CrossAmerica Partners LP Reports Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

CrossAmerica Partners (NYSE: CAPL) reported Q4 2025 net income of $10.2M, Adjusted EBITDA of $43.4M and Distributable Cash Flow of $28.5M versus Q4 2024 results. For FY2025 the partnership reported net income of $41.8M, Adjusted EBITDA of $146.0M and DCF of $87.8M.

Q4 retail gross profit rose to $82.9M; wholesale gross profit decreased to $24.2M. The company generated $103.3M of property sale proceeds in 2025, used to reduce debt; leverage improved to 3.51x at year-end.

Positive

• Adjusted EBITDA Q4 increased to $43.4M (from $35.5M)
• Full-year net income rose to $41.8M (from $22.5M)
• Divestment proceeds of $103.3M in 2025 used to materially reduce debt
• Leverage improved to 3.51x (from 4.36x) as of Dec 31, 2025
• Q4 distribution coverage strengthened to 1.43x (from 1.06x)

Negative

• Q4 net income declined to $10.2M (from $16.9M) due to lower net gains on dispositions
• Wholesale gross profit fell to $100.5M for FY2025 (from $108.6M)
• Retail motor fuel gallons declined: FY2025 542.1M (from 554.5M), reflecting lower same-store volumes

Key Figures

Q4 2025 Net Income: $10.2M FY 2025 Net Income: $41.8M FY 2025 Adjusted EBITDA: $146.0M +5 more

8 metrics

Q4 2025 Net Income $10.2M vs $16.9M in Q4 2024

FY 2025 Net Income $41.8M vs $22.5M in FY 2024

FY 2025 Adjusted EBITDA $146.0M vs $145.5M in FY 2024

FY 2025 DCF $87.8M vs $86.0M in FY 2024

FY 2025 Retail Gross Profit $302.2M vs $289.7M in FY 2024

FY 2025 Wholesale Gross Profit $100.5M vs $108.6M in FY 2024

Leverage Ratio 3.51x Dec 31, 2025 vs 4.36x at Dec 31, 2024

Q4 2025 Coverage 1.43x Distribution Coverage Ratio vs 1.06x in Q4 2024

Market Reality Check

Price: $19.78 Vol: Volume 111,717 is about 2...

high vol

$19.78 Last Close

Volume Volume 111,717 is about 2.6x the 20-day average of 42,893, indicating elevated trading interest into the earnings release. high

Technical At $20.28, CAPL trades below its 200-day MA of $21.16 and about 21.18% under its 52-week high of $25.73.

Peers on Argus

CAPL is down 2.41% with mixed moves among peers: DK up 3.34%, PARR up 1.53%, WKC...

CAPL is down 2.41% with mixed moves among peers: DK up 3.34%, PARR up 1.53%, WKC up 0.48%, while CLNE and SGU are modestly negative. This points to a stock-specific reaction rather than a broad sector move.

Previous Earnings Reports

5 past events · Latest: Nov 05 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 05	Q3 2025 earnings	Positive	+2.5%	Q3 2025 earnings with higher net income and stronger leverage metrics.
Aug 06	Q2 2025 earnings	Neutral	+0.5%	Q2 2025 results with higher net income but lower Adjusted EBITDA and DCF.
May 07	Q1 2025 earnings	Negative	-2.4%	Q1 2025 net loss, with mixed trends in EBITDA and distributable cash flow.
Feb 26	Q4/FY 2024 earnings	Negative	+0.5%	Q4/FY 2024 results showing lower net income, EBITDA, DCF and higher leverage.
Nov 06	Q3 2024 earnings	Negative	-2.9%	Q3 2024 earnings with lower net income and weaker wholesale performance.

Pattern Detected

Earnings releases have produced mixed but mostly aligned price reactions, with several quarters showing improved leverage and asset sales being rewarded, while weaker 2024 metrics saw occasional positive price divergence.

Recent Company History

Recent earnings for CrossAmerica highlight a transition from weaker 2024 metrics toward improved profitability and leverage in 2025. Q1 2025 narrowed losses, Q2 and Q3 2025 emphasized debt reduction and real estate optimization, and leverage fell from 4.36x to the mid-3x range. Today’s Q4/FY 2025 report continues this thread with higher full-year net income, stable Adjusted EBITDA, stronger retail gross profit, and a higher distribution coverage ratio relative to 2024, reinforcing the balance sheet improvement theme.

Historical Comparison

-0.4% avg move · Over the past 5 earnings releases, CAPL’s average move was about -0.37%. Today’s -2.41% reaction to ...

earnings

-0.4%

Average Historical Move earnings

Over the past 5 earnings releases, CAPL’s average move was about -0.37%. Today’s -2.41% reaction to Q4/FY 2025 results is more negative than its typical earnings-day response.

Earnings since late 2024 show a shift from declining net income and leverage at 4.36x toward improved 2025 profitability, stronger retail gross profit and steadily lower leverage in the mid-3x range, aided by real estate divestitures.

Market Pulse Summary

This announcement highlights FY 2025 progress at CrossAmerica, with net income up to $41.8M, distrib...

Analysis

This announcement highlights FY 2025 progress at CrossAmerica, with net income up to $41.8M, distributable cash flow at $87.8M, and leverage improved to 3.51x from 4.36x. Retail gross profit increased to $302.2M, while wholesale gross profit slipped to $100.5M, underscoring the impact of site conversions and real estate optimization. Investors may focus on distribution coverage of 1.10x for the year, ongoing asset sales, and the balance between retail growth and wholesale volume trends in future periods.

Key Terms

adjusted ebitda, distributable cash flow, distribution coverage ratio, leverage, +4 more

8 terms

adjusted ebitda financial

"Reported Fourth Quarter of 2025 Net Income of $10.2 million, Adjusted EBITDA of $43.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

distributable cash flow financial

"Adjusted EBITDA of $43.4 million and Distributable Cash Flow of $28.5 million"

Distributable cash flow is the amount of money a business generates from its operations that management considers available to pay dividends, buy back shares, or make other distributions to owners after setting aside what’s needed to keep the business running and meet routine obligations. Investors care because it shows how much real cash can be returned to them—like a household’s leftover paycheck after paying rent and groceries—and helps judge whether payouts are sustainable and backed by operations rather than accounting entries.

distribution coverage ratio financial

"The Distribution Coverage Ratio was 1.43 times for the Fourth Quarter of 2025"

Distribution coverage ratio measures how comfortably a company’s available cash can pay the regular cash payouts it promises to investors. It compares the cash a business generates for owners (after routine operating expenses) with the total distributions it must pay, like checking whether your monthly paycheck covers rent; a higher ratio means payouts are safer and less likely to be cut. Investors use it to judge dividend sustainability and risk.

leverage financial

"Leverage, as defined in the CAPL Credit Facility, was 3.51 times as of December 31. 2025"

Leverage is the use of borrowed money or other financial tools to try to amplify the returns from an investment, like using a crowbar to move a heavier rock than you could with your hands. It can boost gains when things go well but also magnifies losses and the chances of running into trouble if income or asset values fall, so investors watch leverage to judge both growth potential and financial risk.

scan-based trading model technical

"transition of certain merchandise products from a scan-based trading model to a gross profit model"

A scan-based trading model is an inventory arrangement where a supplier keeps legal ownership of products displayed in a retailer’s store until a customer purchases them and the item is scanned at checkout. For investors, this changes who carries inventory and cash-flow risk: retailers can show lower stock on their books and need less working capital, while suppliers face delayed revenue recognition, greater exposure to unsold goods and returns, and different margin timing — like a pantry stocked by someone else who only bills you when you eat the food.

gross profit model technical

"transition of certain merchandise products from a scan-based trading model to a gross profit model"

A gross profit model is a simple financial framework that shows how much money a company keeps from sales after subtracting the direct costs to make or deliver its products or services. Think of it like the profit you get on each item sold after covering the ingredient or manufacturing cost — it helps investors judge pricing power, cost efficiency and how revenue growth translates into actual profits, which affects valuation and future cash flow expectations.

interest rate swap contracts financial

"Current portion of interest rate swap contracts | | 801 | | 2,958"

A contract where two parties agree to exchange streams of interest payments so one side takes a fixed rate and the other a variable rate tied to market interest levels; no loan principal changes hands, just the differing payment amounts. Investors care because swaps let companies and funds manage interest-rate risk or speculate on rate moves—like trading a variable mortgage for a fixed one—to stabilize borrowing costs or alter portfolio sensitivity to rising or falling rates.

operating lease obligations financial

"Current portion of operating lease obligations | | 34,715 | | 35,065"

Operating lease obligations are the future, contractual payments a company must make for using assets it does not own—such as office space, equipment, or vehicles—under lease agreements. They matter to investors because these recurring commitments act like long-term subscriptions that reduce available cash, affect a company’s financial flexibility and risk profile, and (under current accounting rules) can influence reported liabilities and leverage metrics used to compare companies.

AI-generated analysis. Not financial advice.

Allentown, PA, Feb. 25, 2026 (GLOBE NEWSWIRE) --

CrossAmerica Partners LP Reports Fourth Quarter and Full Year 2025 Results

• Reported Fourth Quarter of 2025 Net Income of $10.2 million, Adjusted EBITDA of $43.4 million and Distributable Cash Flow of $28.5 million compared to Fourth Quarter of 2024 Net Income of $16.9 million, Adjusted EBITDA of $35.5 million and Distributable Cash Flow of $21.1 million
• Generated Full Year of 2025 Net Income of $41.8 million, Adjusted EBITDA of $146.0 million and Distributable Cash Flow of $87.8 million compared to Full Year of 2024 Net Income of $22.5 million, Adjusted EBITDA of $145.5 million and Distributable Cash Flow of $86.0 million
• Reported Fourth Quarter of 2025 Gross Profit for the Retail Segment of $82.9 million compared to $75.1 million of Gross Profit for the Fourth Quarter of 2024 and Fourth Quarter of 2025 Gross Profit for the Wholesale Segment of $24.2 million compared to $25.9 million of Gross Profit for the Fourth Quarter of 2024
• Generated Full Year of 2025 Gross Profit for the Retail Segment of $302.2 million compared to $289.7 million of Gross Profit for the Full Year of 2024 and Full Year of 2025 Gross Profit for the Wholesale Segment of $100.5 million compared to $108.6 million of Gross Profit for the Full Year of 2024
• Leverage, as defined in the CAPL Credit Facility, was 3.51 times as of December 31. 2025, compared to 4.36 times as of December 31, 2024
• The Distribution Coverage Ratio was 1.43 times for the Fourth Quarter of 2025 compared to 1.06 times for the Fourth Quarter of 2024 and for the Full Year of 2025 was 1.10 times compared to 1.08 times for the comparable period of 2024

Allentown, PA February 25, 2026 – CrossAmerica Partners LP (NYSE: CAPL) (“CrossAmerica” or the “Partnership”), a leading wholesale fuels distributor, convenience store operator, and owner and lessor of real estate used in the retail distribution of motor fuels, today reported financial results for the fourth quarter and full year ended December 31, 2025.

“We delivered a solid fourth quarter, driven by strong retail and wholesale fuel margins, along with growth in same-store sales and store margin percentage, resulting in performance well above the prior year,” said Charles Nifong, President & CEO of CrossAmerica. “The quarter highlights the benefits of our strategic site conversions to retail, which enabled us to capitalize on a favorable margin environment. Throughout the year, we successfully divested non-core locations, generating over $100 million in proceeds that we used to materially reduce our debt and enhance our financial flexibility. As a result, we enter 2026 with a solid core business and a strong balance sheet to support future growth.”

Fourth Quarter and Full Year Results

Consolidated Results

Key Operating Metrics	Q4 2025	Q4 2024		FY2025	FY2024
Net Income	$10.2M	$16.9M		$41.8M	$22.5M
Adjusted EBITDA	$43.4M	$35.5M		$146.0M	$145.5M
Distributable Cash Flow	$28.5M	$21.1M		$87.8M	$86.0M
Distribution Coverage Ratio	1.43x	1.06x		1.10x	1.08x

CrossAmerica reported increases in Adjusted EBITDA, Distributable Cash Flow and its Distribution Coverage Ratio for the fourth quarter of 2025 compared to the fourth quarter of 2024. These increases were primarily driven by an increase in motor fuel margin per gallon in the retail and wholesale segments, an increase in merchandise gross profit in the retail segment and a decline in operating expenses. Net Income for the quarter declined year-over-year primarily due to lower net gains on asset dispositions compared to the prior-year period.

For the full year of 2025, CrossAmerica reported increases in Net Income, Adjusted EBITDA, Distributable Cash Flow and its Distribution Coverage Ratio when compared to the full year of 2024 primarily due to an increase in motor fuel and merchandise gross profit in the retail segment. The year-over-year increase in Net Income, Distributable Cash Flow and Distribution Coverage was primarily driven by the increase in Adjusted EBITDA noted above in addition to a $4.2 million decrease in interest expense due to a lower average interest rate along with a lower average outstanding debt balance.

Retail Segment

Key Operating Metrics

Q4 2025

Q4 2024

FY2025

FY2024

Retail segment gross profit

$82.9M

$75.1M

$302.2M

$289.7M

Retail segment motor fuel gallons distributed

132.1M

141.4M

542.1M

554.5M

Same store motor fuel gallons distributed

121.8M

131.8M

444.2M

463.9M

Retail segment motor fuel gross profit

$46.5M

$39.8M

$157.2M

$150.9M

Retail segment margin per gallon, before deducting credit card fees and commissions

$

0.449

$

0.376

$

0.386

$

0.368

Same store merchandise sales excluding cigarettes*

$65.4M

$64.6M

$215.7M

$210.9M

Merchandise gross profit*

$28.8M

$28.1M

$116.2M

$109.9M

Merchandise gross profit percentage*

29.1

%

28.4

%

28.5

%

28.2

%

Operating Expenses

$51.5M

$52.2M

$204.7M

$196.2M

Retail Sites (end of period)

583

594

583

594

*Includes only company operated retail sites

Retail Segment - Fourth Quarter

For the fourth quarter of 2025, the retail segment generated a 10% increase in gross profit compared to the fourth quarter of 2024, driven by higher motor fuel and merchandise margins, partially offset by lower fuel volumes. Operating expenses declined year-over-year for the quarter as well. Average site count in the segment declined 2% year-over-year due to the sale of certain company operated sites in connection with its real estate optimization effort, partially offset by the conversion of certain lessee dealer sites to company operated and commission agent sites.

Motor fuel gross profit increased $6.7 million or 17%, attributable to a 19% increase in the margin per gallon for the quarter compared to prior year, partially offset by a 7% decline in volume primarily driven by a decline in same store volumes, relative to a particularly strong fourth quarter in 2024, when same store volumes were up 2% over the prior year.

Merchandise gross profit increased 3% year-over-year, despite a 4% decline in the average company operated site count for the quarter compared to the prior year. Same store merchandise sales excluding cigarettes increased 1% and merchandise gross profit percentage expanded to 29.1% from 28.4% for the prior-year period. The increase in merchandise gross profit was partially due to the transition of certain merchandise products from a scan-based trading model to a gross profit model.

Operating expenses for the retail segment declined 1% or $0.7 million primarily driven by the 2% decline in average segment site count and, to a lesser extent, a decline in same store operating expenses.

Retail Segment - Full Year

For the full year of 2025, CrossAmerica's retail segment generated a 4% increase in gross profit compared to the full year of 2024. The increase was driven by higher motor fuel and merchandise gross margins, offset partially by higher operating expenses. Average site count in the segment increased 4% year-over-year due to the conversion of certain lessee dealer sites to company operated sites, partially offset by the sale of certain company operated sites in connection with its real estate optimization effort.

The retail segment's motor fuel gross profit increased $6.3 million or 4%, attributable to a 5% increase in the margin per gallon, driven by improved sourcing costs, the relative movement in crude oil prices over the periods, and local retail market dynamics. This was partially offset by a 2% decline in volume primarily driven by a 4% decrease in same store volumes compared to the prior year.

Merchandise gross profit increased $6.3 million or 6% year-over-year, driven by an increase in sales in CrossAmerica's base business and a 2% increase in the average company operated site count. Same store merchandise sales excluding cigarettes increased 2% for the year and merchandise gross profit percentage increased to 28.5% from 28.2%. The increase in merchandise gross profit was partially due to the transition of certain merchandise products from a scan-based trading model to a gross profit model.

Operating expenses increased 4% primarily due to the 4% increase in the average segment site count. Increased labor expense due to the opening of branded food operations as same store locations during the year also contributed to the operating expense increase for the year.

Wholesale Segment

Key Operating Metrics	Q4 2025		Q4 2024			FY2025		FY2024
Wholesale segment gross profit	$24.2M		$25.9M			$100.5M		$108.6M
Wholesale motor fuel gallons distributed	168.9M		180.5M			688.7M		743.5M
Average wholesale gross margin per gallon	$	0.093	$	0.082		$	0.091	$	0.085

Wholesale Segment – Fourth Quarter

During the fourth quarter of 2025, CrossAmerica’s wholesale segment gross profit decreased 7% compared to the fourth quarter of 2024. This was driven by a decline in rent gross profit primarily due to the conversion of sites to the retail segment. Motor fuel gross profit increased 6% during the fourth quarter of 2025, primarily driven by a 13% increase in margin per gallon, partially offset by a 6% decline in wholesale volume. The increase in margin per gallon was primarily driven by better sourcing costs and the relative movement of crude oil prices in the two periods. The decline in wholesale volumes was largely attributable to the continued conversion of wholesale locations to the retail class of trade. The total average site count in the wholesale segment during the fourth quarter of 2025 declined 6% compared to the fourth quarter of 2024, including a 23% decline in lessee dealer locations, primarily due to the sale of certain lessee dealer sites, often with supply, in connection with CrossAmerica’s real estate optimization effort.

Wholesale Segment – Full Year

For the full year of 2025, the wholesale segment's gross profit declined 7% year-over-year. The decline was driven by lower rent gross profit and fuel volumes. Total average segment site count declined 8% year-over-year, including a 23% decline in lessee dealer locations, primarily due to the real estate optimization efforts. Motor fuel gross profit declined 1%, with a 7% decrease in wholesale volume distributed, partially offset by a 7% increase in margin per gallon, due to the factors noted previously. The decline in wholesale volume was largely attributable to the conversion of lessee dealer sites to the retail segment, the net loss of independent dealer contracts and lower same store volumes. These decreases were partially offset by asset sales with continued fuel supply, which convert sites to independent dealer sites, which are included in wholesale volumes. 

Rent gross profit decreased $7.9 million or 19%, reflecting site sales and conversions associated with CrossAmerica’s real estate and portfolio optimization strategy.  

Divestment Activity

During the three months ended December 31, 2025, CrossAmerica sold eleven sites for $8.8 million in proceeds, resulting in net gains of $3.4 million. CrossAmerica maintained a supply relationship post sale with substantially all of the locations divested during the quarter. For the twelve months ended December 31, 2025, CrossAmerica sold 107 properties for $103.3 million in proceeds, resulting in net gains of $45.9 million. In comparison, for the twelve months ended December 31, 2024, CrossAmerica sold thirty sites for $36.3 million in proceeds, resulting in net gains of $23.3 million.

Liquidity and Capital Resources

As of December 31, 2025, CrossAmerica had $692.3 million outstanding under its CAPL Credit Facility. As of February 20, 2026, after taking into consideration debt covenant restrictions, approximately $216.6 million was available for future borrowings under the CAPL Credit Facility. Leverage, as defined in the CAPL Credit Facility, was 3.51 times as of December 31, 2025, compared to 4.36 times as of December 31, 2024. As of December 31, 2025, CrossAmerica was in compliance with its financial covenants under the credit facility.

Distributions

On January 21, 2026, the Board of the Directors of CrossAmerica’s General Partner (“Board”) declared a quarterly distribution of $0.5250 per limited partner unit attributable to the fourth quarter of 2025. As previously announced, the distribution was paid on February 12, 2026, to all unitholders of record as of February 2, 2026. The amount and timing of any future distributions is subject to the discretion of the Board as provided in CrossAmerica’s Partnership Agreement.

Conference Call

The Partnership will host a conference call on February 26, 2026, at 9:00 a.m. Eastern Time to discuss the fourth quarter and full year 2025 earnings results. The conference call numbers are 800-717-1738 or 646-307-1865 and the passcode for both is 288997. A live audio webcast of the conference call and the related earnings materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the CrossAmerica website (www.crossamericapartners.com). After the live conference call, an archive of the webcast will be available on the investor section of the CrossAmerica site at https://caplp.gcs-web.com/webcasts-presentations within 24 hours after the call for a period of sixty days.

Non-GAAP Measures and Same Store Metrics

Non-GAAP measures used in this release include EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. These Non-GAAP measures are further described and reconciled to their most directly comparable GAAP measures in the Supplemental Disclosure Regarding Non-GAAP Financial Measures section of this release.

Same store fuel volume and same store merchandise sales include aggregated individual store results for all stores that had fuel volume or merchandise sales in all months for both periods within the same segment. Same store merchandise sales excludes other revenues such as lottery commissions and car wash sales. Certain merchandise products have been transitioned from a scan-based trading model (whereby a third party owns the inventory and CrossAmerica records a commission in other revenues) to a gross profit model (whereby CrossAmerica owns the inventory and records merchandise sales and cost of sales). Same store merchandise sales for the three and twelve months ended December 31, 2024, were adjusted to gross it up for the sales that would have been recorded had CrossAmerica been on the gross profit model in the prior year.

CROSSAMERICA PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars, except unit data)

		December 31,
		2025				2024
ASSETS
Current assets:
Cash and cash equivalents		$	3,137			$	3,381
Accounts receivable, net of allowances of $635 and $757, respectively			28,566				31,603
Accounts receivable from related parties			687				634
Inventory			59,610				63,169
Assets held for sale			9,690				8,994
Current portion of interest rate swap contracts			801				2,958
Other current assets			8,590				8,091
Total current assets			111,081				118,830
Property and equipment, net			547,686				656,300
Right-of-use assets, net			121,636				136,430
Intangible assets, net			61,638				77,242
Goodwill			99,409				99,409
Deferred tax assets			760				1,001
Interest rate swap contracts, less current portion			325				5,133
Other assets			22,199				20,380
Total assets		$	964,734			$	1,114,725
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt and finance lease obligations		$	3,465			$	3,266
Current portion of operating lease obligations			34,715				35,065
Accounts payable			63,413				73,986
Accounts payable to related parties			6,536				7,729
Current portion of interest rate swap contracts			697				—
Accrued expenses and other current liabilities			27,378				24,044
Motor fuel and sales taxes payable			19,013				18,756
Total current liabilities			155,217				162,846
Debt and finance lease obligations, less current portion			687,187				763,932
Operating lease obligations, less current portion			91,267				106,296
Deferred tax liabilities, net			7,409				7,424
Asset retirement obligations			45,014				48,251
Interest rate swap contracts, less current portion			1,390				311
Other long-term liabilities			49,289				50,448
Total liabilities			1,036,773				1,139,508
Commitments and contingencies (Notes 15 and 16)
Preferred membership interests			30,289				28,993
Equity:
Common units— 38,135,078 and 38,059,702 units issued and outstanding at December 31, 2025 and 2024, respectively			(101,280	)			(61,371	)
Accumulated other comprehensive (loss) income			(1,048	)			7,595
Total deficit			(102,328	)			(53,776	)
Total liabilities and equity		$	964,734			$	1,114,725

CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars, Except Unit and Per Unit Amounts)

		(Unaudited) Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Operating revenues (a)		$	866,287			$	944,222			$	3,662,534			$	4,098,288
Cost of sales (b)			759,156				843,239				3,259,827				3,699,969
Gross profit			107,131				100,983				402,707				398,319
Operating expenses:
Operating expenses (c)			57,348				59,367				231,712				227,986
General and administrative expenses			7,243				6,716				27,988				28,756
Depreciation, amortization and accretion expense			19,916				18,080				89,587				75,983
Total operating expenses			84,507				84,163				349,287				332,725
Gain on dispositions and lease terminations, net			3,440				11,512				44,229				4,966
Operating income			26,064				28,332				97,649				70,560
Other income, net			159				176				577				780
Interest expense			(10,941	)			(13,402	)			(48,140	)			(52,320	)
Income before income taxes			15,282				15,106				50,086				19,020
Income tax expense (benefit)			5,090				(1,755	)			8,253				(3,433	)
Net income			10,192				16,861				41,833				22,453
Accretion of preferred membership interests			679				650				2,720				2,561
Net income available to limited partners		$	9,513			$	16,211			$	39,113			$	19,892
Earnings per common unit
Basic		$	0.25			$	0.43			$	1.03			$	0.52
Diluted		$	0.25			$	0.42			$	1.02			$	0.52
Weighted-average common units:
Basic			38,120,481				38,046,688				38,101,239				38,027,587
Diluted			38,258,380				38,192,104				38,247,289				38,172,434
Supplemental information:
(a) includes excise taxes of:		$	77,674			$	82,583			$	316,968			$	321,798
(a) includes rent income of:			14,718				17,225				62,546				71,184
(b) excludes depreciation, amortization and accretion
(b) includes rent expense of:			4,791				5,030				19,443				20,651
(c) includes rent expense of:			4,724				4,468				18,698				17,440

CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)

		For the Year Ended December 31,
		2025				2024				2023
Cash flows from operating activities:
Net income		$	41,833			$	22,453			$	42,592
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion expense			89,587				75,983				77,158
Amortization of deferred financing costs			1,939				1,937				3,287
Credit loss expense			—				157				40
Deferred income tax (benefit) expense			(161	)			(6,147	)			1,572
Equity-based employee and director compensation expense			1,854				1,508				3,031
Gain on dispositions and lease terminations, net			(44,229	)			(4,966	)			(4,737	)
Changes in operating assets and liabilities, net of acquisitions			673				(3,143	)			(5,860	)
Net cash provided by operating activities			91,496				87,782				117,083
Cash flows from investing activities:
Principal payments received on notes receivable			118				152				213
Proceeds from sale of assets			104,052				35,374				6,234
Capital expenditures			(35,729	)			(26,318	)			(34,628	)
Lease termination payments to Applegreen, including inventory purchases			—				(25,517	)			—
Net cash provided by (used in) investing activities			68,441				(16,309	)			(28,181	)
Cash flows from financing activities:
Borrowings under the Credit Facility			77,795				113,000				240,900
Repayments on the Credit Facility			(153,000	)			(101,500	)			(91,037	)
Repayments on the Term Loan Facility			—				—				(158,980	)
Payments of finance lease obligations			(3,261	)			(3,082	)			(2,890	)
Payments of deferred financing costs			—				(74	)			(7,106	)
Distributions paid on distribution equivalent rights			(284	)			(260	)			(241	)
Income tax distributions paid on preferred membership interests			(1,424	)			(1,312	)			(900	)
Distributions paid on common units			(80,007	)			(79,854	)			(79,712	)
Net cash used in financing activities			(160,181	)			(73,082	)			(99,966	)
Net decrease in cash and cash equivalents			(244	)			(1,609	)			(11,064	)
Cash and cash equivalents at beginning of period			3,381				4,990				16,054
Cash and cash equivalents at end of period		$	3,137			$	3,381			$	4,990

Segment Results

Retail

The following table highlights the results of operations and certain operating metrics of the Retail segment (in thousands, except for the number of retail sites and per gallon amounts):

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Gross profit:
Motor fuel		$	46,538			$	39,832			$	157,239			$	150,916
Merchandise			28,835				28,124				116,235				109,910
Rent			2,563				2,442				9,885				9,411
Other revenue			4,986				4,689				18,834				19,467
Total gross profit			82,922				75,087				302,193				289,704
Operating expenses			(51,521	)			(52,246	)			(204,693	)			(196,232	)
Operating income		$	31,401			$	22,841			$	97,500			$	93,472
Retail sites (end of period):
Company operated retail sites (a)			352				365				352				365
Commission agents (b)			231				229				231				229
Total retail sites			583				594				583				594
Total retail segment statistics:
Volume of gallons sold			132,115				141,377				542,137				554,490
Same store total system gallons sold (c)			121,822				131,810				444,183				463,873
Average retail fuel sites			584				595				594				569
Margin per gallon, before deducting credit card fees and commissions		$	0.449			$	0.376			$	0.386			$	0.368
Company operated site statistics:
Average retail fuel sites			352				368				361				354
Same store fuel volume (c)			86,820				92,446				312,456				323,262
Margin per gallon, before deducting credit card fees		$	0.483			$	0.401			$	0.414			$	0.394
Same store merchandise sales (c)			91,331				91,151				302,793				298,475
Same store merchandise sales excluding cigarettes (c)			65,402				64,626				215,686				210,946
Merchandise gross profit percentage			29.1	%			28.4	%			28.5	%			28.2	%
Commission site statistics:
Average retail fuel sites			232				227				233				215
Margin per gallon, before deducting credit card fees and commissions		$	0.366			$	0.318			$	0.320			$	0.309

(a) The decrease in the company operated site count from December 31, 2024 to December 31, 2025 was primarily attributable to the sale of certain company operated sites in connection with CrossAmerica's real estate rationalization effort, partially offset by the conversion of certain lessee dealer to company operated sites.
(b) The increase in the commission agent site count from December 31, 2024 to December 31, 2025 was primarily attributable to the conversion of certain lessee dealer sites to commission agent sites, partially offset by the sale of certain commission sites in connection with CrossAmerica's real estate rationalization effort.
(c) Same store fuel volume and same store merchandise sales include aggregated individual store results for all stores that had fuel volume or merchandise sales in all months for both periods. Same store merchandise sales excludes other revenues such as lottery commissions and car wash sales. Certain merchandise products have been transitioned from a scan-based trading model (whereby a third party owns the inventory and CrossAmerica records a commission in other revenues) to a gross profit model (whereby CrossAmerica owns the inventory and records merchandise sales and cost of sales). Same store merchandise sales for the three and twelve months ended December 31, 2024, were adjusted to gross it up for the sales that would have been recorded had CrossAmerica been on the gross profit model in the prior year.

Wholesale

The following table highlights the results of operations and certain operating metrics of the Wholesale segment (thousands of dollars, except for the number of distribution sites and per gallon amounts):

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Gross profit:
Motor fuel gross profit		$	15,686			$	14,780			$	62,333			$	62,892
Rent gross profit			7,364				9,753				33,218				41,122
Other revenues			1,159				1,363				4,963				4,601
Total gross profit			24,209				25,896				100,514				108,615
Operating expenses			(5,827	)			(7,121	)			(27,019	)			(31,754	)
Operating Income		$	18,382			$	18,775			$	73,495			$	76,861
Motor fuel distribution sites (end of period): (a)
Independent dealers (b)			653				607				653				607
Lessee dealers (c)			333				434				333				434
Total motor fuel distribution sites			986				1,041				986				1,041
Average motor fuel distribution sites			986				1,044				1,007				1,093
Volume of gallons distributed			168,852				180,453				688,673				743,535
Margin per gallon		$	0.093			$	0.082			$	0.091			$	0.085

(a) In addition, CrossAmerica distributed motor fuel to sub-wholesalers who distributed to additional sites.
(b) The increase in the independent dealer site count from December 31, 2024 to December 31, 2025 was primarily attributable to the sale of certain lessee dealer, company operated and commission agent sites but with continued fuel supply, partially offset by the net loss of independent dealer contracts.
(c) The decrease in the lessee dealer site count from December 31, 2024 to December 31, 2025 was primarily attributable to the sale of certain lessee dealer sites in connection with CrossAmerica's real estate rationalization effort (generally with continued fuel supply, thereby converting the site to an independent dealer site) as well as the conversion of certain lessee dealer sites to company operated and commission agent sites.

Supplemental Disclosure Regarding Non-GAAP Financial Measures

CrossAmerica uses the non-GAAP financial measures EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. EBITDA represents net income (loss) before deducting interest expense, income taxes and depreciation, amortization and accretion (which includes certain impairment charges). Adjusted EBITDA represents EBITDA as further adjusted to exclude equity-based compensation expense, gains or losses on dispositions and lease terminations, net and certain discrete acquisition related costs, such as legal and other professional fees, separation benefit costs and certain other discrete non-cash items arising from purchase accounting. Distributable Cash Flow represents Adjusted EBITDA less cash interest expense, sustaining capital expenditures and current income tax expense. The Distribution Coverage Ratio is computed by dividing Distributable Cash Flow by distributions paid on common units.

EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are used as supplemental financial measures by management and by external users of CrossAmerica's financial statements, such as investors and lenders. EBITDA and Adjusted EBITDA are used to assess CrossAmerica’s financial performance without regard to financing methods, capital structure or income taxes and the ability to incur and service debt and to fund capital expenditures. In addition, Adjusted EBITDA is used to assess the operating performance of the Partnership’s business on a consistent basis by excluding the impact of items which do not result directly from the wholesale distribution of motor fuel, the leasing of real property, or the day to day operations of CrossAmerica’s retail site activities. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are also used to assess the ability to generate cash sufficient to make distributions to CrossAmerica’s unitholders.

CrossAmerica believes the presentation of EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio provides useful information to investors in assessing the financial condition and results of operations. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio have important limitations as analytical tools because they exclude some but not all items that affect net income. Additionally, because EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio may be defined differently by other companies in the industry, CrossAmerica’s definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

The following table presents reconciliations of EBITDA, Adjusted EBITDA, and Distributable Cash Flow to net income, the most directly comparable U.S. GAAP financial measure, for each of the periods indicated (in thousands, except for the Distribution Coverage Ratio):

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net income		$	10,192			$	16,861			$	41,833			$	22,453
Interest expense			10,941				13,402				48,140				52,320
Income tax expense (benefit)			5,090				(1,755	)			8,253				(3,433	)
Depreciation, amortization and accretion expense			19,916				18,080				89,587				75,983
EBITDA			46,139				46,588				187,813				147,323
Equity-based employee and director compensation expense			501				374				1,854				1,508
Gain on dispositions and lease terminations, net (a)			(3,440	)			(11,512	)			(44,229	)			(4,966	)
Acquisition-related costs (b)			153				13				576				1,674
Adjusted EBITDA			43,353				35,463				146,014				145,539
Cash interest expense			(10,456	)			(12,918	)			(46,201	)			(50,384	)
Sustaining capital expenditures (c)			(1,398	)			(2,125	)			(8,522	)			(8,287	)
Current income tax (expense) benefit (d)			(2,977	)			662				(3,505	)			(864	)
Distributable Cash Flow		$	28,522			$	21,082			$	87,786			$	86,004
Distributions paid		$	20,013			$	19,975			$	80,007			$	79,854
Distribution Coverage Ratio		1.43x				1.06x				1.10x				1.08x

(a)     During the three months ended December 31, 2025, CrossAmerica recorded $3.4 million in net gains in connection with the Partnership's ongoing real estate rationalization effort. During the three months ended December 31, 2024, CrossAmerica recorded $11.6 million in net gains in connection with the Partnership's ongoing real estate rationalization effort. The Partnership also recorded $0.1 million of other net losses on lease terminations and asset disposals. During the twelve months ended December 31, 2025, CrossAmerica recorded $45.9 million in net gains in connection with the Partnership's ongoing real estate rationalization effort, partially offset by $1.7 million of net losses on lease terminations and asset disposals. During the twelve months ended December 31, 2024, CrossAmerica recorded $23.3 million in net gains in connection with its ongoing real estate rationalization effort. The Partnership also recorded a $16.0 million loss on lease terminations with Applegreen, including a $1.5 million non-cash write-off of deferred rent income. In addition, CrossAmerica recorded $2.4 million of other net losses on lease terminations and asset disposals.
(b)     Relates to certain acquisition-related costs, such as legal and other professional fees, separation benefit costs and purchase accounting adjustments associated with recent acquisitions.
(c)     Under the Partnership Agreement, sustaining capital expenditures are capital expenditures made to maintain CrossAmerica's long-term operating income or operating capacity. Examples of sustaining capital expenditures are those made to maintain existing contract volumes or to maintain the sites in conditions suitable to operate or lease, such as parking lot or roof replacement/renovation, or to replace equipment required to operate the existing business.
(d) Excludes current income tax (benefit) expense related to sales of sites amounting to $(0.6) million and $0.3 million for the fourth quarter 2025 and 2024 and $4.9 million and $1.9 million for 2025 and 2024, respectively.

About CrossAmerica Partners LP

CrossAmerica Partners LP is a leading wholesale distributor of motor fuels, convenience store operator, and owner and lessee of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is indirectly owned and controlled by entities affiliated with Joseph V. Topper, Jr., the founder of CrossAmerica Partners and a member of the board of the general partner since 2012. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to approximately 1,600 locations and owns or leases approximately 1,000 sites. With a geographic footprint covering 34 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Marathon, Valero, Phillips 66 and other major brands. CrossAmerica Partners LP ranks as one of ExxonMobil’s largest distributors by fuel volume in the United States and in the top 10 for additional brands. For additional information, please visit www.crossamericapartners.com.

Contact

Investor Relations: Randy Palmer, rpalmer@caplp.com or 610-625-8000

Cautionary Statement Regarding Forward-Looking Statements

Statements contained in this release that state the Partnership’s or management’s expectations or predictions of the future are forward-looking statements. The words “believe,” “expect,” “should,” “intends,” “estimates,” “target” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica’s Form 10-K or Forms 10-Q filed with the Securities and Exchange Commission, and available on CrossAmerica’s website at www.crossamericapartners.com. The Partnership undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

FAQ

What were CrossAmerica (CAPL) fourth-quarter 2025 key results and metrics?

CrossAmerica reported Q4 2025 net income of $10.2M, Adjusted EBITDA of $43.4M and DCF of $28.5M. According to the company, these increases in EBITDA and DCF were driven by higher motor fuel margins and merchandise gross profit.

How did CrossAmerica (CAPL) perform for full-year 2025 compared to 2024?

For FY2025 CrossAmerica reported net income of $41.8M, Adjusted EBITDA of $146.0M and DCF of $87.8M. According to the company, year-over-year gains were driven by higher retail fuel and merchandise gross profit.

What impact did property sales have on CrossAmerica (CAPL) in 2025?

CrossAmerica sold 107 properties for $103.3M in 2025, generating $45.9M of net gains. According to the company, proceeds were used to materially reduce debt and improve financial flexibility.

Did CrossAmerica (CAPL) change its leverage or liquidity position at year-end 2025?

Leverage improved to 3.51x as of Dec 31, 2025, down from 4.36x a year earlier. According to the company, lower average debt and reduced interest expense supported this improvement.

Why did CrossAmerica (CAPL) report lower Q4 2025 net income despite higher EBITDA?

Q4 2025 net income declined to $10.2M primarily due to lower net gains on asset dispositions versus the prior-year quarter. According to the company, higher operating performance still drove EBITDA and DCF gains.

What were key retail and wholesale segment trends reported by CrossAmerica (CAPL) for 2025?

Retail gross profit rose (Q4 $82.9M; FY $302.2M) while wholesale gross profit declined (FY $100.5M). According to the company, retail margins improved but fuel volumes and wholesale rent declined due to site conversions.