Global Partners’ net income in the first quarter of 2025 was $18.7 million compared with a net loss of $5.6 million in the same period a year ago, the Waltham, Massachusetts-based company announced on Thursday.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $91.9 million in the first quarter, compared with $56.9 million in the same period in 2024.
“Global delivered solid first-quarter results, highlighting the strength of our integrated assets and the creativity of our team,” said Eric Slifka, president and CEO of Global Partners, whose convenience-store brands include Alltown Fresh, Honey Farms and XtraMart. “Our diversified portfolio of terminals, retail assets and supply capabilities continues to demonstrate its value, particularly during periods of market volatility and regulatory uncertainty.”
Station operations product margin, which includes convenience-store and prepared food sales, sundries and rental income, decreased $4 million to $62.1 million in the period, said Gregory B. Hanson, chief financial officer,
“The decrease was due in part to the sales and conversions of certain company-operated sites, consistent with our ongoing strategy of portfolio optimization,” he said. “At quarter end, we had a portfolio of 1,561 sites, a decrease of 40 sites year over year. In addition, we operated or supplied 66 sites under our Spring Partners retail joint venture.”
The company’s adjusted EBITDA was $91.1 million in the first quarter of 2025 versus $56 million in the same period of 2024.
- Global Partners is No. 25 on CSP’s 2025 Top 40 Update to the 2024 Top 202 ranking of U.S. c-store chains by store count. Watch for the full 2025 Top 202 ranking in the June issue of CSP magazine and in CSP Daily News.
Distributable cash flow (DCF) was $45.7 million in the first quarter of 2025 compared with $15.8 million in the same period of 2024, and adjusted DCF was $46.4 million in the first quarter of 2025 compared with $16 million a year earlier.
Gross profit in the first quarter of 2025 was $255.2 million compared with $215.1 million in the same period of 2024.
Slifka said, “Our wholesale segment performed well, driven by the successful integration of additional terminal assets, strong execution across the team and a favorable market backdrop. Our gasoline distribution business also benefited from healthy fuel margins, further strengthening our performance.”
“At Global, the power of our scale, the resiliency of our integrated model and the ingenuity of our people position us to not just weather disruption—but to find opportunity within it,” Slifka said. “We remain focused on delivering long-term growth through disciplined execution, operational excellence and the strong foundation built over decades of partnership and service.”
Commercial segment product margin was $7.1 million in the first quarter of 2025 compared with $7 million in the same period of 2024, in part due to more favorable market conditions.
Total sales were $4.6 billion in the first quarter of 2025 compared with $4.1 billion in the same period of 2024. Wholesale segment sales were $3.2 billion in the first quarter of 2025 compared with $2.6 billion in the same period of 2024.
Gasoline distribution and station operations segment sales were $1.1 billion in the first quarter of 2025 versus $1.2 billion in the same period of 2024. Commercial segment sales were $275.1 million in the first quarter of 2025 compared with $278.6 million in the same period of 2024.
Global is one of the largest liquid-energy companies on the East Coast, operating and managing dedicated storage at 54 terminals, strategically connected to rail, pipeline and marine assets, extending from Maine to Florida and into the U.S. Gulf States. In 2024, the company expanded its reach with two acquisitions, adding five terminals to its network. The company is also advancing its transition to low-carbon, renewable fuel options to meet evolving energy demands.
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