Global Partners (GLP) Q4 2025 earnings summary

Executive summary

• Full-year 2025 performance was driven by disciplined execution, higher volumes in terminal and wholesale, and double-digit wholesale segment product margin growth, with GDSO strength offsetting weaker Wholesale results.

• Vertically integrated master limited partnership with 1,700 fueling stations and 54 terminals from Maine to Texas as of 12/31/2025.

• Demonstrated growth through acquisitions, integration, and optimization of terminal and retail fuel assets, including East Providence Terminal and Houston bunkering expansion.

• Focused on sustainability, expanding EV charging, and offering renewable fuels at many terminals.

• Maintained 17 consecutive quarterly distribution increases, reflecting commitment to shareholder returns.

Financial highlights

• Q4 2025 adjusted EBITDA was $94.8M, down from $97.8M in Q4 2024; full-year adjusted EBITDA was $383.0M, down from $389.1M in FY 2024.

• Net income for Q4 2025 was $25.1M, up from $23.9M year-over-year; full-year net income was $98.0M, down from $110.3M in 2024.

• Distributable cash flow for Q4 2025 was $38.4M vs. $45.7M in Q4 2024; full-year DCF was $189.1M vs. $205.8M in 2024.

• Q4 2025 product margin was $295.7M, down from $302.0M in Q4 2024; full-year product margin reached $1,193.9M, up from $1,184.0M in FY 2024.

• Gross profit for Q4 2025 was $263.1M vs. $268.8M in Q4 2024; full-year gross profit was $1.1B for both 2025 and 2024.

Outlook and guidance

• Maintenance CapEx for 2026 expected to be $60–$70M; expansion CapEx (excluding acquisitions) projected at $75–$85M.

• Growth initiatives supported by a robust balance sheet and strategic flexibility, with continued focus on expanding terminal network and retail footprint.

• Early 2026 cold weather in the Northeast provided a tailwind for wholesale fuel demand.

• Entering 2026 with a strong balance sheet and healthy cash flow, focus remains on disciplined execution and continued investment.