Global Partners delivered adjusted EBITDA of $94.8 million in Q4, down from $97.8 million a year earlier, while net income rose to $25.1 million from $23.9 million. Distributable cash flow declined to $38.4 million versus $45.7 million, and adjusted DCF fell to $38.8 million from $46.1 million. GDSO product margin increased by $17.7 million to $231.3 million, driven by a $0.09 per gallon fuel margin improvement to $0.45, while wholesale and commercial segment margins were pressured by less favorable market conditions.

Management continues site optimization through divestiture of non-strategic retail locations and conversion to higher-value formats, supported by upgraded data and analytics infrastructure. The company entered the Houston bunkering market via a lease at the Texas City Terminal and reported that the East Providence Terminal, in its first full year, exceeded expectations by expanding storage, marine, and truck rack capabilities, boosting Northeast service coverage.

Q4 capital expenditures totaled $38.8 million, split between $22.6 million maintenance and $16.2 million expansion projects. For full-year 2026, maintenance capex is expected at $60–$70 million and expansion capex at $75–$85 million. Leverage stood at 3.59x funded debt to EBITDA, with $226.1 million drawn on the working capital revolver and $103.5 million on the $500 million credit facility.

The board approved a 17th consecutive quarterly distribution of $0.76 per common unit, paid on February 13. Management highlighted the resilience of its integrated supply, terminals, wholesale, bunkering, and retail platform, noting that early-year cold weather in the Northeast supported solid wholesale fuel demand.