Global Partners LP, a master limited partnership engaged in the distribution and logistics of liquid energy products, reported solid financial results for the first quarter of 2025. The company operates across a broad portfolio of terminals and retail fuel sites, serving a variety of customers from wholesalers to consumers across the Northeast and Mid-Atlantic regions of the U.S.

In the first quarter of 2025, Global Partners recorded a net income of $18.7 million, translating to $0.36 per diluted common limited partner unit, a significant improvement from a net loss of $5.6 million, or $0.37 per unit, in the same period last year. EBITDA for the quarter increased to $91.9 million, up from $56.9 million in the previous year. Adjusted EBITDA also grew to $91.1 million from $56.0 million.

Distributable cash flow reached $45.7 million in the first quarter of 2025 compared to $15.8 million during the same timeframe in 2024. Adjusted DCF rose to $46.4 million, nearly tripling from $16.0 million in the prior year. This strong financial performance was driven primarily by robust results from the Wholesale segment.

The combined product margin for the first quarter was $288.6 million, an increase from $244.1 million year-over-year. In the Gasoline Distribution and Station Operations (GDSO) segment, product margin rose slightly to $187.9 million, compared to $187.7 million in the prior year. Product margin from gasoline distribution increased to $125.8 million, up from $121.6 million, primarily reflecting higher fuel margins. Conversely, product margin from station operations decreased to $62.1 million from $66.1 million due to the sale of certain company-operated sites.

In the Wholesale segment, product margin surged to $93.6 million from $49.4 million in the first quarter of 2024. The gasoline and gasoline blendstocks product margin increased to $57.1 million, up from $29.7 million, aided by favorable market conditions and new terminal assets integrated from 2024 acquisitions. Product margin from distillates and other oils increased to $36.5 million, a rise from $19.7 million.

Total sales for Global Partners were $4.6 billion in the first quarter of 2025, compared to $4.1 billion a year ago. Wholesale segment sales accounted for $3.2 billion of this total, compared to $2.6 billion in the same quarter of the prior year. Sales from the GDSO segment were $1.1 billion, down from $1.2 billion, while commercial segment sales also saw a minor decrease to $275.1 million from $278.6 million.

Total volume distributed by Global Partners increased significantly to 1.9 billion gallons from 1.6 billion gallons, with the Wholesale segment seeing 1.4 billion gallons, compared to 1.1 billion gallons in the earlier year. GDSO volume slightly decreased to 357.6 million gallons from 364.3 million gallons, while the commercial segment increased marginally to 124.8 million gallons from 120.7 million gallons.

The company reported cash distribution of $0.7450 per unit, annualized at $2.98, to be paid on May 15, 2025, to unitholders of record as of May 9, 2025. The company’s leverage as of March 31, 2025, was at 3.28x funded debt to EBITDA, maintaining a strong balance sheet with $354.7 million outstanding on the working capital revolving facility and $167 million on the revolving credit facility.