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GLP

Global Partners LP

GLP

Global Partners LP • NYSE
$43.98 ▲ 0.80% (+0.35)
Market Cap $1.49 B
52w High $60.00
52w Low $39.70
Dividend Yield 2.99%
P/E 21.14
Volume 32.94K
Outstanding Shares 33.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.694B ▲ $209.953M ▲ $24.226M ▲ 0.516% ▲ $0.66 ▲ $97.13M ▲
Q2-2025 $4.627B ▲ $73.39M ▼ $20.595M ▲ 0.445% ▲ $0.55 ▲ $95.745M ▲
Q1-2025 $4.592B ▲ $199.354M ▼ $18.684M ▼ 0.407% ▼ $0.37 ▼ $91.858M ▼
Q4-2024 $4.186B ▼ $210.763M ▲ $23.858M ▼ 0.57% ▼ $0.53 ▼ $94.603M ▼
Q3-2024 $4.422B $202.596M $45.922M 1.038% $1.18 $119.059M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $17.932M ▲ $3.7B ▼ $3.018B ▼ $682.484M ▼
Q2-2025 $16.097M ▲ $3.784B ▼ $3.098B ▼ $683.002M ▼
Q1-2025 $7.478M ▼ $3.819B ▲ $3.123B ▲ $692.32M ▼
Q4-2024 $8.208M ▼ $3.788B ▲ $3.072B ▲ $713.523M ▼
Q3-2024 $20.567M $3.665B $2.942B $720.516M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $29.025M ▲ $19.026M ▼ $-20.368M ▼ $3.177M ▲ $1.835M ▼ $-678K ▼
Q2-2025 $20.595M ▲ $221.771M ▲ $-15.944M ▲ $-191.757M ▼ $8.619M ▲ $206.702M ▲
Q1-2025 $18.684M ▼ $-51.59M ▼ $-28.491M ▲ $79.351M ▲ $-730K ▲ $-69.474M ▲
Q4-2024 $19.57M ▼ $61.544M ▼ $-46.502M ▼ $-33.104M ▲ $-12.359M ▼ $-200.342M ▼
Q3-2024 $41.804M $119.938M $1.805M $-118.061M $6.453M $95.664M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial
Commercial
 $520.00M ▲$280.00M ▼$280.00M ▲$300.00M ▲
GDSO
GDSO
 $2.73Bn ▲$1.13Bn ▼$1.22Bn ▲$1.28Bn ▲
Wholesale
Wholesale
 $5.35Bn ▲$3.19Bn ▼$3.13Bn ▼$3.12Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the five‑year period and stayed broadly strong, even as fuel prices and volumes moved around. Profitability, however, has been choppy: margins are thin, earnings peaked a couple of years ago, and have since stepped down even with healthy sales. This pattern suggests a business that can move a lot of product but is quite sensitive to fuel margins, operating costs, and market swings. Overall, it looks more like a stable, volume‑driven business than a steadily compounding profit story.

Balance Sheet

Balance Sheet The asset base has expanded steadily, reflecting continued investment in terminals, logistics, and retail sites. This growth has been funded largely with debt, which now makes up a substantial share of the capital structure, while equity remains comparatively modest. Cash on hand is very small, so liquidity depends heavily on credit lines and ongoing cash generation. The picture is typical for an asset‑heavy midstream operator, but it leaves the partnership more exposed to interest costs and credit conditions.

Cash Flow

Cash Flow Cash flow from operations has been uneven, with strong years followed by the most recent year showing only slim cash generation. At the same time, capital spending has risen, turning free cash flow negative in the latest period as the partnership invests more heavily in its network and retail concepts. This combination points to an investment phase that leans on borrowing rather than internally generated cash. The key uncertainty is whether these investments translate into more stable and higher cash flows in future years.

Competitive Edge

Competitive Edge Global Partners benefits from a hard‑to‑replicate physical footprint: storage terminals, transport links, and a large network of branded retail locations across the Northeast and beyond. Its vertically integrated model—owning assets from terminals to gas stations—lets it capture margins along the chain and helps cushion some commodity volatility. These strengths are balanced against intense competition from other fuel distributors and convenience chains, shifting consumer behavior, and long‑term pressures from the energy transition. The moat is based more on physical infrastructure and local scale than on proprietary technology.

Innovation and R&D

Innovation and R&D The partnership’s innovation is operational rather than lab‑driven: it is using cloud platforms and data tools to improve logistics, inventory, and pricing, and has rolled out a unified mobile app and loyalty program to deepen customer engagement. It is also leaning into renewable fuels such as biodiesel and renewable diesel, positioning itself early in markets that may grow as regulations tighten and customers seek lower‑carbon options. These moves show a willingness to adapt within its existing strengths—terminals and retail—rather than betting on entirely new technologies. Execution, adoption by customers, and regulatory developments will largely determine how much value these initiatives create.

Summary

Global Partners looks like a scale‑driven, infrastructure‑heavy fuel distributor and retailer with a meaningful regional footprint and a business model built around physical assets. Revenue has held up well, but earnings and cash flow have been volatile and margins remain thin, which is typical for this kind of business but still a key risk. The balance sheet shows growing assets funded significantly by debt and very limited cash, highlighting sensitivity to financing conditions. Strategically, the partnership is trying to strengthen its position through integrated logistics, differentiated convenience retail, digital loyalty tools, and an expanding renewable fuels offering. The main questions going forward are how effectively these investments improve profitability and cash generation, and how well the business navigates both fuel‑market cycles and the longer‑term shift toward cleaner energy and changing mobility patterns.

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