Revenue surged 46.8% year-over-year to $6.8B in Q2 2026, but gross margin remained thin at 4.8%, and EPS growth lagged at only 2.4% due to margin pressure.
Global Partners LP (GLP) annual income statement — 25-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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 23.45B | 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 % | 29.54% | 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 | 22.15B | 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 | 1.3B | 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 % | 5.53% | 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 | 735.87M | 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 | 341.22M | 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 | 2M | 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 | 559.57M | 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 % | 2.39% | 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 | 703.33M | 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% | 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 % | 86.49% | -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) | 143.76M | 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 | 288.11M | 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 | -62.26M | -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 | 62.26M | 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 | -333.72M | -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 | 225.84M | 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 % | 0.96% | 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 | 7.31M | 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 % | 3.24% | 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 | 194.64M | 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 % | 0.83% | 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 % | 122.8% | -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) | 218.54M | 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 | 3.58M | 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) | 5.70 | 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 % | 163.64% | -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 | 34.13M | 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 | 33.84M | 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% | - | - | - |
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.
Key Metrics
Top Statement Risk
High leverage and regulatory overhang
Metrics are mathematically derived from official filings.
Revenue Surge on Price and Volume
Revenue jumped 46.8% year-over-year in Q2 2026 to $6.8B, per the latest income statement, marking the strongest growth in the ten-quarter series and suggesting broad-based momentum across segments.
The acceleration is notable given that prior quarters grew at single-digit rates, with Q2 2026's 46.8% growth far exceeding the 4.9% seen in Q2 2025. This likely reflects higher commodity prices and increased volumes, but investors should monitor whether this pace is sustainable as it may be inflated by price effects rather than pure volume gains. The sequential jump from Q1 2026's 15.9% growth indicates a sharp inflection, possibly driven by seasonal demand and favorable CPG spreads.
Gross Margin Volatility Masks Structural Thinness
Gross margin swung from 2.8% in Q2 2025 to 4.8% in Q2 2026, but remains structurally thin, as reported in the income statement, reflecting the high-variable-cost fuel distribution model.
The 4.8% gross margin in Q2 2026 is below the 8.5% achieved in Q1 2026, indicating quarter-to-quarter volatility driven by fuel price movements and CPG spreads. Despite the recent beat, the company's gross margin is consistently lower than peers like CrossAmerica (9.2%) and NGL (23.7%), underscoring its spread-based middleman role. The ability to expand margins hinges on increasing non-fuel convenience store sales, which carry higher margins, but the data shows no clear trend in that direction yet.
Operating Leverage Amplifies Earnings Swings
Operating income swung from $58.3M in Q2 2025 to $107.4M in Q2 2026, a 84% increase, while SG&A rose only 13%, per the income statement, indicating strong operating leverage.
The 84% operating income growth on 46.8% revenue growth demonstrates that fixed costs are being spread over a larger revenue base, amplifying profitability. However, this leverage cuts both ways: in Q4 2025, operating income collapsed to $16.4M on $4.6B revenue, showing how quickly margins can compress when spreads tighten. The SG&A line has remained relatively stable around $70-99M, suggesting disciplined overhead control, but the high fixed cost base of terminal operations makes earnings highly sensitive to volume and price fluctuations.
EPS Growth Lags Revenue Surge
Despite a 46.8% revenue surge, diluted EPS grew only 2.4% year-over-year to $1.86 in Q2 2026, as reported in the income statement, suggesting margin pressure and higher costs.
The stark divergence between revenue growth and EPS growth indicates that the incremental revenue is not translating into proportional bottom-line gains, likely due to thinner margins and higher interest expenses from elevated leverage. The Q2 2026 EPS of $1.86 is only slightly above Q1 2026's $1.85, despite a $1.5B revenue increase, implying that the marginal dollar of revenue is generating minimal profit. This raises questions about the quality of the earnings beat, as it may be driven by one-time items or inventory gains rather than sustainable operational improvements.
COGS Dominates Cost Structure
Cost of goods sold consumed 95.2% of revenue in Q2 2026, per the income statement, leaving a thin 4.8% gross margin that underscores the company's exposure to fuel price volatility.
The cost structure is overwhelmingly variable, with COGS tracking revenue closely, as seen in the 10-quarter data where gross margins fluctuate between 2.3% and 8.5%. SG&A is relatively stable, averaging around $75M per quarter, indicating that the company has limited ability to cut costs in a downturn. The lack of R&D spending is typical for a fuel distributor, but the high fixed costs of terminal operations and trucking fleet mean that any volume decline can quickly erode operating income, as evidenced by the Q4 2025 operating margin of just 0.4%.
Leverage and Regulatory Risks Cloud Outlook
Debt-to-equity rose to 3.07 from 2.40 last quarter, per recent context, and New England's push to phase out heating oil poses a long-term threat to a core product line.
The elevated leverage, combined with higher-for-longer interest rates, could pressure distribution coverage and limit future acquisition capacity, which has been a key growth driver. Additionally, the regulatory overhang from decarbonization policies in the Northeast may lead to stranded assets in the wholesale heating oil segment, potentially impairing long-term profitability. While the Q2 2026 earnings beat suggests near-term momentum, the sustainability of this performance is questionable given the thin margins and high fixed costs, making the stock vulnerable to any adverse shift in fuel spreads or interest rates.