Global Partners’ net income in second-quarter 2025 was $25.2 million compared with $46.1 million in the same period a year ago, the Waltham, Massachusetts-based company announced Thursday.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $95.7 million in the second quarter, compared with $118.8 million in the same period in 2024.
“Global delivered strong second-quarter results in line with our expectations,” said Eric Slifka, president and CEO of Global Partners, whose convenience-store brands include Alltown Fresh, Honey Farms and XtraMart. “These results reflect the strength of our integrated business and the value of staying focused on disciplined execution. For the first half of 2025, we grew earnings and cash flow year over year with net income increasing 8%, adjusted EBITDA increasing 7% and adjusted DCF [distributable cash flow] increasing 9% from the same period last year.
“That kind of performance speaks to the power of our diversified platform and our ability to execute in a dynamic market,” Slifka continued. “We see continued strength across our retail terminal and wholesale liquid energy segments. Our recent terminal acquisitions have expanded our reach, strengthened our presence in key markets and established an even stronger platform for long-term unit holder value and future M&A [mergers and acquisitions] opportunities.”
Gregory B. Hanson, chief financial officer, said that station operations product margin, which includes convenience-store and prepared-food sales, sundries and rental income, was affected by the weather and lower site count.
“It decreased $4.2 million to $70 million in the second quarter of 2025,” Hanson said. At the end of the quarter, Global Partners “had a portfolio of 1,553 sites, 42 fewer than prior year as we continued our strategic divestment activities to enhance and optimize our overall portfolio sites.”
The weather, Hanson said, “really impacted May and into the first couple of weeks of June. I don’t have a number for you, but it was material. It rained every Saturday for those 13 weeks. It hadn’t rained that much on weekends in the Northeast since 1970.
“We really saw it in our May results, and it impacted not just the merchandising and pack bev sales and things like that, but also the fuel side,” he said.
- Global Partners is No. 25 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count.
Highlights of 2025’s second quarter versus the same period of 2024:
- Adjusted EBITDA was $98.2 million versus $121.1 million
- Distributable cash flow (DCF) was $52 million compared with $73.1 million, and adjusted DCF was $52.3 million compared with $74.2 million
- Gross profit was $272.4 million compared with $287.9 million
The Gasoline Distribution and Station Operations (GDSO) segment product margin was $207.9 million in second-quarter 2025 compared with $221.5 million in the same period of 2024. Product margin from gasoline distribution was $137.9 million compared with $147.3 million in the year-earlier period, reflecting lower fuel volume due in part to decreased site count year over year. Product margin from station operations was $70 million in second-quarter 2025 compared with $74.2 million in 2024’s second quarter, also due in part to decreased site count.
The commercial segment product margin was $6.1 million in second-quarter 2025 compared with $6.2 million a year earlier.
Total sales were $4.6 billion in second-quarter 2025 compared with $4.4 billion in the same period of 2024. Wholesale segment sales were $3.1 billion in second-quarter 2025 compared with $2.6 billion a year earlier.
During the call, Slifka paid tribute to his uncle, Richard Slifka, Global Partners’ longtime chairman of the board, “who left us peacefully in May at the age of 85. Richard was part of Global for more than 60 years. His steady leadership and deep integrity helped shape the company we are today.”
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