GLOBAL PARTNERS LP

Listed Company

GLP-PBCIK 0001323468NYSELarge AcceleratedWholesale-Petroleum Bulk Stations & TerminalsFY ends Dec 31

Period

FY 2025

Revenue

$18.56B

Net Income

$97.98M

Total Assets

$3.85B

Equity

—

Shares Out

34.00M

Op. Cash Flow

$284.80M

Business

GLOBAL PARTNERS LP owns, controls and operates a large network of refined petroleum and renewable fuels terminals and retail gasoline stations, and manages logistics for purchasing, blending, storing and transporting petroleum products. Its main products and services include branded and unbranded gasoline and gasoline blendstocks, distillates (home heating oil, diesel, kerosene), residual oil, crude oil, propane, renewable fuels, convenience store merchandise and related retail services. The business is organized into three segments: Wholesale, Gasoline Distribution and Station Operations (GDSO) and Commercial. It serves markets across the U.S. Northeast, Maryland, Virginia and Gulf States, with distribution via truck, rail, pipeline and marine channels and certain joint venture-operated sites in Texas.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales	18,561	17,164	16,492	18,878	13,248
Cost of sales	17,499	16,106	15,519	17,780	12,529
Gross profit	1,062	1,058	974	1,098	719
Selling, general and administrative expenses	306	292	274	263	213
Operating expenses	519	515	451	445	354
Amortization expense	5	8	8	9	11
Net gain on sale and disposition of assets	−3	−9	−3	−80	−506,000
Long-lived asset impairment	231,000	492,000	0	0	380,000
Total costs and operating expenses	827	807	730	637	577
Operating income	235	251	244	460	142
Income (loss) from equity method investments	5	−2	3	—	—
Interest expense	−137	−135	−86	−81	−80
Loss on early extinguishment of debt	−3	—	—	—	—
Income before income tax expense	99	115	161	379	62
Income tax expense	−1	−5	−8	−17	−1
Net income	98	110	153	362	61
Less: General partner's interest in net income, including incentive distribution rights	19	15	10	7	4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	12	8	20	4	11
Accounts receivable, net (less allowance of $4,174 and $3,132 at December 31, 2025 and 2024, respectively)	530	473	552	479	411
Accounts receivable-affiliates	3	6	8	2	—
Inventories	549	594	397	567	510
Brokerage margin deposits	18	20	13	23	34
Derivative assets	17	14	18	20	12
Prepaid expenses and other current assets	98	92	91	74	87
Total current assets	1,227	1,207	1,098	1,169	1,065
Property and equipment, net	1,657	1,707	1,514	1,218	1,099
Right of use assets, net	378	302	253	288	280
Intangible assets, net	13	19	21	27	26
Goodwill	422	422	429	428	328
Equity method investments	114	93	94	—	—
Other assets	38	39	38	31	32
Total assets	3,851	3,788	3,446	3,161	2,831
Accounts payable	573	510	649	531	353
Working capital revolving credit facility-current portion	126	130	17	153	205
Lease liability-current portion	74	57	60	65	62
Environmental liabilities-current portion	7	8	5	5	5
Trustee taxes payable	84	67	67	43	44
Accrued expenses and other current liabilities	208	223	180	157	139
Derivative liabilities	5	6	5	18	32
Total current liabilities	1,076	1,000	983	971	840
Working capital revolving credit facility-less current portion	100	100	—	—	150
Revolving credit facility	104	167	380	99	43
Senior notes	1,233	1,187	743	741	739
Lease liability-less current portion	311	252	200	231	228
Environmental liabilities-less current portion	89	91	71	64	48
Financing obligations	129	134	138	142	144
Deferred tax liabilities	65	64	69	66	57
Other long-term liabilities	70	77	61	57	53
Total liabilities	3,175	3,072	2,645	2,372	2,303
Commitments and contingencies (see Note 12)	—	—	—	—	—
General partner interest (0.67% interest with 230,303 equivalent units outstanding at December 31, 2025 and 2024)	4	3	2	406,000	−2
Total partners' equity	676	717	801	788	528
Total liabilities and partners' equity	3,851	3,788	3,446	3,161	2,831

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	143	140	110	105	102
Amortization of deferred financing fees	8	7	6	5	5
Bad debt expense	1	−20,000	855,000	131,000	−51,000
Unit-based compensation expense	13	15	11	3	707,000
Write-off of financing fees	—	1	482,000	—	365,000
Deferred income taxes	986,000	−5	3	10	599,000
Dividends received on equity method investments	477,000	204,000	1	—	—
Accounts receivable	−59	79	−74	−68	−184
Accounts receivable-affiliate	4	2	−6	−1	1
Inventories	44	−200	172	−52	−124
Broker margin deposits	2	−7	11	10	−12
Prepaid expenses, all other current assets and other assets	−12	−2	−19	14	25
Accounts payable	63	−139	118	178	145
Trustee taxes payable	17	−645,000	24	−1	8
Change in derivatives	−5	5	−11	−22	25
Accrued expenses, all other current liabilities and other long-term liabilities	−29	33	18	18	−3
Net cash provided by operating activities	285	32	512	480	50
Acquisitions of terminals	—	−215	−313	—	—
Acquisition	—	—	−2	−256	−18
Equity method investments	−30	−19	−95	—	—
Capital expenditures	−91	−103	−89	−107	−102
Seller note issuances, net	938,000	−7	−8	−2	−2
Dividends received of equity method investments	13	19	2	—	—
Proceeds from sale of property and equipment, net	7	49	13	129	6
Net cash used in investing activities	−101	−277	−492	−236	−115
Proceeds from senior notes, net	441	441	—	—	—
Repayment of senior notes	−400	—	—	—	—
Redemption of Series A preferred units	—	−69	—	—	—
Repurchase of common units	−10	−14	−4	−3	−4
LTIP units withheld for tax obligations	−13	−2	−469,000	−2	−2
Distribution equivalent rights	−4	−566,000	−149,000	—	—
Distributions to limited partners and general partner	−127	−122	−145	−100	−92
Net cash (used in) provided by financing activities	−180	234	−4	−251	66
Increase (decrease) in cash and cash equivalents	4	−11	16	−7	1
Cash paid during the period for interest	129	95	65	61	55
Net cash paid during the period for income taxes	6	9	3	8	−15

Filings

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