Global Partners LP (GLP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$21.5B

Revenue growth

20.4%

Net income, last twelve months

$195.2M

Gross margin

5.6%

Operating margin

1.5%

Net margin

0.9%

Free cash flow

$199.4M

Market value

$1.6B

Cash

$23.9M

Debt

$1.3B

Shares outstanding

34.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 7 August 2026.

• Net income and EBITDA rose. Net income was $71.0 million, or $1.86 per diluted unit, against $25.2 million, or $0.55. EBITDA was $146.0 million against $95.7 million, and adjusted EBITDA was $148.2 million against $98.2 million.
• Gross profit rose year on year. Gross profit was $328.9 million against $272.4 million in the year-earlier quarter. Combined product margin, a non-GAAP measure, was $362.2 million against $305.7 million.
• Prior-year quarter had debt charge. Second-quarter 2025 EBITDA, adjusted EBITDA, DCF and adjusted DCF included a $2.8 million loss on early extinguishment of debt tied to the 2025 redemption of the 7.00% senior notes due 2027.
• GDSO product margin rose. GDSO segment product margin was $245.2 million, against $207.9 million a year earlier.
• Gasoline distribution margin higher. Gasoline distribution product margin rose to $175.0 million from $137.9 million, which management attributed to higher fuel margins in cents per gallon.
• Station operations margin flat. Station operations product margin was $70.2 million, compared with $70.0 million a year earlier.
• Wholesale gasoline margin higher. Gasoline and gasoline blendstocks product margin rose to $78.4 million from $58.8 million, which management attributed to more favorable gasoline market conditions.
• Distillates margin lower. Distillates and other oils product margin fell to $28.1 million from $32.9 million a year earlier.
• Commercial margin higher on bunkering. Commercial segment product margin rose to $10.5 million from $6.1 million, which management attributed to more favorable bunkering market conditions.
• Total sales rose to $6.8 billion. Total sales were $6.8 billion, against $4.6 billion a year earlier.
• Wholesale sales up to $4.9 billion. Wholesale segment sales were $4.9 billion, against $3.1 billion a year earlier.
• GDSO sales up to $1.5 billion. GDSO segment sales were $1.5 billion, against $1.2 billion a year earlier.
• Commercial sales up to $370.2 million. Commercial segment sales were $370.2 million, against $275.8 million a year earlier.
• Overhead and operating costs higher. Selling, general and administrative expenses were $83.0 million, against $74.8 million. Operating expenses were $136.8 million, against $135.7 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 378 held.

Every filing

The newest filings with the SEC of 577 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

121 funds held it at 30 Jun 2026: 58 added and 17 trimmed in the quarter. The largest:

What the company does

Global Partners LP is a master limited partnership formed in March 2005. It owns, controls or has access to a terminal network for refined petroleum products and renewable fuels, with connections to rail, pipeline and marine assets from Maine to Florida and into the U.S. Gulf States. It also has a portfolio of 1,524 owned, leased or supplied gasoline stations, including 290 directly operated convenience stores, mostly in the Northeast. The company sold 7.9 billion gallons of product in the year covered by this report. It runs three segments: Wholesale, Gasoline Distribution and Station Operations ("GDSO"), and Commercial.

How the business is organised

The company buys refined petroleum products, gasoline blendstocks, renewable fuels and crude oil. Its suppliers are domestic and foreign refiners, ethanol producers, crude oil producers, major and independent oil companies, and trading companies. It handles purchasing, gathering, blending, storing and transporting these products, along with propane. It also moves petroleum products and renewable fuels by rail from the mid-continent region of the United States and Canada. The company uses the term "Northeast" for Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania.

Wholesale

The Wholesale segment sells home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene and residual oil to retail and wholesale distributors. Products move by railcar, barge, truck and pipeline under spot or long-term contracts. Customers usually pick up gasoline, distillates and propane at bulk terminals and inland storage facilities that the company owns or controls, or where it has throughput or exchange arrangements. Ethanol is shipped mainly by rail and barge. In April 2024 the company added four refined-product terminals bought from Gulf Oil Limited Partnership. In November 2024 it added a liquid energy terminal in East Providence, Rhode Island, bought from ExxonMobil Oil Corporation.

Gasoline stations and convenience stores

The GDSO segment sells branded and unbranded gasoline to station operators and sub-jobbers. It also earns money from convenience store and prepared food sales, rent from stations leased to dealers and commissioned agents, cobranding arrangements, and sundries such as car wash sales and lottery and ATM commissions.

- Company operated: 290 sites, run with the company's own employees, with the company setting the retail gasoline price. - Commissioned agents: 328 sites, where the company owns the gasoline inventory, sets the retail price and pays the agent a fee tied to gallons sold. - Lessee dealers: 164 sites, where the dealer buys gasoline from the company and sets the retail price. - Contract dealers: 742 sites, owned or leased by independent operators that the company supplies.

The company also has contracts with distributors in certain New England states, under which it supplies their stations with Exxon- or Mobil-branded gasoline. Separately, its joint venture Spring Partners Retail LLC ("SPR"), in which it holds a 49.99% interest, operates or supplies 67 gasoline stations in Texas. These are not counted in the 1,524. All of the company's goodwill is allocated to the GDSO segment.

Commercial

The Commercial segment sells unbranded gasoline, home heating oil, diesel, kerosene, residual oil and bunker fuel to public sector customers and to large commercial and industrial end users. For public sector customers it sells mainly through competitive bidding or contracts of various terms, responding to publicly issued requests for proposals and quotes. It generally arranges delivery to the customer's designated location. The segment also covers custom blended fuels delivered by barge, or from a terminal dock to ships through bunkering. In October 2025 the company expanded its marine fuel supply into the Gulf Coast, with throughput and barge time-charter arrangements covering the Port of Houston and nearby ports including Freeport, Beaumont and Lake Charles.

Pricing, hedging and seasonality

The company bases pricing on spot, fixed or indexed prices. It routinely uses the New York Mercantile Exchange, the Chicago Mercantile Exchange and the Intercontinental Exchange, or other counterparties, to hedge price risk. When future prices are higher than current prices, it may use storage to hold product for later delivery. When future prices are lower, it tries to reduce inventories.

Demand follows the seasons. Gasoline volumes are typically higher in the second and third quarters, while heating oil and residual oil volumes are generally higher in the first and fourth quarters.

Risks the company names

The company says its business depends on marine, pipeline, rail and truck transportation, and that it has fixed contractual obligations for barges and railcars. It points to ethanol blending rules under the EPA's Renewable Fuel Standard and the price of RINs. It also lists alternative fuel vehicles, tobacco and nicotine regulation, tariffs, and environmental regulation as factors that could affect demand and costs. It holds three joint ventures accounted for under the equity method.

*From Global Partners's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1323468/000110465926021381/glp-20251231x10k.htm)*

From the company's 10-K.