olivLaw · US equity research
Global Partners LP GLP
Wholesale-Petroleum Bulk Stations & Terminals · SIC 5171 · Vertical: Wholesale — nondurable goods (SIC 517x)
Global Partners LP is a master limited partnership that operates liquid energy terminals, distributes gasoline, distillates and renewable fuels, and runs a large network of gasoline stations and convenience stores, mainly in the Northeast US. In the second quarter of 2026 the company reported combined product margin of 362.2 million USD, which shows how much its profitability depends on market volatility.
At the close of 04 Nov 2026, Global Partners LP (GLP) stock was 43.47 USD (−3.10% on the day), with market capitalisation 1.5 bn USD, P/E 7.6, beta 0.59, 52-week range 39.58–54.07 USD. Latest reported quarter (Q2 2026): revenue of 6.8 bn USD (+46.8% YoY), net income of 71.0 m USD (+181.6% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 44.83 – 51.26
- below the lower band · %B -0.21 · band width 13.4%
- SMA 50 / 200
- 49.13 / 47.97
- mixed trend
- MACD (12, 26, 9)
- -0.94 / -0.49
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.4% | −1.1% | −5.3 pp | — |
| 3 months | −10.6% | −0.5% | −10.2 pp | — |
| 6 months | −9.1% | +4.4% | −13.5 pp | — |
| Year to date | +3.9% | +12.3% | −8.4 pp | — |
| 1 year | −2.1% | +13.5% | −15.6 pp | −12.6% |
| 3 years | +30.1% | +76.4% | −46.3 pp | −19.1% |
| 5 years | +91.2% | +63.7% | +27.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.4 bn | 4.2 bn | 4.6 bn | 4.6 bn | 4.7 bn | 4.6 bn | 5.3 bn | 6.8 bn |
| Cost of revenue | 4.1 bn | 3.9 bn | 4.3 bn | 4.4 bn | 4.4 bn | 4.4 bn | 5.0 bn | 6.5 bn |
| Gross profit | 286.0 m | 268.8 m | 255.2 m | 272.4 m | 271.4 m | 263.1 m | 332.2 m | 328.9 m |
| SG&A | 70.5 m | 79.4 m | 73.7 m | 74.8 m | 76.3 m | 80.9 m | 99.4 m | 83.0 m |
| Operating income | 83.5 m | 58.1 m | 55.9 m | 60.1 m | 61.4 m | 57.3 m | 105.7 m | 107.4 m |
| Pre-tax income | 48.2 m | 24.0 m | 19.9 m | 25.1 m | 28.6 m | 25.5 m | 71.0 m | 76.3 m |
| Income tax | 2.3 m | 148.0 k | 1.2 m | -112.0 k | -447.0 k | 392.0 k | 839.0 k | 5.3 m |
| Net income | 45.9 m | 23.9 m | 18.7 m | 25.2 m | 29.0 m | 25.1 m | 70.1 m | 71.0 m |
| Operating cash flow | 122.7 m ≈ | 67.2 m | -51.6 m | 216.3 m ≈ | 19.0 m ≈ | 101.0 m | -104.7 m | 309.4 m ≈ |
| Capex | 24.3 m ≈ | 46.8 m | 17.9 m | 15.1 m ≈ | 19.7 m ≈ | 38.8 m | 31.9 m | 35.0 m ≈ |
| Share repurchases | 3.3 m ≈ | 3.0 m | 532.0 k | 3.0 m ≈ | 3.8 m ≈ | 2.6 m | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.7 bn | 13.1 bn | 8.3 bn | 13.2 bn | 18.9 bn | 16.5 bn | 17.2 bn | 18.6 bn |
| Revenue YoY | +42.1% | +3.2% | −36.4% | +59.2% | +42.5% | −12.6% | +4.1% | +8.1% |
| Net income | 103.9 m | 35.9 m | 102.2 m | 60.8 m | 362.2 m | 152.5 m | 110.3 m | 98.0 m |
| Net income YoY | +76.9% | −65.5% | +185.0% | −40.5% | +495.8% | −57.9% | −27.7% | −11.2% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 0.8% | 0.3% | 1.2% | 0.5% | 1.9% | 0.9% | 0.6% | 0.5% |
| Free cash flow | 99.7 m | 11.5 m | 236.2 m | -51.5 m | 373.2 m | 423.6 m | -71.7 m | 193.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- unavailable USD
- Total assets
- 3.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.14x
- ROE
- unavailable
- ROA
- 2.6%
- FCF margin
- 1.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.3 bn | 13.2 bn | 18.9 bn | 16.5 bn | 17.2 bn | 18.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 7.6 bn | 12.5 bn | 17.8 bn | 15.5 bn | 16.1 bn | 17.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 721.1 m | 719.3 m | 1.1 bn | 973.6 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 192.5 m | 212.9 m | 263.1 m | 273.7 m | 292.1 m | 305.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 192.3 m | 142.2 m | 460.3 m | 243.8 m | 251.2 m | 234.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 101.6 m | 62.1 m | 379.0 m | 160.6 m | 114.9 m | 99.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -119.0 k | 1.3 m | 16.8 m | 8.1 m | 4.6 m | 1.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 102.2 m | 60.8 m | 362.2 m | 152.5 m | 110.3 m | 98.0 m | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 9.7 m | 10.8 m | 4.0 m | 19.6 m | 8.2 m | 12.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 227.3 m | 411.2 m | 478.8 m | 551.8 m | 472.6 m | 530.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 384.4 m | 509.5 m | 566.7 m | 397.3 m | 594.1 m | 549.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 781.4 m | 1.1 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.1 bn | 1.2 bn | 1.5 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 323.6 m | 328.1 m | 427.8 m | 429.2 m | 421.9 m | 421.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 35.9 m | 26.0 m | 26.9 m | 20.7 m | 18.7 m | 13.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 2.5 bn | 2.8 bn | 3.2 bn | 3.4 bn | 3.8 bn | 3.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 207.9 m | 353.3 m | 530.9 m | 648.7 m | 510.0 m | 573.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 497.5 m | 839.6 m | 971.5 m | 982.8 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 2.0 bn | 2.3 bn | 2.4 bn | 2.6 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 312.5 m | 50.2 m | 480.0 m | 512.4 m | 31.6 m | 284.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 76.3 m | 101.7 m | 106.8 m | 88.8 m | 103.3 m | 91.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 236.2 m ≈ | -51.5 m ≈ | 373.2 m ≈ | 423.6 m ≈ | -71.7 m ≈ | 193.3 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -69.7 m | -115.1 m | -236.2 m | -492.4 m | -276.9 m | -101.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -245.1 m | 66.0 m | -250.6 m | -4.5 m | 233.8 m | -179.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 291.0 k | 3.8 m | 2.9 m | 3.5 m | 14.2 m | 10.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.9% | 88 (vs peers) | 13% |
| FCF conversion · Quality | 102.2% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -0.6% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 7.6x | 100 (on a fixed band) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.5% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.8% | 12 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial33/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns· partial12/100 · 1/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Global Partners LP (GLP). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 18.6 bn USD in 2025; YoY growth 8.1%; net margin 0.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 0.9%
- FCF conversion: 102.2%
- P/E (TTM): 7.6x
- FCF yield: 13.5%
What contradicts it
- Revenue CAGR 3Y: -0.6%
- Shareholder yield (distributions): 0.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Wholesale — nondurable goods (SIC 517x) · same industry group (3-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WKCWorld Kinect Corporation | 1.9 bn | — | -11.5% | -0.4% | −12.5% | +64% / +81% |
| GLPGlobal Partners LP | 1.5 bn | 7.6 | — | 0.9% | +8.1% | −2% / +30% |
| CAPLCrossamerica Partners LP | 773.8 m | 16.1 | — | 1.2% | −10.6% | −1% / −15% |
| PTLEPTL Limited | 121.4 m | — | -24.8% | -1.6% | −27.0% | −30% / unavailable |
| BANLCbl International Limited | 80.0 m | — | -14.0% | -0.6% | −9.1% | −48% / −86% |
| MMLPMartin Midstream Partners L.P. | 77.1 m | — | — | -1.4% | +1.2% | −25% / −24% |
| DLXYDelixy Holdings Limited | 23.7 m | — | -612.2% | -1.5% | −2.3% | +49% / unavailable |
| UFGUni-Fuels Holdings Ltd | 13.6 m | — | -23.3% | -0.7% | +70.0% | +279% / unavailable |
| TMDETmd Energy Limited | 11.8 m | — | -154.1% | -3.4% | unavailable | −33% / unavailable |
1- and 3-year price returns: for GLP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.39 Total return -44% · Per year -44% | 43.23 Total return -1% · Per year -1% | 65.26 Total return 50% · Per year 50% |
| 3 years | 21.32 Total return -51% · Per year -21% | 42.74 Total return -2% · Per year -1% | 71.18 Total return 64% · Per year 18% |
| 5 years | 18.64 Total return -57% · Per year -16% | 42.26 Total return -3% · Per year -1% | 77.64 Total return 79% · Per year 12% |
- Exit P/E± 10.69
- Net margin± 7.48
- Annual revenue growth± 6.45
- Annual dilution± 0.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Global Partners LP is a master limited partnership that operates liquid energy terminals, distributes gasoline, distillates and renewable fuels, and runs a large network of gasoline stations and convenience stores, mainly in the Northeast US. In the second quarter of 2026 the company reported combined product margin of 362.2 million USD, which shows how much its profitability depends on market volatility 3.
SWOT
Strengths
- The company has an extensive terminal network connected to rail, pipeline and marine assets, which gives it logistics flexibility 1. It also has a large portfolio of stations and stores in densely populated regions, an important position in wholesale distribution, and the ability to manage inventories with hedging instruments 13.
- Diversification across three segments lets one segment partly offset weakness in another, as seen in the second quarter of 2026 3. The company has also described its balance sheet as a source of flexibility for investment and distributions 3.
- A history spanning more than ninety years and expansion into marine fuel and bunkering show an ability to adapt to new markets 13.
Weaknesses
- The company depends on volatile market conditions and product prices, and margins can drop sharply if costs rise faster than they can be passed on to customers 1. Many operating costs are fixed, so lower volumes can reduce margins more than proportionally 1.
- Seasonality, with weaker gasoline results in the first and fourth quarters and dependence on warm weather for heating oil, makes revenue harder to forecast 1. Debt and financial covenants in credit agreements can limit financing flexibility 12.
- The Commercial segment has a small margin compared with the other two segments, and some revenue lines such as convenience stores depend on customer traffic, which can be affected by changes in behaviour 123.
Opportunities
- If the marine fuel expansion on the Gulf Coast produces additional volumes, the company could raise Commercial segment revenue 1. Acquisitions and organic growth projects could add new assets to the portfolio, provided returns are positive 1.
- The market for renewable fuels and biofuels could open new product lines, especially if government mandates remain favourable 12. Investment in real estate, such as the new headquarters, shows a long-term approach to managing assets 1.
- If the margins seen in the second quarter of 2026 are sustained, the company could have more capacity to invest in growth and to improve distributions to unitholders 3.
Threats
- The transition to electric vehicles and other alternative energy sources could reduce long-term demand for gasoline, affecting station volumes and revenue 12. Policy changes, including tariffs and environmental rules, could raise costs or limit market access 12.
- Climate risks and extreme events, such as hurricanes or flooding, can affect assets and operations in coastal areas 12. Cyberattacks and disruptions to information systems can limit the ability to run the business 1.
- Geopolitical crises and conflicts in oil-producing regions can cause high price volatility, which could affect margins and customers' ability to pay 23.
Risks
- Coverage of distributionshigh
The company may not have enough operating cash to maintain distributions at current levels after setting aside reserves and paying fees and expenses 12. If cash flow falls, distributions could be reduced.
- Price and demand volatilityhigh
A significant decrease in the price or demand for the products sold, or a rise in logistics costs, could reduce revenue and the ability to make distributions to unitholders 1. Fixed costs do not fall in proportion to volumes, which can compress margins 1.
- Tariffs and trade controlsmedium
Tariffs and other controls on imports and exports can raise the cost of products bought from abroad and reduce margins 12. Retaliatory measures by other countries could complicate supply further.
- Credit and counterparty exposuremedium
The company is exposed to trade credit risk and to the risk tied to supporting trade credit for customers, and falling prices can increase exposure to counterparties failing to perform on forward contracts 12.
- Environmental liabilities and litigationmedium
The business is subject to federal, state and municipal environmental and other regulations, and litigation over gasoline stations and convenience stores could have an unfavourable outcome if insurance does not fully cover the costs 12.
Investment thesis
What would need to be true (bull case)
- Product margins rose in the second quarter of 2026, suggesting the three-segment diversification strategy can work when market conditions are favourable 3.
- The network of terminals, stations and stores in the Northeast, together with the expansion toward the Gulf Coast, could create additional revenue sources and a durable competitive position 13.
- Redeeming the preferred units and keeping distributions per unit could signal financial discipline that supports long-term investor confidence 3.
What would break the thesis
- The business remains exposed to volatile oil and fuel prices, and sudden changes can quickly reduce margins 12.
- The energy transition and electrification of transport could reduce long-term demand for gasoline and heating oil, with effects on station volumes 12.
- Distributions depend on cash flow, and a fall in results could put pressure on the company's ability to maintain them at the current level 12.
What to watch
- Evolution of GDSO product margin and gasoline marginQ3 2026
- Coverage of distributions per unit and level of cash available for distributionQ3 2026
- Impact of tariffs and trade policy on import costsnext 10-K
- Results from marine fuel expansion on the Gulf Coast2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Global Partners LP is a master limited partnership formed in 2005, listed on the New York Stock Exchange under the ticker GLP 13. The company owns, controls or has access to a large terminal network for refined petroleum products and renewable fuels, connected to rail, pipeline and marine assets, spanning from Maine to Florida and into the US Gulf States 1. According to the annual report, in 2025 the company sold refined products, blendstocks, renewable fuels and crude oil worth 18.0 billion USD, plus other revenues of 0.5 billion USD from convenience store sales, rental income and related activities 1. It describes itself as one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, mainly in New England, New York, New Jersey and Pennsylvania, as well as Maryland and Virginia 1. At December 31, 2025, the portfolio included 1,524 stations, of which 290 are directly operated convenience stores, and a further 67 Texas stations are operated or supplied by the joint venture Spring Partners Retail LLC 1.
The business is organised into three segments: Wholesale, Gasoline Distribution and Station Operations (GDSO) and Commercial 1. Wholesale sells, gathers, blends, stores and transports petroleum products, renewable fuels, crude oil and propane by rail, barge, truck or pipeline 1. GDSO covers gasoline sales to station operators and sub-jobbers, plus station operations such as convenience store and prepared food sales, rental income and commissions 1. Commercial delivers fuels to public sector and large commercial and industrial end users, including marine bunker fuel 1.
On recent results, in the second quarter of 2026 the company reported net income of 71.0 million USD, compared with 25.2 million USD a year earlier, and EBITDA of 146.0 million USD 3. It also fully redeemed its Series B preferred units and announced a distribution of 0.78 USD per common unit for the quarter ended June 30, 2026 3.
Segments
GDSO (gasoline distribution and station operations)
In the second quarter of 2026, GDSO product margin was 245.2 million USD, compared with 207.9 million USD in the same period of 2025, mainly because of higher fuel margins in cents per gallon 3. Margin from station operations stayed nearly flat at 70.2 million USD 3.
Wholesale (bulk sales and logistics)
The Wholesale segment reported product margin of 106.5 million USD in the second quarter of 2026, compared with 91.7 million USD in 2025, supported by more favourable gasoline conditions but partly offset by lower margin on residual oil 3.
Market context
The company operates in the markets for refined petroleum products, gasoline blendstocks, renewable fuels and crude oil, where spot, fixed and indexed prices and the forward curve directly shape results 1. It hedges exposure mainly with futures and, less often, swaps, and profitability can be affected when the market moves from contango to backwardation, when inventories may lose value 1. Segment revenue is also affected by seasonality: gasoline demand usually rises in late spring and summer, while heating oil demand rises in the colder months 1. Total sales in the second quarter of 2026 were 6.8 billion USD, compared with 4.6 billion USD in 2025, pointing to a market with shifting prices and volumes 3.
Trends
- Volatility in oil and fuel pricesmixed
High or volatile product prices can reduce customers' ability to buy at historical volumes and make it harder to pass costs on quickly, which could pressure margins 1. On the other hand, more favourable market conditions lifted margins in the second quarter of 2026 3.
- Energy transition and alternative vehiclesheadwind
A shift by consumers to electric, hybrid or hydrogen vehicles, along with better fuel efficiency, could reduce demand for gasoline and for services at stations 12. Conversion from heating oil to natural gas or electric heat pumps is already reducing volumes of that product 2.
Competitive position
The company competes with other firms that sell refined petroleum products, blendstocks, renewable fuels, crude oil and convenience store items, and this competition is cited as a factor affecting cash available for distribution 1. In the Northeast, where most of its stations are, pressure from other operators could affect customer traffic and convenience store sales 12. The supplied sources do not name listed US competitors, so the discussion is limited to generic competition 1.
- Other companies selling refined petroleum products and fuels
The sources mention generic competition from other firms selling refined products, blendstocks and renewable fuels, without naming specific competitors 1.
- Other gasoline station and convenience store operators in the Northeast
The company cites competition in station and store operations, with effects on traffic and sales in retail 12.
- Transportation and logistics providers for petroleum products
Dependence on marine, pipeline, rail and truck transport creates indirect competition for available logistics capacity 1.
- Other fuel distribution partnerships and chains
The sources do not name individual competitors, but they flag the risk that customers could buy products elsewhere if they do not honour their contracts 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- US Treasury pushes global partners to rename AI as 'super intelligence'CNA (Channel NewsAsia) · 15 Oct 2026 · EN
- Samsung Electronics discusses future of next-generation networks with global partnersYonhap News (KR, EN) · 15 Oct 2026 · EN
- China's space program at 70: What do global partners see?CGTN — World · 08 Oct 2026 · EN
- Global Partners debuts new 125K-square-foot corporate HQYahoo Finance — News · 18 Sept 2026 · EN
- Mongolia Hosts COP17, Urging Global Partners to Action on Climate IssuesThe Diplomat (Asia geopolitics) · 28 Aug 2026 · EN
- Roz Brewer Says US Retail Needs Global PartnersBloomberg Markets · 18 Aug 2026 · EN
The latest news item in our archive is from 15 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report16 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report07 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Jul 2026Regulation FD disclosure
- Current report29 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jun 2026Other events
- Quarterly report08 May 2026
- Current report08 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Apr 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Global Partners LP · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Global Partners LP · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Global Partners LP · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.