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Global Partners LP cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$138M in Q3 2026 · $338M over twelve months

Operating cash flow$180M
Capital spending−$41.9M
Free cash flow+$138M
Cash / net income3.4×
Cash conversion cycle7 days

Analysis

In Q3 2026, Global Partners LP generated $180M of operating cash flow and spent $41.9M on capital projects, leaving free cash flow of $138M. That is $139M more than in Q3 2025 (−$678K).

Over the twelve months to Sep 30, 2026, operating cash flow was $486M; the largest uses were other financing ($331M), capital spending ($148M), buybacks ($9.9M); besides operations, cash came from asset & business sales ($8.0M), other investing ($6.3M); the cash balance rose by $3.6M.

Operating cash flow was $180M against net income of $52.4M — 3.4× profit, cash ran ahead of reported earnings. The largest differences: payables +$209M, receivables −$142M, inventory −$31.9M.

Its cash conversion cycle was 7 days (receivables 11 + inventory 9 − payables 12).

Free cash flow

Global Partners LP: free cash flow by quarterGlobal Partners LP: free cash flow by quarter$20.4MQ4 2024−$69.5MQ1 2025$201MQ2 2025−$678KQ3 2025$62.2MQ4 2025−$137MQ1 2026$274MQ2 2026$138MQ3 2026
Operating cash flow less capital spending.
Global Partners LP: operating cash flow against capital spendingGlobal Partners LP: operating cash flow against capital spendingOperating cash flowCapital spending$67.2M$46.8MQ4 2024−$51.6M$17.9MQ1 2025$216M$15.1MQ2 2025$19.0M$19.7MQ3 2025$101M$38.8MQ4 2025−$105M$31.9MQ1 2026$309M$35.0MQ2 2026$180M$41.9MQ3 2026
Latest (Q3 2026): Operating cash flow $180M, Capital spending $41.9M.

Capital allocation, year by year

Global Partners LP: where the cash came from (up) and went (down), by fiscal yearGlobal Partners LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $50.2MFY2021: Asset sales $6.4MFY2021: Capital spending −$102MFY2021: Acquisitions −$18.0MFY2021: Buybacks −$3.8M$56.6MFY2021FY2022: Operating cash flow $480MFY2022: Asset sales $129MFY2022: Capital spending −$107MFY2022: Acquisitions −$256MFY2022: Buybacks −$2.9M$609MFY2022FY2023: Operating cash flow $512MFY2023: Asset sales $12.9MFY2023: Capital spending −$88.8MFY2023: Acquisitions −$1.5MFY2023: Buybacks −$3.5M$525MFY2023FY2024: Operating cash flow $31.6MFY2024: Net borrowing $441MFY2024: Asset sales $48.6MFY2024: Capital spending −$103MFY2024: Buybacks −$14.2M$522MFY2024FY2025: Operating cash flow $285MFY2025: Net borrowing $41.2MFY2025: Asset sales $6.6MFY2025: Capital spending −$91.5MFY2025: Buybacks −$10.0M$333MFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were capital spending ($492M) and acquisitions ($276M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$21.5M
Debtnone
Net cash$21.5M

Global Partners LP funds itself: free cash flow was $338M over the last twelve months, with $21.5M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Global Partners LP: sources (+) and uses (−) of cash, Q3 2026Global Partners LP: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$180MOther financing−$143MCapital spending−$41.9MOther investing$4.0MCash drawn (+) / kept (−)$2.4MBuybacks−$1.3MAsset & business sales$151K
Global Partners LP: sources (+) and uses (−) of cash, TTM to Q3 2026Global Partners LP: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$486MOther financing−$331MCapital spending−$148MBuybacks−$9.9MAsset & business sales$8.0MTaxes on employees’ shares−$7.6MOther investing$6.3MCash drawn (+) / kept (−)−$3.6M

From profit to cash

Global Partners LP: net income to operating cash flow, Q3 2026Global Partners LP: net income to operating cash flow, Q3 2026Net income$52.4MStock-based pay$4.6MReceivables−$142MInventory−$31.9MPayables$209MAccrued liabilities$21.8MPrepaid and other assets$6.7MOperating cash flow$180M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026119127
Q2 2026109109
Q1 202611121211
Q4 202510111110
Q3 202511101110
Q2 202511111210
Q1 202510121111
Q4 202410131112

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$180M−$41.9M−$1.3M—$2.4M$138M
Q2 2026$309M−$35.0M——−$5.5M$274M
Q1 2026−$105M−$31.9M——−$6.1M−$137M
Q4 2025$101M−$38.8M−$2.6M−$15K$5.7M$62.2M
Q3 2025$19.0M−$19.7M−$3.8M−$39.9M−$1.8M−$678K
Q2 2025$216M−$15.1M−$3.0M—−$8.6M$201M
Q1 2025−$51.6M−$17.9M−$532K—$730K−$69.5M
Q4 2024$67.2M−$46.8M−$3.0M—$12.4M$20.4M

Global Partners LP: income statement and cash flow

Global Partners LP, Q3 2026: revenue $6.7B (+42% year over year), operating margin 1.3%. The chart follows the revenue to costs, profit and cash.

Global Partners LP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.