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.