Global Partners (GLP) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results, with net income of $70.1 million, up from $18.7 million year-over-year, driven by solid execution, higher sales, and improved margins across all segments, especially in the Northeast due to a colder winter and improved fuel margins.

• Total sales increased 16% to $5.32 billion, with aggregate product volume up 210 million gallons to 2.1 billion gallons.

• Gross profit rose 30% to $332.2 million, reflecting favorable market conditions and higher fuel margins.

• The business model's resiliency was highlighted by its ability to perform across volatile market conditions, supported by a diversified asset portfolio and disciplined risk management.

• Eighteenth consecutive quarterly cash distribution increase was approved, with $0.7650 per common unit and $0.59375 per Series B preferred unit.

Financial highlights

• Net income for Q1 2026 was $70.1 million, up from $18.7 million year-over-year; EBITDA rose to $142.1 million from $91.9 million, and adjusted EBITDA reached $140.4 million versus $91.3 million.

• Distributable cash flow was $96.4 million, with adjusted DCF at $96.8 million, both more than doubling year-over-year.

• Gross profit reached $332.2 million, up from $255.2 million; combined product margin was $365.1 million, up from $288.6 million year-over-year.

• Total sales were $5.3 billion, compared to $4.6 billion year-over-year.

• Working capital increased to $184.5 million from $151.3 million at year-end 2025.

Outlook and guidance

• SG&A expenses are expected to normalize for the remainder of 2026 after a Q1 increase due to higher incentive compensation.

• Maintenance CapEx for 2026 is projected at $60–$70 million, with expansion CapEx (excluding acquisitions) at $75–$85 million.

• Management expects continued volatility in petroleum markets and highlights risks from commodity prices, credit markets, and regulatory changes.

• Sufficient liquidity is anticipated from operations, credit facilities, and potential equity/debt issuance.

• Management remains focused on disciplined execution and risk management amid ongoing geopolitical conflict and market volatility.