Global Partners LP reported a total revenue of $18.6 billion for the fiscal year ending December 31, 2025, marking an increase of 8% from $17.2 billion in 2024. The growth was primarily driven by a rise in the volume of products sold, which reached 7.9 billion gallons, up from 6.6 billion gallons in the previous year. However, the company experienced a decline in net income, which fell to $98 million from $110 million in 2024. The decrease in profitability was attributed to various factors, including increased selling, general, and administrative expenses, which rose by 5% to $305.7 million, and a decline in product margins in certain segments.
In 2025, Global Partners expanded its operations by entering the Gulf Coast marine fuel supply market, enhancing its logistical capabilities. The company also issued $450 million in senior notes due 2033, using the proceeds to redeem a portion of its 2027 notes and reduce outstanding borrowings under its credit agreement. Additionally, the company amended its credit agreement to extend the maturity date to March 2028 and increase its working capital revolving credit facility from $950 million to $1 billion.
Operationally, Global Partners managed a portfolio of 1,524 gasoline stations as of December 31, 2025, a slight decrease from 1,584 in 2024. The company’s gasoline distribution segment saw a revenue decline to $4.2 billion, down 12% from the previous year, while the wholesale segment reported a 20% increase in sales to $7.8 billion. The commercial segment also experienced growth, with sales rising to $1.1 billion, reflecting a 4% increase. Despite these fluctuations, the overall product margin remained stable at approximately $1.2 billion, slightly up from $1.18 billion in 2024.
Looking ahead, Global Partners anticipates continued challenges due to market volatility, including fluctuations in commodity prices and potential disruptions in transportation services. The company is focused on maintaining its operational efficiency and exploring further growth opportunities through acquisitions and capital investments. However, it remains cautious about external factors such as regulatory changes, geopolitical events, and evolving consumer preferences that could impact its financial performance and cash distribution capabilities in the future.
About GLOBAL PARTNERS LP
Global Partners LP is a master limited partnership engaged in the logistics, distribution, and sale of refined petroleum products, renewable fuels, and crude oil. It operates a large network of terminals, owns and supplies gasoline stations and convenience stores primarily in the U.S. Northeast, and provides transportation via rail, pipeline, truck, and marine assets. The company focuses on energy supply, distribution, and retail services with a competitive edge in logistics and strategic assets.
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