Wholesale Segment Bolsters Global Partners' Q1 2025 Results
WALTHAM, Mass. — Global Partners LP's "solid" first quarter 2025 results highlight the strengths of the partnership's diversified portfolio of terminals, retail assets and supply capabilities, particularly during periods of market volatility and regulatory uncertainty, Eric Slifka, president and CEO, said during the company's recent earnings call.
"At Global, the power of our scale, the resiliency of our integrated model and the ingenuity of our people position us to not just weather disruption — but to find opportunity within it," Slifka said. "We remain focused on delivering long-term growth through disciplined execution, operational excellence and the strong foundation built over decades of partnership and service."
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According to Slifka, the partnership's wholesale segment performed particularly well, driven by more favorable market conditions and the integration of terminal assets Global Partners acquired in 2024.
For the quarter, wholesale product margin was $93.6 million vs. $49.4 million for the year-ago period. Gasoline and gasoline blendstocks product margin was $57.1 million when compared to $29.7 million in the same period of 2024.
Product margin from distillates and other oils was $36.5 million in Q1 2025 vs. $19.7 million in Q1 2024.
"Since the end of 2023, we've continued to invest in and optimize our terminal assets, expanding our midstream footprint more efficiently to serve our throughput and wholesale customers. These enhancements strengthen our ability to link refined liquid energy products with downstream markets, supporting the evolving needs of suppliers and customers in today's dynamic energy landscape," Slifka said. "Our gasoline distribution business benefited from healthy fuel margins supporting strong overall performance."
Retail Performance
Global Partners' ongoing portfolio optimization resulted in a decrease in company-operated sites, reducing station operations product margin, year over year, the partnership reported.
Gasoline distribution and station operations (GDSO) product margin was $187.9 million vs. $187.7 million for Q1 2024. Product margin from gasoline distribution increased to $125.8 million from $121.6 million primarily due to higher fuel margins (cents per gallon).
Station operations product margin — which includes convenience store and prepared food sales, sundries and rental income — was down to $62.1 million from $66.1 million in the first quarter of 2024, due in part to the sales and conversions of certain company-operated sites and to a decrease in sundries.
For the quarter ended March 31, Global Partners' portfolio consisted of 1,561 sites, a decrease of 40 sites year over year. Additionally, the partnership operates or supplies 66 sites under the Spring Partners Retail LLC joint venture.
"By maintaining financial discipline and carefully directing our capital, we are able to invest in accretive, organic growth and selective acquisition opportunities while continuing to consistently return cash to unit holders," Slifka explained.
Other Financials
Other earnings the partnership reported for the first quarter were:
- Net income was $18.7 million compared with a net loss of $5.6 million vs. the year-ago period.
- Adjusted EBITDA was $91.1 million in the first quarter of 2025 vs. $56 million for Q1 2024.
- Total sales were $4.6 billion for Q1 2025 when compared to $4.1 billion in the same period of 2024.
- GDSO segment sales were $1.1 billion in the first quarter of 2025 vs. $1.2 billion in the first quarter of 2024.
- Total volume was 1.9 billion gallons.
Waltham-based Global Partners operates or maintains dedicated storage at 54 liquid energy terminals — with connectivity to strategic rail, pipeline and marine assets — spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global Partners owns, operates and/or supplies more than 1,700 retail locations across the Northeast states, the Mid-Atlantic and Texas.
Global Partners was recognized as one of Fortune’s Most Admired Companies in 2025.
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