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Aug 7, 2026, 8:11 AM ETEnergy

Global Partners LP — Second Quarter 2026 Earnings Summary

GLPGLOBAL PARTNERS LP
Source

Financial Performance

  • Net income for the quarter ended June 30, 2026, was $71.0 million ($1.86 per diluted unit), compared to $25.2 million ($0.55 per diluted unit) in the same period of 2025.
  • EBITDA was $146.0 million in Q2 2026 versus $95.7 million in Q2 2025.
  • Adjusted EBITDA was $148.2 million in Q2 2026 versus $98.2 million in Q2 2025.
  • Distributable cash flow (DCF) was $92.6 million in Q2 2026 compared to $52.0 million in Q2 2025.
  • Adjusted DCF was $92.5 million in Q2 2026 compared to $52.3 million in Q2 2025.
  • Gross profit was $328.9 million in Q2 2026, up from $272.4 million in Q2 2025.
  • Combined product margin (gross profit adjusted for depreciation allocated to cost of sales) was $362.2 million in Q2 2026, compared to $305.7 million in Q2 2025.
  • Total sales reached $6.8 billion in Q2 2026, up from $4.6 billion in Q2 2025.
  • Total volume was 2.0 billion gallons in Q2 2026, matching the 2.0 billion gallons in Q2 2025.
  • Operating income was $107.4 million in Q2 2026 compared to $60.1 million in Q2 2025.
  • Interest expense was $33.1 million in Q2 2026 compared to $34.5 million in Q2 2025.
  • Net cash provided by operating activities was $309.4 million in Q2 2026 compared to $216.3 million in Q2 2025.
  • Maintenance capital expenditures were $15.9 million in Q2 2026 compared to $9.9 million in Q2 2025.
  • Cash and cash equivalents were $23.9 million as of June 30, 2026, compared to $12.2 million as of December 31, 2025.
  • Total assets were $4.02 billion as of June 30, 2026, compared to $3.85 billion as of December 31, 2025.
  • Total liabilities were $3.27 billion as of June 30, 2026, compared to $3.18 billion as of December 31, 2025.
  • Senior notes balance was $1.23 billion as of June 30, 2026, compared to $1.23 billion as of December 31, 2025.
  • Working capital revolving credit facility (current portion) was $74.6 million as of June 30, 2026, compared to $126.1 million as of December 31, 2025.
  • Working capital revolving credit facility (less current portion) was $100.0 million as of June 30, 2026, compared to $100.0 million as of December 31, 2025.
  • Revolving credit facility was $103.5 million as of June 30, 2026, compared to $103.5 million as of December 31, 2025.

Business Segments and Product Lines

  • Gasoline Distribution and Station Operations (GDSO):
    • Product margin was $245.2 million in Q2 2026, up from $207.9 million in Q2 2025.
    • Gasoline distribution product margin increased to $175.0 million from $137.9 million in Q2 2025, driven by higher fuel margins (cents per gallon).
    • Station operations product margin was $70.2 million in Q2 2026, compared to $70.0 million in Q2 2025.
    • Sales were $1.5 billion in Q2 2026, up from $1.2 billion in Q2 2025.
    • Volume was 351.2 million gallons in Q2 2026, down from 382.4 million gallons in Q2 2025.
  • Wholesale Segment:
    • Product margin was $106.5 million in Q2 2026, up from $91.7 million in Q2 2025.
    • Gasoline and gasoline blendstocks product margin increased to $78.4 million from $58.8 million in Q2 2025, reflecting more favorable market conditions.
    • Distillates and other oils product margin decreased to $28.1 million from $32.9 million in Q2 2025, due to less favorable market conditions in residual oil.
    • Sales were $4.9 billion in Q2 2026, up from $3.1 billion in Q2 2025.
    • Volume was 1.5 billion gallons in Q2 2026, matching the 1.5 billion gallons in Q2 2025.
  • Commercial Segment:
    • Product margin increased to $10.5 million in Q2 2026 from $6.1 million in Q2 2025, primarily reflecting more favorable market conditions in bunkering.
    • Sales were $370.2 million in Q2 2026, up from $275.8 million in Q2 2025.
    • Volume was 123.3 million gallons in Q2 2026, down from 141.9 million gallons in Q2 2025.

Other Key Points

  • Global Partners fully redeemed all outstanding Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units at a price of $25.00 per share plus a $0.49479167 per unit cash distribution for the period May 15, 2026, through July 29, 2026.
  • Effective July 30, 2026, the Series B Preferred Units are no longer outstanding.
  • A cash distribution of $0.7800 per unit ($3.12 annualized) was announced for all outstanding common units for the period April 1, 2026, through June 30, 2026.
  • The distribution will be paid on August 14, 2026, to unitholders of record as of the close of business on August 10, 2026.
  • The partnership operates 54 liquid energy terminals with connectivity to rail, pipeline, and marine assets spanning from Maine to Florida and into the U.S. Gulf States.
  • The partnership holds a 49.99% interest in Spring Partners Retail LLC, accounted for using the equity method.
  • In Q2 2025, EBITDA, adjusted EBITDA, DCF, and adjusted DCF included a $2.8 million loss on early extinguishment of debt related to the redemption of 7.00% senior notes due 2027.
  • In Q2 2025, there was a $2.8 million loss on early extinguishment of debt; no such loss occurred in Q2 2026.
  • Net loss on sale and disposition of assets was $0.4 million in Q2 2026 compared to $0.3 million in Q2 2025.
  • Long-lived asset impairment was $0 in Q2 2026 compared to $0.2 million in Q2 2025.
  • Income from equity method investments was $2.0 million in Q2 2026 compared to $2.4 million in Q2 2025.
  • Distributions to preferred unitholders were $1.8 million in Q2 2026 and Q2 2025.
  • Adjusted distributable cash flow after distributions to preferred unitholders was $90.7 million in Q2 2026 compared to $50.5 million in Q2 2025.
Global Partners LP — Second Quarter 2026 Earnings Summary