Global Partners LP — Third Quarter 2026 Earnings Summary

Financial Performance

• Net income for the quarter ended September 30, 2026, was $52.4 million ($1.26 per diluted common limited partner unit), compared to $29.0 million ($0.66 per diluted unit) in the same period of 2025.
• EBITDA was $120.8 million in Q3 2026 versus $97.1 million in Q3 2025.
• Adjusted EBITDA was $122.9 million in Q3 2026 versus $98.8 million in Q3 2025.
• Distributable cash flow (DCF) was $70.1 million in Q3 2026 compared to $53.0 million in Q3 2025.
• Adjusted DCF was $70.3 million in Q3 2026 compared to $53.3 million in Q3 2025.
• Gross profit was $296.0 million in Q3 2026 compared to $271.4 million in Q3 2025.
• Combined product margin was $329.1 million in Q3 2026 compared to $303.9 million in Q3 2025.
• Total sales reached $6.7 billion in Q3 2026, up from $4.7 billion in Q3 2025.
• Total volume was 1.9 billion gallons in Q3 2026, matching the 1.9 billion gallons reported in Q3 2025.
• Cash and cash equivalents were $21.5 million as of September 30, 2026, compared to $12.2 million as of December 31, 2025.
• Total liabilities were $3.48 billion as of September 30, 2026, compared to $3.18 billion as of December 31, 2025.

Business Segments and Product Lines

• GDSO Segment: Product margin was $210.6 million in Q3 2026, down from $218.9 million in Q3 2025. Gasoline distribution product margin decreased to $136.8 million from $144.8 million, while station operations product margin was $73.8 million compared to $74.1 million. Sales were $1.6 billion in Q3 2026 versus $1.3 billion in Q3 2025. Volume was 361.3 million gallons in Q3 2026 versus 390.8 million gallons in Q3 2025.
• Wholesale Segment: Product margin was $111.4 million in Q3 2026, up from $78.0 million in Q3 2025. Gasoline and blendstocks margin increased to $75.8 million from $61.5 million, and distillates/other oils margin increased to $35.6 million from $16.5 million, driven by favorable market conditions. Sales were $4.7 billion in Q3 2026 versus $3.1 billion in Q3 2025. Volume remained flat at 1.4 billion gallons.
• Commercial Segment: Product margin was $7.1 million in Q3 2026 compared to $7.0 million in Q3 2025. Sales were $0.4 billion in Q3 2026 versus $0.3 billion in Q3 2025. Volume was 124.7 million gallons in Q3 2026 versus 149.2 million gallons in Q3 2025.

Recent Developments

• Announced a cash distribution of $0.7850 per unit ($3.14 annualized) for the period July 1, 2026, through September 30, 2026, payable on November 13, 2026.
• Amended its credit agreement to extend the maturity date to October 16, 2031, maintaining a $1.0 billion working capital revolving credit facility and a $500.0 million revolving credit facility, while eliminating $300.0 million of interim working capital commitments.
• Completed the redemption of Series B preferred units in July 2026.

Management Commentary and Tone

• CEO Eric Slifka stated that third-quarter results demonstrated the strength of the integrated liquid energy model, with strong year-over-year growth in EBITDA and distributable cash flow.
• Management noted that solid execution in the terminal network and Wholesale business offset lower retail fuel volumes caused by higher pump prices weighing on demand.
• Slifka highlighted the strengthened capital structure, citing the Series B redemption and credit facility extension as providing greater flexibility, low leverage, and strong distribution coverage to support investment and cash returns to unitholders.

Other Key Points

• The company operates or maintains dedicated storage at 54 liquid energy terminals with connectivity to rail, pipeline, and marine assets from Maine to Florida and the U.S. Gulf States.
• The partnership trades on the NYSE under the ticker symbol "GLP."
• A financial results conference call was held on November 6, 2026, at 10:00 a.m. ET, with a live webcast available on the investor relations website.
• The Series B preferred units were redeemed on July 30, 2026, and are no longer outstanding.