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Global Partners LP filings document regulatory disclosures for a publicly traded master limited partnership with common units and 9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units listed on the New York Stock Exchange. Recent Form 8-K reports cover operating results, non-GAAP financial measures and reconciliations, quarterly cash distributions, and Regulation FD disclosures tied to unitholder communications.
The filing record also documents capital structure and governance matters, including credit agreement obligations, securities registered under Section 12(b), actions by the board of the general partner, and executive officer transition and compensation arrangements. These disclosures frame the Partnership’s reporting around energy logistics, fuel distribution, retail station operations, distributions, financing capacity, and limited-partnership governance.
GLOBAL PARTNERS LP Chairman, President & CEO Eric Slifka reported equity-based compensation and related tax withholding transactions in common units and phantom units. He was granted 128,756 common units representing limited partner interests as an award, and 62,253 common units were disposed of to cover tax withholding obligations at a price of $48.1900 per unit, all recorded as direct ownership changes.
In addition, he received a grant of 66,208 phantom units that each represent the right to receive one common unit on a one-for-one basis upon vesting. These phantom units vest in three equal installments on January 5, 2027, January 5, 2028, and January 5, 2029. The filing also reflects indirect holdings of common units through family trusts and Larea Holdings LLC.
GLOBAL PARTNERS LP Chairman, President & CEO Eric Slifka reported equity-based compensation and related tax withholding transactions in common units and phantom units. He was granted 128,756 common units representing limited partner interests as an award, and 62,253 common units were disposed of to cover tax withholding obligations at a price of $48.1900 per unit, all recorded as direct ownership changes.
In addition, he received a grant of 66,208 phantom units that each represent the right to receive one common unit on a one-for-one basis upon vesting. These phantom units vest in three equal installments on January 5, 2027, January 5, 2028, and January 5, 2029. The filing also reflects indirect holdings of common units through family trusts and Larea Holdings LLC.
Seabrook Kristin K. reported acquisition or exercise transactions in this Form 4 filing.
GLOBAL PARTNERS LP Chief Legal Officer and Secretary Kristin K. Seabrook received an equity-based compensation award of 11,784 Phantom Units. These Phantom Units represent the right to receive one common unit each upon vesting, on a one-for-one basis.
According to the grant terms, the award will vest in three equal installments: one-third on January 5, 2027, one-third on January 5, 2028, and one-third on January 5, 2029, subject to the vesting conditions in the grant agreement.
Seabrook Kristin K. reported acquisition or exercise transactions in this Form 4 filing.
GLOBAL PARTNERS LP Chief Legal Officer and Secretary Kristin K. Seabrook received an equity-based compensation award of 11,784 Phantom Units. These Phantom Units represent the right to receive one common unit each upon vesting, on a one-for-one basis.
According to the grant terms, the award will vest in three equal installments: one-third on January 5, 2027, one-third on January 5, 2028, and one-third on January 5, 2029, subject to the vesting conditions in the grant agreement.
Global Partners LP outlines its 2025 operations as a large fuel logistics and retail platform, with Wholesale, Gasoline Distribution and Station Operations (GDSO) and Commercial segments contributing about 68%, 26% and 6% of total sales in 2025. Gasoline and blendstocks provided 65% of sales, distillates 32% and convenience-store related revenues 3%.
During 2025 the partnership issued $450.0 million of 7.125% senior notes due 2033, used to tender for and redeem 7.00% notes due 2027 and repay borrowings, and amended its credit agreement, extending maturity to March 20, 2028, lifting the working capital facility to $1.0 billion and reducing the revolving facility to $500.0 million. As of December 31, 2025, total debt was about $1.56 billion, supported by a network of 54 bulk terminals with roughly 22.3 million barrels of storage and 1,524 gasoline stations, including 290 company-operated convenience stores.
Global Partners LP outlines its 2025 operations as a large fuel logistics and retail platform, with Wholesale, Gasoline Distribution and Station Operations (GDSO) and Commercial segments contributing about 68%, 26% and 6% of total sales in 2025. Gasoline and blendstocks provided 65% of sales, distillates 32% and convenience-store related revenues 3%.
During 2025 the partnership issued $450.0 million of 7.125% senior notes due 2033, used to tender for and redeem 7.00% notes due 2027 and repay borrowings, and amended its credit agreement, extending maturity to March 20, 2028, lifting the working capital facility to $1.0 billion and reducing the revolving facility to $500.0 million. As of December 31, 2025, total debt was about $1.56 billion, supported by a network of 54 bulk terminals with roughly 22.3 million barrels of storage and 1,524 gasoline stations, including 290 company-operated convenience stores.
Global Partners LP reported modestly higher fourth-quarter 2025 profitability but softer full-year earnings versus 2024. Q4 2025 net income was $25.1 million, or $0.54 per diluted common unit, up slightly from $23.9 million, or $0.52, a year earlier. Full-year 2025 net income was $98.0 million, or $2.11 per diluted unit, down from $110.3 million, or $2.41, in 2024.
Q4 sales rose to $4.6 billion from $4.2 billion, driven mainly by higher Wholesale volume, with total quarterly volume increasing to 2.1 billion gallons from 1.8 billion. Segment performance was mixed: Gasoline Distribution and Station Operations product margin increased to $231.3 million, while Wholesale product margin fell to $58.3 million and Commercial product margin declined to $6.0 million, reflecting less favorable conditions in several markets.
Full-year EBITDA was $378.8 million compared with $389.4 million in 2024, and adjusted EBITDA was $383.0 million versus $389.1 million. Full-year distributable cash flow was $189.1 million, with adjusted DCF of $190.9 million, both below 2024 levels, indicating slightly lower cash generation even as gross profit and combined product margin held around $1.1–$1.2 billion.
Global Partners LP reported modestly higher fourth-quarter 2025 profitability but softer full-year earnings versus 2024. Q4 2025 net income was $25.1 million, or $0.54 per diluted common unit, up slightly from $23.9 million, or $0.52, a year earlier. Full-year 2025 net income was $98.0 million, or $2.11 per diluted unit, down from $110.3 million, or $2.41, in 2024.
Q4 sales rose to $4.6 billion from $4.2 billion, driven mainly by higher Wholesale volume, with total quarterly volume increasing to 2.1 billion gallons from 1.8 billion. Segment performance was mixed: Gasoline Distribution and Station Operations product margin increased to $231.3 million, while Wholesale product margin fell to $58.3 million and Commercial product margin declined to $6.0 million, reflecting less favorable conditions in several markets.
Full-year EBITDA was $378.8 million compared with $389.4 million in 2024, and adjusted EBITDA was $383.0 million versus $389.1 million. Full-year distributable cash flow was $189.1 million, with adjusted DCF of $190.9 million, both below 2024 levels, indicating slightly lower cash generation even as gross profit and combined product margin held around $1.1–$1.2 billion.
Global Partners LP declared a quarterly cash distribution of $0.7600 per common unit, or $3.04 per unit on an annualized basis, for the period from October 1, 2025 through December 31, 2025. The distribution will be paid on February 13, 2026 to unitholders of record as of the close of business on February 9, 2026.
Global Partners LP announced that the Board of Directors of its general partner has declared a quarterly cash distribution on its 9.50% fixed-rate Series B preferred units. The distribution is $0.59375 per unit, which equals $2.375 per unit on an annualized basis, for the period from November 15, 2025 through February 14, 2026. The Partnership will pay this cash distribution on February 17, 2026 to Series B preferred unitholders of record as of the opening of business on February 2, 2026.
Global Partners LP director Jaime Pereira reported the vesting of an equity award and corresponding issuance of common units. On January 6, 2026, 2,149 Phantom Units converted on a one-for-one basis into 2,149 common units representing limited partner interests, at a price of $0 per unit under a grant agreement dated February 26, 2025.
After this transaction, Pereira beneficially owned 13,814 common units directly. In addition, 2,000 common units were held indirectly through the Cynthia A. Pereira Revocable Trust dated April 30, 2014. Each phantom unit is described as economically equivalent to one common unit.
Global Partners LP director Kelly Clare McGrory reported the vesting and conversion of equity awards. On January 6, 2026, 2,149 Phantom Units, each economically equivalent to one common unit, vested in full under a grant dated February 26, 2025. These Phantom Units converted on a one-for-one basis into 2,149 common units representing limited partner interests at a price of $0 per unit. Following this transaction, McGrory directly beneficially owns 8,813 common units.
Global Partners LP director Robert W. Owens reported the vesting and conversion of previously granted phantom units into common units representing limited partner interests. On January 6, 2026, 2,149 phantom units converted on a one-for-one basis into 2,149 common units at a price of $0 per unit, reflecting the settlement of an equity award rather than an open-market purchase. After this transaction, Owens beneficially owned 13,314 common units directly. The phantom units had been granted under a February 26, 2025 grant agreement and vested 100% upon satisfaction of the specified conditions.
Global Partners LP director John T. Hailer reported a routine equity award vesting. On January 6, 2026, 2,149 Phantom Units vested and converted on a one-for-one basis into 2,149 common units representing limited partner interests in Global Partners LP at a price of $0 per unit. After this conversion, Hailer directly beneficially owned 13,314 common units. The Phantom Units were originally granted under a February 26, 2025 grant agreement and are described as economically equivalent to one common unit.