Global Partners (GLP) Q3 2025 earnings summary

Executive summary

• Third quarter 2025 results showed operational strength and disciplined execution, with strong Wholesale segment performance and continued investment in terminal network expansion, while GDSO margins declined due to lower fuel margins and volumes.

• Expansion into the Port of Houston for marine fuel supply broadened the bunkering business beyond the Northeast.

• Retail initiatives included reimagined convenience store brands and a new loyalty platform to drive customer engagement and repeat business.

• Sales for Q3 2025 rose 6% year-over-year to $4.7 billion, driven by higher volumes, though gross profit declined 5% to $271.4 million due to lower fuel margins.

• The company completed a $450 million 7.125% senior notes offering due 2033, using proceeds to redeem $400 million of 2027 notes and repay part of its credit facility.

Financial highlights

• Net income for Q3 2025 was $29 million ($0.66 per diluted unit), down from $45.9 million ($1.17 per diluted unit) in Q3 2024, which included a $7.8 million one-time gain.

• EBITDA was $97.1 million versus $119.1 million; adjusted EBITDA was $98.8 million compared to $114 million year-over-year.

• Distributable cash flow was $53 million, down from $71.1 million; adjusted distributable cash flow was $53.3 million versus $71.6 million.

• Gross profit was $271.4 million, down from $286.0 million; combined product margin was $303.9 million, down from $318.3 million.

• Quarterly cash distribution increased to $0.7550 per common unit, marking the 16th consecutive increase.

Outlook and guidance

• Full-year maintenance CapEx is expected to be $45–$55 million; expansion CapEx (excluding acquisitions) is projected at $40–$50 million, focused on gas stations and terminals.

• CapEx estimates are subject to project timing, equipment and workforce availability, weather, and unforeseen events.

• Management expects sufficient cash flow, borrowing capacity, and access to capital markets to meet financial commitments and capital needs.