Global Partners’ net income in first-quarter 2026 was $70.1 million, compared with net income of $18.7 million in the same period of 2025, the Waltham, Massachusetts-based company announced on its earnings call Friday.
“We delivered an exceptional quarter, and the entire Global Partners team executed at a high level across all segments,” said Eric Slifka, president and CEO. “We also recognize that a portion of these results reflect market conditions shaped by the ongoing conflict, which continues to drive volatility across global energy markets. We are managing the remainder of the year with the same discipline that drove this quarter while planning for a range of scenarios as the conflict evolves.”
Global Partners’ convenience-store brands include Alltown Fresh, Honey Farms and XtraMart, among others.
The first quarter ended March 31.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $142.1 million in the first quarter of 2026, compared with $91.9 million in the same period of 2025.
- Global Partners is No. 27 on CSP’s 2026 Top 40 update to the 2025 Top 202 ranking of U.S. c-store chains by store count. Watch for the full 2026 Top 202 ranking in June.
“Solid execution across all operating segments drove strong first‑quarter results for Global,” Slifka said. “Performance this quarter reflects the advantages of our integrated platform in a dynamic market environment. Our strategy is built to adapt to changing market conditions, optimize our assets and focus on maximizing returns. That disciplined approach continues to guide how we run the business and deliver value for our unitholders.”
This marks the company’s 18th consecutive quarterly increase, Slifka said.
Highlights of 2026’s first quarter versus the same period of 2025:
- Adjusted EBITDA was $140.4 million in the first quarter of 2026 versus $91.3 million in the same period of 2025.
- Distributable cash flow (DCF) was $96.4 million in the first quarter of 2026, compared with $45.7 million in the same period of 2025.
- Adjusted DCF was $96.8 million in the first quarter of 2026, compared with $46.5 million in the same period of 2025.
- Gross profit in the first quarter of 2026 was $332.2 million, compared with $255.2 million in the same period of 2025.
Slifka added that Global Partners is built to perform across a wide range of market conditions.
“And given the current volatility, we remain focused on managing risks and opportunities while continuing to optimize our asset base to enhance returns,” he said. “Our results this quarter were driven by a colder-than-normal winter in the Northeast and more favorable market conditions in wholesale and commercial, along with improved fuel margins in our gasoline distribution and station operations segment. Importantly, these results reinforce the resiliency of our model.”
Global Partners does not rely on any single commodity, geography or market dynamic to generate cash flow, Slifka said.
“Instead, we manage a diversified portfolio of assets and adjust our operating approach to reflect the conditions in front of us,” he said. “That flexibility remains a core strength of Global.”
Slifka said that margins “continue to show the same historic resiliency that they have, and if there is a decline in volume, margins historically have expanded. So, I think that that is going to hold true. And I think that that's what we’re seeing now.”
He added that there’s a lot of price volatility in the market.
“And so you’re waking up certain days and the product prices are moving 15, 20, 30 cents,” Slifka said. “To me, that volatility represents an opportunity. The amount of price changes that we’re making, somebody quoted me internally here, we’ve made the same amount of price changes already that we typically make in a year. That’s in the tens of thousands.”
Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $365.1 million in the first quarter of 2026, compared with $288.6 million in the same period of 2025.
Gasoline Distribution and Station Operations (GDSO) segment product margin was $199.3 million in the first quarter of 2026, compared with $187.9 million in the same period of 2025. Product margin from gasoline distribution increased to $136.7 million from $125.8 million in the year-earlier period, primarily due to higher fuel margins (cents per gallon). Product margin from station operations was $62.6 million, compared with $62.1 million in the first quarter of 2025, due in part to an increase in sundries.
Global Partners owns, operates or supplies more than 1,700 retail locations across the Northeast states, the Mid-Atlantic and Texas, of which 353 are company owned.
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