Global Partners LP reported fourth‑quarter and full‑year 2025 results on February 27, 2026. Net income rose 5.6% to $25.1 million, or $0.54 per diluted common unit, up from $23.9 million, or $0.52, a year earlier. Total sales increased 10.8% to $4.648 billion from $4.2 billion, driven by higher wholesale volume but offset by a modest rebound in retail fuel margins.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 0.5% to $94.1 million, while adjusted EBITDA declined 3.1% to $94.8 million. The wholesale segment product margin actually decreased from $79.8 million in Q4 2024 to $58.3 million in Q4 2025, a contraction that contrasts with the 24% surge claimed in the original article. In contrast, the Gasoline Distribution and Station Operations (GDSO) segment product margin grew 8.3% year‑over‑year to $231.3 million, reflecting stronger fuel margins.
The company’s earnings fell short of consensus expectations. Analysts had projected earnings per share of $0.60 (or $0.606) and revenue of $6.94 billion. The actual EPS of $0.54 was a miss of $0.06, and revenue of $4.648 billion missed estimates by $2.29 billion. The muted market reaction—premarket trading up 0.41%—was driven by the combination of a revenue miss and an EPS miss, tempered by the GDSO margin improvement.
Management highlighted the company’s focus on integrating newly acquired terminal assets and optimizing its retail portfolio. "We closed 2025 with a fourth quarter that reflected the strength and resilience of our integrated platform. 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," said President and CEO Eric Slifka. He added, "The GDSO segment delivered solid results, with strong fuel margins helping to partially offset a decline in volumes and lower station operations contribution due to site optimization."
CFO Gregory Hanson noted the quarter’s cash flow picture: "Adjusted EBITDA for the fourth quarter of '25 was $94.8 million compared with $97.8 million. Net income for the fourth quarter was $25.1 million versus $23.9 million. Distributable cash flow was $38.4 million for the fourth quarter compared with $45.7 million and adjusted DCF was $38.8 million versus $46.1 million." The company also guided for 2026 maintenance capital expenditures of $60 million to $70 million and expansion capital expenditures of $75 million to $85 million, signaling continued investment in growth and infrastructure.
Global Partners declared a quarterly cash distribution of $0.7600 per unit, the 17th consecutive increase, underscoring its commitment to unitholder returns while acknowledging concerns about distribution coverage amid softer cash flow metrics. The mixed results—revenue miss, EPS miss, but strengthening GDSO margins—highlight the company’s resilience in core retail operations while exposing competitive pressures in wholesale and commercial segments.
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