Revenue has contracted from roughly $1.1 billion in 2024 to $841.8 million in Q1 2026 while operating margin swung between 0.2% and 5.9%, indicating that thin spreads and fixed overhead leave earnings highly sensitive to volume and non-operating items.
CrossAmerica Partners LP (CAPL) annual income statement — 16-year revenue, gross profit & net income history
| 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 | 4.08B | 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 % | 9.12% | -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 | 3.68B | 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 | 403.11M | 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 % | 9.88% | 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 | 274.58M | 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 | 31.98M | 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 | 128.53M | 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 % | 3.15% | 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 | 199.12M | 295.81M | 146.54M | 165.23M | 176.63M | 113.98M | 184.33M | 98.35M | 101.56M | 89.89M | 86.58M | 74.24M | 41.62M | 49.46M | 21.42M | 33.81M | 27.7M |
| EBITDA Margin % | 4.88% | 8.08% | 3.58% | 3.77% | 3.56% | 3.18% | 9.54% | 4.58% | 4.15% | 4.29% | 4.63% | 3.35% | 1.56% | 2.56% | 1.32% | 2.08% | 2.32% |
| EBITDA Growth % | 6.1% | 101.86% | -11.31% | -6.46% | 54.97% | -38.17% | 87.42% | -3.16% | 12.98% | 3.82% | 16.62% | 78.38% | -15.86% | 130.97% | -36.65% | 22.06% | - |
| D&A (Non-Cash Add-back) | 70.59M | 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 |
| EBIT | 87.64M | 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 | -23.71M | -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 | 23.71M | 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 | -54.65M | -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 | 64.35M | 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 % | 1.58% | 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 | 13.93M | 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 % | 21.64% | 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 | 47.71M | 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 % | 1.17% | 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 % | 5.37% | 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) | 50.43M | 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 | 30.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -318K | -233K | -135K | -31K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.24 | 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 % | 6.67% | 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 | 38.33M | 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 | 38.17M | 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% | - |
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.
Key Metrics
Top Statement Risk
Volume erosion under fuel price pressure
Metrics are mathematically derived from official filings.
Revenue Contraction Outpacing Stabilization Signals
Based on reported figures, CAPL's quarterly revenue has moved from roughly $1.1 billion in 2024 to $841.8 million in Q1 2026, with the most recent reported quarter showing a 10.6% year-over-year decline that suggests softening throughput.
The decline appears driven largely by lower commodity-linked pricing, but the persistence of negative growth across several quarters raises the question of whether volume is also eroding. Management's attribution of Q3 softness to elevated fuel prices implies demand elasticity, which warrants monitoring before assuming a cyclical rebound.
Thin Spreads Anchor Structural Profitability
CAPL's gross margin has held in a narrow 9.2% to 12.4% band across recent quarters, consistent with a cents-per-gallon model where profit depends on spread rather than absolute fuel price levels.
The relatively stable gross margin suggests the partnership is capturing its fixed spread reasonably well, though the band is narrow enough that modest compression could materially impair operating income. Peers such as GLP operate at similarly thin gross margins, indicating this profile is structural to fuel distribution rather than unique to CAPL.
Operating Income Volatility Reveals Fixed Cost Burden
Operating margin swung from 0.2% in Q1 2025 to 5.9% in Q1 2026, while SG&A remained comparatively flat near $6.5 million to $12.3 million, suggesting fixed overhead absorbs much of gross profit movements.
Operating income has moved far more than gross profit in several quarters, indicating meaningful operating leverage on the cost base. Investors should monitor whether this leverage works in reverse if gross profit continues to contract, given the thin net margin leaves little buffer.
Net Income Sensitive to Non-Operating Swings
Net margin of 1.1% in the latest comparable period and a negative $7.8 million net loss in Q1 2025 suggest that net income is highly sensitive to interest expense and non-operating items relative to operating income.
The gap between operating and net income indicates financing costs and other items absorb a large share of operating profit. This suggests reported earnings may understate or overstate underlying performance depending on the timing of these items, warranting closer review of the non-operating line.
Margin Compression Risk from Dealer Bargaining Power
The bear case centers on whether a 10.6% revenue decline combined with a 1.1% net margin leaves insufficient cushion if independent dealers or rising rates compress the already narrow spread.
If volumes stagnate further, dealers may gain bargaining power that erodes the cents-per-gallon spread, and the partnership's limited net margin would offer little protection against higher interest costs. The data does not disclose full distributable cash flow coverage, so the sustainability of distributions under this scenario cannot be confirmed from the supplied figures.