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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Global Partners
Global Partners (GLP) investor relations material
Global Partners Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Nov, 2026
Executive summary
Wholesale strength and higher product margins lifted Q3 earnings and cash flow, offsetting lower GDSO fuel volumes as higher pump prices weighed on retail demand.
Q3 net income was $52.4M and adjusted EBITDA was $122.9M, up from $29.0M and $98.8M, respectively, a year earlier.
Financial highlights
Q3 product margin was $329.1M vs. $303.9M; gross profit was $296.0M vs. $271.4M; diluted EPS was $1.26 vs. $0.66.
Q3 EBITDA was $120.8M vs. $97.1M; DCF was $70.1M vs. $53.0M, and adjusted DCF was $70.3M vs. $53.3M.
9M 2026 net income was $193.5M vs. $72.9M; adjusted EBITDA was $411.5M vs. $288.2M, and operating cash flow was $384.5M.
Q3 sales were $6.684B vs. $4.7B; higher prices drove growth as aggregate volume declined 80M gallons YoY to 1.9B gallons.
Outlook and guidance
FY 2026 maintenance CapEx guidance increased $5M to $65M–$75M; expansion CapEx, excluding acquisitions, remained $75M–$85M.
Steep forward-curve backwardation may raise the cost of carrying hedged inventory; priorities include inventory discipline, segment growth and operating efficiency.
A quarterly distribution of $0.7850 per common unit, or $3.14 annualized, was declared, payable November 13 to holders of record November 9.
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Latest events from Global Partners
- Q3 gains and a $1.06B 9M product margin anchor a vertically integrated growth strategy.GLP
Investor presentation - Q2 2026 delivered robust profit, margin, and sales growth, with capital structure simplification.GLPQ2 2026
- Net income, EBITDA, and cash flow more than doubled year-over-year on strong margins and sales.GLPQ1 2026
- Strong GDSO margins and acquisitions drove solid 2025 results despite mixed segment trends.GLPQ4 2025
- Q2 2025 sales rose, but net income and margins fell amid market and weather headwinds.GLPQ2 2025
- Net income surged to $45.9M on strong margins and major terminal acquisitions.GLPQ3 2024
- Q2 2024 delivered robust growth, fueled by terminal acquisitions and higher segment margins.GLPQ2 2024
- Q1 2025 net income rebounded to $18.7M on strong wholesale gains and margin expansion.GLPQ1 2025
- Terminal acquisitions and margin growth fueled EBITDA gains despite lower net income.GLPQ4 2024
Next Global Partners earnings date
Q4 202625 Feb, 2027
Global Partners
Next Global Partners earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Global Partners LP operates as a midstream logistics and marketing company in the United States and Canada. The company operates through three segments: Wholesale, Logistics, and Retail. The Wholesale segment primarily engages in the wholesale of gasoline, distillates, residual oil, and renewable fuels to retailers, independent marketers, educators, state and local governments, regional transit authorities, airports and commercial accounts; selling electricity to retail customers; and selling blendstock. The company was incorporated in 2005 and is based in Waltham, Massachusetts.