Canada)
(201) 689-8881 (International)
Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com
About Global Partners LP
Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates or maintains dedicated storage at 55 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global owns, operates and/or supplies approximately 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune’s Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition.
Global Partners, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Use of Non-GAAP Financial Measures
Product Margin
Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies.
EBITDA and Adjusted EBITDA
EBITDA and adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s:
Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets, goodwill and long-lived asset impairment charges and Global’s proportionate share of EBITDA related to its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Distributable Cash Flow and Adjusted Distributable Cash Flow
Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of Global’s success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement (the “partnership agreement”) is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow.
Distributable cash flow as used in the partnership agreement also determines Global’s ability to make cash distributions on its incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in the partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. The partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.
Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of the Partnership’s financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in the partnership agreement) further adjusted for Global’s proportionate share of distributable cash flow related to its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. Adjusted distributable cash flow is not used in the partnership agreement to determine the Partnership’s ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under the partnership agreement.
Distributable cash flow and adjusted distributable cash flow should not be considered as alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, the Partnership’s distributable cash flow and adjusted distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
2025
2024
2025
2024
4,694,416
4,422,238
13,913,538
12,977,328
4,423,048
4,136,189
13,114,567
12,188,260
271,368
286,049
798,971
789,068
76,289
70,495
224,781
212,646
132,505
137,126
394,883
387,235
1,275
2,288
4,063
6,146
(136
)
(7,805
)
(2,355
)
(10,609
)
20
492
231
492
209,953
202,596
621,603
595,910
61,415
83,453
177,368
193,158
655
(147
)
3,071
(1,872
)
(33,316
)
(35,129
)
(103,878
)
(100,356
)
(176
)
-
(2,971
)
-
28,578
48,177
73,590
90,930
447
(2,255
)
(671
)
(4,461
)
29,025
45,922
72,919
86,469
4,799
4,118
13,826
11,056
1,781
1,781
5,343
7,794
-
-
-
2,634
22,445
40,023
53,750
64,985
0.66
1.18
1.59
1.92
0.66
1.17
1.57
1.90
33,874
33,781
33,893
33,884
34,157
34,193
34,239
34,255
2025
2024
17,932
8,208
521,482
472,591
5,051
6,250
478,511
594,072
20,599
20,135
8,183
13,710
82,363
92,414
1,134,121
1,207,380
1,653,924
1,706,605
323,033
302,199
14,620
18,683
421,913
421,913
112,472
92,709
40,201
38,709
3,700,284
3,788,198
486,343
509,975
140,600
129,500
55,020
56,780
7,704
7,704
63,487
66,753
167,245
223,304
13,506
6,105
933,905
1,000,121
100,000
100,000
124,800
167,000
1,231,996
1,186,723
274,134
251,745
89,034
91,367
130,972
134,475
64,523
63,548
68,436
76,606
3,017,800
3,071,585
682,484
716,613
3,700,284
3,788,198
2025
2024
2025
2024
61,480
43,024
177,443
143,197
16,499
28,118
85,908
69,230
77,979
71,142
263,351
212,427
144,763
164,122
408,430
433,065
74,132
73,590
206,216
213,831
218,895
237,712
614,646
646,896
6,998
9,509
20,248
22,699
303,872
318,363
898,245
882,022
(32,504
)
(32,314
)
(99,274
)
(92,954
)
271,368
286,049
798,971
789,068
29,025
45,922
72,919
86,469
35,236
35,753
107,265
103,505
33,316
35,129
103,878
100,356
(447
)
2,255
671
4,461
97,130
119,059
284,733
294,791
(136
)
(7,805
)
(2,355
)
(10,609
)
20
492
231
492
(249
)
147
(1,125
)
2,076
2,033
2,063
6,732
4,532
98,798
113,956
288,216
291,282
19,026
122,709
183,756
(35,647
)
45,235
(41,034
)
(3,572
)
225,621
33,316
35,129
103,878
100,356
(447
)
2,255
671
4,461
97,130
119,059
284,733
294,791
(136
)
(7,805
)
(2,355
)
(10,609
)
20
492
231
492
(249
)
147
(1,125
)
2,076
2,033
2,063
6,732
4,532
98,798
113,956
288,216
291,282
29,025
45,922
72,919
86,469
35,236
35,753
107,265
103,505
1,935
1,872
5,593
5,576
(1,287
)
(1,193
)
(3,714
)
(3,580
)
(11,929
)
(11,221
)
(31,421
)
(31,904
)
52,980
71,133
150,642
160,066
(249
)
147
(1,125
)
2,076
558
359
2,594
(111
)
53,289
71,639
152,111
162,031
(1,781
)
(1,781
)
(5,343
)
(7,794
)
51,508
69,858
146,768
154,237
19,026
122,709
183,756
(35,647
)
45,235
(41,034
)
(3,572
)
225,621
1,935
1,872
5,593
5,576
(1,287
)
(1,193
)
(3,714
)
(3,580
)
(11,929
)
(11,221
)
(31,421
)
(31,904
)
52,980
71,133
150,642
160,066
(249
)
147
(1,125
)
2,076
558
359
2,594
(111
)
53,289
71,639
152,111
162,031
(1,781
)
(1,781
)
(5,343
)
(7,794
)
51,508
69,858
146,768
154,237