Crossamerica Partners (CAPL) Q4 2025 earnings summary

Executive summary

• Fourth quarter and full year 2025 saw strong operational performance, with robust retail and wholesale fuel margins, solid merchandise sales, and strategic asset sales, outperforming the prior year across both segments.

• Net income for Q4 2025 was $10.2 million, down 40% year-over-year, while full year net income rose 86% to $41.8 million, driven by higher retail segment gross profit and lower interest expense.

• Adjusted EBITDA for Q4 2025 rose 22% year-over-year to $43.4 million; full year Adjusted EBITDA was $146 million, roughly flat year-over-year.

• Distributable cash flow for Q4 2025 increased 35% to $28.5 million; full year 2025 was $87.8 million, up 2% from 2024.

• Strategic focus included asset sales, class of trade conversions, and disciplined expense management, resulting in a stronger operating portfolio and improved financial flexibility.

Financial highlights

• Retail segment Q4 2025 gross profit increased 10% to $82.9 million; full year up 4% to $302.2 million.

• Wholesale segment Q4 2025 gross profit declined 7% to $24.2 million; full year down 7% to $100.5 million.

• Retail margin per gallon in Q4 increased 19% year-over-year to $0.449; full year up 5% to $0.386.

• Wholesale margin per gallon in Q4 rose 13% year-over-year to $0.093; full year up 7% to $0.091.

• Distribution paid per LP unit remained flat at $0.5250 for Q4 and $2.1000 for the full year.

Outlook and guidance

• 2026 will focus on executing retail and wholesale fundamentals, continued site divestitures (at a lower level than 2025), and further class of trade conversions to maximize asset value.

• Proceeds from divestitures will be used for growth investments and further balance sheet strengthening.

• The business is positioned to generate solid economic returns and cash flow in 2026 and beyond, supported by recent debt reduction and real estate optimization.

• Strategy includes expanding retail operations at controlled sites to benefit from favorable industry market dynamics.