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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32593 Global Partners LP (Exact name of registrant as specified in its charter) Delaware (State or other jurisdicti ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024 [8] - Net income for Q4 2025 increased to $25.1 million from $23.9 million [8] - Distributable Cash Flow for Q4 2025 was $38.4 million, compared to $45.7 million in Q4 2024 [8] - Adjusted DCF for Q4 2025 was $38.8 million, down from $46.1 million in Q4 2024 [8] - Distribution coverage remained solid at 1.56 times as of December 31 [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million in Q4 2025 [9] - Gasoline distribution product margin rose by $19.9 million to $165.6 million, reflecting higher fuel margins [9] - Station operations product margin decreased by $2.2 million to $65.7 million due to a lower site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million [11] - Commercial segment product margin decreased by $2.6 million to $6 million [11] Market Data and Key Metrics Changes - Fuel margins increased by $0.09 to $0.45 per gallon in Q4 2025 from $0.36 in Q4 2024 [9] - The company experienced a decline in volumes and lower station operations contribution due to site optimization efforts [4] Company Strategy and Development Direction - The company focuses on acquiring strategic assets, investing in its existing network, and optimizing its portfolio [4] - The East Providence Terminal exceeded expectations, enhancing storage and service capabilities [5] - Expansion into the Houston market for bunkering is seen as a significant growth opportunity [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and capitalize on growth opportunities [14] - Early year cold weather in the Northeast is expected to support strong wholesale fuel demand [14] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - The company maintains a strong balance sheet with leverage at 3.59 times Funded Debt to EBITDA [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at efficiency [16] Question: Can you break down the CapEx between terminals and GDSO? - Management noted an uptick in maintenance CapEx related to terminals and highlighted expansion opportunities in terminal capabilities [17][18] Question: What are the growth prospects in the Houston bunkering market? - Management believes they have found a niche in the Houston market and are well-positioned to meet local demand [20] Question: How does data analytics contribute to cost savings and revenue gains? - Management stated that data analytics is expected to provide efficiencies and enhance decision-making, with potential cost savings in the future [21][24] Question: What is the outlook for Q1 given favorable weather conditions? - Management acknowledged that cold weather in the Northeast could provide a tailwind for the wholesale segment [25]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024 [8] - Net income for Q4 increased to $25.1 million from $23.9 million [8] - Distributable Cash Flow for Q4 was $38.4 million, compared to $45.7 million in the previous year [8] - Distribution coverage remained solid at 1.56x as of December 31 [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million in Q4 2025 [9] - Gasoline distribution product margin rose by $19.9 million to $165.6 million, driven by higher fuel margins [9] - Station operations product margin decreased by $2.2 million to $65.7 million due to a lower site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million, reflecting less favorable market conditions [11] Market Data and Key Metrics Changes - Fuel margins increased by $0.09 to $0.45 per gallon in Q4 2025, compared to $0.36 in Q4 2024 [9] - The commercial segment product margin decreased by $2.6 million to $6 million, primarily due to unfavorable market conditions in bunkering [11] Company Strategy and Development Direction - The company focuses on acquiring strategic assets, investing in its existing network, and optimizing its portfolio [4] - Expansion into the Houston market for bunkering is seen as a growth opportunity [5] - Continuous optimization of operations is a priority to enhance efficiency and performance [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and capitalize on growth opportunities [14] - The company is well-positioned to meet increased wholesale fuel demand due to favorable weather conditions in early 2026 [14] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - Full-year 2025 maintenance CapEx was $54 million, with expectations for 2026 maintenance CapEx in the range of $60 million to $70 million [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at achieving operational efficiency [16] Question: Can you break down the CapEx between terminals and GDSO? - Management noted that maintenance CapEx is expected to increase slightly due to terminal acquisitions, with significant expansion CapEx planned for terminal capabilities [17][18] Question: What are the growth prospects in the Houston bunkering market? - Management highlighted a niche opportunity in Houston, with a focus on leased assets to minimize CapEx [20] Question: How does data analytics contribute to cost savings? - Management explained that data analytics is expected to enhance operational efficiencies and decision-making, with potential cost savings in the future [21][24] Question: What is the outlook for Q1 given favorable weather conditions? - Management acknowledged that cold weather in the Northeast is expected to provide a tailwind for the wholesale segment [25]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024. Net income increased to $25.1 million from $23.9 million. Distributable Cash Flow decreased to $38.4 million from $45.7 million, with adjusted DCF at $38.8 million compared to $46.1 million [8][9] - The distribution coverage ratio was maintained at 1.56 times as of December 31, or 1.5 times after including distributions to preferred unitholders [9][12] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million, with gasoline distribution product margin rising by $19.9 million to $165.6 million due to higher fuel margins [9][10] - Station operations product margin decreased by $2.2 million to $65.7 million, attributed to a lower company-operated site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million, with gasoline and gasoline blend stocks product margin down by $10.5 million [10][11] Market Data and Key Metrics Changes - The company experienced a favorable fuel margin environment, with fuel margins increasing by $0.09 to $0.45 per gallon in Q4 2025 from $0.36 in Q4 2024 [9] - The commercial segment product margin decreased by $2.6 million to $6 million, primarily due to less favorable market conditions in bunkering [11] Company Strategy and Development Direction - The company remains focused on acquiring strategic assets, investing in its existing network, and continuously optimizing its portfolio [4][6] - The East Providence Terminal exceeded expectations in its first full year, enhancing storage and service capabilities [5] - The company expanded its bunkering business into the Houston market, establishing a strong platform for future growth [5][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and emphasized a disciplined approach to capital allocation [14][15] - The company is well-positioned to meet increased wholesale fuel demand due to early year cold weather conditions in the Northeast [15] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - The company reported a strong balance sheet with leverage at 3.59 times Funded Debt to EBITDA [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at efficiency [17] Question: Can you break down the CapEx between terminals and GDSO? - Management noted an uptick in maintenance CapEx related to terminals and highlighted expansion opportunities in terminal capabilities [18][19] Question: Can you elaborate on growth in the Houston bunkering market? - Management believes they have found a niche location in Houston and are well-positioned to meet market needs [20] Question: What are the expectations regarding data analytics? - Management stated that data analytics will drive efficiencies and enhance decision-making, with investments in infrastructure and software [22][25] Question: How does the weather impact Q1 expectations? - Management acknowledged favorable weather conditions in the Northeast that could provide a tailwind for the wholesale segment [26]

Global Partners LP Q4 and FY 2025 Investor Presentation Forward - Looking Statements Certain statements and information in this presentation may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking ...

Exhibit 99.1 Contacts: Gregory B. Hanson Kristin K. Seabrook Global Partners LP Global Partners LP (781) 894-8800 (781) 894-8800 Chief Financial Officer Chief Legal Officer and Secretary Global Partners Reports Fourth-Quarter and Full-Year 2025 Financial Results Waltham, Mass., February 27, 2026 – Global Partners LP (NYSE: GLP) ("Global Partners" or the "Partnership") today reported financial results for the fourth quarter and full year ended December 31, 2025. CEO Commentary "We closed 2025 with a fourth q ...

Core Insights - GLP is set to release its quarterly earnings on February 27, 2026, with expected earnings per share of $0.60 and projected revenue of approximately $6.94 billion [1][6] Valuation Metrics - The price-to-earnings (P/E) ratio of GLP is 18.54, indicating a moderate market valuation where investors are willing to pay $18.54 for every dollar of earnings [2][6] - The price-to-sales ratio is notably low at 0.09, suggesting that the stock may be undervalued relative to its revenue, which could attract value investors [3][6] - The enterprise value to sales ratio stands at 0.20, indicating that the market values the company's sales at a relatively low level, potentially signaling future growth opportunities [4] - The enterprise value to operating cash flow ratio is 14.58, reflecting how the market evaluates GLP's cash flow generation, with a lower ratio generally being more favorable [5] - GLP's earnings yield is 5.39%, providing insight into the return on investment for shareholders, which is reasonable compared to other investment options [5]

In a key secondary endpoint, participants on orforglipron 36 mg lost 19.7 lbs (9.2%) compared to 11.0 lbs (5.3%) with oral semaglutide 14 mg, representing a 73.6% greater relative weight loss Lilly has submitted orforglipron to regulators in over 40 countries, with potential U.S. action for obesity in Q2 2026 1,2 For the primary endpoint, orforglipron 36 mg lowered A1C by 2.2% vs. 1.4% with oral semaglutide 14 mg in ACHIEVE-3 INDIANAPOLIS, Feb. 26, 2026 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) toda ...

Key Takeaways LLY's Mounjaro and Zepbound generated $36.5B in 2025, about 56% of total revenuesLilly's duo leads U.S. diabetes and obesity new scripts, topping Novo Nordisk's semaglutide drugs.LLY plans to launch its oral GLP-1 orforglipron in the United States in 2026.Eli Lilly’s (LLY) key top-line drivers are its GLP-1 medicines, Mounjaro for type II diabetes and Zepbound for obesity. Despite being on the market for slightly more than three years, Mounjaro and Zepbound have seen exceptional sales growth, ...