GLP · Global Partners LP

Global Partners LP delivered robust Q1 2026 results with net income surging to $70.1 million from $18.7 million year-over-year, driven by expanded product margins across all segments amid favorable market conditions. CEO Eric Slifka highlighted solid execution and the integrated platform's adaptability, emphasizing a strategy focused on asset optimization and unitholder returns. The Gasoline Distribution and Station Operations (GDSO) segment saw product margin rise to $199.3 million, with gasoline distribution up to $136.7 million on higher fuel margins and station operations steady at $62.6 million bolstered by sundries growth. Wholesale segment margins jumped to $154.1 million, led by $101.2 million in gasoline blendstocks and $52.9 million in distillates/residual oil due to improved markets. Commercial segment margin increased to $11.7 million. Total sales reached $5.3 billion on 2.1 billion gallons volume, with Wholesale sales at $3.8 billion and volume 1.6 billion gallons. Despite GDSO volume dip to 331.9 million gallons, overall performance underscores pricing power and volume gains elsewhere. The $0.7650 per unit distribution, yielding $3.06 annualized, signals confidence in cash generation, supported by Adjusted DCF of $96.8 million. Non-GAAP measures like Adjusted EBITDA of $140.4 million provide insight into core operations, reconciled in Exhibit 99.1, reinforcing the Partnership's resilience in dynamic energy markets.