GLOBAL PARTNERS LP Segments Disclosure
Note 21. Segment Reporting
The Partnership engages in the purchasing, selling, gathering, blending, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane. The Partnership also receives revenue from convenience store and prepared food sales, rental income and sundries. The Partnership’s three operating segments are based upon the revenue sources for which discrete financial information is reviewed by the President and Chief Executive Officer, the chief operating decision maker (the “CODM”), to make key operating decisions and assess performance and include Wholesale, GDSO and Commercial.
An important measure used by the Partnership and the CODM to evaluate segment performance is product margin, which the Partnership defines as product sales minus product costs. The CODM principally uses product margin to allocate resources (including employees, property and financial or capital resources) for each segment, predominantly in the annual budget and forecasting processes. Based on the way the business is managed, components of indirect
operating costs included within selling and administrative expenses and corporate expenses are not allocated to the reportable segments.
The operating segments are also the Partnership’s . The Commercial operating segment does not meet the quantitative metrics for disclosure as a reportable segment on a stand-alone basis as defined in accounting guidance related to segment reporting. However, the Partnership has elected to present segment disclosures for the Commercial operating segment as management believes such disclosures are helpful to the users of the Partnership’s financial information. The accounting policies of the segments are the same as those described in Note 2, “Summary of Significant Accounting Policies.”
In the Wholesale reporting segment, the Partnership engages in the logistics of selling, gathering, blending, storing and transporting refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane. The Partnership transports these products by railcars, barges, trucks and/or pipelines pursuant to spot or long-term contracts. The Partnership sells home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene and residual oil to retail and wholesale distributors. Generally, customers use their own vehicles or contract carriers to take delivery of the gasoline, distillates and propane at bulk terminals and inland storage facilities that the Partnership owns or controls or at which it has throughput or exchange arrangements. Ethanol is shipped primarily by rail and by barge.
In the GDSO reporting segment, gasoline distribution includes sales of branded and unbranded gasoline to gasoline station operators and sub jobbers. Station operations include (i) convenience store and prepared food sales, (ii) rental income from gasoline stations leased to dealers, from commissioned agents and from cobranding arrangements and (iii) sundries (such as car wash sales and lottery and ATM commissions).
In the Commercial segment, the Partnership includes sales and deliveries to end user customers in the public sector and to large commercial and industrial end users of unbranded gasoline, home heating oil, diesel, kerosene, residual oil and bunker fuel. In the case of public sector commercial and industrial end user customers, the Partnership sells products primarily either through a competitive bidding process or through contracts of various terms. The Partnership responds to publicly issued requests for product proposals and quotes. The Partnership generally arranges for the delivery of the product to the customer’s designated location. The Commercial segment also includes sales of custom blended fuels delivered by barges or from a terminal dock to ships through bunkering activity.
Summarized financial information for the Partnership’s reportable segments for the years ended December 31 is presented in the table below (in thousands):
| 2025 | | 2024 | | 2023 |
| ||||
Wholesale Segment: | ||||||||||
Sales | ||||||||||
Gasoline and gasoline blendstocks | $ | 7,793,230 | $ | 6,541,224 | $ | 5,897,428 | ||||
Distillates and other oils (1) |
| 4,865,695 |
| 4,176,681 |
| 3,715,888 | ||||
Total | $ | 12,658,925 | $ | 10,717,905 | $ | 9,613,316 | ||||
Product margin | ||||||||||
Gasoline and gasoline blendstocks | $ | 205,576 | $ | 181,802 | $ | 105,165 | ||||
Distillates and other oils (1) |
| 116,098 |
| 110,430 |
| 96,747 | ||||
Total | $ | 321,674 | $ | 292,232 | $ | 201,912 | ||||
Gasoline Distribution and Station Operations Segment: | ||||||||||
Sales | ||||||||||
Gasoline | $ | 4,237,035 | $ | 4,807,765 | $ | 5,268,268 | ||||
Station operations (2) |
| 546,655 |
| 565,839 |
| 572,266 | ||||
Total | $ | 4,783,690 | $ | 5,373,604 | $ | 5,840,534 | ||||
Product margin | ||||||||||
Gasoline | $ | 574,052 | $ | 578,737 | $ | 558,516 | ||||
Station operations (2) |
| 271,936 |
| 281,745 |
| 276,040 | ||||
Total | $ | 845,988 | $ | 860,482 | $ | 834,556 | ||||
Commercial Segment: | ||||||||||
Sales | $ | 1,118,806 | $ | 1,072,057 | $ | 1,038,324 | ||||
Product margin | $ | 26,284 | $ | 31,354 | $ | 31,722 | ||||
Combined sales and Product margin: | ||||||||||
Sales | $ | 18,561,421 | $ | 17,163,566 | $ | 16,492,174 | ||||
Product margin (3) | $ | 1,193,946 | $ | 1,184,068 | $ | 1,068,190 | ||||
Depreciation allocated to cost of sales |
| (131,893) |
| (126,172) |
| (94,550) | ||||
Combined gross profit | $ | 1,062,053 | $ | 1,057,896 | $ | 973,640 | ||||
| (1) | Distillates and other oils (primarily residual oil and crude oil). |
| (2) | Station operations consist of convenience store and prepared food sales, rental income and sundries. |
| (3) | Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure. |
Approximately 465 million gallons, 470 million gallons and 435 million gallons of the GDSO segment’s sales for the years ended December 31, 2025, 2024 and 2023, respectively, were supplied from petroleum products and renewable fuels sourced by the Wholesale segment. The Commercial segment’s sales were predominantly sourced by the Wholesale segment. These intra-segment sales are not reflected as sales in the Wholesale segment as they are eliminated.
The following tables provide the Partnership’s significant segment operating expenses for each reportable segment that are regularly provided to the CODM, as well as a reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements for the years ended December 31 (in thousands):
Year Ended December 31, 2025 |
| ||||||||||||
| Wholesale | | GDSO | | Commercial | | Consolidated |
| |||||
Sales | $ | 12,658,925 | $ | 4,783,690 | $ | 1,118,806 | $ | 18,561,421 | |||||
Cost of products |
| 12,337,251 |
| 3,937,702 |
| 1,092,522 |
| 17,367,475 | |||||
Product margin | 321,674 | 845,988 | 26,284 | 1,193,946 | |||||||||
Operating expenses allocated to operating segments: | |||||||||||||
Wages and benefits (1) | 45,632 | 118,325 | — | 163,957 | |||||||||
Occupancy costs (2) | 23,207 | 109,178 | — | 132,385 | |||||||||
Transactional operating costs (3) | — | 90,193 | — | 90,193 | |||||||||
Maintenance (4) | 49,720 | 43,672 | — | 93,392 | |||||||||
Other segment operating expenses | 17,962 | 21,561 | — | 39,523 | |||||||||
Total operating expenses allocated to operating segments | $ | 136,521 | $ | 382,929 | $ | — | 519,450 | ||||||
Operating expenses not allocated to operating segments: | |||||||||||||
Depreciation allocated to cost of sales |
|
|
|
| 131,893 | ||||||||
Selling, general and administrative expenses | 305,702 | ||||||||||||
Amortization expense | 5,332 | ||||||||||||
Net gain on sale and disposition of assets | (3,326) | ||||||||||||
Long-lived asset impairment | 231 | ||||||||||||
Total operating expenses not allocated to operating expenses | 439,832 | ||||||||||||
Operating income | 234,664 | ||||||||||||
Income from equity method investments | 4,509 | ||||||||||||
Interest expense | (137,162) | ||||||||||||
Loss on early extinguishment of debt | (2,971) | ||||||||||||
Income tax expense | (1,063) | ||||||||||||
Net income | $ | 97,977 | |||||||||||
| (1) | Includes salary and wages, payroll taxes, fringe benefits and other employee expenses |
| (2) | Includes rent and leases expenses, property taxes and utilities |
| (3) | Includes commissions and credit card fees |
| (4) | Includes maintenance and repairs, environmental and seasonal site maintenance expenses |
Year Ended December 31, 2024 |
| ||||||||||||
| Wholesale | | GDSO | | Commercial | | Consolidated |
| |||||
Sales | $ | 10,717,905 | $ | 5,373,604 | $ | 1,072,057 | $ | 17,163,566 | |||||
Cost of products |
| 10,425,673 |
| 4,513,122 |
| 1,040,703 |
| 15,979,498 | |||||
Product margin | 292,232 | 860,482 | 31,354 | 1,184,068 | |||||||||
Operating expenses allocated to operating segments: | |||||||||||||
Wages and benefits (1) | 44,775 | 121,325 | — | 166,100 | |||||||||
Occupancy costs (2) |
| 22,927 |
| 105,585 |
| — |
| 128,512 | |||||
Transactional operating costs (3) | — | 92,938 | — | 92,938 | |||||||||
Maintenance (4) | 46,873 | 43,005 | — | 89,878 | |||||||||
Other segment operating expenses | 16,439 | 21,460 | — | 37,899 | |||||||||
Total operating expenses allocated to operating segments | $ | 131,014 | $ | 384,313 | $ | — | 515,327 | ||||||
Operating expenses not allocated to operating segments: | |||||||||||||
Depreciation allocated to cost of sales | 126,172 | ||||||||||||
Selling, general and administrative expenses | 292,073 | ||||||||||||
Amortization expense | 8,275 | ||||||||||||
Net gain on sale and disposition of assets | (9,494) | ||||||||||||
Long-lived asset impairment | 492 | ||||||||||||
Total operating expenses not allocated to operating expenses | 417,518 | ||||||||||||
Operating income | 251,223 | ||||||||||||
Loss from equity method investments | (1,514) | ||||||||||||
Interest expense | (134,773) | ||||||||||||
Income tax expense | (4,609) | ||||||||||||
Net income | $ | 110,327 | |||||||||||
| (1) | Includes salary and wages, payroll taxes, fringe benefits and other employee expenses |
| (2) | Includes rent and leases expenses, property taxes and utilities |
| (3) | Includes commissions and credit card fees |
| (4) | Includes maintenance and repairs, environmental and seasonal site maintenance expenses |
Year Ended December 31, 2023 |
| ||||||||||||
| Wholesale | | GDSO | | Commercial | | Consolidated |
| |||||
Sales | $ | 9,613,316 | $ | 5,840,534 | $ | 1,038,324 | $ | 16,492,174 | |||||
Cost of products | 9,411,404 | 5,005,978 | 1,006,602 | 15,423,984 | |||||||||
Product margin | 201,912 | 834,556 | 31,722 | 1,068,190 | |||||||||
Operating expenses allocated to operating segments: | |||||||||||||
Wages and benefits (1) | 22,717 | 122,346 | — | 145,063 | |||||||||
Occupancy costs (2) | 13,515 | 103,118 | — | 116,633 | |||||||||
Transactional operating costs (3) | — | 94,518 | — | 94,518 | |||||||||
Maintenance (4) | 17,936 | 45,320 | — | 63,256 | |||||||||
Other segment operating expenses | 8,760 | 22,397 | — | 31,157 | |||||||||
Total operating expenses allocated to operating segments | $ | 62,928 | $ | 387,699 | $ | — | 450,627 | ||||||
Operating expenses not allocated to operating segments: | |||||||||||||
Depreciation allocated to cost of sales | 94,550 | ||||||||||||
Selling, general and administrative expenses | 273,733 | ||||||||||||
Amortization expense | 8,136 | ||||||||||||
Net gain on sale and disposition of assets | (2,626) | ||||||||||||
Total operating expenses not allocated to operating expenses | 373,793 | ||||||||||||
Operating income | 243,770 | ||||||||||||
Income from equity investments | 2,503 | ||||||||||||
Interest expense | (85,631) | ||||||||||||
Income tax expense | (8,136) | ||||||||||||
Net income | $ | 152,506 | |||||||||||
| (1) | Includes salary and wages, payroll taxes, fringe benefits and other employee expenses |
| (2) | Includes rent and leases expenses, property taxes and utilities |
| (3) | Includes commissions and credit card fees |
| (4) | Includes maintenance and repairs environmental and seasonal site maintenance expenses |
None of the Partnership’s customers accounted for greater than 10% of total sales for years ended December 31, 2025, 2024 and 2023.
The Partnership’s foreign assets and foreign sales were immaterial as of and for the years ended December 31, 2025, 2024 and 2023.
Segment Assets
The Partnership’s terminal assets are allocated to the Wholesale segment, and its retail gasoline stations are allocated to the GDSO segment. Due to the commingled nature and uses of the remainder of the Partnership’s assets, it is not reasonably possible for the Partnership to allocate these assets among its reportable segments.
The table below presents total assets by reportable segment at December 31 (in thousands):
| Wholesale |
| GDSO |
| Commercial |
| Unallocated (1) |
| Total | ||||||
December 31, 2025 | | $ | 1,329,899 | | $ | 1,825,524 | | $ | — | | $ | 695,294 | | $ | 3,850,717 |
December 31, 2024 | | $ | 1,333,102 | | $ | 1,859,417 | | $ | — | | $ | 595,679 | | $ | 3,788,198 |
| (1) | Includes the Partnership’s equity method investments (see Note 17). |
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 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 10, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.