Global Partners Reports Fourth-Quarter and Full-Year 2025 Financial Results

WALTHAM, Mass.--( BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (“Global Partners” or the “Partnership”) today reported financial results for the fourth quarter and full year ended December 31, 2025.

CEO Commentary

“We closed 2025 with a fourth quarter that reflected the strength and resilience of our integrated platform,” said Eric Slifka, President and Chief Executive Officer. “Built and refined over more than 90 years, our diversified business model and broad network provide a durable competitive advantage, positioning us to navigate market cycles and adapt to dynamic market conditions while meeting the needs of the markets, customers and communities we serve.

“The flexibility of our business model was reflected in the strong fourth-quarter performance of our Gasoline Distribution and Station Operations segment, which helped to offset less favorable market conditions in our Wholesale segment,” Slifka said. “As an owner, supplier, and operator of liquid energy terminals and retail fueling locations, our scale enables us to capture opportunities across the value chain, helping to balance segment variability and support consistent results over time.”

Slifka concluded, “Backed by a strong balance sheet and healthy cash flow generation, we enter 2026 focused on disciplined execution and continued investment in our diversified portfolio to enhance long-term value for our unitholders.”

Fourth-Quarter and Full-Year 2025 Financial Highlights

Net income was $25.1 million, or $0.54 per diluted common limited partner unit, for the fourth quarter of 2025, compared with net income of $23.9 million, or $0.52 per diluted common limited partner unit, in the same period of 2024. Net income was $98.0 million, or $2.11 per diluted common limited partner unit, for full-year 2025 compared with net income of $110.3 million, or $2.41 per diluted common limited partner unit, for full-year 2024.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $94.1 million in the fourth quarter of 2025 compared with $94.6 million in the same period of 2024. EBITDA was $378.8 million for full-year 2025 compared with $389.4 million for full-year 2024.

Adjusted EBITDA was $94.8 million in the fourth quarter of 2025 versus $97.8 million in the same period of 2024. Adjusted EBITDA was $383.0 million for full-year 2025 versus $389.1 million for full-year 2024.

Distributable cash flow (DCF) was $38.4 million in the fourth quarter of 2025 compared with $45.7 million in the same period of 2024. DCF was $189.1 million for full-year 2025 compared with $205.8 million for full-year 2024.

Adjusted DCF was $38.8 million in the fourth quarter of 2025 compared with $46.1 million in the same period of 2024. Adjusted DCF was $190.9 million for full-year 2025 compared with $208.2 million for full-year 2024.

Gross profit was $263.1 million in the fourth quarter of 2025 compared with $268.8 million in the same period of 2024. Gross profit was $1.1 billion for full-year 2025 and 2024.

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $295.7 million in the fourth quarter of 2025 compared with $302.0 million in the same period of 2024. Combined product margin was $1.2 billion for full-year 2025 and 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 12 months ended December 31, 2025, and 2024.

Gasoline Distribution and Station Operations (GDSO) segment product margin was $231.3 million in the fourth quarter of 2025 compared with $213.6 million in the same period of 2024. Product margin from gasoline distribution was $165.6 million compared with $145.7 million in the year-earlier period, primarily reflecting higher fuel margins (cents per gallon). Product margin from station operations was $65.7 million in the fourth quarter of 2025 compared with $67.9 million in the fourth quarter of 2024.

Wholesale segment product margin was $58.3 million in the fourth quarter of 2025 compared with $79.8 million in the same period of 2024. Gasoline and gasoline blendstocks product margin decreased to $28.1 million in the fourth quarter of 2025 from $38.6 million in the same period of 2024, driven primarily by less favorable market conditions in gasoline. Product margin from distillates and other oils was $30.2 million in the fourth quarter of 2025 compared with $41.2 million in the same period of 2024, primarily due to less favorable market conditions.

Commercial segment product margin was $6.0 million in the fourth quarter of 2025 compared with $8.6 million in the same period of 2024, primarily due to less favorable conditions in bunkering.

Total sales were $4.6 billion in the fourth quarter of 2025 compared with $4.2 billion in the same period of 2024, primarily due to an increase in Wholesale volume sold, partially offset by a decrease in prices. Wholesale segment sales were $3.2 billion in the fourth quarter of 2025 compared with $2.7 billion in the same period of 2024. GDSO segment sales were $1.2 billion in the fourth quarter of 2025 compared with $1.3 billion in the same period of 2024. Commercial segment sales were $270.1 million in the fourth quarter of 2025 compared with $235.4 million in the same period of 2024.

Total volume was 2.1 billion gallons in the fourth quarter of 2025 compared with 1.8 billion gallons in the same period of 2024. Wholesale segment volume was 1.6 billion gallons in the fourth quarter of 2025 compared with 1.3 billion gallons in the same period of 2024. GDSO volume was 369.0 million gallons in the fourth quarter of 2025 compared with 400.3 million gallons in the same period of 2024. Commercial segment volume was 144.4 million gallons in the fourth quarter of 2025 compared with 106.9 million gallons in the same period of 2024.

Recent Developments

Financial Results Conference Call

Management will review the Partnership’s fourth-quarter and full-year 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)

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 Partners operates or maintains dedicated storage at 54 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 Partners 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 Partners’ 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 Partners’ 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 Partners’ 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 Partners’ 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 Partners’ 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 Partners’ 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 Partners 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.

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

4,647,883

4,186,238

18,561,421

17,163,566

4,384,801

3,917,410

17,499,368

16,105,670

263,082

268,828

1,062,053

1,057,896

80,921

79,427

305,702

292,073

124,567

128,092

519,450

515,327

1,269

2,129

5,332

8,275

(971

)

1,115

(3,326

)

(9,494

)

231

492

205,786

210,763

827,389

806,673

57,296

58,065

234,664

251,223

1,438

358

4,509

(1,514

)

(33,284

)

(34,417

)

(137,162

)

(134,773

)

(2,971

)

25,450

24,006

99,040

114,936

(392

)

(148

)

(1,063

)

(4,609

)

25,058

23,858

97,977

110,327

4,933

4,288

18,759

15,344

1,781

7,124

9,575

2,634

18,344

17,789

72,094

82,774

0.54

0.53

2.13

2.45

0.54

0.52

2.11

2.41

33,805

33,708

33,871

33,840

34,128

34,328

34,217

34,339

(1) Under the Partnership's partnership agreement, for any quarterly period, the incentive distribution rights ("IDRs") participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership's undistributed net income or losses. Accordingly, the Partnership's undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner's general partner interest. Net income attributable to common limited partners is divided by the weighted average common units outstanding in computing the net income per limited partner unit.

December 31,

2025

2024

12,243

8,208

530,142

472,591

2,627

6,250

549,118

594,072

17,804

20,135

17,067

13,710

98,486

92,414

1,227,487

1,207,380

1,657,444

1,706,605

378,358

302,199

13,350

18,683

421,913

113,755

92,709

38,410

38,709

3,850,717

3,788,198

573,202

509,975

126,100

129,500

73,775

56,780

7,193

7,704

83,801

66,753

207,580

223,304

4,540

6,105

1,076,191

1,000,121

100,000

103,500

167,000

1,232,723

1,186,723

311,429

251,745

88,772

91,367

128,505

134,475

64,534

63,548

69,520

76,606

3,175,174

3,071,585

675,543

716,613

3,850,717

3,788,198

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

28,133

38,605

205,576

181,802

30,190

41,200

116,098

110,430

58,323

79,805

321,674

292,232

165,622

145,672

574,052

578,737

65,720

67,914

271,936

281,745

231,342

213,586

845,988

860,482

6,036

8,655

26,284

31,354

295,701

302,046

1,193,946

1,184,068

(32,619

)

(33,218

)

(131,893

)

(126,172

)

263,082

268,828

1,062,053

1,057,896

25,058

23,858

97,977

110,327

35,318

36,180

142,583

139,685

33,284

34,417

137,162

134,773

392

148

1,063

4,609

94,052

94,603

378,785

389,394

(971

)

1,115

(3,326

)

(9,494

)

231

492

(1,193

)

(358

)

(2,318

)

1,718

2,878

2,455

9,610

6,987

94,766

97,815

382,982

389,097

101,048

67,247

284,804

31,600

(40,672

)

(7,209

)

(44,244

)

218,412

33,284

34,417

137,162

134,773

392

148

1,063

4,609

94,052

94,603

378,785

389,394

(971

)

1,115

(3,326

)

(9,494

)

231

492

(1,193

)

(358

)

(2,318

)

1,718

2,878

2,455

9,610

6,987

94,766

97,815

382,982

389,097

25,058

23,858

97,977

110,327

35,318

36,180

142,583

139,685

1,861

1,873

7,454

7,449

(1,225

)

(1,194

)

(4,939

)

(4,774

)

(22,599

)

(14,985

)

(54,020

)

(46,889

)

38,413

45,732

189,055

205,798

(1,193

)

(358

)

(2,318

)

1,718

1,591

772

4,185

661

38,811

46,146

190,922

208,177

(1,781

)

(1,781

)

(7,124

)

(9,575

)

37,030

44,365

183,798

198,602

101,048

67,247

284,804

31,600

(40,672

)

(7,209

)

(44,244

)

218,412

1,861

1,873

7,454

7,449

(1,225

)

(1,194

)

(4,939

)

(4,774

)

(22,599

)

(14,985

)

(54,020

)

(46,889

)

38,413

45,732

189,055

205,798

(1,193

)

(358

)

(2,318

)

1,718

1,591

772

4,185

661

38,811

46,146

190,922

208,177

(1,781

)

(1,781

)

(7,124

)

(9,575

)

37,030

44,365

183,798

198,602