Global Partners LP reported third‑quarter 2025 results for the period ended September 30, 2025, with net income of $29.0 million, down 37% from $45.9 million in the same quarter last year. Adjusted EBITDA fell to $98.8 million from $114.0 million, and distributable cash flow dropped to $53.0 million versus $71.1 million. Total sales rose to $4.7 billion, up 6% from $4.4 billion, driven largely by a 15% increase in wholesale sales to $3.1 billion. The gasoline distribution and station operations (GDSO) segment saw a 7% decline in sales to $1.3 billion, while the commercial segment grew 7% to $297.8 million.
The wholesale segment’s stronger performance was reflected in its product margin, which increased to $78.0 million from $71.1 million, a 10% lift attributable to higher terminal throughput and favorable market conditions. In contrast, GDSO product margin contracted to $218.9 million from $237.7 million, a 8% decline driven by lower retail fuel volumes and tighter pricing. The overall product margin for the company fell to $303.9 million from $318.3 million, indicating pressure on profitability despite sales growth.
Earnings per share of $0.66 missed consensus estimates of $0.85–$1.09, a shortfall of $0.19–$0.43 or 22–50%. Revenue of $4.69 billion also fell short of analyst expectations of $6.46–$7.21 billion, a miss of $1.77–$2.52 billion. The market reacted negatively, with the stock falling 3.8–4.5% in pre‑market trading, reflecting investor disappointment that the company’s results did not meet the high revenue and earnings targets set by analysts.
CEO Eric Slifka said the company performed “well in the third quarter, consistent with expectations,” but noted that wholesale growth remains a key driver while GDSO challenges persist due to weather‑related volume declines. He highlighted disciplined execution and continued investment in the terminal network, which underpins the wholesale segment’s resilience. The company also announced a quarterly cash distribution of $0.7550 per unit and outlined a 2025 capital‑expenditure plan of $85 million to $105 million to support further terminal expansion.
The mixed results underscore a strategic pivot: wholesale operations are expanding and delivering margin gains, while retail fuel volumes and margins are under pressure from weather and competitive pricing. Management’s focus on disciplined cost control and terminal network investment signals confidence in sustaining profitability, but the revenue and EPS misses suggest that the company’s growth trajectory may be slower than analysts anticipated. Investors will likely watch for guidance on full‑year revenue and adjusted EBITDA to gauge whether the company can rebound from the current quarter’s shortfall.
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