Global Partners LP(GLP) - 2025 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2025 was $29.0 million, down 36.6% from $45.9 million in Q3 2024, resulting in earnings of $0.66 per diluted common limited partner unit[5]. - EBITDA decreased to $97.1 million in Q3 2025 from $119.1 million in Q3 2024, reflecting a decline of 18.5%[5]. - Distributable cash flow (DCF) was $53.0 million in Q3 2025, a decrease of 25.5% compared to $71.1 million in Q3 2024[7]. - Gross profit for Q3 2025 was $271.4 million, down 5.1% from $286.0 million in Q3 2024[9]. - Operating income for Q3 2025 was $61,415, a decrease of 26.4% from $83,453 in Q3 2024[30]. - Net income attributable to common limited partners for Q3 2025 was $22,445, down 43.9% from $40,023 in Q3 2024[30]. - Basic net income per common limited partner unit for Q3 2025 was $0.66, a decrease of 44.2% from $1.18 in Q3 2024[30]. - Net income for the three months ended September 30, 2025, was $29,025,000, down 37% from $45,922,000 in the same period of 2024[32]. Sales and Volume - Total sales increased to $4.7 billion in Q3 2025, up 6.8% from $4.4 billion in Q3 2024[14]. - Sales for Q3 2025 reached $4,694,416, an increase of 6.2% from $4,422,238 in Q3 2024[30]. - Total volume sold was 1.9 billion gallons in Q3 2025, an increase of 11.8% from 1.7 billion gallons in Q3 2024[15]. Margins - The Gasoline Distribution and Station Operations segment product margin was $218.9 million, down 7.4% from $237.7 million in Q3 2024[11]. - The Wholesale segment product margin increased to $78.0 million, up 9.7% from $71.1 million in Q3 2024[12]. - For the three months ended September 30, 2025, the total gross profit was $271,368,000, compared to $286,049,000 for the same period in 2024, reflecting a decrease of 5%[32]. - The combined product margin for the nine months ended September 30, 2025, was $898,245,000, an increase of 2% from $882,022,000 in 2024[32]. Cash Flow and Assets - Total current assets decreased to $1,134,121 as of September 30, 2025, from $1,207,380 as of December 31, 2024[31]. - Total liabilities decreased to $3,017,800 as of September 30, 2025, from $3,071,585 as of December 31, 2024[31]. - Cash and cash equivalents increased to $17,932 from $8,208 year-over-year[31]. - Accounts receivable, net increased to $521,482 from $472,591 year-over-year[31]. - Total assets decreased to $3,700,284 as of September 30, 2025, from $3,788,198 as of December 31, 2024[31]. - The net cash provided by operating activities for the three months ended September 30, 2025, was $19,026,000, significantly lower than $122,709,000 in the same period of 2024[32]. Expenses - The depreciation and amortization expense for the three months ended September 30, 2025, was $35,236,000, compared to $35,753,000 in 2024, showing a slight decrease[32]. - The company’s interest expense for the nine months ended September 30, 2025, was $103,878,000, up from $100,356,000 in 2024, reflecting an increase of 2.5%[32]. Management Outlook - Management expressed confidence in future opportunities while focusing on disciplined operations and asset optimization[4]. - Global announced a cash distribution of $0.7550 per unit for Q3 2025, which annualizes to $3.02 per unit[16]. Other - The company reported a net gain on sale and disposition of assets of $136,000 for the three months ended September 30, 2025, compared to a loss of $7,805,000 in the same period of 2024[32]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $288,216,000, slightly down from $291,282,000 in 2024[32]. - Distributable cash flow for the three months ended September 30, 2025, was $52,980,000, a decrease of 25% compared to $71,133,000 in 2024[33]. - Adjusted distributable cash flow after distributions to preferred unitholders for the nine months ended September 30, 2025, was $146,768,000, compared to $154,237,000 in 2024, indicating a decline of 5%[33].