Global Partners (GLP) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results with net income of $70.1 million, up from $18.7 million year-over-year, driven by higher sales, improved margins across all segments, and favorable market conditions, especially in the Northeast and gasoline distribution.

• The vertically integrated business model, robust balance sheet, and diversified asset portfolio supported continued growth, strategic flexibility, and resiliency amid volatile markets.

• Eighteenth consecutive quarterly cash distribution increase was approved, reflecting robust cash generation and commitment to shareholder returns.

• Expanded reach through a joint venture in Houston and continued focus on sustainability, stakeholder engagement, and energy transition.

• Strategy focused on disciplined execution, adapting to changing market conditions, and maximizing returns.

Financial highlights

• Net income for Q1 2026 was $70.1 million, up from $18.7 million year-over-year; EBITDA rose to $142.1 million from $91.9 million, and adjusted EBITDA reached $140.4 million versus $91.3 million.

• Distributable cash flow was $96.4 million, with adjusted DCF at $96.8 million, both more than doubling year-over-year.

• Gross profit rose to $332.2 million from $255.2 million; combined product margin was $365.1 million, up from $288.6 million.

• Total sales increased 16% to $5.32 billion, with aggregate product volume up to 2.1 billion gallons.

• Quarterly cash distribution set at $0.7650 per common unit, annualized at $3.06.

Outlook and guidance

• SG&A expenses are expected to normalize for the remainder of 2026 after a Q1 increase due to higher incentive compensation.

• Maintenance CapEx for 2026 is projected at $60–$70 million, with expansion CapEx (excluding acquisitions) at $75–$85 million.

• Management remains focused on disciplined execution, risk management, and integrating acquisitions amid ongoing geopolitical conflict, market volatility, and regulatory changes.

• Sufficient liquidity is anticipated from operations, credit facilities, and potential equity/debt issuance.

• Fragmented convenience store market presents ongoing opportunities for consolidation and low-risk growth.