Revenue has experienced a consistent downward trajectory, highlighted by a 10.63% year-over-year decline and a structurally thin gross margin profile of approximately 9.18%.
| 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 |
|---|
| Sales/Revenue | 2.8B | 3.66B | 4.1B | 4.39B | 4.97B | 3.58B | 1.93B | 2.15B | 2.45B | 2.09B | 1.87B | 2.21B | 2.67B | 1.93B | 1.63B | 1.63B | 1.19B |
| Revenue Growth % | -30.33% | -10.63% | -6.57% | -11.7% | 38.78% | 85.23% | -10.1% | -12.12% | 16.76% | 12.03% | -15.58% | -17.03% | 37.99% | 18.94% | -0.16% | 36.66% | - |
| Cost of Goods Sold | 2.49B | 3.33B | 3.7B | 4B | 4.59B | 3.3B | 1.72B | 1.99B | 2.27B | 1.93B | 1.71B | 2.06B | 2.54B | 1.85B | 1.58B | 1.59B | 1.14B |
| COGS % of Revenue | - | 90.82% | 90.28% | 91.28% | 92.44% | 92.26% | 89.02% | 92.81% | 92.94% | 92.33% | 91.68% | 92.89% | 95.1% | 95.55% | 97.44% | 97.35% | 95.8% |
| Gross Profit | 410.52M | 336.22M | 398.32M | 382.27M | 375.77M | 276.95M | 212.13M | 154.64M | 172.79M | 160.77M | 155.57M | 157.52M | 130.72M | 86.06M | 41.7M | 43.25M | 50.12M |
| Gross Margin % | 14.66% | 9.18% | 9.72% | 8.72% | 7.56% | 7.74% | 10.98% | 7.19% | 7.06% | 7.67% | 8.32% | 7.11% | 4.9% | 4.45% | 2.56% | 2.65% | 4.2% |
| Gross Profit Growth % | - | -15.59% | 4.2% | 1.73% | 35.68% | 30.56% | 37.18% | -10.51% | 7.48% | 3.34% | -1.24% | 20.5% | 51.9% | 106.39% | -3.58% | -13.71% | - |
| Operating Expenses | 277.12M | 130M | 327.76M | 294.2M | 279.76M | 240.82M | 96.53M | 111.31M | 146.43M | 146.65M | 139.64M | 144.75M | 123.74M | 57.61M | 38.46M | 24.78M | 35.69M |
| OpEx % of Revenue | - | 3.55% | 8% | 6.71% | 5.63% | 6.73% | 5% | 5.18% | 5.99% | 7% | 7.47% | 6.54% | 4.64% | 2.98% | 2.36% | 1.52% | 2.99% |
| Selling, General & Admin | 93.7M | 27.99M | 46.2M | 42.49M | 40.83M | 44.46M | 20.99M | 16.85M | 17.97M | 82.08M | 85.23M | 108.47M | 59.37M | 32.07M | 23.96M | 12.71M | 19.52M |
| SG&A % of Revenue | - | 0.76% | 1.13% | 0.97% | 0.82% | 1.24% | 1.09% | 0.78% | 0.73% | 3.92% | 4.56% | 4.9% | 2.22% | 1.66% | 1.47% | 0.78% | 1.64% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 102.01M | 281.56M | 251.71M | 238.94M | 196.36M | 75.54M | 94.47M | 373K | 439K | 848K | 396K | 466K | 2.04M | 38.46M | 24.78M | 1.9M |
| Operating Income | 115.96M | 206.22M | 70.56M | 88.07M | 96.01M | 36.13M | 115.59M | 43.32M | 35.01M | 32.42M | 32.17M | 26.02M | 8.64M | 28.5M | 6.83M | 21.65M | 14.16M |
| Operating Margin % | 4.14% | 5.63% | 1.72% | 2.01% | 1.93% | 1.01% | 5.98% | 2.02% | 1.43% | 1.55% | 1.72% | 1.17% | 0.32% | 1.47% | 0.42% | 1.33% | 1.19% |
| Operating Income Growth % | - | 192.26% | -19.88% | -8.27% | 165.73% | -68.74% | 166.82% | 23.73% | 8% | 0.77% | 23.65% | 201.12% | -69.69% | 317.35% | -68.46% | 52.96% | - |
| EBITDA | 211.2M | 295.81M | 146.54M | 165.23M | 176.63M | 113.98M | 184.33M | 98.35M | 101.54M | 89.96M | 86.78M | 74.24M | 41.62M | 49.46M | 21.42M | 33.81M | 27.7M |
| EBITDA Margin % | 7.54% | 8.08% | 3.58% | 3.77% | 3.56% | 3.18% | 9.54% | 4.58% | 4.15% | 4.29% | 4.64% | 3.35% | 1.56% | 2.56% | 1.32% | 2.08% | 2.32% |
| EBITDA Growth % | 24.85% | 101.86% | -11.31% | -6.46% | 54.97% | -38.17% | 87.42% | -3.14% | 12.87% | 3.66% | 16.89% | 78.38% | -15.86% | 130.97% | -36.65% | 22.06% | - |
| D&A (Non-Cash Add-back) | 95.25M | 89.59M | 75.98M | 77.16M | 80.63M | 77.85M | 68.74M | 55.03M | 66.53M | 57.54M | 54.61M | 48.23M | 32.98M | 20.96M | 14.59M | 12.15M | 13.54M |
| EBIT | 97.04M | 98.23M | 71.34M | 88.86M | 96.51M | 36.67M | 116.09M | 43.85M | 35.38M | 32.86M | 33.02M | 26.41M | 9.11M | 30.54M | 7.79M | 18.34M | 14.43M |
| Net Interest Income | -26.42M | -48.14M | -52.32M | -43.74M | -32.1M | -18.24M | -16.59M | -27M | -32.87M | -27.92M | -22.76M | -18.49M | -16.63M | -14.18M | -12.21M | -12.08M | -15.69M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.09M | 58K | 84K |
| Interest Expense | 26.42M | 48.14M | 52.32M | 43.74M | 32.1M | 18.24M | 16.59M | 27M | 32.87M | 27.92M | 22.76M | 18.49M | 16.63M | 14.18M | 13.29M | 12.14M | 15.78M |
| Other Income/Expense | -42M | -156.13M | -51.54M | -42.95M | -31.6M | -17.7M | -16.08M | -26.48M | -32.5M | -27.48M | -21.91M | -18.1M | -16.16M | -13.82M | -5.04M | 4.56M | -12.59M |
| Pretax Income | 73.96M | 50.09M | 19.02M | 45.12M | 64.41M | 18.43M | 99.51M | 16.85M | 2.51M | 4.94M | 10.26M | 7.92M | -7.53M | 16.35M | -3.8M | 26.09M | 1.57M |
| Pretax Margin % | 2.64% | 1.37% | 0.46% | 1.03% | 1.3% | 0.51% | 5.15% | 0.78% | 0.1% | 0.24% | 0.55% | 0.36% | -0.28% | 0.85% | -0.23% | 1.6% | 0.13% |
| Income Tax | 14.35M | 8.25M | -3.43M | 2.52M | 714K | -3.23M | -7.95M | -1.23M | -2.73M | -18.24M | -453K | -3.54M | -1.35M | -1.72M | 779K | 8.55M | 0 |
| Effective Tax Rate % | 19.4% | 16.48% | -18.05% | 5.6% | 1.11% | -17.5% | -7.99% | -7.3% | -108.75% | -369.24% | -4.41% | -44.72% | 17.99% | -10.49% | -20.49% | 32.8% | 0% |
| Net Income | 56.89M | 41.83M | 19.89M | 40.1M | 61.97M | 21.65M | 107.46M | 18.08M | 5.25M | 23.16M | 10.7M | 11.44M | -6.16M | 18.07M | -3.59M | 9.91M | -5.03M |
| Net Margin % | 2.03% | 1.14% | 0.49% | 0.91% | 1.25% | 0.6% | 5.56% | 0.84% | 0.21% | 1.11% | 0.57% | 0.52% | -0.23% | 0.93% | -0.22% | 0.61% | -0.42% |
| Net Income Growth % | 91.85% | 110.3% | -50.4% | -35.28% | 186.18% | -79.85% | 494.47% | 244.24% | -77.33% | 116.35% | -6.44% | 285.67% | -134.1% | 602.78% | -136.27% | 297.02% | - |
| Net Income (Continuing) | 59.61M | 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 | -4.14M | 10.69M | 1.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 27.74M | 0 | 0 | 0 | 0 | 0 | -318K | -233K | -135K | -31K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.49 | 1.09 | 0.52 | 1.05 | 1.63 | 0.57 | 2.87 | 0.52 | 0.15 | 0.56 | 0.22 | 0.35 | -0.31 | 1.18 | -0.24 | 0.66 | -0.33 |
| EPS Growth % | 88.75% | 109.62% | -50.48% | -35.58% | 185.96% | -80.14% | 451.92% | 246.67% | -73.21% | 154.55% | -37.14% | 212.9% | -126.27% | 591.67% | -136.36% | 300% | - |
| EPS (Basic) | - | 1.10 | 0.52 | 1.06 | 1.63 | 0.57 | 2.87 | 0.52 | 0.15 | 0.56 | 0.22 | 0.35 | -0.31 | 1.18 | -0.24 | 0.66 | -0.33 |
| Diluted Shares Outstanding | 38.3M | 38.25M | 38.17M | 38.12M | 38.06M | 37.88M | 37.37M | 34.45M | 34.35M | 33.86M | 33.37M | 29.09M | 19.93M | 15.31M | 15.05M | 15.05M | 15.05M |
| Basic Shares Outstanding | 38.14M | 38.1M | 38.03M | 37.96M | 37.92M | 37.88M | 37.37M | 34.45M | 34.35M | 33.84M | 33.31M | 28.99M | 19.93M | 15.26M | 15.05M | 15.05M | 15.05M |
| Dividend Payout Ratio | - | 191.93% | 401.44% | 198.76% | 128.49% | 367.38% | 72.52% | 400.2% | 1439% | 361.71% | 747.5% | 564.34% | - | 143.87% | - | 189.64% | - |
Regional Fuel Demand Erosion
As indicated by the most recent quarterly data, CAPL has experienced a consistent pattern of top-line erosion, with revenue declining by 10.63% year-over-year, suggesting that the partnership is struggling to maintain volume throughput in its core Northeast and Mid-Atlantic fuel distribution corridors.
The persistent revenue decline appears to reflect both the pass-through nature of commodity price volatility and potential structural volume loss. Investors should monitor whether this trend represents a cyclical adjustment to energy prices or a more permanent shift in regional fuel consumption patterns.
Based on reported financial statements, CAPL maintains a structurally thin gross margin profile of approximately 9.18%, which highlights the partnership's limited ability to absorb cost fluctuations within its wholesale-heavy business model while operating in a highly competitive, low-barrier retail fuel environment.
The narrow margin profile suggests that the partnership lacks significant pricing power, leaving it vulnerable to even minor shifts in rack prices or operational expenses. This thin buffer warrants further investigation into the sustainability of current distribution levels if inflationary pressures on site maintenance continue to mount.
According to historical income statement filings, CAPL's operating income has demonstrated significant volatility, swinging from a $13.0 million loss in 2024Q1 to a $41.5 million profit in 2025Q2, which indicates that fixed costs exert substantial pressure on the partnership's bottom line during periods of volume weakness.
The lack of consistent operating leverage suggests that the partnership's cost structure is not sufficiently flexible to mitigate revenue downturns. This sensitivity implies that management's ability to control site-level expenses is the primary determinant of quarterly profitability rather than organic growth.
Analysis of recent quarterly reports reveals that SG&A expenses have fluctuated significantly, reaching a peak of $64.0 million in 2025Q3, which suggests that the partnership faces periodic, non-recurring operational costs that complicate the assessment of underlying expense discipline and long-term cost management efficiency.
The inconsistency in SG&A spending may indicate that the partnership is grappling with the operational complexities of its 1,750-site footprint. Investors should monitor whether these spikes are indicative of necessary infrastructure reinvestment or if they represent inefficiencies in the commission agent model.
While the partnership benefits from a dense real estate portfolio, the 1.14% net margin reported in recent periods suggests that the business model is highly fragile, leaving little room for error regarding regulatory compliance costs or the accelerating adoption of electric vehicles in the Northeast.
Short-term profitability appears heavily dependent on maintaining fuel spreads, which may be unsustainable if independent dealers face increased competitive pressure. The reliance on external financing for capital-intensive operations further complicates the long-term outlook in a higher-for-longer interest rate environment.
Quick answers to the most common questions about buying CAPL stock.
For fiscal year 2025, CrossAmerica Partners LP (CAPL) reported total revenue of $3.66B. This represents a 207.2% increase compared to $1.19B in 2010.
CrossAmerica Partners LP (CAPL) is profitable, generating $41.8M in net income for the fiscal year ending 2025 with a net profit margin of 1.1%.
CrossAmerica Partners LP (CAPL) reported an operating income of $206.2M, resulting in an operating profit margin of 5.6%. This margin reflects the operational efficiency of the business before interest and taxes.
CrossAmerica Partners LP (CAPL) generated $336.2M in gross profit for the year, representing a gross profit margin of 9.2%. This demonstrates the company's core pricing power and production efficiency.