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What does CrossAmerica do and what are its main business segments?

What is CrossAmerica's gross profit margin?

- **Retail Growth**: 10% gross profit increase, 19% margin expansion, and 1% inside sales growth offset by 8% volume decline.
- **Wholesale Resilience**: 13% margin improvement despite 6% volume drop, reflecting strategic site conversions.
- **Financial Health**: 22% EBITDA rise, 35% distributable cash flow increase, and 1.41x coverage ratio.
- **Debt Reduction**: $75 million debt paydown via $100 million asset sales, lowering leverage to 3.51x.
- **Future Outlook**: 2026 focus on margin optimization, selective asset sales, and retail expansion.

**【CEO Summary Section】**
- **Retail Segment Performance**: Gross profit increased 10% to $82.9 million, driven by a 19% rise in fuel margins ($0.449 vs. $0.376 per gallon). Same-store volume declined 8% YoY but outperformed national trends. Inside sales (excluding cigarettes) grew 1%, with strong performance in higher-margin categories like other tobacco products.
- **Wholesale Segment**: Gross profit decreased 7% to $24.2 million, but fuel margin improved 13% to $0.093 per gallon. Volume declined 6% due to site conversions to retail, with same-store volume down 3.5% vs. national demand of 5%.
- **Asset Optimization**: Sold 11 sites in Q4, generating $8.8 million proceeds, and completed $100 million in asset sales for the year, reducing debt by $75 million.
- **Expense Management**: Operating expenses declined 5% YoY, with retail and wholesale segments down 1% and 18%, respectively, due to efficient staffing and maintenance savings.

**【CFO Financial Commentary】**
- **Net Income & EBITDA**: Q4 net income of $10.2 million vs. $16.9 million in 2024, with adjusted EBITDA up 22% to $43.4 million. Full-year distributable cash flow rose 2% to $87.8 million, driven by lower interest expense ($46.2M vs. $50.4M) and asset sales, improving the distribution coverage ratio to 1.10x.
- **Balance Sheet Strength**: Reduced credit facility balance to $692.3 million, lowering leverage ratio to 3.51x from 4.36x. Interest rate swaps fixed 55% of debt at 3.4%, reducing effective rate to 5.6%.
- **Liquidity**: Q4 distributable cash flow of $28.5 million (35% YoY increase) supported a distribution of $0.525 per unit, with coverage at 1.41x.

**【Q&A Highlights】**
- No questions were asked during the call, but management emphasized continued focus on asset sales, class of trade conversions, and margin optimization for 2026.

CrossAmerica Partners LP(CAPL)-20260226-2025 Q4 Earnings call transcript

- **Revenue Decline**: Retail (-4%) and Wholesale (-10%) segments underperformed due to lower fuel margins and volume declines.
- **Inside Sales Growth**: 4% same-store growth (excluding cigarettes) driven by higher-margin categories.
- **Asset Sales Impact**: $100M YTD proceeds reduced debt by $62M, lowering leverage to 3.56x.
- **Expense Efficiency**: 6% YoY decline in operating expenses, with G&A down 11%.
- **Liquidity Strength**: Distributable cash flow stable at $27.8M, supported by reduced interest costs.

**【Management Opening Remarks】**
- Maura Topper provided an overview of the call structure, emphasizing operational and financial highlights for Q3 2025. She reminded listeners of the risks associated with forward-looking statements and non-GAAP measures.

**【CEO Operational Summary】**
- **Retail Segment**: Gross profit declined 4% to $80 million due to lower fuel margins ($0.384 vs. $0.406 per gallon) and 4% volume decline. Inside sales grew 4% (3% excluding cigarettes), driven by higher-margin categories like packaged beverages and food. Same-store volume underperformed national demand (-2.5% vs. -2.5% market decline). Site divestitures reduced company-operated sites by 8 and commission sites by 3.
- **Wholesale Segment**: Gross profit fell 10% to $24.8 million due to 5% volume decline and margin contraction. 177.7M gallons sold (-5% YoY). Asset sales generated $22M, reducing debt by $21.5M and lowering leverage to 3.56x (from 4.36x YoY).
- **Strategic Actions**: Sold 29 sites for $100M YTD, exceeding prior-year asset sales. Focused on optimizing portfolio for long-term success.

**【CFO Financial Commentary】**
- **Net Income**: $13.6M (vs. $10.7M YoY), driven by $7.4M asset sale gains and $1.3M interest expense decline.
- **Adjusted EBITDA**: $41.3M (-6% YoY), offset by $4M expense savings.
- **Distributable Cash Flow**: $27.8M (flat YoY) due to lower interest and capex.
- **Liquidity**: Reduced revolver balance to $705.5M, improving coverage ratio to 1.39x.
- **Expense Management**: Operating expenses down 6% ($57.5M vs. $60.7M YoY), with G&A down 11% and site-level costs optimized.

**【Q&A Highlights】**
- No questions were asked during the session.

CrossAmerica Partners LP Common Units (CAPL) Q3 2025 Earnings Call Transcript

- **Strategic Asset Sales**: $64M in proceeds reduced debt by $50M, positioning portfolio for long-term growth.
- **Resilient Retail Performance**: Outperformed national volume demand (-2% vs. -4%), with inside sales up 4% YoY.
- **Financial Strength**: Net income doubled YoY to $25.2M, leverage ratio improved to 3.65x, and interest expense reduced 12% YoY.
- **Challenges**: Adjusted EBITDA down 14% YoY, distributable cash flow -14%, reflecting macro demand headwinds.

**【CEO Operational Summary】**
- **Record Asset Sales**: Sold 60 sites for $64 million, reducing debt by $50 million and optimizing portfolio by exiting non-strategic markets (e.g., Kansas, Colorado). Proceeds were reinvested in strategic retail locations.
- **Operational Resilience**: 
  - Retail segment EBITDA declined 1% YoY to $76.1M, driven by 2% same-store volume decline vs. 4% national decline.
  - Inside sales (excluding cigarettes) grew 4% YoY, with strong performance in food/beverage categories.
  - Wholesale segment EBITDA fell 12% YoY to $24.9M due to 7% volume decline from class-of-trade conversions.
- **Fuel Margin Dynamics**: Retail fuel margin stable at $0.37/gallon (flat YoY), while wholesale margin declined 2% to $0.085/gallon.
- **Cost Management**: Q2 operating expenses increased 1% YoY to $57.9M, but 3% lower than Q1 2025, reflecting stabilization post-class-of-trade conversions.

**【CFO Financial Commentary】**
- **Net Income Growth**: $25.2M (vs. $12.4M YoY), driven by $28.4M gains from asset sales.
- **Adjusted EBITDA**: $37.1M (-14% YoY), impacted by lower fuel/rent gross profit and higher expenses.
- **Distributable Cash Flow**: $22.4M (-14% YoY), reflecting lower EBITDA and higher capex.
- **Balance Sheet Strength**: Reduced credit facility balance to $727M (from $778M Q1), lowering leverage ratio to 3.65x (vs. 4.36x end-2024).
- **Interest Savings**: Effective rate 6.1%, with 50% of debt hedged at 3.4% fixed rate.
- **Coverage Ratios**: Q2 coverage 1.12x (vs. 1.30x YoY), trailing 12-month coverage 1.0x (vs. 1.32x YoY).

CrossAmerica Partners LP Common Units (CAPL) Q2 2025 Earnings Call Transcript

- **Retail Margin Power**: 10% fuel margin expansion and 23% wholesale margin boost offset volume headwinds.
- **Site Conversion Payoff**: +64 sites year-over-year driving $63.2M retail GP, with 7 sites sold for $8.6M.
- **Financial Resilience**: 3% EBITDA growth vs 15% net loss reduction, despite 23% interest expense hike.
- **Growth Investments**: $7.4M in QSR and food programs to drive future traffic and margin.

**【CEO Operational Highlights】**
- **Retail Segment Growth**: Gross Profit increased 16% to $63.2M, driven by 10% higher fuel margin ($0.339 vs $0.308/gallon) despite 4% volume decline. Same-store inside sales outperformed market (-1% vs -3%).
- **Wholesale Segment Margin Expansion**: Fuel margin rose 23% to $0.097/gallon, offsetting 11% volume decline. 7 sites sold for $8.6M, with 2025 divestiture momentum expected.
- **Strategic Site Conversions**: +64 retail sites year-over-year, converting lessee dealers to company-operated/commissioned, driving future margin growth.

**【CFO Financial Summary】**
- **Adjusted EBITDA**: $24.3M (+3% YoY), despite $7.1M net loss (vs $17.5M prior year loss). Distributable cash flow $9.1M (-22% YoY) due to higher interest ($12.4M vs $10.1M) and capex.
- **Expense Management**: Retail opex +20% YoY (6% same-store), balanced by 19% wholesale opex decline. Sustaining capex $2.7M vs growth capex $7.4M for QSR expansion.
- **Leverage & Liquidity**: $778M debt with 4.27x leverage. 50% of debt hedged at 3.4% fixed rate, vs 6.1% effective rate. Focus on cash flow generation to reduce leverage.

CrossAmerica Partners (CAPL)-8 May 25-2025 Q1 Earnings call transcript

- **Retail Growth Driver**: 9% Q4 gross profit increase to $75.1M despite fuel margin decline, supported by 2% same-store volume vs. -4% national demand. 
- **Wholesale Restructuring**: 22% EBITDA decline in wholesale segment due to 12% volume drop, offset by $36.3M divestiture proceeds in 2024. 
- **Site Conversion Impact**: 107 sites converted to retail in 2024, driving 25% rise in retail expenses but positioning for long-term margin expansion. 
- **Financial Resilience**: 1.08x distribution coverage in 2024 vs. 1.46x prior year, with 50% debt hedged at 3.4% to mitigate rate risk. 
- **2025 Focus**: Portfolio optimization, retail customer experience enhancement, and capital recycling via divestitures.

**【CEO Operational Highlights】**
- **Retail Segment Performance**: Q4 2024 gross profit increased 9% to $75.1M, driven by merchandise margin growth despite a 9% decline in fuel margin ($0.376 vs. $0.415 per gallon). Same-store volume rose 2% vs. national demand decline of 4%. Inside sales (excluding cigarettes) grew 2% on a same-store basis. 
- **Wholesale Segment Challenges**: Q4 2024 gross profit declined 22% to $25.9M due to volume drop (12% to 180.5M gallons) and margin contraction (13% to $0.082 per gallon). 11 sites were divested for $17.3M in Q4, with 30 total divestitures in 2024 generating $36.3M.
- **Strategic Site Conversions**: Converted 107 sites to retail class of trade in 2024, increasing company-operated sites by 69 and commission agent sites by 30. Retail site count grew 99 to 1,200+ locations.
- **2025 Outlook**: Focus on optimizing portfolio through strategic conversions, enhancing retail customer experience, and maintaining wholesale partnerships. Expect continued capital recycling via divestitures.

**【CFO Financial Review】**
- **Net Income & EBITDA**: Q4 2024 net income $16.9M (vs. $16.7M), adjusted EBITDA $35.5M (-26% vs. Q4 2023). Full year 2024 distributable cash flow $86M (-26% vs. 2023). 
- **Operating Expenses**: Retail segment expenses rose 32% due to 25% increase in company-operated sites. Repairs/maintenance costs climbed 8% on same-store basis. Wholesale expenses declined 21% with site count reduction. 
- **Leverage & Interest**: Credit facility balance $767.5M (4.36x leverage). Interest expense $50.4M in 2024 (+20%). 50% of debt hedged at 3.4% fixed rate. 
- **Capital Allocation**: Q4 2024 capex $7.2M (50% growth-related). 2024 total capex $26.3M (+38% vs. 2023).

CrossAmerica Partners (CAPL)-27 Feb 25-2024 Q4 Earnings call transcript

CrossAmerica Partners (CAPL)-7 Nov 24-2024 Q3 Earnings call transcript

CrossAmerica Partners (CAPL)-9 May 24-2024 Q1 Earnings call transcript

CrossAmerica Partners (CAPL)-27 Feb 24-2023 Q4 Earnings call transcript

- **Wholesale Challenges**: 4% gross profit decline despite 2% volume growth, driven by lower fuel margins.
- **Retail Resilience**: Merchandise gross profit up 23%, same-store sales +4%, offsetting 30% fuel margin decline.
- **Financial Discipline**: Distributable cash flow $31.4M, coverage ratio 1.57x, with 4.35x leverage ratio.
- **Strategic Growth**: 40+ site conversions to company-operated retail, $8.3M from divestitures.

**【Management Opening Remarks】**
- CFO Maura Topper opened the call, noting the availability of presentation slides and reminding participants about forward-looking statements and GAAP/non-GAAP reconciliations. She emphasized the company's focus on operational execution and financial discipline.

**【CEO Summary Section】**
- **Wholesale Segment**: Gross profit declined 4% to $18.8M due to lower fuel margins ($0.086 vs $0.092 per gallon) despite a 2% volume increase to 217.3M gallons. Same-store volume fell 1.2% YoY, with recent weekly declines of 2-3%.
- **Retail Segment**: Gross profit rose to $67.6M, driven by a 23% increase in merchandise gross profit ($25.4M) and 4% same-store sales growth (9% excluding cigarettes). Fuel margin dropped 30% to $0.372 per gallon, but margins improved sequentially.
- **Site Conversions**: Converted 40+ sites to company-operated retail, enhancing profitability. Year-to-date, 8 properties were divested for $8.3M, freeing capital for growth or debt reduction.

**【CFO Financial Commentary】**
- **Net Income**: $12.3M vs $27.6M YoY, reflecting 2022's exceptional margins. Adjusted EBITDA was $44.2M vs $62.6M, with distributable cash flow at $31.4M vs $50.9M.
- **Expense Management**: Operating expenses rose $3.8M due to retail conversions, but G&A increased 4% solely from equity compensation. Same-store labor hours grew 2% YoY.
- **Capital Structure**: $762.5M credit facility balance with 65% fixed-rate swaps, yielding an effective rate of 4.9%. Leverage ratio was 4.35x, within target range.


Actual											2	0.14	0.56	0.24	-0.1	0.13	0.23	0.32	0.13	0.35	0.71	0.43	-0.04	0.36	0.31	0.42	-0.48	0.31	0.27	0.42	-0.2	0.64	0.34	0.25
Forecast											0.1633	-0.025	0.185	0.11	0.085	0.155	0.205	0.21	0.14	0.33	0.31	0.17	0.1	0.15	0.17	0.22	-0.01	0.06	0.25	0.04	-0.06	0.2	0.07	0.05
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+1124.74%	+660.00%	+202.70%	+118.18%	-217.65%	-16.13%	+12.20%	+52.38%	-7.14%	+6.06%	+129.03%	+152.94%	-140.00%	+140.00%	+82.35%	+90.91%	-4700.00%	+416.67%	+8.00%	+950.00%	-233.33%	+220.00%	+385.71%	+400.00%

CAPL

CAPL fundamentals

CAPL Q4 2025 Earnings

Earnings Call

You can ask Aime

CAPL

CAPL fundamentals

CAPL Q4 2025 Earnings

Earnings Call

CAPL Earnings Call Summary for Q4/20259:00 AM on Feb 26, 2026

CAPL Earnings Call Summary for Q3/20259:00 AM on Nov 6, 2025

CAPL Earnings Call Summary for Q2/20259:00 AM on Aug 7, 2025

CAPL Earnings Call Summary for Q1/20259:00 AM on May 8, 2025

CAPL Earnings Call Summary for Q4/20249:00 AM on Feb 27, 2025

You can ask Aime