Global Partners reports Q4 net income of $25.1M, FY 2025 net income hits $98M

Global Partners (NYSE:GLP) reported a steady finish to fiscal 2025 on Friday, with fourth-quarter net income rising to $25.1 million, or $0.54 per diluted unit, compared to $23.9 million a year earlier.

For the full year, net income stood at $98 million, down from $110.3 million in 2024.

The slight decline reflects a challenging third quarter that saw significant misses in both revenue and volume.

However, the fourth quarter showed signs of stabilization; adjusted EBITDA reached $94.8 million, nearly matching the prior-year period's $97.8 million despite a narrower margin environment.

The partnership’s "Wholesale" and "Commercial" segments benefited from its 54-terminal network, which now spans 18 states and includes a strategic 25-year contract with Motiva Enterprises.

This infrastructure allowed Global to maintain a combined product margin of $1.2 billion for the full year, effectively flat with 2024 levels.

Distributable cash flow (DCF) for the quarter was $38.4 million, providing a coverage ratio that remains a focus for income-oriented investors.

The partnership recently paid a quarterly distribution of $0.76 per unit, continuing its trend of consistent payouts.

With major terminal integrations largely complete and a new $450 million senior notes offering stabilizing its debt profile, Global enters 2026 focused on operational efficiency and the expanding market for renewable fuel products.