Filing Flows › CrossAmerica Partners LP (CAPL) › Q4 2025
CrossAmerica Partners LP (CAPL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
CrossAmerica Partners LP (CAPL) reported revenue of $866M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -11% from the quarter before. Operating margin was 3.0%, net earnings $10.2M (1.2% of revenue).
CrossAmerica Partners LP, Q4 2025: revenue $866M (-8% year over year), operating margin 3.0%, net earnings $10.2M, operating cash flow $29.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $866M | -11% | -8% |
| Gross profit | $107M | +2% | +6% |
| Operating profit | $26.1M | -7% | -8% |
| Net earnings | $10.2M | -25% | -40% |
| Operating cash flow | $29.4M | +21% | +165% |
| Free cash flow | $22.4M | +27% | +470% |
What changed
Revenue was $866.3M in Q4 2025, down 8% year over year and down 11% from the previous quarter.
Gross margin was 12.4%, up 1.7 points from a year earlier. Operating profit was $26.1M, a 3.0% margin (unchanged year over year). Operating expenses grew 12% against a revenue fall of 8%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $10.2M, down 40% year over year. The effective tax rate was 33.3%.
Operating cash flow was $29.4M (up 165% year over year), 289% of net earnings. Non-cash charges added back $19.9M of depreciation and amortization and $501K of share-based compensation. Capital expenditures of $7.1M left free cash flow of $22.4M.
Questions
What was CrossAmerica Partners LP's revenue in the fourth quarter 2025?
CrossAmerica Partners LP (CAPL) reported revenue of $866M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -11% from the quarter before.
Was CrossAmerica Partners LP profitable in the fourth quarter 2025?
Operating profit was $26.1M (3.0% of revenue) and net earnings $10.2M.