Earnings Analysis November 6, 2026

Global Partners LP ($GLP) Q3 2026 Earnings Analysis: Revenue Misses Estimates, EPS Increases Year-over-Year

Earnings Report

Revenue: $6,684,388,000 (Q3 2026, +42.4% YoY, expected $7,412,000,000) ❌ Miss

EPS (Earnings Per Share): $1.26 (Q3 2026, diluted net income per common limited partnership interest on a GAAP basis, vs. $0.66 in the same period last year), judgment deferred due to unconfirmed consensus

Guidance: Not provided, no figures for next quarter or annual outlook

Stock Price Reaction: -4.14% during regular trading ($41.67, as of 06:00 on 11-06 KST)

Strengths

Wholesale Profitability: Wholesale product margin increased by 42.8% YoY to $111,388,000 (Q3 2026).

Distribution Resources: Distributable cash flow increased by 32.3% YoY to $70,112,000 (Q3 2026).

Financing: Extended the credit agreement maturity to October 16, 2031.

Product margin is a company-specific profitability metric calculated by subtracting cost of goods sold from product revenue. The company explained that market conditions for gasoline and middle distillates were favorable for wholesale performance. Net income attributable to common limited partnership interests also increased to $43,021,000 (Q3 2026) from $22,445,000 in the same period last year.

Weaknesses

Retail Sales Volume: Fuel distribution and retail segment sales volume decreased by 7.5% YoY to 361,300,000 gallons (Q3 2026).

Commercial Sales Volume: Commercial segment sales volume decreased by 16.4% YoY to 124,700,000 gallons (Q3 2026).

Maintenance Investment Burden: Maintenance capital expenditures increased by 61.8% YoY to $19,301,000 (Q3 2026).

The company explained that high fuel prices weighed on demand. Since maintenance capital expenditures are deducted when calculating distributable cash flow, it is necessary to monitor whether this increase in spending continues.

What the Company Said

CEO Eric Slifka explained that the performance of the terminal and wholesale businesses offset the decline in retail fuel sales volume. He also noted that the redemption of preferred units and the extension of the credit agreement maturity have increased financial operational leeway.

Market Reaction and Future Key Points

Since the provided stock price decline figures represent the closing price of the trading day prior to the announcement, it is difficult to interpret them as the market's evaluation of these earnings. The pressures identified in this announcement are the revenue miss and the decline in retail fuel volumes.

It must be confirmed whether the decline in retail fuel volumes continues into the next quarter.

It should be monitored whether the improvement in wholesale product margins persists.

The pace of increase in maintenance capital expenditures must be checked alongside distributable cash flow.

Earnings Call Summary

Once the earnings call concludes and the company script is released, the key takeaways from the call will be added here. We will select and summarize only the most important points, such as how management explained the results and outlook, and what questions analysts asked.