\nGlobal Partners LP (NYSE: GLP) today reported financial results for the first quarter ended March 31, 2026.<\/p>\n
CEO Commentary<\/b><\/p>\n
\n\u201cSolid execution across all operating segments drove strong first\u2011quarter results for Global,\u201d said Eric Slifka, the Partnership\u2019s President and Chief Executive Officer. \u201cPerformance this quarter reflects the advantages of our integrated platform in a dynamic market environment.<\/p>\n
\n\u201cOur strategy is built to adapt to changing market conditions, optimize our assets and focus on maximizing returns,\u201d Slifka said. \u201cThat disciplined approach continues to guide how we run the business and deliver value for our unitholders.\u201d<\/p>\n
First-Quarter 2026 Financial Highlights<\/b><\/p>\n
\nNet income in the first quarter of 2026 was $70.1 million, or $1.85 per diluted common limited partner unit, compared with net income of $18.7 million, or $0.36 per diluted common limited partner unit, in the same period of 2025.<\/p>\n
\nEarnings before interest, taxes, depreciation and amortization (EBITDA) was $142.1 million in the first quarter of 2026 compared with $91.9 million in the same period of 2025.<\/p>\n
\nAdjusted EBITDA was $140.4 million in the first quarter of 2026 versus $91.3 million in the same period of 2025.<\/p>\n
\nDistributable cash flow (DCF) was $96.4 million in the first quarter of 2026 compared with $45.7 million in the same period of 2025.<\/p>\n
\nAdjusted DCF was $96.8 million in the first quarter of 2026 compared with $46.5 million in the same period of 2025.<\/p>\n
\nGross profit in the first quarter of 2026 was $332.2 million compared with $255.2 million in the same period of 2025.<\/p>\n
\nCombined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $365.1 million in the first quarter of 2026 compared with $288.6 million in the same period of 2025.<\/p>\n
\nCombined product margin, EBITDA, adjusted EBITDA, DCF and adjusted DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under \u201cUse of Non-GAAP Financial Measures.\u201d Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three months ended March 31, 2026, and 2025.<\/p>\n
\nGasoline Distribution and Station Operations (GDSO) segment product margin was $199.3 million in the first quarter of 2026 compared with $187.9 million in the same period of 2025. Product margin from gasoline distribution increased to $136.7 million from $125.8 million in the year-earlier period, primarily due to higher fuel margins (cents per gallon). Product margin from station operations was $62.6 million compared with $62.1 million in the first quarter of 2025, due in part to an increase in sundries.<\/p>\n
\nWholesale segment product margin was $154.1 million in the first quarter of 2026 compared with $93.6 million in the same period of 2025. Gasoline and gasoline blendstocks product margin was $101.2 million compared with $57.1 million in the same period of 2025, primarily due to more favorable market conditions, largely in gasoline. Product margin from distillates and other oils was $52.9 million in the first quarter of 2026 compared with $36.5 million in the same period of 2025, primarily due to more favorable market conditions, largely in residual oil.<\/p>\n
\nCommercial segment product margin was $11.7 million in the first quarter of 2026 compared with $7.1 million in the same period of 2025, in part due to more favorable market conditions.<\/p>\n
\nTotal sales were $5.3 billion in the first quarter of 2026 compared with $4.6 billion in the same period of 2025. Wholesale segment sales were $3.8 billion in the first quarter of 2026 compared with $3.2 billion in the same period of 2025. GDSO segment sales were $1.1 billion in the first quarters of 2026 and 2025. Commercial segment sales were $367.4 million in the first quarter of 2026 compared with $275.1 million in the same period of 2025.<\/p>\n
\nTotal volume was 2.1 billion gallons in the first quarter of 2026 compared with 1.9 billion gallons in the same period of 2025. Wholesale segment volume was 1.6 billion gallons in the first quarter of 2026 compared with 1.4 billion gallons in the same period of 2025. GDSO volume was 331.9 million gallons in the first quarter of 2026 compared with 357.6 million gallons in the same period of 2025. Commercial segment volume was 166.8 million gallons in the first quarter of 2026 compared with 124.8 million gallons in the same period of 2025.<\/p>\n
Recent Developments<\/b><\/p>\n Financial Results Conference Call<\/b><\/p>\n \nManagement will review the Partnership\u2019s first-quarter 2026 financial results in a teleconference call for analysts and investors today.<\/p>\n\n
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