Global Partners LP Reports First-Quarter 2026 Financial Results
GLP
Published on 05/08/2026 at 08:01 am EDT
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
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:
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.
2026
2025
5,321,800
4,592,197
4,989,633
4,336,956
332,167
255,241
99,350
73,717
129,234
126,715
1,270
1,412
(3,426
)
(2,490
)
226,428
199,354
105,739
55,887
739
66
(35,503
)
(36,039
)
70,975
19,914
(839
)
(1,230
)
70,136
18,684
5,393
4,412
1,781
1,781
62,962
12,491
1.86
0.37
1.85
0.36
33,888
33,887
34,048
34,299
2026
2025
18,373
12,243
772,949
530,142
5,245
2,627
736,144
549,118
41,311
17,804
41,532
17,067
92,361
98,486
1,707,915
1,227,487
1,653,221
1,657,444
364,949
378,358
12,081
13,350
421,913
421,913
115,919
113,755
36,491
38,410
4,312,489
3,850,717
749,817
573,202
308,300
126,100
74,437
73,775
7,443
7,193
75,121
83,801
189,688
207,580
118,651
4,540
1,523,457
1,076,191
100,000
100,000
103,500
103,500
1,233,466
1,232,723
298,289
311,429
87,436
88,772
127,175
128,505
64,734
64,534
62,654
69,520
3,600,711
3,175,174
711,778
675,543
4,312,489
3,850,717
2026
2025
101,167
57,169
52,925
36,471
154,092
93,640
136,724
125,751
62,568
62,112
199,292
187,863
11,694
7,145
365,078
288,648
(32,911
)
(33,407
)
332,167
255,241
70,136
18,684
35,589
35,905
35,503
36,039
839
1,230
142,067
91,858
(3,426
)
(2,490
)
(628
)
55
2,337
1,837
140,350
91,260
(104,700
)
(51,590
)
210,425
106,179
35,503
36,039
839
1,230
142,067
91,858
(3,426
)
(2,490
)
(628
)
55
2,337
1,837
140,350
91,260
70,136
18,684
35,589
35,905
1,870
1,873
(1,235
)
(1,193
)
(9,959
)
(9,580
)
96,401
45,689
(628
)
55
1,042
797
96,815
46,541
(1,781
)
(1,781
)
95,034
44,760
(104,700
)
(51,590
)
210,425
106,179
1,870
1,873
(1,235
)
(1,193
)
(9,959
)
(9,580
)
96,401
45,689
(628
)
55
1,042
797
96,815
46,541
(1,781
)
(1,781
)
95,034
44,760
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