Global Partners LP (NYSE: GLP), a midstream energy logistics and convenience store operator based in Newton, Massachusetts, reported financial results for the third quarter ended September 30, 2026, on November 6, 2026. Driven by strong execution across its refined petroleum terminal network and wholesale distribution operations, third-quarter net income reached $52.4 million, surging over 80 percent from $29.0 million in the third quarter of 2025. Diluted net income per unit increased from $0.66 to $1.26. Growth in wholesale distribution and bulk terminal logistics countered retail volume pressure caused by higher pump prices, delivering solid gains in operating cash flow, EBITDA, and distributable cash flow. Net Income Surges Over 80% on Wholesale and Terminal Execution According to the partnership's earnings release, total sales reached $6.7 billion for the three months ended September 30, 2026, climbing roughly 42 percent compared with $4.7 billion in the third quarter of 2025. Gross profit rose to $296.0 million from $271.4 million. Combined product margin, defined as gross profit adjusted for depreciation allocated to cost of sales, expanded to $329.1 million compared with $303.9 million in the prior-year period. Third-quarter EBITDA reached $120.8 million, up 24.4 percent from $97.1 million a year earlier, while adjusted EBITDA increased to $122.9 million compared with $98.8 million in the third quarter of 2025.
Integrated Supply Chain Balances Softening Retail Fuel Volumes
The Wholesale segment drove strong quarterly growth. Wholesale product margin expanded by $33.4 million to $111.4 million, compared with $78.0 million in the third quarter of 2025. Product margin from gasoline and gasoline blendstocks rose $14.3 million to $75.8 million, up from $61.5 million. Product margin from distillates and other oils increased $19.1 million to $35.6 million from $16.5 million. Wholesale sales reached $4.7 billion versus $3.1 billion, while wholesale volume held steady at 1.4 billion gallons. Commercial product margin totaled $7.1 million on volume of 124.7 million gallons. Across the partnership, total product volume stood at 1.9 billion gallons, flat compared with the third quarter of 2025.
CEO Eric Slifka stated: “Our third quarter results demonstrate the strength of our integrated liquid energy model, with strong growth in both EBITDA and distributable cash flow year over year. Solid execution across our terminal network and Wholesale business more than offset lower retail fuel volumes as higher pump prices weighed on demand, and our station operations held steady. That balance reflects the resilience of our integrated model.” Integrated Supply Chain Balances Softening Retail Fuel Volumes In retail operations, Gasoline Distribution and Station Operations (GDSO) product margin decreased by $8.3 million to $210.6 million from $218.9 million in the third quarter of 2025. Gasoline distribution margin declined $8.0 million to $136.8 million, as elevated prices dampened demand, reducing segment volume to 361.3 million gallons from 390.8 million gallons. Conversely, station operations product margin remained steady at $73.8 million, compared with $74.1 million in 2025. At quarter end, Global Partners operated or supplied 1,490 retail fueling and convenience sites (excluding 69 joint-venture sites), under banners including Alltown Fresh, Honey Farms, Jiffy Mart, and XtraMart. Global Partners ranks No. 27 on CSP's 2026 Top 202 convenience store chains.
The partnership's terminal infrastructure anchored operational stability. Global Partners operates or maintains dedicated storage across 54 liquid energy terminals spanning from Maine to Florida and into the Gulf Coast, connecting tanker berths, pipelines, and rail hubs. Operating expenses decreased by $1.4 million to $131.1 million, as lower maintenance costs across terminals offset higher credit card fees at retail stations. Selling, general, and administrative expenses totaled $79.4 million, while interest expense declined by $1.9 million to $31.4 million. Cash Generation Supports 20th Consecutive Distribution Increase and Debt Realignment Operational performance translated into strong cash accretion. Operating cash flow reached $179.8 million, compared with $19.0 million in 2025. Distributable cash flow (DCF) expanded to $70.1 million from $53.0 million, and adjusted DCF increased to $70.3 million from $53.3 million. Leveraging this cash flow, the Board declared a quarterly cash distribution of $0.7850 per unit ($3.14 annualized). This marks the partnership's 20th consecutive quarter of distribution increases, payable on November 13, 2026, to unitholders of record as of November 9, 2026. The partnership closed the quarter with distribution coverage of 2.3 times and leverage of 2.8 times.
Global Partners also completed key balance sheet enhancements. In July 2026, the partnership redeemed all $75 million of its 9.5% Series B preferred units. In addition, the partnership amended its credit agreement, extending maturity to October 16, 2031, maintaining its $1.0 billion working capital facility and $500.0 million revolving credit facility, while eliminating $300.0 million of interim commitments.
Third-quarter CapEx totaled $41.9 million, consisting of $19.3 million in maintenance CapEx and $22.6 million in expansion CapEx. For full-year 2026, management raised maintenance CapEx guidance by $5 million to $65 million to $75 million, while expansion CapEx guidance remained unchanged at $75 million to $85 million. CEO Slifka added: “We continue to strengthen our capital structure. The July redemption of our Series B preferred units and the extension of our credit facility to 2031 give us greater flexibility. With strong distribution coverage and low leverage, we are well positioned to invest in the business, return cash to unitholders, and pursue compelling opportunities with discipline.”
