Global Partners’ net income in fourth-quarter 2025 was $25.1 million compared with net income of $23.9 million in the same period of 2024, the Waltham, Massachusetts-based company announced Friday.
For full-year 2025, net income was $98 million compared with $110.3 million for full-year 2024.
The fourth quarter and full year ended Dec. 31.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $94.1 million in the fourth quarter, compared with $94.6 million in the same period of 2024.
EBITDA was $378.8 million for full-year 2025 compared with $389.4 million for full-year 2024.
- Global Partners is No. 25 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count.
“The flexibility of our business model was reflected in the strong fourth-quarter performance of our Gasoline Distribution and Station Operations (GDSO) segment, which helped to offset less favorable market conditions in our wholesale segment,” said Eric Slifka, president and CEO. “As an owner, supplier and operator of liquid energy terminals and retail fueling locations, our scale enables us to capture opportunities across the value chain, helping to balance segment variability and support consistent results over time.”
Slifka said Global Partners closed 2025 with a fourth quarter that reflected the strength and resilience of its integrated platform.
“Backed by a strong balance sheet and healthy cash flow generation, we enter 2026 focused on disciplined execution and continued investment in our diversified portfolio to enhance long-term value for our unitholders.”
Gregory B. Hanson, chief financial officer, said that station operations’ product margin, which includes convenience stores and prepared-food sales, sundries and rental income, decreased by $2.2 million to $65.7 million in the fourth quarter due in part to a lower company-operated site count as a result of the sale and conversion of certain company-operated sites.
“At year end, our GDSO portfolio of fueling stations in c-stores totaled 1,524 sites,” he said. “In addition, we operate or supply 67 sites under our Spring Partners retail joint venture.”
Highlights of 2025’s fourth quarter versus the same period of 2024—and for the full year:
- Adjusted EBITDA in the fourth quarter was $94.8 million versus $97.8 million. Full-year adjusted EBITDA was $383 million versus $389.1 million.
- Distributable cash flow (DCF) in the fourth quarter was $38.4 million compared with $45.7 million. Full-year DCF was $189.1 million compared with $205.8 million.
- Adjusted DCF in the fourth quarter was $38.8 million compared with $46.1 million. Full-year adjusted DCF was $190.9 million compared with $208.2 million.
- Gross profit in the fourth quarter was $263.1 million compared with $268.8 million. Full-year gross profit was $1.1 billion for full-year 2025 and 2024.
In addition, combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $295.7 million in the fourth quarter of 2025 compared with $302 million in the same period of 2024. Combined product margin was $1.2 billion for full-year 2025 and 2024.
Elsewhere, the Gasoline Distribution and Station Operations (GDSO) segment product margin was $231.3 million compared with $213.6 million. Product margin from gasoline distribution was $165.6 million compared with $145.7 million in the year-earlier period, primarily reflecting higher fuel margins (cents per gallon). Product margin from station operations was $65.7 million in the fourth quarter of 2025 compared with $67.9 million in the fourth quarter of 2024.
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