CrossAmerica Partners LP reported its financial results for the third quarter and the first nine months of 2025, revealing a decrease in operating revenues and a notable increase in profitability compared to the same period in 2024. For the three months ended September 30, 2025, the company generated operating revenues of $971.8 million, a decline of 10% from $1.08 billion in the prior year. However, net income rose to $13.6 million, up from $10.7 million, resulting in a net income available to limited partners of $12.9 million, or $0.34 per common unit, compared to $0.27 per unit in the same quarter last year.
In the nine-month period ending September 30, 2025, CrossAmerica's operating revenues decreased by 11% to $2.8 billion, down from $3.15 billion in 2024. Despite this decline, net income surged to $31.6 million from $5.6 million in the previous year, reflecting a significant improvement in profitability. The increase in net income was attributed to a combination of factors, including a reduction in operating expenses and gains from asset dispositions, which totaled $40.8 million for the nine months, compared to a loss of $6.5 million in the same period last year.
Strategically, CrossAmerica has been active in optimizing its asset portfolio. The company completed the Applegreen Acquisition, transitioning 59 sites from lessee dealer operations to company-operated sites, which is expected to enhance retail segment profitability. Additionally, the company has focused on divesting lower-performing properties, selling 96 sites for $94.5 million in proceeds during the first nine months of 2025, compared to 19 sites for $19 million in the same period of 2024. This strategy is part of an ongoing effort to refine its operational focus and improve overall financial performance.
Operationally, the company reported a decrease in the volume of gallons sold, which fell by 5% due to the loss of independent dealer contracts and reduced activity in its base business. The average retail fuel selling price also declined by 9%, contributing to lower revenues. However, merchandise sales increased by 6%, driven by a rise in the average company-operated site count. As of September 30, 2025, CrossAmerica operated 353 company-operated retail sites and 233 commission agent sites, maintaining a total of 586 retail locations.
Looking ahead, CrossAmerica anticipates continued volatility in crude oil prices, which will impact its cost of sales and gross profit. The company plans to further evaluate the highest and best use for its properties, which may lead to additional conversions and divestitures. Management expects that these strategic decisions will enhance profitability in the retail segment while potentially reducing gross profit in the wholesale segment. The company remains committed to optimizing its capital structure and managing its debt effectively, with a focus on maintaining sufficient cash flow to support operations and distributions to unitholders.
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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