Global Partners 2025 Q3 Earnings Net Income Drops 36.8% Amid Revenue Growth

Global Partners (GLP) reported Q3 2025 earnings on Nov 8, 2025, with revenue rising 6.2% to $4.69 billion but net income declining 36.8% to $29.02 million. The results missed revenue estimates by 20% and EPS fell 44.1% to $0.66. Management emphasized operational discipline and wholesale segment strength, while the GDSO segment faced margin pressures.

Revenue

Global Partners’ total revenue grew to $4.69 billion in Q3 2025, driven by a 6.2% year-over-year increase. The Wholesale segment led with $3.12 billion in revenue, bolstered by favorable gasoline market conditions and terminal network optimization. Gasoline and gasoline blendstocks contributed $2.09 billion, while distillates and other oils accounted for $1.03 billion. The Gasoline Distribution and Station Operations segment generated $1.28 billion, with gasoline distribution at $1.13 billion and station operations adding $151.91 million. The Commercial segment added $297.85 million to the total.

Earnings/Net Income

Net income fell sharply to $29.02 million in Q3 2025, a 36.8% decline from $45.92 million in the prior-year period. Earnings per share (EPS) dropped 44.1% to $0.66, reflecting margin compression in the GDSO segment and higher operating expenses. The decline underscores the challenge of balancing growth in the wholesale segment with retreating retail fuel margins.

Post-Earnings Price Action Review

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 and 7.22% month-to-date.

CEO Commentary

Eric Slifka, CEO, highlighted operational discipline and wholesale segment success amid favorable gasoline market conditions. He emphasized strategic expansion of the terminal network through acquisitions (Motiva, Gulf, ExxonMobil) and retail innovation, including rebranded convenience stores under “all-time Fresh” and “Honey Farms Market.” The CEO also noted expansion into Houston’s bunkering market as a strategic move to leverage differentiated assets.

Guidance

Gregory Hanson, CFO, outlined 2025 full-year maintenance CapEx of $45–55 million and expansion CapEx of $40–50 million. The Board raised the quarterly distribution to $75.50 per unit ($3.02 annualized), marking the 16th consecutive increase. Trailing 12-month distribution coverage stood at 1.64x. Qualitative guidance included retail portfolio optimization and cautious optimism about Q4 retail M&A activity.

Additional News

Global Partners expanded marine fuel supply operations into the Port of Houston, signaling strategic growth in the bunkering market. The company also announced a 16th consecutive quarterly distribution increase to $75.50 per unit, reflecting confidence in cash flow resilience. Additionally, management outlined a 2025 capex plan of $85M–$105M, prioritizing terminal and retail network investments while maintaining leverage at 3.6x funded debt.