📈 Price History

Ratio Health

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📊 Sector Averages

About

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2025

Mixed

Management acknowledges Q2 declines due to weather and tough comparables but strongly emphasizes first-half growth (net income +8%, adj. EBITDA +7%, adj. DCF +9%). Forward-looking statements express confidence in operational excellence and disciplined capital allocation, yet the CEO avoids giving specific full-year guidance beyond CapEx.

Q3 2025

Confident Specific

CEO opened with 'We performed well, consistent with our expectations' and provided detailed financial explanations for declines, including one-time gains last year and lower fuel margins. CFO gave specific segment breakdowns and maintained confidence in operational strength.

Q4 2025

Confident Specific

Management struck a confident and specific tone, highlighting disciplined execution, a 17th consecutive distribution increase, and specific leverage and coverage ratios. They acknowledged uneven market conditions but emphasized the strength of their diversified platform and provided detailed CapEx guidance for 2026.

Q1 2026 latest

Confident Specific

Management repeatedly used positive descriptors like 'strong execution', 'resiliency', 'disciplined execution', and cited specific financial improvements (net income from $18.7M to $70.1M, EBITDA from $91.9M to $142.1M), while also acknowledging market volatility from geopolitical conflict.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call due to the exceptional Q1 results, distribution growth, and strong balance sheet. However, the sustainability is uncertain: a significant portion of the beat is attributed to conflict-driven volatility, and management acknowledged potential future headwinds from backwardation in carrying hedged inventory and early signs of demand weakness. The company's diversified asset base and flexible inventory management are positives. Key items to watch next quarter are volume trends during the summer driving season, fuel margin evolution in a volatile environment, and any M&A execution. The overall thesis remains intact but is more contingent on macro conditions.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED Global Partners Q1 2026 net income $70.1M, EBITDA $142.1M, distribution $0.7650 per unit

Revenue & Profitability

Net income for Q1 2026 was $70.1 million versus $18.7 million in Q1 2025. EBITDA was $142.1 million compared to $91.9 million, and adjusted EBITDA was $140.4 million versus $91.3 million. Distributable cash flow was $96.4 million, up from $45.7 million. Leverage stood at 3.1x as of March 31, 2026.

Outlook

Management noted that U.S. inventories are at low levels heading into the summer driving season, with imports into PADD 1 light and exports robust. Even if the geopolitical conflict resolves, restoring global production and inventory levels will take time. The COO expects lasting fundamental strength in the market through at least the end of 2026, with potential for countries to build strategic inventories, adding to demand.

Growth Drivers

Growth levers include continued optimization of the asset base, disciplined inventory management to capture margin in volatile markets, and loyalty/promotion programs to drive C-store traffic. The company remains active in acquisition processes, though the environment is competitive. Expansion CapEx is directed primarily at the gasoline station business.

Balance Sheet & CapEx

Q1 2026 CapEx was $31.9 million ($10 million maintenance, $21.9 million expansion). Full-year 2026 guidance: maintenance CapEx of $60-70 million and expansion CapEx (excluding acquisitions) of $75-85 million, primarily for gasoline station investments. Actual spend depends on project timing, equipment availability, weather, and unforeseen events.

Margins

GDSO fuel margin improved to $0.41 per gallon in Q1 2026 from $0.35 in Q1 2025. Wholesale product margins increased $60.5M due to favorable conditions in gasoline and residual oil. Management expects steep backwardation to increase inventory carrying costs in future periods. Station operations product margins were flat, up $0.5M to $62.6M.

Key Risks

Key risks flagged include: geopolitical conflict and global supply disruptions driving volatility; potential demand destruction from higher fuel prices affecting consumer spending; backwardation increasing cost of carrying hedged inventory; low U.S. inventories ahead of the driving season; and the possibility that an end to the conflict does not immediately solve supply tightness. SG&A increased due to higher performance-based incentive comp but is expected to normalize.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-07

Q2 2026 saw strong financial and operational performance, with net income and EBITDA rising sharply year-over-year. All segments contributed to growth, supported by improved fuel margins and disciplined capital management. The balance sheet remains robust, and the company is well-positioned for continued returns.

Q1 2026 Q1 2026 2026-05-08

Q1 2026 saw exceptional financial performance with net income and EBITDA more than doubling year-over-year, driven by strong segment margins and favorable market conditions. Management remains focused on disciplined execution amid ongoing volatility and expects CapEx and SG&A to normalize for the rest of the year.

Q4 2025 Q4 2025 2026-02-27

Disciplined execution and strategic acquisitions drove higher volumes and margins in 2025, despite mixed segment performance. Strong fuel margins and portfolio optimization supported results, while investments in analytics and infrastructure position the business for future growth.

Q3 2025 Q3 2025 2025-11-07

Q3 2025 saw strong wholesale performance and continued terminal network optimization, though net income and margins declined year-over-year. Retail initiatives and expansion into Houston's marine fuel market support long-term growth, while CapEx and distribution coverage remain robust.

Q2 2025 Q2 2025 2025-08-07

Second-quarter results showed year-to-date net income up 8% and adjusted EBITDA up 7% year-over-year, despite weather-related headwinds and lower site count. Recent terminal acquisitions and disciplined capital allocation supported long-term growth, with a 15th consecutive distribution increase.

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