CrossAmerica Partners LP reported a decrease in operating revenues for the fiscal year ended December 31, 2025, totaling $3.66 billion, down 11% from $4.1 billion in 2024. The decline was primarily attributed to a 12% drop in fuel sales revenue, driven by a 7% decrease in the average selling price of fuel and a 5% reduction in sales volume. Despite the revenue decline, the company achieved an operating income of $97.6 million, a 38% increase from the previous year, largely due to improved gross profit margins in its retail segment and gains from real estate dispositions.
In terms of operational metrics, CrossAmerica's retail segment saw a gross profit increase of 4%, reaching $302.2 million, while the wholesale segment experienced a gross profit decrease of 7%, totaling $100.5 million. The company operated 352 retail sites at the end of 2025, a slight decrease from 365 in 2024, while the number of commission agent sites increased to 231 from 229. The total number of fuel distribution sites decreased to 986 from 1,041, reflecting ongoing strategic adjustments in its operations.
The company continued to focus on optimizing its asset portfolio, divesting lower-performing properties while converting certain lessee dealer sites to company-operated or commission agent sites. In 2025, CrossAmerica sold 107 sites for $103.3 million, resulting in net gains of $45.9 million. The company also reported a significant increase in merchandise sales, which rose by 4% to $407.2 million, driven by an increase in the average company-operated site count and improved sales in its base business.
Looking ahead, CrossAmerica anticipates that its financial performance in 2026 will be influenced by fluctuations in crude oil prices, which directly impact its cost of sales and gross profit. The company plans to continue evaluating its asset portfolio for optimal use and will pursue acquisitions that align with its growth strategy. However, it remains cautious about market conditions and the potential impact of economic factors on its operations and cash flow. The company maintains a cash distribution policy, with a minimum quarterly distribution of $0.4375 per unit, but noted that future distributions are subject to the discretion of its Board and may be modified or revoked.
About CrossAmerica Partners LP
CrossAmerica Partners LP is a leading distributor and retailer of motor fuels and convenience merchandise in the U.S. It operates through wholesale and retail segments, owning or leasing approximately 1,100 sites, and supplies major brands like ExxonMobil, BP, Shell, and Valero. The company generates revenue from fuel distribution, retail sales, and real estate leasing, focusing on prime locations and strategic acquisitions to maximize cash flow and distributions.
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