Global Partners’ net income in third-quarter 2025 ending Sept. 30 was $29 million compared with $45.9 million in the same period a year ago, the Waltham, Massachusetts-based company announced Friday.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $97.1 million in the third quarter, compared with $119.1 million in the same period in 2024.
“Global performed well in the third quarter, consistent with our expectations, reflecting our operational strength, focused execution and the disciplined way we continue to grow and optimize our business,” said Eric Slifka, Global Partners’ president and CEO. “We delivered a strong performance in our wholesale segment, fueled by the continued growth and scale of our terminal network, an investment that’s enhancing how we move energy and products across our footprint.”
On the retail side, Slifka said, “We’re continuing to redefine the convenience-store experience through our Alltown Fresh and newly reimagined Honey Farms Market brands.”
- Global Partners is No. 25 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count.
Slifka said these brands embody the company’s four pillars, community, hospitality, local and fresh, “while introducing chef-driven menus, clean-label offerings and hyperlocal engagement. Through our new loyalty platform, Bee’s Knees Benefits, we’re creating a seamless, personalized experience designed to drive repeat business, build long-term loyalty and strengthen the connection between our guests and our brands.”
Gregory B. Hanson, chief financial officer, added, “We were pretty happy with this summer, how the c-stores did. We were actually up year over year, and that’s not even adjusting for same site, that’s just pure. We were down 16 company-operated sites year over year, so to be above on the GDSO [Gasoline Distribution and Station Operations segment] is pretty good in our book. It was a decent, strong summer.”
Slifka said that while the company’s GDSO segment experienced lower fuel margins compared with the strong margin environment in 2024’s third quarter, the company’s focus remains clear: “operate with discipline, invest wisely and keep optimizing our assets to drive sustainable growth and long-term value for our unitholders. We’re proud of the progress we’ve made and confident in the opportunities ahead as we continue to put our energy to work across every part of our business.”
Highlights of 2025’s third quarter versus the same period of 2024:
- Adjusted EBITDA was $98.8 million versus $114 million
- Distributable cash flow (DCF) was $53 million compared with $71.1 million, and adjusted DCF was $53.3 million compared with $71.6 million
- Gross profit was $271.4 million compared with $286 million
The GDSO segment product margin was $218.9 million in third-quarter 2025 compared with $237.7 million in the same period of 2024. Product margin from gasoline distribution was $144.8 million compared with $164.1 million in the year-earlier period, reflecting lower retail fuel volume and margin. Product margin from station operations was $74.1 million in third-quarter 2025 compared with $73.6 million in 2024’s third quarter.
The commercial segment product margin was $7 million in third-quarter 2025 compared with $9.5 million a year earlier.
Total sales were $4.7 billion in third-quarter 2025 compared with $4.4 billion in the same period of 2024. Wholesale segment sales were $3.1 billion in third-quarter 2025 compared with $2.7 billion a year earlier.
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