Global Partners LP reports mixed Q4 2025 earnings amid shifting market pressures
Global Partners LP has released its financial results for fiscal Q4 2025, showing mixed performance across key areas. While net income rose slightly, distributable cash flow and adjusted EBITDA both declined compared to the same period last year. The company also announced its capital expenditure plans for 2026, signalling continued investment in growth and maintenance.
For fiscal Q4 2025, net income reached $25.1 million, up from $23.9 million in the same quarter of 2024. However, distributable cash flow fell to $38.4 million, down from $45.7 million a year earlier. Adjusted EBITDA also dropped to $94.8 million, compared to $97.8 million in fiscal Q4 2024.
The company's Station Operations Margin stood at $65.7 million, a decrease of $2.2 million, partly due to fewer company-run sites. Meanwhile, the Wholesale Segment Margin fell sharply by $21.5 million to $58.3 million, affected by less favourable market conditions. The Commercial Segment Margin also declined, dropping $2.6 million to $6.0 million, reflecting weaker bunkering performance.
On a positive note, the GDSO Product Margin rose by $17.7 million to $231.3 million, driven by stronger fuel margins. Capital expenditure in the quarter totalled $38.8 million, with $22.6 million allocated to maintenance and $16.2 million to expansion. The company also declared a quarterly cash distribution of $0.76 per common unit, marking the seventeenth consecutive increase and maintaining a coverage ratio of 1.56x.
Looking ahead, Global Partners LP has set its 2026 CapEx guidance at $60.0 million to $70.0 million for maintenance and $75.0 million to $85.0 million for expansion. As of December 31, 2025, the leverage ratio was 3.59x, with $226.1 million outstanding on the working capital revolver and $103.5 million drawn on the $500.0 million revolving credit facility.
The latest financial results highlight both challenges and strengths for Global Partners LP. While net income improved, declines in distributable cash flow and segment margins point to ongoing market pressures. The company's planned capital investments for 2026 suggest a focus on balancing maintenance with expansion in the year ahead.
