GLOBAL PARTNERS LP Revenue Disclosure
Note 5. Revenue from Contracts with Customers
Disaggregation of Revenue
The following table provides the disaggregation of revenue from contracts with customers and other sales by segment for the periods presented (in thousands):
Year Ended December 31, 2025 |
| ||||||||||||
Revenue from contracts with customers: | | Wholesale | | GDSO | | Commercial | | Total |
| ||||
Petroleum and related product sales | $ | 3,210,899 | $ | 4,237,035 | $ | 803,650 | $ | 8,251,584 | |||||
Station operations |
| — |
| 461,530 |
| — |
| 461,530 | |||||
Total revenue from contracts with customers | 3,210,899 | 4,698,565 | 803,650 | 8,713,114 | |||||||||
Other sales: | |||||||||||||
Revenue originating as physical forward sale contracts and exchange agreements | 9,443,856 | — | 315,156 | 9,759,012 | |||||||||
| 4,170 |
| 85,125 |
| — |
| 89,295 | ||||||
Total other sales | 9,448,026 | 85,125 | 315,156 | 9,848,307 | |||||||||
Total sales | $ | 12,658,925 | $ | 4,783,690 | $ | 1,118,806 | $ | 18,561,421 | |||||
Year Ended December 31, 2024 |
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Revenue from contracts with customers: | | Wholesale | | GDSO | | Commercial | | Total |
| ||||
Petroleum and related product sales | $ | 2,671,984 | $ | 4,807,765 | $ | 725,395 | $ | 8,205,144 | |||||
Station operations |
| — |
| 481,982 |
| — |
| 481,982 | |||||
Total revenue from contracts with customers | 2,671,984 | 5,289,747 | 725,395 | 8,687,126 | |||||||||
Other sales: | |||||||||||||
Revenue originating as physical forward sale contracts and exchange agreements | 8,042,841 | — | 346,662 | 8,389,503 | |||||||||
| 3,080 |
| 83,857 |
| — |
| 86,937 | ||||||
Total other sales | 8,045,921 | 83,857 | 346,662 | 8,476,440 | |||||||||
Total sales | $ | 10,717,905 | $ | 5,373,604 | $ | 1,072,057 | $ | 17,163,566 | |||||
Year Ended December 31, 2023 |
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Revenue from contracts with customers: | | Wholesale | | GDSO | | Commercial | | Total |
| ||||
Petroleum and related product sales | $ | 3,303,951 | $ | 5,268,268 | $ | 689,201 | $ | 9,261,420 | |||||
Station operations |
| — |
| 490,942 |
| — |
| 490,942 | |||||
Total revenue from contracts with customers | 3,303,951 | 5,759,210 | 689,201 | 9,752,362 | |||||||||
Other sales: | |||||||||||||
Revenue originating as physical forward sale contracts and exchange agreements | 6,307,155 | — | 349,123 | 6,656,278 | |||||||||
| 2,210 |
| 81,324 |
| — |
| 83,534 | ||||||
Total other sales | 6,309,365 | 81,324 | 349,123 | 6,739,812 | |||||||||
Total sales | $ | 9,613,316 | $ | 5,840,534 | $ | 1,038,324 | $ | 16,492,174 | |||||
Nature of Goods and Services
Revenue from Contracts with Customers (ASC 606):
| ● | Refined petroleum products and renewable fuels—Under the Partnership’s Wholesale, GDSO and Commercial segments, revenue is recognized at the point where control of the product is transferred over the period that throughput and logistics services are provided to the customer and collectability is reasonably assured. |
| ● | Station operations—Revenue from convenience store sales of grocery and other merchandise and sundries (such as car wash sales and lottery and ATM commissions) is recognized at the time of the sale to the customer. |
Other Revenue:
| ● | Revenue Originating as Physical Forward Contracts and Exchanges—The Partnership’s commodity contracts and derivative instrument activity include physical forward commodity sale contracts. The Partnership does not take the normal purchase and sale exemption available under ASC 815 for any of its physical forward contracts. This income is recognized under ASC 815 and is included in sales at the contract value upon settlement at the point where control of the product is transferred to the customer. Income from net exchange differentials included in sales is recognized under ASC 845, “Nonmonetary Transactions,” upon delivery of product to exchange partners. |
| ● | Revenue from Leases—The Partnership has rental income from gasoline stations and cobranding arrangements and lease income from space leased to several unrelated third parties at several of the Partnership’s terminals. |
Transaction Price Allocated to Remaining Performance Obligations
The Partnership has elected certain of the optional exemptions from the disclosure requirement for remaining performance obligations for specific situations in which an entity need not estimate variable consideration to recognize revenue. Accordingly, the Partnership applies the practical expedient in paragraph ASC 606-10-50-14 to its contracts with customers where revenue is tied to a market-index and does not disclose information about variable consideration from remaining performance obligations for which the Partnership recognizes revenue.
The fixed component of estimated revenues expected to be recognized in the future related to performance obligations tied to a market index that are unsatisfied (or partially unsatisfied) at the end of the reporting period are not significant.
Contract Balances
A receivable, which is included in accounts receivable, net in the accompanying consolidated balance sheets, is recognized in the period the Partnership provides services when its right to consideration is unconditional. In contrast, a contract asset will be recognized when the Partnership has fulfilled a contract obligation but must perform other obligations before being entitled to payment. The Partnership had no significant contract assets at both December 31, 2025 and 2024.
The nature of the receivables related to revenue from contracts with customers and other revenue, as well as contract assets, are the same, given they are related to the same customers and have the same risk profile and securitization. Payment terms on invoiced amounts are typically 2 to 30 days.
A contract liability is recognized when the Partnership has an obligation to transfer goods or services to a customer for which the Partnership has received consideration (or the amount is due) from the customer. The Partnership had no significant contract liabilities at both December 31, 2025 and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 5, 2021 | |
| 2019 | Mar 6, 2020 | |
| 2018 | Mar 8, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.