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Global Partners LP vs Martin Midstream Partners L.P.: GLP and MMLP compared
Global Partners LP is the larger company: $6.7B of revenue in its latest quarter (Q3 2026) against $232M for Martin Midstream Partners L.P. (Q3 2026). Global Partners LP is growing faster (+42% against +37% a year earlier). Martin Midstream Partners L.P. is more profitable, with an operating margin of 4.4% against 1.3%.
Where the money goes: GLP and MMLP
Global Partners LP (GLP) · Q3 2026
Global Partners LP, Q3 2026: revenue $6.7B (+42% year over year), operating margin 1.3%, net earnings $52.4M, operating cash flow $180M. The chart follows the revenue to costs, profit and cash.
Martin Midstream Partners L.P. (MMLP) · Q3 2026
Martin Midstream Partners L.P., Q3 2026: revenue $232M (+37% year over year), operating margin 4.4%, net loss $4.1M, operating cash flow −$4.9M. The chart follows the revenue to costs, profit and cash.
| Global Partners LP (GLP) | Martin Midstream Partners L.P. (MMLP) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $6.7B | $232M |
| Revenue growth, Y/Y | +42% | +37% |
| Gross margin | 4.4% | — |
| Operating margin | 1.3% | 4.4% |
| Net earnings | $52.4M | −$4.1M |
| Net margin | 0.8% | -1.8% |
| Operating cash flow | $180M | −$4.9M |
| Free cash flow | $138M | — |
| Market value | $1.4B | — |
| P/E | 6.5× | — |
Where the revenue comes from
Global Partners LP
- Wholesale segment: $4.7B (71%)
- GDSO: $1.6B (24%)
- Commercial segment: $356M (5%)
Martin Midstream Partners L.P.
- Product Sales: $147M (63%)
- Transportation: $56.6M (24%)
- Terminalling and storage: $24.0M (10%)
- Sulfur services: $4.2M (2%)
Questions
Which is bigger, Global Partners LP or Martin Midstream Partners L.P.?
Global Partners LP is the larger company: $6.7B of revenue in its latest quarter (Q3 2026) against $232M for Martin Midstream Partners L.P. (Q3 2026).
Is Global Partners LP or Martin Midstream Partners L.P. growing faster?
Global Partners LP is growing faster (+42% against +37% a year earlier).
Which is more profitable, Global Partners LP or Martin Midstream Partners L.P.?
Martin Midstream Partners L.P. is more profitable, with an operating margin of 4.4% against 1.3%.
More: Global Partners LP earnings · how Global Partners LP makes money · Martin Midstream Partners L.P. earnings · how Martin Midstream Partners L.P. makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Oct 26, 2026). Fiscal quarters can end on different dates. Not investment advice.