Global Partners Wholesale Margin Offsets Lower Retail Volumes

The Tip Desk · November 6, 2026 · 3 min read

Third-quarter sales reached $6.7 billion as net income was $52.4 million, or $1.26 a unit, versus $29.0 million, or $0.66 a unit, a year earlier.

Global Partners LP (GLP), the integrated liquid-energy terminal and retail operator, reported third-quarter sales of $6.7 billion, up from $4.7 billion a year earlier, as wholesale product margin rose and gasoline distribution volumes fell.

Net income was $52.4 million, or $1.26 a diluted common limited partner unit, compared with $29.0 million, or $0.66 a unit, in the year-ago quarter. EBITDA was $120.8 million and adjusted EBITDA $122.9 million. Distributable cash flow was $70.1 million and adjusted DCF $70.3 million.

Those EBITDA and cash-flow figures were still above a year earlier, when EBITDA was $97.1 million, adjusted EBITDA $98.8 million, DCF $53.0 million and adjusted DCF $53.3 million. Sequentially, EBITDA declined from $146.0 million in the second quarter, and adjusted EBITDA from $148.2 million; DCF fell from $92.6 million and adjusted DCF from $92.5 million.

Gross profit was $296.0 million and combined product margin $329.1 million. Total volume was 1.9 billion gallons in both the third quarter of 2026 and the year-earlier period.

Wholesale sales were $4.7 billion on 1.4 billion gallons, unchanged in volume from a year earlier. Wholesale product margin was $111.4 million, compared with $78.0 million a year earlier. Gasoline and gasoline blendstocks product margin rose to $75.8 million from $61.5 million, which the company said primarily reflected more favorable market conditions in gasoline. Distillates and other oils product margin rose to $35.6 million from $16.5 million, due to more favorable market conditions in distillates.

Gasoline Distribution and Station Operations sales were $1.6 billion. GDSO volume fell to 361.3 million gallons from 390.8 million gallons a year earlier. GDSO product margin was $210.6 million, versus $218.9 million a year earlier. Gasoline distribution product margin decreased to $136.8 million from $144.8 million, in part due to lower fuel volume. Station operations product margin was $73.8 million, compared with $74.1 million.

Commercial sales were $0.4 billion. Commercial volume fell to 124.7 million gallons from 149.2 million gallons. Commercial product margin was $7.1 million, versus $7.0 million a year earlier.

Operating income was $83.7 million, versus $61.4 million a year earlier. Interest expense was $31.4 million, versus $33.3 million. Net cash provided by operating activities was $179.8 million, versus $19.0 million. Maintenance capital expenditures were $19.3 million, versus $11.9 million.

President and Chief Executive Officer Eric Slifka said solid execution across the terminal network and Wholesale business more than offset lower retail fuel volumes as higher pump prices weighed on demand, and that station operations held steady.

The Partnership announced a cash distribution of $0.7850 a unit, or $3.14 a unit on an annualized basis, on common units for July 1 through September 30, 2026, payable November 13, 2026. All Series B preferred units were redeemed on July 30, 2026 and are no longer outstanding.

Global Partners amended its credit agreement, extending maturity to October 16, 2031, keeping a $1.0 billion working capital revolving credit facility and a $500.0 million revolving credit facility, and eliminating $300.0 million of interim working capital commitments. Slifka said the July redemption of Series B preferred units and the credit-facility extension give the Partnership greater flexibility.