Global Partners (GLP) Q3 2026 earnings summary

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.