Global Partners LP

What they do

Global Partners owns, controls or has access to a terminal network spanning from Maine to Florida and into the U.S. Gulf States, connected by rail, pipeline and marine assets. It distributes gasoline, distillates, residual oil, renewable fuels, crude oil and propane to wholesalers, retailers and commercial customers, and operates a portfolio of 1,524 owned, leased or supplied gasoline stations, including 290 directly operated convenience stores, primarily in the Northeast.

Revenue drivers

• Gasoline Distribution and Station Operations (GDSO) — Second quarter 2026 product margin of $245.2 million; gasoline distribution margin was $175.0 million, station operations margin $70.2 million. Sales of $1.5 billion in Q2 2026.
• Wholesale segment — Second quarter 2026 product margin of $106.5 million; gasoline and blendstocks margin $78.4 million, distillates and other oils $28.1 million. Sales of $4.9 billion in Q2 2026.
• Commercial segment — Product margin increased to $10.5 million in Q2 2026 from $6.1 million, driven by more favorable bunkering conditions. Sales were $370.2 million in Q2 2026.
• Other revenues — Convenience store and prepared food sales, rental income from dealer leased and commissioned agent leased stations, and cobranding arrangements contributed $0.5 billion in 2025.

Recent performance

In Q2 2026, net income was $71.0 million ($1.86 per diluted unit) versus $25.2 million ($0.55) a year ago; EBITDA rose to $146.0 million from $95.7 million. Total sales were $6.8 billion in Q2 2026, up from $4.6 billion, on flat volume of 2.0 billion gallons. Full-year 2025 revenue was $8.71 billion and net income was $98.0 million. Operating cash flow in 2025 was $284.8 million.

Strategy

Global Partners is expanding marine fuel supply operations into the Gulf Coast via throughput and barge time-charter arrangements to serve the Port of Houston and adjacent ports. It completed a $450.0 million 7.125% senior notes offering in June 2025 and used proceeds to refinance 7.00% notes due 2027, and amended its credit agreement in March 2025 to extend maturity to March 2028. The partnership is investing in real estate, including a joint venture to acquire an office building in Newton, Massachusetts, and leasing space in it. Management emphasizes disciplined capital deployment and long-term value creation across its liquid energy platform.

Risks

• Cash distribution risk — The partnership may not have sufficient cash from operations to maintain distributions on common units or pay preferred unit distributions after reserves and fees.
• Tariff and import/export controls — Tariffs and other controls on imports and exports could significantly impact operations and costs, adversely affecting the business.
• Demand disruption from alternative fuels — Higher prices, new technologies and alternative fuels such as electric, hybrid, battery powered or hydrogen vehicles could reduce demand for motor fuels and customer visits.
• Transportation dependency — The business depends on marine, pipeline, rail and truck transportation; disruptions or regulatory changes could adversely affect logistics activities and results.

Outlook

Management stated the second quarter showed strong contributions across all segments and that the breadth of the liquid energy platform allows value creation across market conditions. They remain committed to pursuing growth that creates durable value, deploying capital with discipline and managing for the long term. The strength of the balance sheet provides flexibility to deliver attractive returns to unitholders.