CrossAmerica Partners LP reported fourth‑quarter 2025 results that surpassed analyst expectations, with revenue rising to $866.29 million—an increase of 13.8% year‑over‑year—and earnings per share of $0.25, a $0.25 beat over the consensus estimate of $0.00. Net income for the quarter was $10.2 million, down from $16.9 million in Q4 2024, but the company’s adjusted EBITDA grew to $43.4 million, up from $35.5 million in the prior year.
The retail segment drove the majority of the upside. Retail gross profit climbed 10% to $82.9 million, supported by a 10% rise in motor‑fuel gross profit and a 3% increase in merchandise gross profit. Same‑store merchandise sales excluding cigarettes grew modestly, while the merchandise gross‑profit margin expanded to 28.5% from 28.2% year‑over‑year. These gains were largely attributable to higher fuel pricing power and a favorable mix of high‑margin convenience‑store sales.
In contrast, the wholesale segment experienced a 7% decline in gross profit, largely due to reduced rent income following the company’s strategic conversion of sites to retail. Motor‑fuel gross profit in the wholesale business rose 6%, and the margin per gallon increased 13%, reflecting stronger pricing in the wholesale fuel market despite lower volumes.
The company sold 107 properties for $103.3 million in 2025, generating a net gain of $45.9 million. The proceeds were used to reduce debt, leaving an outstanding balance of $692.3 million on its credit facility, with $216.6 million available for future borrowings. The company also announced a quarterly distribution of $0.5250 per unit, payable on February 12, 2026.
"We delivered a solid fourth quarter, driven by strong retail and wholesale fuel margins, along with growth in same‑store sales and store margin percentage, resulting in performance well above the prior year," said President & CEO Charles Nifong. "The quarter highlights the benefits of our strategic site conversions to retail, which enabled us to capitalize on a favorable margin environment. Throughout the year, we successfully divested non‑core locations, generating over $100 million in proceeds that we used to materially reduce our debt and enhance our financial flexibility. As a result, we enter 2026 with a solid core business and a strong balance sheet to support future growth," he added. CFO Maura Topper noted that the company remains focused on execution, cash‑flow generation, and maintaining balance‑sheet strength.
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