Global Partners

Global Partners (GLP) investor relations material

Global Partners Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q4 2025 earnings summary27 Feb, 2026

Executive summary

Full-year 2025 performance was driven by disciplined execution, higher volumes in terminal and wholesale, and double-digit wholesale segment product margin growth, with GDSO strength offsetting weaker Wholesale results.
Vertically integrated master limited partnership with 1,700 fueling stations and 54 terminals from Maine to Texas as of 12/31/2025.
Demonstrated growth through acquisitions, integration, and optimization of terminal and retail fuel assets, including East Providence Terminal and Houston bunkering expansion.
Focused on sustainability, expanding EV charging, and offering renewable fuels at many terminals.
Maintained 17 consecutive quarterly distribution increases, reflecting commitment to shareholder returns.

Financial highlights

Q4 2025 adjusted EBITDA was $94.8M, down from $97.8M in Q4 2024; full-year adjusted EBITDA was $383.0M, down from $389.1M in FY 2024.
Net income for Q4 2025 was $25.1M, up from $23.9M year-over-year; full-year net income was $98.0M, down from $110.3M in 2024.
Distributable cash flow for Q4 2025 was $38.4M vs. $45.7M in Q4 2024; full-year DCF was $189.1M vs. $205.8M in 2024.
Q4 2025 product margin was $295.7M, down from $302.0M in Q4 2024; full-year product margin reached $1,193.9M, up from $1,184.0M in FY 2024.
Gross profit for Q4 2025 was $263.1M vs. $268.8M in Q4 2024; full-year gross profit was $1.1B for both 2025 and 2024.

Outlook and guidance

Maintenance CapEx for 2026 expected to be $60–$70M; expansion CapEx (excluding acquisitions) projected at $75–$85M.
Growth initiatives supported by a robust balance sheet and strategic flexibility, with continued focus on expanding terminal network and retail footprint.
Early 2026 cold weather in the Northeast provided a tailwind for wholesale fuel demand.
Entering 2026 with a strong balance sheet and healthy cash flow, focus remains on disciplined execution and continued investment.

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