Global Partners (GLP) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was $18.7 million, reversing a net loss of $5.6 million in Q1 2024, driven by higher sales volumes, improved margins, and robust wholesale segment performance.

• Total sales increased 11% year-over-year to $4.6 billion, with gross profit rising 19% to $255.2 million, reflecting favorable market conditions and new terminal assets.

• Integrated business model and recent terminal acquisitions expanded capacity and market reach, including a Houston joint venture.

• Emphasizes sustainability, energy efficiency, and social responsibility, with ongoing investments in EV charging and renewable products.

• Management highlighted resilience, growth focus, and disciplined execution amid market volatility and regulatory uncertainty.

Financial highlights

• Net income: $18.7 million (Q1 2025) vs. net loss of $5.6 million (Q1 2024); EBITDA: $91.9 million vs. $56.9 million; adjusted EBITDA: $91.1 million vs. $56.0 million.

• Distributable cash flow: $45.7 million (Q1 2025) vs. $15.8 million (Q1 2024); adjusted DCF: $46.4 million vs. $16.0 million.

• Gross profit: $255.2 million (Q1 2025) vs. $215.1 million (Q1 2024); combined product margin: $288.6 million vs. $244.1 million.

• Quarterly cash distribution on common units increased to $0.745 per unit, annualized at $2.98; $0.59375 per Series B preferred unit.

• Maintenance capex was $9.6 million, down from $11.7 million year-over-year; expansion capex was $8.3 million.

Outlook and guidance

• Management remains focused on long-term growth, operational excellence, and disciplined execution.

• Sees continued opportunity for growth through consolidation in the fragmented convenience store market and accretive acquisitions.

• Maintenance capital expenditures for 2025 expected at $60–70 million; expansion capex (excluding acquisitions) at $75–85 million.

• Integrated model and recent terminal acquisitions expected to drive further volume and margin enhancement.

• Ongoing review of retail and terminal assets to optimize value and pursue growth opportunities.