Global Partners (GLP) Q2 2025 earnings summary

Executive summary

• Year-to-date net income increased 8%, adjusted EBITDA rose 7%, and adjusted DCF grew 9%, driven by disciplined execution and recent terminal acquisitions expanding market reach.

• Q2 2025 net income was $25.2M, down from $46.1M in Q2 2024, reflecting margin pressures and adverse weather impacts.

• Major terminal acquisitions and $500M+ investment expanded capacity and geographic reach, supporting long-term growth and future M&A opportunities.

• Completed $450M senior notes offering (7.125% due 2033), redeeming $400M of 2027 notes and reducing credit facility borrowings.

• Board approved a quarterly cash distribution of $0.75 per unit, marking the 15th consecutive increase.

Financial highlights

• Q2 2025 sales were $4.6B (up 5% year-over-year); six-month sales reached $9.2B (up 8%).

• Q2 2025 net income was $25.2M (down 45% year-over-year); six-month net income was $43.9M (up 8%).

• Q2 2025 adjusted EBITDA was $98.2M (down 19% year-over-year); six-month adjusted EBITDA was $189.4M (up from $177.3M).

• Q2 2025 adjusted DCF was $52.3M (down from $74.2M); six-month adjusted DCF was $98.8M (up from $90.4M).

• Q2 2025 gross profit was $272.4M (down 5% year-over-year); combined product margin was $305.7M (down from $319.6M).

Outlook and guidance

• Maintenance CapEx for 2025 expected at $60M–$70M; expansion CapEx at $65M–$75M, mainly for gasoline stations and terminals.

• Management expects continued volatility in petroleum markets and is focused on growth through acquisitions and organic expansion.

• Strategic flexibility is supported by a robust balance sheet and recent refinancing.