Global Partners (GLP) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 and 1H 2026 financial performance, with significant year-over-year growth in product margin, gross profit, net income, and distributable cash flow, supported by all operating segments and a diversified business model.

• Vertically integrated model, robust terminal network, and disciplined capital deployment enabled margin expansion and strategic flexibility.

• Continued focus on sustainability, EV charging, and renewable fuels, positioning for future energy transitions.

• Maintained a proven track record of successful acquisitions and 19 consecutive quarterly distribution increases.

• Redeemed all Series B Preferred Units in July 2026, simplifying capital structure and enhancing financial flexibility.

Financial highlights

• Net income for Q2 2026 was $71.0 million, up from $25.2 million in Q2 2025; EBITDA reached $146.0 million, and adjusted EBITDA $148.2 million.

• Distributable cash flow for Q2 2026 was $92.6 million, nearly doubling from $52.0 million; adjusted DCF was $92.5 million versus $52.3 million.

• Gross profit for Q2 2026 grew to $328.9 million from $272.4 million; combined product margin was $362.2 million, up from $305.7 million.

• Total sales reached $6.8 billion, up 47% year-over-year from $4.6 billion.

• Quarterly cash distribution of $0.78 per common unit ($3.12 annualized) approved, payable August 14, 2026.

Outlook and guidance

• Maintenance CapEx for 2026 expected in the $60–$70 million range; expansion CapEx (excluding acquisitions) in the $75–$85 million range, focused on gasoline station and terminal investments.

• Ongoing expansion in retail and wholesale segments, with continued focus on organic growth, acquisitions, and strategic investments in sustainability and EV infrastructure.

• Management expects sufficient cash flow and borrowing capacity to meet obligations, but notes exposure to market volatility and economic conditions.

• Confident in asset base and balance sheet strength to support continued attractive returns for unit holders.

• Favorable market conditions in gasoline and residual oil expected to continue supporting margins.