Global Partners Lp Financials

GLP

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Global Partners Lp (GLP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GLP FY2025 2026-05-08

Global Partners runs a high-volume, thin-spread model where working-capital swings can outweigh sales growth.

FY2025's cash rebound was not a profit story: net income slipped to $98.0M while operating cash flow recovered to $284.8M. With capex still around $91.5M, free cash flow turned positive at $193.3M, pointing to working-capital normalization rather than a structurally stronger margin.

This is a throughput business, not a markup business: FY2025 revenue reached $18.6B, but gross margin was only 5.7%. Gross profit barely moved from FY2024 while SG&A kept climbing, which left operating margin at just 1.3% and shows that added volume carried little incremental profitability.

The balance-sheet posture leaves limited slack: cash was only $12.2M and the current ratio was 1.1x in FY2025. Meanwhile debt-to-equity rose to 4.7x as equity slipped to $675.5M, so day-to-day stability depends more on turning inventory and receivables into cash than on holding a large reserve.

Financial Health Signals

Financial Profile 28/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Global Partners Lp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Global Partners Lp has an operating margin of 1.3%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 25/100, suggesting thin profitability after operating expenses. This is down from 1.5% the prior year.

Growth

Global Partners Lp's revenue grew 8.1% year-over-year to $18.6B, a solid pace of expansion. This earns a growth score of 43/100.

Leverage

Global Partners Lp has elevated debt relative to equity (D/E of 4.70), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 6/100, reflecting increased financial risk.

Liquidity

Global Partners Lp's current ratio of 1.14 is below the typical benchmark, resulting in a score of 18/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Global Partners Lp's free cash flow margin of 1.0% results in a low score of 27/100. Capital expenditures of $91.5M absorb a large share of operating cash flow.

Returns

Global Partners Lp's ROE of 14.5% shows moderate profitability relative to equity, earning a score of 46/100. This is down from 15.4% the prior year.

Piotroski F-Score Neutral

4/9

Global Partners Lp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.91x

For every $1 of reported earnings, Global Partners Lp generates $2.91 in operating cash flow ($284.8M OCF vs $98.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$18.6B

YoY+8.1%

5Y CAGR+17.4%

10Y CAGR+6.1%

Global Partners Lp generated $18.6B in revenue in fiscal year 2025. This represents an increase of 8.1% from the prior year.

EBITDA

N/A

Net Income

$98.0M

YoY-11.2%

5Y CAGR-0.8%

10Y CAGR+8.4%

Global Partners Lp reported $98.0M in net income in fiscal year 2025. This represents a decrease of 11.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$193.3M

YoY+369.7%

5Y CAGR-3.9%

Global Partners Lp generated $193.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 369.7% from the prior year.

Cash & Debt

$12.2M

YoY+49.2%

5Y CAGR+4.7%

10Y CAGR+27.1%

Global Partners Lp held $12.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

5.7%

YoY-0.4pp

5Y CAGR-2.9pp

10Y CAGR-0.1pp

Global Partners Lp's gross margin was 5.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.

Operating Margin

1.3%

YoY-0.2pp

5Y CAGR-1.0pp

10Y CAGR+0.1pp

Global Partners Lp's operating margin was 1.3% in fiscal year 2025, reflecting core business profitability. This is down 0.2 percentage points from the prior year.

Net Margin

0.5%

YoY-0.1pp

5Y CAGR-0.7pp

10Y CAGR+0.1pp

Global Partners Lp's net profit margin was 0.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.

Return on Equity

14.5%

YoY-0.9pp

5Y CAGR-6.1pp

10Y CAGR+8.2pp

Global Partners Lp's ROE was 14.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$10.0M

YoY-29.5%

5Y CAGR+102.9%

10Y CAGR+9.9%

Global Partners Lp spent $10.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 29.5% from the prior year.

Capital Expenditures

$91.5M

YoY-11.5%

5Y CAGR+3.7%

10Y CAGR-0.2%

Global Partners Lp invested $91.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 11.5% from the prior year.

GLP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$18.6B+8.1%	$17.2B+4.1%	$16.5B-12.6%	$18.9B+42.5%	$13.2B+59.2%	$8.3B
Cost of Revenue	$17.5B+8.7%	$16.1B+3.8%	$15.5B-12.7%	$17.8B+41.9%	$12.5B+64.8%	$7.6B
Gross Profit	$1.1B+0.4%	$1.1B+8.7%	$973.6M-11.3%	$1.1B+52.6%	$719.3M-0.3%	$721.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$305.7M+4.7%	$292.1M+6.7%	$273.7M+4.0%	$263.1M+23.6%	$212.9M+10.6%	$192.5M
Operating Income	$234.7M-6.6%	$251.2M+3.1%	$243.8M-47.0%	$460.3M+223.6%	$142.2M-26.0%	$192.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$1.1M-76.9%	$4.6M-43.4%	$8.1M-51.6%	$16.8M+1159.1%	$1.3M+1222.7%	-$119K
Net Income	$98.0M-11.2%	$110.3M-27.7%	$152.5M-57.9%	$362.2M+495.8%	$60.8M-40.5%	$102.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$5.3B+14.5%	$4.6B-1.0%	$4.7B+1.5%	$4.6B+0.8%	$4.6B+9.7%	$4.2B-5.3%	$4.4B+0.3%	$4.4B
Cost of Revenue	$5.0B+13.8%	$4.4B-0.9%	$4.4B+1.6%	$4.4B+0.4%	$4.3B+10.7%	$3.9B-5.3%	$4.1B+0.3%	$4.1B
Gross Profit	$332.2M+26.3%	$263.1M-3.1%	$271.4M-0.4%	$272.4M+6.7%	$255.2M-5.1%	$268.8M-6.0%	$286.0M-0.6%	$287.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$99.3M+22.8%	$80.9M+6.1%	$76.3M+2.0%	$74.8M+1.4%	$73.7M-7.2%	$79.4M+12.7%	$70.5M-2.6%	$72.4M
Operating Income	$105.7M+84.5%	$57.3M-6.7%	$61.4M+2.2%	$60.1M+7.5%	$55.9M-3.8%	$58.1M-30.4%	$83.5M-0.5%	$83.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$839K+114.0%	$392K+187.7%	-$447K-299.1%	-$112K-109.1%	$1.2M+731.1%	$148K-93.4%	$2.3M+22.4%	$1.8M
Net Income	$70.1M+179.9%	$25.1M-13.7%	$29.0M+15.1%	$25.2M+34.9%	$18.7M-21.7%	$23.9M-48.0%	$45.9M-0.5%	$46.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GLP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.9B+1.7%	$3.8B+9.9%	$3.4B+9.0%	$3.2B+11.6%	$2.8B+11.4%	$2.5B
Current Assets	$1.2B+1.7%	$1.2B+10.0%	$1.1B-6.1%	$1.2B+9.8%	$1.1B+36.3%	$781.4M
Cash & Equivalents	$12.2M+49.2%	$8.2M-58.2%	$19.6M+386.2%	$4.0M-62.8%	$10.8M+11.7%	$9.7M
Inventory	$549.1M-7.6%	$594.1M+49.5%	$397.3M-29.9%	$566.7M+11.2%	$509.5M+32.5%	$384.4M
Accounts Receivable	$530.1M+12.2%	$472.6M-14.3%	$551.8M+15.2%	$478.8M+16.5%	$411.2M+80.9%	$227.3M
Goodwill	$421.9M0.0%	$421.9M-1.7%	$429.2M+0.3%	$427.8M+30.4%	$328.1M+1.4%	$323.6M
Total Liabilities	$3.2B+3.4%	$3.1B+16.1%	$2.6B+11.5%	$2.4B+3.0%	$2.3B+12.6%	$2.0B
Current Liabilities	$1.1B+7.6%	$1.0B+1.8%	$982.8M+1.2%	$971.5M+15.7%	$839.6M+68.8%	$497.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$675.5M-5.7%	$716.6M-10.5%	$800.7M+1.5%	$788.4M+49.4%	$527.8M+6.5%	$495.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$4.3B+12.0%	$3.9B+4.1%	$3.7B-2.2%	$3.8B-0.9%	$3.8B+0.8%	$3.8B+3.4%	$3.7B-4.3%	$3.8B
Current Assets	$1.7B+39.1%	$1.2B+8.2%	$1.1B-6.7%	$1.2B-2.3%	$1.2B+3.0%	$1.2B+7.3%	$1.1B-13.5%	$1.3B
Cash & Equivalents	$18.4M+50.1%	$12.2M-31.7%	$17.9M+11.4%	$16.1M+115.3%	$7.5M-8.9%	$8.2M-60.1%	$20.6M+45.7%	$14.1M
Inventory	$736.1M+34.1%	$549.1M+14.8%	$478.5M-3.4%	$495.6M-4.2%	$517.4M-12.9%	$594.1M+18.9%	$499.5M-11.9%	$567.0M
Accounts Receivable	$772.9M+45.8%	$530.1M+1.7%	$521.5M-7.5%	$564.0M-2.3%	$577.5M+22.2%	$472.6M+0.1%	$471.9M-21.6%	$602.2M
Goodwill	$421.9M0.0%	$421.9M0.0%	$421.9M0.0%	$421.9M0.0%	$421.9M0.0%	$421.9M-0.1%	$422.3M-0.9%	$426.1M
Total Liabilities	$3.6B+13.4%	$3.2B+5.2%	$3.0B-2.6%	$3.1B-0.8%	$3.1B+1.7%	$3.1B+4.4%	$2.9B-5.8%	$3.1B
Current Liabilities	$1.5B+41.6%	$1.1B+15.2%	$933.9M-9.1%	$1.0B-3.7%	$1.1B+6.7%	$1.0B+1.7%	$983.3M-16.9%	$1.2B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$711.8M+5.4%	$675.5M-1.0%	$682.5M-0.6%	$686.3M-1.3%	$695.5M-2.9%	$716.6M-0.9%	$723.3M+2.5%	$705.6M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GLP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$284.8M+801.3%	$31.6M-93.8%	$512.4M+6.8%	$480.0M+855.8%	$50.2M-83.9%	$312.5M
Capital Expenditures	$91.5M-11.5%	$103.3M+16.3%	$88.8M-16.8%	$106.8M+5.0%	$101.7M+33.3%	$76.3M
Free Cash Flow	$193.3M+369.7%	-$71.7M-116.9%	$423.6M+13.5%	$373.2M+824.7%	-$51.5M-121.8%	$236.2M
Investing Cash Flow	-$101.0M+63.5%	-$276.9M+43.8%	-$492.4M-108.5%	-$236.2M-105.3%	-$115.0M-65.0%	-$69.7M
Financing Cash Flow	-$179.8M-176.9%	$233.8M+5344.2%	-$4.5M+98.2%	-$250.6M-479.9%	$66.0M+126.9%	-$245.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$10.0M-29.5%	$14.2M+302.5%	$3.5M+21.5%	$2.9M-23.2%	$3.8M+1196.2%	$291K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$104.7M-203.6%	$101.0M+431.1%	$19.0M-91.2%	$216.3M+519.3%	-$51.6M-176.7%	$67.2M-45.2%	$122.7M+404.0%	$24.3M
Capital Expenditures	$31.9M-17.9%	$38.8M+97.0%	$19.7M+30.8%	$15.1M-15.7%	$17.9M-61.8%	$46.8M+92.8%	$24.3M+55.5%	$15.6M
Free Cash Flow	-$136.6M-319.4%	$62.2M+9279.4%	-$678K-100.3%	$201.3M+389.7%	-$69.5M-439.8%	$20.4M-79.2%	$98.4M+1026.6%	$8.7M
Investing Cash Flow	-$28.1M+22.3%	-$36.2M-77.6%	-$20.4M-27.7%	-$15.9M+44.0%	-$28.5M+38.7%	-$46.5M-2676.3%	$1.8M+100.8%	-$230.7M
Financing Cash Flow	$138.9M+296.9%	-$70.6M-2321.3%	$3.2M+101.7%	-$191.8M-341.7%	$79.4M+339.7%	-$33.1M+72.0%	-$118.1M-180.0%	$147.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$532K-79.7%	$2.6M-31.2%	$3.8M+26.1%	$3.0M+468.6%	$532K-82.3%	$3.0M-7.6%	$3.3M	N/A

GLP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	5.7%-0.4pp	6.2%+0.3pp	5.9%+0.1pp	5.8%+0.4pp	5.4%-3.2pp	8.7%
Operating Margin	1.3%-0.2pp	1.5%-0.0pp	1.5%-1.0pp	2.4%+1.4pp	1.1%-1.2pp	2.3%
Net Margin	0.5%-0.1pp	0.6%-0.3pp	0.9%-1.0pp	1.9%+1.5pp	0.5%-0.8pp	1.2%
Return on Equity	14.5%-0.9pp	15.4%-3.7pp	19.1%-26.9pp	45.9%+34.4pp	11.5%-9.1pp	20.6%
Return on Assets	2.5%-0.4pp	2.9%-1.5pp	4.4%-7.0pp	11.5%+9.3pp	2.1%-1.9pp	4.0%
Current Ratio	1.14-0.1	1.21+0.1	1.12-0.1	1.20-0.1	1.27-0.3	1.57
Debt-to-Equity	4.70+0.4	4.29+1.0	3.30+0.3	3.01-1.4	4.36+0.2	4.13
FCF Margin	1.0%+1.5pp	-0.4%-3.0pp	2.6%+0.6pp	2.0%+2.4pp	-0.4%-3.2pp	2.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	6.2%+0.6pp	5.7%-0.1pp	5.8%-0.1pp	5.9%+0.3pp	5.6%-0.9pp	6.4%-0.1pp	6.5%-0.1pp	6.5%
Operating Margin	2.0%+0.8pp	1.2%-0.1pp	1.3%+0.0pp	1.3%+0.1pp	1.2%-0.2pp	1.4%-0.5pp	1.9%0.0pp	1.9%
Net Margin	1.3%+0.8pp	0.5%-0.1pp	0.6%+0.1pp	0.5%+0.1pp	0.4%-0.2pp	0.6%-0.5pp	1.0%-0.0pp	1.1%
Return on Equity	9.8%+6.1pp	3.7%-0.5pp	4.3%+0.6pp	3.7%+1.0pp	2.7%-0.6pp	3.3%-3.0pp	6.3%-0.2pp	6.5%
Return on Assets	1.6%+1.0pp	0.7%-0.1pp	0.8%+0.1pp	0.7%+0.2pp	0.5%-0.1pp	0.6%-0.6pp	1.3%+0.0pp	1.2%
Current Ratio	1.12-0.0	1.14-0.1	1.21+0.0	1.18+0.0	1.17-0.0	1.21+0.1	1.14+0.0	1.10
Debt-to-Equity	5.06+0.4	4.70+0.3	4.42-0.1	4.51+0.0	4.49+0.2	4.29+0.2	4.07-0.4	4.43
FCF Margin	-2.6%-3.9pp	1.3%+1.4pp	-0.0%-4.4pp	4.3%+5.9pp	-1.5%-2.0pp	0.5%-1.7pp	2.2%+2.0pp	0.2%

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Frequently Asked Questions

What is Global Partners Lp's annual revenue?

Global Partners Lp (GLP) reported $18.6B in total revenue for fiscal year 2025. This represents a 8.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Global Partners Lp's revenue growing?

Global Partners Lp (GLP) revenue grew by 8.1% year-over-year, from $17.2B to $18.6B in fiscal year 2025.

Is Global Partners Lp profitable?

Yes, Global Partners Lp (GLP) reported a net income of $98.0M in fiscal year 2025, with a net profit margin of 0.5%.

What is Global Partners Lp's gross margin?

Global Partners Lp (GLP) had a gross margin of 5.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Global Partners Lp's operating margin?

Global Partners Lp (GLP) had an operating margin of 1.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Global Partners Lp's net profit margin?

Global Partners Lp (GLP) had a net profit margin of 0.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Global Partners Lp's return on equity (ROE)?

Global Partners Lp (GLP) has a return on equity of 14.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Global Partners Lp's free cash flow?

Global Partners Lp (GLP) generated $193.3M in free cash flow during fiscal year 2025. This represents a 369.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Global Partners Lp's operating cash flow?

Global Partners Lp (GLP) generated $284.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Global Partners Lp's total assets?

Global Partners Lp (GLP) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Global Partners Lp's capital expenditures?

Global Partners Lp (GLP) invested $91.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Global Partners Lp buy back shares?

Yes, Global Partners Lp (GLP) spent $10.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Global Partners Lp's current ratio?

Global Partners Lp (GLP) had a current ratio of 1.14 as of fiscal year 2025, which is considered adequate.

What is Global Partners Lp's debt-to-equity ratio?

Global Partners Lp (GLP) had a debt-to-equity ratio of 4.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Global Partners Lp's return on assets (ROA)?

Global Partners Lp (GLP) had a return on assets of 2.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Global Partners Lp's Piotroski F-Score?

Global Partners Lp (GLP) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Global Partners Lp's earnings high quality?

Global Partners Lp (GLP) has an earnings quality ratio of 2.91x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Global Partners Lp?

Global Partners Lp (GLP) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.