GLP GLOBAL PARTNERS LP

Overview and Growth

GLOBAL PARTNERS LP generated $18.56B of revenue in fiscal 2025, with net income of $97.98M and an operating cash inflow of $284.80M. Revenue of $18.56B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 8.1% from $17.16B in fiscal 2024, increasing the company’s operating scale. Asset turnover was 4.82x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $1.06B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 5.7% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $234.66M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 1.3% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $97.98M for the fiscal year. Measured against reported revenue, net income produced a 0.5% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $99.04M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 0.5% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $1.06M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 1.1%, quantifying the portion of pre-tax earnings paid in income tax. Return on period-end equity was 14.5%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 2.5%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $3.85B, supported by $3.18B of liabilities and $675.54M of shareholder equity. At period end, current assets of $1.23B compared with current liabilities of $1.08B, defining the company’s short-term resource position. The current ratio was 1.14x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $12.24M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 1.1% of current liabilities, showing how much near-term coverage came from cash alone. Relative to total assets, liabilities measured 82.5%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 0.3%, comparing reported cash and equivalents with the full positive asset balance. Compared with $3.79B in fiscal 2024, the current asset base moved 1.7% and finished higher. Reported equity changed 5.7% from $716.61M in fiscal 2024, placing the current capital base lower year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $284.80M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 2.91x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $91.47M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 32.1%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $193.34M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 1.0%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 5.0%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.