Cash flow generation remains erratic, with quarterly distributions of approximately $20 million frequently exceeding free cash flow, which complicates the sustainability of current capital allocation policies.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | 104.33M | 91.5M | 87.78M | 117.08M | 161.32M | 95.47M | 104.48M | 72.33M | 89.75M | 88.96M | 79.44M | 64.49M | 28.53M | 29.62M | 9.62M | 11.56M | 30.89M |
| Operating CF Margin % | - | 2.5% | 2.14% | 2.67% | 3.25% | 2.67% | 5.41% | 3.36% | 3.67% | 4.25% | 4.25% | 2.91% | 1.07% | 1.53% | 0.59% | 0.71% | 2.59% |
| Operating CF Growth % | 186.62% | 4.23% | -25.03% | -27.42% | 68.97% | -8.63% | 44.46% | -19.41% | 0.89% | 11.98% | 23.19% | 126.02% | -3.68% | 208.02% | -16.81% | -62.58% | - |
| Net Income | 56.89M | 41.83M | 22.45M | 42.59M | 63.7M | 21.65M | 107.46M | 18.08M | 5.25M | 23.18M | 10.71M | 11.46M | -6.17M | 18.07M | -3.59M | 9.91M | -5.03M |
| Depreciation & Amortization | 80.34M | 89.59M | 75.98M | 77.16M | 80.63M | 77.85M | 68.74M | 55.03M | 66.55M | 57.47M | 54.41M | 48.23M | 32.98M | 20.96M | 14.59M | 12.15M | 13.54M |
| Stock-Based Compensation | 1.24M | 1.85M | 1.51M | 3.03M | 2.29M | 1.31M | 172K | 1.25M | 481K | 1.93M | 3.93M | 5.12M | 11.96M | 3.16M | 0 | 0 | 0 |
| Deferred Taxes | 3.52M | -161K | -6.15M | 1.57M | -1.75M | -3.76M | -4.44M | 3.57M | -4.26M | -18.85M | -686K | -6.12M | -1.76M | -2.95M | 0 | 0 | 0 |
| Other Non-Cash Items | -37.77M | -42.29M | -2.87M | -1.41M | 1.88M | 78K | -86.66M | 3.04M | 11.72M | 11.68M | 14.04M | 8.56M | 1.95M | 2.71M | -1.66M | -2.84M | 9.38M |
| Working Capital Changes | -2.62M | 673K | -3.14M | -5.86M | 14.58M | -1.67M | 19.21M | -8.63M | 10.02M | 13.56M | -2.97M | -2.77M | -10.42M | -12.34M | 282K | -7.66M | 13M |
| Change in Receivables | -17K | 2.83M | -837K | 430K | 1.25M | -5.55M | 10.87M | -12.95M | 16.79M | 597K | -8.16M | 10.96M | 7.13M | -10.06M | 14.04M | -1.95M | 9.44M |
| Change in Inventory | -536K | 1.74M | -2.67M | 0 | -873K | -10.31M | -777K | 7.24M | 362K | 863K | 4.96M | 9.86M | 3.23M | -2.08M | 1.05M | 108K | 84K |
| Change in Payables | -9.14M | -9.59M | -1.73M | -6.43M | 9.23M | 4.73M | 11.08M | -519K | -5.01M | 15.66M | 281K | -12.34M | -20.44M | 4.29M | 8.78M | 1M | 2.14M |
| Cash from Investing | 77.62M | 68.44M | -16.31M | -28.18M | -46.4M | -298.69M | -19.55M | -15.51M | -6.78M | -60.11M | -96.91M | -311.52M | -156.15M | -47.02M | -69.15M | -18.88M | 14.52M |
| Capital Expenditures | -29.04M | -35.73M | -26.32M | -34.63M | -30.35M | -41.86M | -37.06M | -24.61M | -13.72M | -12.49M | -20.78M | -1.32M | -13.97M | -6.96M | -1.52M | -2.77M | -2.4M |
| CapEx % of Revenue | 1.04% | 0.98% | 0.64% | 0.79% | 0.61% | 1.17% | 1.92% | 1.15% | 0.56% | 0.6% | 1.11% | 0.06% | 0.52% | 0.36% | 0.09% | 0.17% | 0.2% |
| Acquisitions | -1.8M | 0 | 0 | 0 | -29.59M | -272.98M | -28.24M | 0 | -485K | -75.63M | -97.13M | -318.57M | -153.56M | -42.33M | -76.02M | -33.75M | -2.13M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 108.46M | 104.17M | 10.01M | 6.45M | 13.55M | 16.15M | 45.75M | 9.1M | 7.42M | 28M | 21M | 8.37M | 11.38M | 2.27M | 8.4M | 17.65M | 19.05M |
| Cash from Financing | -181.34M | -160.18M | -73.08M | -99.97M | -106.51M | 210.36M | -86.2M | -58.23M | -83.68M | -26.3M | 17.62M | 233.05M | 138.67M | 16.74M | 63.14M | 6.41M | -42.74M |
| Debt Issued (Net) | -88.17M | -78.47M | 8.42M | -12.01M | -50.64M | 297.25M | -8.28M | 18.7M | -11.88M | 61.6M | 105.13M | 155.35M | 51.49M | -44.71M | -6.96M | 22.27M | -22.32M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 24.43M | 0 | 0 | 0 | 0 | 0 | -3.25M | 141.34M | 135.03M | 91.37M | 0 | 0 | -1.04M |
| Dividends Paid | -60.07M | -80.29M | -79.85M | -79.71M | -79.63M | -79.55M | -77.92M | -72.34M | -75.56M | -83.76M | -80.01M | -64.57M | -41.44M | -26M | -43.4M | 0 | -23.99M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.25M | -3.6M | 0 | 0 | 0 | 0 | -1.04M |
| Other Financing | -33.1M | -1.42M | -1.65M | -8.25M | -676K | -7.34M | -173K | -4.59M | 3.77M | -4.14M | -4.24M | 937K | -6.65M | -3.92M | 113.51M | 2.93M | 4.61M |
| Net Change in Cash | 601K | -244K | -1.61M | -11.06M | 8.41M | 7.13M | -1.27M | -1.41M | -706K | 2.55M | 158K | -13.98M | 11.05M | -653K | 2.69M | -906K | 2.67M |
| Free Cash Flow | 75.29M | 55.77M | 61.46M | 82.45M | 130.97M | 53.61M | 67.43M | 47.72M | 76.03M | 76.47M | 58.66M | 63.17M | 14.56M | 22.66M | 8.09M | 8.79M | 28.49M |
| FCF Margin % | 2.69% | 1.52% | 1.5% | 1.88% | 2.64% | 1.5% | 3.49% | 2.22% | 3.11% | 3.65% | 3.14% | 2.85% | 0.55% | 1.17% | 0.5% | 0.54% | 2.39% |
| FCF Growth % | 12.9% | -9.27% | -25.46% | -37.04% | 144.3% | -20.49% | 41.31% | -37.24% | -0.57% | 30.36% | -7.13% | 333.88% | -35.76% | 180.03% | -7.91% | -69.16% | - |
| FCF per Share | 1.97 | 1.46 | 1.61 | 2.16 | 3.44 | 1.42 | 1.80 | 1.38 | 2.21 | 2.26 | 1.76 | 2.17 | 0.73 | 1.48 | 0.54 | 0.58 | 1.89 |
| FCF Conversion (FCF/Net Income) | 1.32x | 2.19x | 4.41x | 2.92x | 2.60x | 4.41x | 0.97x | 4.00x | 17.09x | 3.84x | 7.42x | 5.64x | -4.63x | 1.64x | -2.68x | 1.17x | -6.14x |
| Interest Paid | 23.76M | 0 | 49.9M | 40.05M | 29.03M | 16.2M | 16M | 26.34M | 31.2M | 25.98M | 21.13M | 16.69M | 14.13M | 11.38M | 0 | 0 | 0 |
| Taxes Paid | 1.49M | 0 | 10K | 2.85M | 0 | 331K | 759K | 3.3M | 1.58M | 1.76M | 808K | 5.02M | 632K | 1.73M | 0 | 0 | 0 |
Distribution Coverage Sustainability
According to quarterly financial disclosures, CAPL exhibits a significant disconnect between net income and operating cash flow, with OCF/NI ratios frequently exceeding 2.0x, suggesting that non-cash charges like depreciation and amortization are the primary drivers of reported cash generation rather than core operational profitability.
The consistent gap between net income and operating cash flow indicates that the partnership's reported earnings are heavily influenced by non-cash accounting items. Investors should interpret this as a signal that the underlying business generates cash primarily through asset utilization rather than high-margin operational growth.
As reported in recent financial statements, CAPL's free cash flow trajectory remains highly erratic, swinging from a negative $289,000 in 2024Q1 to a peak of $34.2 million in 2024Q3, which complicates the partnership's ability to consistently fund its distribution obligations without relying on external financing.
The lack of a stable free cash flow trend suggests that the partnership's ability to cover distributions is sensitive to short-term working capital fluctuations and commodity price cycles. This volatility warrants caution, as it may force management to prioritize liquidity preservation over long-term capital reinvestment.
Based on the provided data, CAPL maintains a capital intensity ratio averaging roughly 0.8% to 1.3% of revenue, indicating that while the business is not overly capital-heavy, the recurring need for site maintenance remains a persistent drag on the partnership's ability to generate surplus cash.
The consistent allocation toward capital expenditures suggests that maintaining the physical integrity of the 1,750-site portfolio is a non-negotiable operational requirement. Analysts should monitor whether these expenditures are truly maintenance-focused or if they are masking necessary growth investments required to combat regional fuel demand erosion.
Analysis of recent cash flow statements reveals that working capital changes have acted as both a significant source and use of cash, with a $13.8 million inflow in 2024Q3 contrasting sharply with an $11.9 million outflow in 2024Q4, highlighting the partnership's sensitivity to inventory and receivable timing.
These swings suggest that the partnership's cash position is highly susceptible to the timing of fuel procurement and dealer collections. Such variability implies that the partnership's liquidity is not as predictable as the recurring nature of its lease income might otherwise suggest.
Based on reported figures, CAPL has consistently paid out approximately $20 million in quarterly distributions, a figure that frequently exceeds the partnership's quarterly free cash flow, suggesting that the current distribution policy may be placing significant strain on the partnership's overall financial flexibility.
The reliance on cash flow to fund distributions while simultaneously managing debt levels appears to leave little room for strategic acquisitions or site modernization. Investors should monitor whether this payout level remains sustainable if wholesale fuel volumes continue their observed downward trend.
Quick answers to the most common questions about buying CAPL stock.
CrossAmerica Partners LP (CAPL) generated $91.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CrossAmerica Partners LP (CAPL) generated $55.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CrossAmerica Partners LP (CAPL) spent $35.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CrossAmerica Partners LP (CAPL) returned $80.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.