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CAPL

CrossAmerica Partners LP

CAPL

CrossAmerica Partners LP • NYSE
$20.40 ▲ 0.05% (+0.01)
Market Cap $777.66 M
52w High $25.73
52w Low $19.61
Dividend Yield 2.10%
P/E 17.14
Volume 9.42K
Outstanding Shares 38.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $971.847M ▲ $76.683M ▲ $13.588M ▼ 1.398% ▼ $0.36 ▼ $64.113M ▼
Q2-2025 $961.925M ▲ $59.495M ▼ $25.168M ▲ 2.616% ▲ $0.64 ▲ $64.967M ▲
Q1-2025 $862.475M ▼ $87.813M ▲ $-7.78M ▼ -0.902% ▼ $-0.2 ▼ $28.435M ▼
Q4-2024 $944.222M ▼ $72.651M ▼ $14.3M ▲ 1.514% ▲ $0.43 ▲ $46.588M ▼
Q3-2024 $1.079B $84.13M $10.708M 0.992% $0.27 $48.029M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.766M ▼ $998.937M ▼ $1.061B ▼ $-61.956M ▼
Q2-2025 $9.717M ▲ $1.028B ▼ $1.083B ▼ $-54.15M ▲
Q1-2025 $6.748M ▲ $1.087B ▼ $1.143B ▲ $-56.326M ▼
Q4-2024 $3.381M ▼ $1.115B ▼ $1.14B ▼ $-24.783M ▲
Q3-2024 $7.765M $1.13B $1.161B $-30.698M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.588M ▼ $24.368M ▲ $15.352M ▼ $-43.671M ▲ $-3.951M ▼ $17.669M ▲
Q2-2025 $25.168M ▲ $22.65M ▲ $52.206M ▲ $-71.887M ▼ $2.969M ▼ $10.806M ▲
Q1-2025 $-7.115M ▼ $15.047M ▲ $-1.335M ▼ $-10.345M ▲ $3.367M ▲ $4.933M ▲
Q4-2024 $16.861M ▲ $11.11M ▼ $10.253M ▲ $-25.747M ▲ $-4.384M ▼ $3.923M ▼
Q3-2024 $12.037M $41.949M $-448K $-39.226M $2.275M $34.229M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Food And Merchandise Sales
Food And Merchandise Sales
 $200.00M ▲$90.00M ▼$110.00M ▲$110.00M ▲
Fuel Sales To External Customers
Fuel Sales To External Customers
 $1.83Bn ▲$750.00M ▼$830.00M ▲$840.00M ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the past several years but has started to level off and edge down more recently. Profitability is positive but thin at every stage: gross profit, operating profit, and net income all sit in a narrow band relative to sales. Earnings peaked earlier in the period and have since trended lower, suggesting rising costs, tighter fuel margins, higher interest expense, or a more competitive environment. Overall, this looks like a scale-driven, low‑margin business that is consistently profitable but does not have a wide cushion if conditions worsen.

Balance Sheet

Balance Sheet The balance sheet is highly leveraged. Total debt is large compared with the asset base, and reported equity is close to zero, which is common for some partnerships but still signals limited balance‑sheet buffer. Cash on hand is very small, so liquidity depends heavily on access to credit and steady cash generation from operations. Asset levels have been relatively stable, which supports ongoing operations, but the capital structure leaves little room for major shocks without refinancing or asset sales.

Cash Flow

Cash Flow Cash generation from the core business has been fairly steady and comfortably positive. After funding a modest level of capital spending, the partnership still produces positive free cash flow, which is a key strength given the high leverage. Investment needs appear manageable, focused more on maintaining and optimizing the existing network than on large, risky expansions. The main risk is that, with limited cash reserves, the company relies on this ongoing cash flow to service debt and fund distributions; any significant downturn in volumes or margins would quickly matter.

Competitive Edge

Competitive Edge CrossAmerica operates in a classic low‑margin, high‑volume segment, but it benefits from a broad geographic footprint, long‑standing fuel supply relationships with major brands, and meaningful control over a portfolio of real estate sites. Its dual role as both fuel distributor and retail operator allows it to capture value along more of the chain. Co‑branding with well‑known food and beverage names helps drive traffic to its stores. However, it still faces intense competition from large integrated oil companies and national convenience store chains, and its size and leverage limit how aggressively it can respond to industry shifts.

Innovation and R&D

Innovation and R&D This is not a research‑heavy or technology‑driven story; innovation here is mostly about better operations. CrossAmerica is using data and systems to improve inventory management, fuel pricing, and logistics, and it is steadily converting more sites to company‑operated or commission‑agent models to improve control and margins. It is also pruning weaker locations and recycling capital into stronger assets. The big open question is how quickly and effectively it adapts to long‑term trends like electric vehicles and changing convenience retail habits, as current disclosures point more to incremental improvements than to bold new initiatives.

Summary

CrossAmerica Partners looks like a mature, operationally focused fuel distribution and convenience retail partnership with modest but steady profitability and cash flow. Its strengths lie in its established network, strategic real estate, and integrated wholesale‑retail model, all of which help it compete in a tough, low‑margin industry. On the other hand, the capital structure is highly leveraged, equity is thin, and there is little cash cushion, which raises financial risk and heightens dependence on stable operating performance. The strategy is evolutionary rather than disruptive—optimize the store base, expand higher‑margin retail where possible, and rationalize weaker assets—while the long‑term challenge will be navigating the energy transition and changing fueling behaviors without the benefit of a very strong balance sheet.

NEWS

November 5, 2025 · 4:15 PM UTC

CrossAmerica Partners LP Reports Third Quarter 2025 Results

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October 22, 2025 · 4:20 PM UTC

CrossAmerica Partners LP Maintains Quarterly Distribution

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October 17, 2025 · 6:45 AM UTC

CrossAmerica Partners to Announce Third Quarter 2025 Earnings Results on November 5

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