Revenue growth reached 15.9% in 2026Q1, yet structural margin compression persists with gross margins frequently fluctuating between 2.8% and 8.5% over the last ten quarters.
| 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 19.29B | 18.56B | 17.16B | 16.49B | 18.88B | 13.25B | 8.32B | 13.08B | 12.67B | 8.92B | 8.24B | 10.31B | 17.27B | 19.59B | 17.63B | 14.84B | 7.8B | 5.82B | 9.02B | 6.76B | 4.47B | 1.25B | 3.19B | 2.48B | 1.59B | 1.75B |
| Revenue Growth % | 9.54% | 8.14% | 4.07% | -12.64% | 42.49% | 59.2% | -36.39% | 3.23% | 42.06% | 8.26% | -20.12% | -40.27% | -11.84% | 11.14% | 18.81% | 90.16% | 34.08% | -35.49% | 33.46% | 51.1% | 258.11% | -60.82% | 28.61% | 55.48% | -9.1% | - |
| Cost of Goods Sold | 18.22B | 18.07B | 16.11B | 15.52B | 17.78B | 12.53B | 7.6B | 12.42B | 12.02B | 8.34B | 7.69B | 9.72B | 16.73B | 19.18B | 17.29B | 14.63B | 7.63B | 5.67B | 8.9B | 6.63B | 4.36B | 1.22B | 3.11B | 2.41B | 1.54B | 1.69B |
| COGS % of Revenue | - | 97.35% | 93.84% | 94.1% | 94.19% | 94.57% | 91.33% | 94.93% | 94.87% | 93.46% | 93.37% | 94.21% | 96.86% | 97.93% | 98.11% | 98.59% | 97.86% | 97.42% | 98.67% | 98.12% | 97.47% | 97.69% | 97.62% | 97.29% | 96.54% | 96.44% |
| Gross Profit | 1.07B | 491.62M | 1.06B | 973.64M | 1.1B | 719.26M | 721.14M | 662.76M | 650.41M | 583.05M | 546.49M | 597.67M | 542.61M | 405.83M | 333.49M | 209.6M | 166.72M | 149.83M | 119.79M | 126.98M | 113.23M | 28.91M | 75.87M | 67.1M | 55.2M | 62.5M |
| Gross Margin % | 5.57% | 2.65% | 6.16% | 5.9% | 5.81% | 5.43% | 8.67% | 5.07% | 5.13% | 6.54% | 6.63% | 5.79% | 3.14% | 2.07% | 1.89% | 1.41% | 2.14% | 2.58% | 1.33% | 1.88% | 2.53% | 2.31% | 2.38% | 2.71% | 3.46% | 3.56% |
| Gross Profit Growth % | - | -53.53% | 8.65% | -11.3% | 52.61% | -0.26% | 8.81% | 1.9% | 11.55% | 6.69% | -8.56% | 10.15% | 33.7% | 21.69% | 59.11% | 25.72% | 11.27% | 25.07% | -5.66% | 12.15% | 291.68% | -61.9% | 13.07% | 21.56% | -11.68% | - |
| Operating Expenses | 585.34M | 300.34M | 806.67M | 729.87M | 637.36M | 577.04M | 528.87M | 523.55M | 450.45M | 464.08M | 447.61M | 480.85M | 376.9M | 320.42M | 248.9M | 156.94M | 117.37M | 99.08M | 76.72M | 75.49M | 66.71M | 15.83M | 57.82M | 49.1M | 45.2M | 26.8M |
| OpEx % of Revenue | - | 1.62% | 4.7% | 4.43% | 3.38% | 4.36% | 6.36% | 4% | 3.55% | 5.2% | 5.43% | 4.66% | 2.18% | 1.64% | 1.41% | 1.06% | 1.5% | 1.7% | 0.85% | 1.12% | 1.49% | 1.27% | 1.81% | 1.98% | 2.84% | 1.53% |
| Selling, General & Admin | 328.52M | 300.34M | 292.07M | 273.73M | 263.11M | 212.88M | 192.53M | 170.94M | 171M | 155.03M | 149.67M | 177.04M | 153.96M | 115.49M | 101.46M | 152.14M | 113.84M | 96.09M | 73.85M | 73.24M | 65.19M | 15.44M | 53.04M | 30.3M | 27.5M | 26.8M |
| SG&A % of Revenue | - | 1.62% | 1.7% | 1.66% | 1.39% | 1.61% | 2.31% | 1.31% | 1.35% | 1.74% | 1.82% | 1.72% | 0.89% | 0.59% | 0.58% | 1.03% | 1.46% | 1.65% | 0.82% | 1.08% | 1.46% | 1.24% | 1.66% | 1.22% | 1.73% | 1.53% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 514.6M | 456.14M | 374.25M | 364.17M | 336.34M | 352.61M | 279.45M | 309.05M | 297.94M | 303.81M | 222.94M | 204.93M | 147.44M | 4.8M | 3.53M | 2.99M | 2.88M | 2.25M | 1.53M | 390K | 4.79M | 18.8M | 17.7M | 0 |
| Operating Income | 488.28M | 191.28M | 251.22M | 243.77M | 460.29M | 142.22M | 192.27M | 139.21M | 197.17M | 119.78M | -152.25M | 114.72M | 165.71M | 85.41M | 84.59M | 50.63M | 49.35M | 50.75M | 43.07M | 51.49M | 46.51M | 13.08M | 18.05M | 18M | 10M | 19.9M |
| Operating Margin % | 2.53% | 1.03% | 1.46% | 1.48% | 2.44% | 1.07% | 2.31% | 1.06% | 1.56% | 1.34% | -1.85% | 1.11% | 0.96% | 0.44% | 0.48% | 0.34% | 0.63% | 0.87% | 0.48% | 0.76% | 1.04% | 1.05% | 0.57% | 0.73% | 0.63% | 1.13% |
| Operating Income Growth % | - | -23.86% | 3.06% | -47.04% | 223.65% | -26.03% | 38.11% | -29.4% | 64.61% | 178.68% | -232.71% | -30.77% | 94.02% | 0.97% | 67.07% | 2.6% | -2.76% | 17.84% | -16.37% | 10.71% | 255.6% | -27.53% | 0.27% | 80% | -49.75% | - |
| EBITDA | 630.55M | 333.86M | 390.91M | 353.86M | 565.08M | 244.46M | 292.4M | 247.4M | 304.01M | 225.44M | -40.31M | 128.22M | 184.57M | 104.63M | 130.05M | 80.99M | 69.43M | 53.74M | 58.19M | 61.11M | 50.62M | 14.03M | 21.28M | 18M | 8.9M | 45.97M |
| EBITDA Margin % | 3.27% | 1.8% | 2.28% | 2.15% | 2.99% | 1.85% | 3.51% | 1.89% | 2.4% | 2.53% | -0.49% | 1.24% | 1.07% | 0.53% | 0.74% | 0.55% | 0.89% | 0.92% | 0.65% | 0.9% | 1.13% | 1.12% | 0.67% | 0.73% | 0.56% | 2.62% |
| EBITDA Growth % | 48.58% | -14.59% | 10.47% | -37.38% | 131.16% | -16.4% | 18.19% | -18.62% | 34.85% | 659.27% | -131.44% | -30.53% | 76.41% | -19.55% | 60.57% | 16.65% | 29.2% | -7.66% | -4.77% | 20.71% | 260.74% | -34.06% | 18.23% | 102.25% | -80.64% | - |
| D&A (Non-Cash Add-back) | 142.27M | 142.58M | 139.69M | 110.09M | 104.8M | 102.24M | 100.14M | 108.19M | 106.84M | 105.65M | 111.94M | 13.5M | 18.87M | 19.22M | 45.46M | 30.36M | 20.08M | 2.99M | 15.13M | 9.61M | 4.11M | 953K | 3.23M | 0 | -1.1M | 26.07M |
| EBIT | 532.35M | 236.2M | 249.71M | 246.27M | 460.29M | 142.22M | 185.1M | 126.13M | 197.17M | 119.78M | -152.25M | 114.72M | 165.71M | 85.41M | 90.34M | 55.35M | 49.35M | 50.75M | 43.01M | 65.61M | 46.51M | 30.1M | 18.05M | 18M | 10M | 35.7M |
| Net Interest Income | -65.62M | -137.16M | -134.77M | -85.63M | -81.26M | -80.09M | -83.54M | -89.86M | -89.14M | -86.23M | -86.32M | -73.33M | -47.76M | -43.54M | -42.02M | -35.93M | -22.31M | -15.19M | -20.8M | -17.41M | -11.9M | -2.69M | -4.7M | -2M | -2.2M | -3M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 65.62M | 137.16M | 134.77M | 85.63M | 81.26M | 80.09M | 83.54M | 89.86M | 89.14M | 86.23M | 86.32M | 73.33M | 47.76M | 43.54M | 36.27M | 31.21M | 22.31M | 15.19M | 20.8M | 17.41M | 11.9M | 2.69M | 4.7M | 2M | 2.2M | 3M |
| Other Income/Expense | -338.18M | -92.24M | -136.29M | -83.13M | -81.26M | -80.09M | -90.7M | -102.94M | -89.14M | -86.23M | -86.32M | -73.33M | -47.76M | -43.54M | -36.27M | -31.21M | -22.31M | -15.19M | -20.8M | -3.29M | -11.39M | 6.01M | 0 | -2M | -4M | 700K |
| Pretax Income | 150.1M | 99.04M | 114.94M | 160.64M | 379.03M | 62.13M | 101.56M | 36.27M | 108.03M | 33.55M | -238.57M | 41.39M | 117.94M | 41.87M | 48.32M | 19.42M | 27.04M | 35.56M | 22.21M | 48.2M | 35.13M | 10.39M | 0 | 16M | 6M | 20.6M |
| Pretax Margin % | 0.78% | 0.53% | 0.67% | 0.97% | 2.01% | 0.47% | 1.22% | 0.28% | 0.85% | 0.38% | -2.9% | 0.4% | 0.68% | 0.21% | 0.27% | 0.13% | 0.35% | 0.61% | 0.25% | 0.71% | 0.79% | 0.83% | - | 0.65% | 0.38% | 1.17% |
| Income Tax | 672K | 1.06M | 4.61M | 8.14M | 16.82M | 1.34M | -119K | 1.09M | 5.62M | -23.56M | 53K | -1.87M | 963K | 819K | 1.58M | 68K | 0 | 1.43M | 1.15M | 1.19M | 1.67M | 986K | 739.54K | 0 | 0 | 0 |
| Effective Tax Rate % | 0.45% | 1.07% | 4.01% | 5.06% | 4.44% | 2.15% | -0.12% | 3.02% | 5.21% | -70.22% | -0.02% | -4.53% | 0.82% | 1.96% | 3.26% | 0.35% | 0% | 4.02% | 5.19% | 2.47% | 4.74% | 9.49% | - | 0% | 0% | 0% |
| Net Income | 129.69M | 79.22M | 107.69M | 152.51M | 362.21M | 60.8M | 102.21M | 35.87M | 103.91M | 58.75M | -199.41M | 43.56M | 114.71M | 42.62M | 46.74M | 19.35M | 27.04M | 33.34M | 21.05M | 47.01M | 33.46M | 9.41M | 17.31M | 16M | 6M | 20.6M |
| Net Margin % | 0.67% | 0.43% | 0.63% | 0.92% | 1.92% | 0.46% | 1.23% | 0.27% | 0.82% | 0.66% | -2.42% | 0.42% | 0.66% | 0.22% | 0.27% | 0.13% | 0.35% | 0.57% | 0.23% | 0.7% | 0.75% | 0.75% | 0.54% | 0.65% | 0.38% | 1.17% |
| Net Income Growth % | -1.74% | -26.44% | -29.38% | -57.9% | 495.77% | -40.52% | 184.97% | -65.48% | 76.85% | 129.46% | -557.76% | -62.02% | 169.18% | -8.83% | 141.54% | -28.43% | -18.91% | 58.36% | -55.21% | 40.5% | 255.7% | -45.65% | 8.18% | 166.67% | -70.87% | - |
| Net Income (Continuing) | 149.43M | 97.98M | 110.33M | 152.51M | 362.21M | 60.8M | 101.68M | 35.18M | 102.4M | 57.12M | -238.62M | 43.26M | 116.98M | 41.05M | 46.74M | 19.35M | 27.04M | 34.13M | 21.05M | 47.01M | 33.46M | 9.41M | 17.31M | 16M | 6M | 20.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 3.09M | 1.83M | 406K | -1.95M | -2.17M | -1.45M | 1.86M | 3.37M | 5.19M | 46.2M | 49.21M | 47.94M | -407K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.81 | 2.11 | 2.41 | 3.76 | 10.02 | 1.77 | 2.74 | 0.81 | 3.06 | 1.74 | -5.95 | 1.11 | 3.95 | 1.42 | 1.71 | 0.87 | 1.59 | 2.51 | 1.57 | 1.38 | 2.46 | 1.60 | 3.07 | 2.84 | 1.06 | 3.65 |
| EPS Growth % | 14.29% | -12.45% | -35.9% | -62.48% | 466.1% | -35.4% | 238.27% | -73.53% | 75.86% | 129.24% | -636.04% | -71.9% | 178.17% | -16.96% | 96.55% | -45.28% | -36.65% | 59.87% | 13.77% | -43.9% | 53.75% | -47.88% | 8.1% | 167.92% | -70.96% | - |
| EPS (Basic) | - | 2.13 | 2.45 | 3.77 | 10.06 | 1.79 | 2.77 | 0.82 | 3.08 | 1.74 | -5.95 | 1.12 | 3.97 | 1.43 | 1.73 | 0.88 | 1.61 | 2.56 | 1.57 | 1.38 | 2.46 | 1.60 | 3.07 | 2.84 | 1.06 | 3.65 |
| Diluted Shares Outstanding | 34.05M | 34.22M | 34.34M | 34.04M | 34.04M | 34.28M | 34.31M | 34.34M | 33.97M | 33.63M | 33.52M | 32.32M | 27.5M | 27.56M | 26.57M | 21.47M | 16.6M | 13.28M | 13.07M | 12.44M | 11.29M | 5.64M | 5.64M | 5.64M | 5.64M | 5.64M |
| Basic Shares Outstanding | 33.89M | 33.87M | 33.84M | 33.97M | 33.94M | 33.94M | 33.91M | 33.81M | 33.7M | 33.59M | 33.52M | 32.18M | 27.42M | 27.33M | 26.39M | 21.28M | 16.35M | 13.02M | 13.07M | 12.44M | 11.29M | 5.64M | 5.64M | 5.64M | 5.64M | 5.64M |
| Dividend Payout Ratio | - | 159.86% | 112.92% | 94.89% | 27.73% | 151.19% | 69.81% | 213.64% | 63.52% | 106.65% | - | 223.8% | 64.3% | 157.99% | 116.95% | 221.17% | 118.22% | 78.13% | 124.13% | 49.61% | 59.14% | - | 92.68% | - | - | - |
High leverage and commodity volatility
As indicated by the most recent quarterly data, GLP achieved a 15.9% revenue growth rate in 2026Q1, though this top-line expansion appears heavily influenced by commodity price fluctuations rather than consistent volume gains across the firm's core wholesale and retail distribution segments.
The revenue trajectory remains highly sensitive to energy price cycles, which complicates the assessment of organic growth durability. Investors should monitor whether the recent uptick in top-line figures translates into sustainable throughput volume or if it merely reflects inflationary pressures on fuel acquisition costs.
Based on reported financial statements, GLP maintains a structurally thin gross margin profile, which peaked at 8.5% in 2026Q1 but frequently dips toward the 2-5% range, reflecting the company's role as a spread-based middleman in a highly competitive energy logistics market.
The volatility in gross margins suggests that the company struggles to consistently pass through acquisition cost increases to the end consumer. This lack of pricing power implies that profitability remains tethered to external market spreads rather than internal operational efficiencies.
According to recent SEC filings, the company's operating income exhibits significant quarterly variance, with operating margins fluctuating between 0.4% and 6.6%, suggesting that fixed costs associated with terminal infrastructure and logistics limit the scalability of the business model during periods of lower throughput.
The inability to consistently expand operating margins despite revenue growth indicates that the firm's cost structure is heavily weighted toward fixed operational requirements. This lack of operating leverage may leave the company vulnerable to earnings erosion if regional demand for heating oil or gasoline softens.
Data from the last ten quarters reveals a concerning inconsistency in net income, which swung from a loss of $8.7 million in 2024Q1 to a profit of $64.7 million in 2026Q1, highlighting the inherent instability of the firm's earnings quality under current market conditions.
Short-term earnings spikes appear to be driven by non-operating factors or inventory accounting effects rather than core operational improvements. The high debt-to-equity ratio, combined with this earnings volatility, warrants further investigation into the long-term sustainability of the company's distribution policy.
Quick answers to the most common questions about buying GLP stock.
For fiscal year 2025, Global Partners LP (GLP) reported total revenue of $18.56B. This represents a 958.5% increase compared to $1.75B in 2001.
Global Partners LP (GLP) is profitable, generating $79.2M in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.
Global Partners LP (GLP) reported an operating income of $191.3M, resulting in an operating profit margin of 1.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Global Partners LP (GLP) generated $491.6M in gross profit for the year, representing a gross profit margin of 2.6%. This demonstrates the company's core pricing power and production efficiency.