Global Partners LP (NYSE: GLP) has reported its financial results for the fourth quarter and full year ended December 31, 2025, showcasing the strength and resilience of its integrated platform. The company's net income for the fourth quarter of 2025 was $25.1 million, or $0.54 per diluted common limited partner unit, compared with net income of $23.9 million, or $0.52 per diluted common limited partner unit, in the same period of 2024. For the full year 2025, net income was $98.0 million, or $2.11 per diluted common limited partner unit, compared with net income of $110.3 million, or $2.41 per diluted common limited partner unit, for full-year 2024.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $94.1 million in the fourth quarter of 2025, slightly lower than the $94.6 million reported in the same period of 2024. However, adjusted EBITDA was $94.8 million in the fourth quarter of 2025 versus $97.8 million in the same period of 2024. For the full year 2025, adjusted EBITDA was $383.0 million compared with $389.1 million for full-year 2024.
Distributable cash flow (DCF) for the fourth quarter of 2025 was $38.4 million, down from $45.7 million in the same period of 2024. For the full year 2025, DCF was $189.1 million compared with $205.8 million for full-year 2024. Adjusted DCF also saw a decrease, standing at $38.8 million in the fourth quarter of 2025 compared with $46.1 million in the same period of 2024. For the full year 2025, adjusted DCF was $190.9 million compared with $208.2 million for full-year 2024.
The company reported a gross profit of $263.1 million in the fourth quarter of 2025, slightly lower than the $268.8 million in the same period of 2024. The combined product margin was $295.7 million in the fourth quarter of 2025 compared with $302.0 million in the same period of 2024. Total sales were $4.6 billion in the fourth quarter of 2025 compared with $4.2 billion in the same period of 2024, driven by an increase in wholesale volume sold, partially offset by a decrease in prices.
In terms of segment performance, the Gasoline Distribution and Station Operations (GDSO) segment product margin saw an increase, reaching $231.3 million in the fourth quarter of 2025 compared with $213.6 million in the same period of 2024. However, the Wholesale segment product margin decreased to $58.3 million in the fourth quarter of 2025 from $79.8 million in the same period of 2024.
Global Partners LP also highlighted that total volume was 2.1 billion gallons in the fourth quarter of 2025 compared with 1.8 billion gallons in the same period of 2024. Wholesale segment volume was 1.6 billion gallons in the fourth quarter of 2025 compared with 1.3 billion gallons in the same period of 2024.
The company announced a cash distribution of $0.7600 per unit ($3.04 per unit on an annualized basis) on all of its outstanding common units from October 1, 2025, through December 31, 2025, which was paid on February 13, 2026, to unitholders of record as of the close of business on February 9, 2026.
Today the company's shares have moved -2.12% to a price of $44.36. Check out the company's full 8-K submission here.
