Global Partners LP Reports First-Quarter 2026 Financial Results

Global Partners LP Reports First-Quarter 2026 Financial Results May 8, 2026 Global Partners LP (NYSE: GLP) today reported financial results for the first quarter ended March 31, 2026. CEO Commentary “Solid execution across all operating segments drove strong first‑quarter results for Global,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Performance this quarter reflects the advantages of our integrated platform in a dynamic market environment. “Our strategy is built to adapt to changing market conditions, optimize our assets and focus on maximizing returns,” Slifka said. “That disciplined approach continues to guide how we run the business and deliver value for our unitholders.” First-Quarter 2026 Financial Highlights Net income in the first quarter of 2026 was $70.1 million, or $1.85 per diluted common limited partner unit, compared with net income of $18.7 million, or $0.36 per diluted common limited partner unit, in the same period of 2025. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $142.1 million in the first quarter of 2026 compared with $91.9 million in the same period of 2025. Adjusted EBITDA was $140.4 million in the first quarter of 2026 versus $91.3 million in the same period of 2025. Distributable cash flow (DCF) was $96.4 million in the first quarter of 2026 compared with $45.7 million in the same period of 2025. Adjusted DCF was $96.8 million in the first quarter of 2026 compared with $46.5 million in the same period of 2025. Gross profit in the first quarter of 2026 was $332.2 million compared with $255.2 million in the same period of 2025. Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $365.1 million in the first quarter of 2026 compared with $288.6 million in the same period of 2025. Combined product margin, EBITDA, adjusted EBITDA, DCF and adjusted DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three months ended March 31, 2026, and 2025. Gasoline Distribution and Station Operations (GDSO) segment product margin was $199.3 million in the first quarter of 2026 compared with $187.9 million in the same period of 2025. Product margin from gasoline distribution increased to $136.7 million from $125.8 million in the year-earlier period, primarily due to higher fuel margins (cents per gallon). Product margin from station operations was $62.6 million compared with $62.1 million in the first quarter of 2025, due in part to an increase in sundries. Wholesale segment product margin was $154.1 million in the first quarter of 2026 compared with $93.6 million in the same period of 2025. Gasoline and gasoline blendstocks product margin was $101.2 million compared with $57.1 million in the same period of 2025, primarily due to more favorable market conditions, largely in gasoline. Product margin from distillates and other oils was $52.9 million in the first quarter of 2026 compared with $36.5 million in the same period of 2025, primarily due to more favorable market conditions, largely in residual oil. Commercial segment product margin was $11.7 million in the first quarter of 2026 compared with $7.1 million in the same period of 2025, in part due to more favorable market conditions. Total sales were $5.3 billion in the first quarter of 2026 compared with $4.6 billion in the same period of 2025. Wholesale segment sales were $3.8 billion in the first quarter of 2026 compared with $3.2 billion in the same period of 2025. GDSO segment sales were $1.1 billion in the first quarters of 2026 and 2025. Commercial segment sales were $367.4 million in the first quarter of 2026 compared with $275.1 million in the same period of 2025. Total volume was 2.1 billion gallons in the first quarter of 2026 compared with 1.9 billion gallons in the same period of 2025. Wholesale segment volume was 1.6 billion gallons in the first quarter of 2026 compared with 1.4 billion gallons in the same period of 2025. GDSO volume was 331.9 million gallons in the first quarter of 2026 compared with 357.6 million gallons in the same period of 2025. Commercial segment volume was 166.8 million gallons in the first quarter of 2026 compared with 124.8 million gallons in the same period of 2025. Recent Developments Global Partners announced a cash distribution of $0.7650 per unit ($3.06 per unit on an annualized basis) on all of its outstanding common units from January 1, 2026 through March 31, 2026. The distribution will be paid on May 15, 2026 to unitholders of record as of the close of business on May 11, 2026. Financial Results Conference Call Management will review the Partnership’s first-quarter 2026 financial results in a teleconference call for analysts and investors today. Time: 10:00 a.m. ET Dial-in numbers: (877) 709-8155 (U.S. and Canada) (201) 689-8881 (International) Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com About Global Partners LP Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global Partners operates or maintains dedicated storage at 54 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global Partners has a large portfolio of owned, leased and/or supplied retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune’s Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition. Global Partners, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com. Use of Non-GAAP Financial Measures Product Margin Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies. EBITDA and Adjusted EBITDA EBITDA and adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s: compliance with certain financial covenants included in its debt agreements;financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners;operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; andviability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities. Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets, goodwill and long-lived asset impairment charges and Global Partners’ proportionate share of EBITDA related to its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies. Distributable Cash Flow and Adjusted Distributable Cash Flow Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of Global Partners’ success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement (the “partnership agreement”) is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow. Distributable cash flow as used in the partnership agreement also determines Global Partners’ ability to make cash distributions on its incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in the partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. The partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of the Partnership’s financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in the partnership agreement) further adjusted for Global Partners’ proportionate share of distributable cash flow related to its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. Adjusted distributable cash flow is not used in the partnership agreement to determine the Partnership’s ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under the partnership agreement. Distributable cash flow and adjusted distributable cash flow should not be considered as alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, the Partnership’s distributable cash flow and adjusted distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies. Forward-looking Statements Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC). For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global Partners undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. GLOBAL PARTNERS LPCONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per unit data)(Unaudited)Three Months EndedMarch 31, 2026 2025 Sales$ 5,321,800 $ 4,592,197 Cost of sales 4,989,633 4,336,956 Gross profit 332,167 255,241 Costs and operating expenses:Selling, general and administrative expenses 99,350 73,717 Operating expenses 129,234 126,715 Amortization expense 1,270 1,412 Net gain on sale and disposition of assets (3,426 ) (2,490 ) Total costs and operating expenses 226,428 199,354 Operating income 105,739 55,887 Other income (expense):Income from equity method investments 739 66 Interest expense (35,503 ) (36,039 ) Income before income tax expense 70,975 19,914 Income tax expense (839 ) (1,230 ) Net income 70,136 18,684 Less: General partner's interest in net income, includingincentive distribution rights 5,393 4,412 Less: Preferred limited partner interest in net income 1,781 1,781 Net income attributable to common limited partners$ 62,962 $ 12,491 Basic net income per common limited partner unit (1)$ 1.86 $ 0.37 Diluted net income per common limited partner unit (1)$ 1.85 $ 0.36 Basic weighted average common limited partner units outstanding 33,888 33,887 Diluted weighted average common limited partner units outstanding 34,048 34,299 (1) Under the Partnership's partnership agreement, for any quarterly period, the incentive distribution rights ("IDRs") participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership's undistributed net income or losses. Accordingly, the Partnership's undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner's general partner interest. Net income attributable to common limited partners is divided by the weighted average common units outstanding in computing the net income per limited partner unit.GLOBAL PARTNERS LPCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)March 31,December 31, 2026 2025 AssetsCurrent assets:Cash and cash equivalents$ 18,373 $ 12,243 Accounts receivable, net 772,949 530,142 Accounts receivable - affiliates 5,245 2,627 Inventories 736,144 549,118 Brokerage margin deposits 41,311 17,804 Derivative assets 41,532 17,067 Prepaid expenses and other current assets 92,361 98,486 Total current assets 1,707,915 1,227,487 Property and equipment, net 1,653,221 1,657,444 Right of use assets, net 364,949 378,358 Intangible assets, net 12,081 13,350 Goodwill 421,913 421,913 Equity method investments 115,919 113,755 Other assets 36,491 38,410 Total assets$ 4,312,489 $ 3,850,717 Liabilities and partners' equityCurrent liabilities:Accounts payable$ 749,817 $ 573,202 Working capital revolving credit facility - current portion 308,300 126,100 Lease liability - current portion 74,437 73,775 Environmental liabilities - current portion 7,443 7,193 Trustee taxes payable 75,121 83,801 Accrued expenses and other current liabilities 189,688 207,580 Derivative liabilities 118,651 4,540 Total current liabilities 1,523,457 1,076,191 Working capital revolving credit facility - less current portion 100,000 100,000 Revolving credit facility 103,500 103,500 Senior notes 1,233,466 1,232,723 Lease liability - less current portion 298,289 311,429 Environmental liabilities - less current portion 87,436 88,772 Financing obligations 127,175 128,505 Deferred tax liabilities 64,734 64,534 Other long-term liabilities 62,654 69,520 Total liabilities 3,600,711 3,175,174 Partners' equity 711,778 675,543 Total liabilities and partners' equity$ 4,312,489 $ 3,850,717 GLOBAL PARTNERS LPFINANCIAL RECONCILIATIONS(In thousands)(Unaudited)Three Months EndedMarch 31, 2026 2025 Reconciliation of gross profit to product margin:Wholesale segment:Gasoline and gasoline blendstocks$ 101,167 $ 57,169 Distillates and other oils 52,925 36,471 Total 154,092 93,640 Gasoline Distribution and Station Operations segment:Gasoline distribution 136,724 125,751 Station operations 62,568 62,112 Total 199,292 187,863 Commercial segment 11,694 7,145 Combined product margin 365,078 288,648 Depreciation allocated to cost of sales (32,911 ) (33,407 ) Gross profit$ 332,167 $ 255,241 Reconciliation of net income to EBITDA and adjusted EBITDA:Net income$ 70,136 $ 18,684 Depreciation and amortization 35,589 35,905 Interest expense 35,503 36,039 Income tax expense 839 1,230 EBITDA 142,067 91,858 Net gain on sale and disposition of assets (3,426 ) (2,490 ) (Income) loss from equity method investment (1) (628 ) 55 EBITDA related to equity method investment (1) 2,337 1,837 Adjusted EBITDA$ 140,350 $ 91,260 Reconciliation of net cash used in operating activities to EBITDA and adjusted EBITDA:Net cash used in operating activities$ (104,700 ) $ (51,590 ) Net changes in operating assets and liabilities and certain non-cash items 210,425 106,179 Interest expense 35,503 36,039 Income tax expense 839 1,230 EBITDA 142,067 91,858 Net gain on sale and disposition of assets (3,426 ) (2,490 ) (Income) loss from equity method investment (1) (628 ) 55 EBITDA related to equity method investment (1) 2,337 1,837 Adjusted EBITDA$ 140,350 $ 91,260 Reconciliation of net income to distributable cash flow and adjusted distributable cash flow:Net income$ 70,136 $ 18,684 Depreciation and amortization 35,589 35,905 Amortization of deferred financing fees 1,870 1,873 Amortization of routine bank refinancing fees (1,235 ) (1,193 ) Maintenance capital expenditures (9,959 ) (9,580 ) Distributable cash flow (1)(2)(3) 96,401 45,689 (Income) loss from equity method investment (1) (628 ) 55 Distributable cash flow from equity method investment (1) 1,042 797 Adjusted distributable cash flow (1)(3) 96,815 46,541 Distributions to preferred unitholders (4) (1,781 ) (1,781 ) Adjusted distributable cash flow after distributions to preferred unitholders$ 95,034 $ 44,760 Reconciliation of net cash used in operating activities to distributable cash flow and adjusted distributable cash flow:Net cash used in operating activities$ (104,700 ) $ (51,590 ) Net changes in operating assets and liabilities and certain non-cash items 210,425 106,179 Amortization of deferred financing fees 1,870 1,873 Amortization of routine bank refinancing fees (1,235 ) (1,193 ) Maintenance capital expenditures (9,959 ) (9,580 ) Distributable cash flow (1)(2)(3) 96,401 45,689 (Income) loss from equity method investment (1) (628 ) 55 Distributable cash flow from equity method investment (1) 1,042 797 Adjusted distributable cash flow (1)(3) 96,815 46,541 Distributions to preferred unitholders (4) (1,781 ) (1,781 ) Adjusted distributable cash flow after distributions to preferred unitholders$ 95,034 $ 44,760 (1) Represents the Partnership's proportionate share of income or loss, EBITDA and distributable cash flow ("DCF"), as applicable, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture, which is accounted for using the equity method.(2) As defined by the Partnership's partnership agreement, DCF is not adjusted for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.(3) DCF and adjusted DCF include a net gain on sale and disposition of assets of $3.4 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively. DCF also includes income (loss) of $0.6 million and ($0.1 million) for the three months ended March 31, 2026 and 2025, respectively, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture, which is accounted for using the equity method.(4) Distributions to preferred unitholders represent the distributions payable to the Series B preferred unitholders earned during the period. Distributions on the Series B preferred units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year. Source: Global Partners LP