Global Partners 2025 Q3 Earnings EPS Drops 44.1% Despite Revenue Growth

Global Partners (GLP) reported Q3 2025 results, with revenue rising 6.2% year-over-year but earnings declining sharply. The stock fell to a 52-week low post-earnings, reflecting investor concerns over margin pressures and asset impairment.

Global Partners’ Q3 2025 results showed mixed performance: revenue beat estimates but earnings and net income declined significantly. The company did not adjust full-year guidance but emphasized capital discipline and operational efficiency. Analysts remain cautious, with a “hold” rating and a 16% price target premium.

Revenue

The Wholesale segment led with $3.12 billion in revenue, driven by favorable gasoline market conditions and terminal network optimization. Gasoline and gasoline blendstocks contributed $2.09 billion, while distillates and other oils added $1.03 billion. The Gasoline Distribution and Station Operations segment totaled $1.28 billion, with gasoline accounting for $1.13 billion and station operations at $151.91 million. The Commercial segment added $297.85 million, bringing the total to $4.69 billion.

Earnings/Net Income

Global Partners’ EPS declined 44.1% to $0.66 in Q3 2025 from $1.18 in the prior year. Net income fell 36.8% to $29.02 million, compared to $45.92 million in Q3 2024. The significant decline in EPS and net income highlights the challenges faced by the company despite revenue growth.

Price Action

The stock price of Global Partners edged up 1.74% during the latest trading day but dropped 6.72% during the most recent full trading week, with a 7.22% month-to-date decline.

Post-Earnings Price Action Review

The strategy of buying GLP shares upon revenue beats and holding for 30 days shows potential, supported by Q3’s 6.2% revenue increase. The market’s initial 0.18% rise suggests positive reception, though historical volatility—such as the Q2 2025 earnings miss—indicates caution. Forward guidance of $7.21 billion revenue and $1.09 EPS for Q4 2025 offers optimism, but risks like asset impairment and revenue estimate declines must be considered.

CEO Commentary

Eric Slifka, President and CEO, highlighted strong Wholesale segment performance driven by terminal network optimization and favorable gasoline conditions. He emphasized capital discipline and operational efficiency, noting expansion into Houston’s Gulf Coast for marine fuel supply. Retail initiatives, including rebranded convenience stores and loyalty programs, were positioned as key growth drivers.

Guidance

Gregory Hanson, CFO, outlined 2025 full-year CapEx of $45–55 million for maintenance and $40–50 million for expansion. Trailing 12-month distribution coverage stood at 1.64x. The company reaffirmed its focus on disciplined capital allocation and operational efficiency but did not provide explicit revenue or EPS guidance for future periods.

Additional News

Global Partners announced a 0.7% increase in its quarterly distribution to $0.755 per unit, marking the 16th consecutive raise. The company expanded marine fuel operations into Houston’s Gulf Coast, leveraging existing terminal infrastructure. Additionally, it revised 2025 CapEx guidance downward to $45–55 million for maintenance and $40–50 million for expansion, reflecting cautious capital allocation amid market volatility.