Filing Flows › Global Partners LP (GLP) › Q4 2025
Global Partners LP (GLP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Global Partners LP (GLP) reported revenue of $4.6B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -1% from the quarter before. Operating margin was 1.2%, net earnings $25.1M (0.5% of revenue).
Global Partners LP, Q4 2025: revenue $4.6B (+11% year over year), operating margin 1.2%, net earnings $25.1M, operating cash flow $101M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.6B | -1% | +11% |
| Gross profit | $263M | -3% | -2% |
| Operating profit | $57.3M | -7% | -1% |
| Net earnings | $25.1M | -14% | +5% |
| Operating cash flow | $101M | +431% | +50% |
| Free cash flow | $62.2M | — | +204% |
What changed
Revenue was $4.6B in Q4 2025, up 11% year over year and down 1% from the previous quarter. Wholesale segment was the largest line at 69% of revenue.
Gross margin was 5.7%, down 0.8 points from a year earlier. Operating profit was $0.06B, a 1.2% margin (down 0.2 points year over year). Operating profit fell $769K even though revenue rose $0.46B versus a year earlier, so costs grew faster than sales. Operating expenses fell 2% while revenue rose 11%. Net earnings were $0.03B, up 5% year over year. The effective tax rate was 1.5%.
Operating cash flow was $0.10B (up 50% year over year), 403% of net earnings. Non-cash charges added back $3.3M of share-based compensation. Working capital and other items added $0.07B. Capital expenditures of $0.04B left free cash flow of $0.06B.
Questions
What was Global Partners LP's revenue in the fourth quarter 2025?
Global Partners LP (GLP) reported revenue of $4.6B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -1% from the quarter before.
Was Global Partners LP profitable in the fourth quarter 2025?
Operating profit was $57.3M (1.2% of revenue) and net earnings $25.1M.
Source: Global Partners LP 10-K on SEC EDGAR.