Welcome to our dedicated page for GLOBAL PARTNERS LP SEC filings (Ticker: GLP), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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 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.
Global Partners LP’s Chairman, President and CEO Eric Slifka reported the vesting and settlement of phantom units into common units on January 5 and 6, 2026. On those dates, 21,459, 19,290 and 15,042 phantom units converted into an equal number of common units at an exercise price of $0 per unit, reflecting equity awards tied to prior grant agreements.
To cover tax withholding obligations, the company withheld 7,945, 9,326 and 7,272 common units at prices of $42.26 and $42.97 per unit. After these transactions, Slifka directly held 31,248 common units and also had indirect beneficial ownership of additional common units through family trusts, Larea Holdings LLC, and the Alfred A. Slifka 1990 Trust.
Global Partners LP Chief Accounting Officer Matthew Spencer reported equity compensation activity involving phantom units that convert into common units of the partnership. On January 5 and 6, 2026, a total of 2,624, 2,205 and 1,719 phantom units vested and were converted on a one-for-one basis into common units under prior grant agreements dated March 3, 2023, March 25, 2024 and February 26, 2025. In connection with these vestings, the company withheld 919 and 653 common units at a price of $42.26 per unit and 504 common units at $42.97 per unit to cover Spencer’s tax withholding obligations at his request. Following the reported transactions, Spencer directly held 47,308 common units of Global Partners LP, along with remaining phantom units that are economically equivalent to common units.
Global Partners LP’s Chief Financial Officer Gregory B. Hanson reported multiple equity compensation transactions involving the partnership’s common units in early January 2026. On January 5, 2026, phantom units granted under prior awards vested and were converted into 5,437 and 6,614 common units in separate transactions at an exercise price of $0, increasing his directly held units after each conversion.
On the same day, 1,656 and 1,940 common units were withheld at prices of $42.26 per unit to satisfy tax withholding obligations. On January 6, 2026, an additional 5,158 phantom units vested and converted into common units at an exercise price of $0, followed by 1,513 common units withheld at $42.97 per unit for taxes. The filing notes that each phantom unit is economically equivalent to, and converts on a one-for-one basis into, a common unit.