CrossAmerica Partners LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CrossAmerica Partners LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,870	2,095	2,446	2,149	1,932	3,579	4,967	4,386	4,098	3,663
Cost of revenue	1,714	1,934	2,273	1,995	1,720	3,302	4,592	4,004	3,700	3,260
Gross profit	156	161	173	155	212	277	376	382	398	403
Selling, general and administrative	24.2	27.9	18	16.8	21	30.9	25.6	27	28.8	28
Operating expenses	140	147	146	124	181	243	281	299	333	349
Operating income	32.2	32.4	35	43.3	116	36.1	96	88.1	70.6	97.6
Interest expense	22.8	27.9	32.9	27	16.6	18.2	32.1	43.7	52.3	48.1
Other non-operating income	0.85	0.44	0.37	0.52	0.5	0.54	0.5	0.79	0.78	0.58
Pre-tax income	10.3	4.94	2.51	16.8	99.5	18.4	64.4	45.1	19	50.1
Income tax	-0.45	-18.2	-2.73	-1.23	-7.95	-3.23	0.71	2.53	-3.43	8.25
Net income to minority interests	0.01	0.02	-0.01
Net income	10.7	23.2	5.25	18.1	107	21.7	63.7	42.6	22.5	41.8
EBITDA	86.6	89.9	102	98.4	184	114	177	165	147	187
EPS, basic	0.22					0.57	1.63	1.06	0.52	1.03
EPS, diluted	0.22					0.57	1.63	1.05	0.52	1.02
Shares, basic (weighted)						37.9	37.9	38	38	38.1
Shares, diluted (weighted)						37.9	38.1	38.1	38.2	38.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.35	3.9	3.19	1.78	0.51	7.65	16.1	4.99	3.38	3.14
Receivables	29.3	27.8	16.2	38.1	28.5	33.3	30.8	31.2	31.6	28.6
Inventory	13.2	15.1	14.1	6.23	23.3	46.1	47.3	52.3	63.2	59.6
Other current assets	6.56	7.53	5.51	5.8	11.7	13.1	8.67	9.85	8.09	8.59
Total current assets	65.4	80.5	50.9	69.4	74.8	106	118	109	119	111
Property, plant and equipment	677	681	647	566	571	755	728	705	656	548
Lease right-of-use assets				121	168	169	165	148	136	122
Goodwill	89.1	89.1	88.8	88.8	88.8	100	99.4	99.4	99.4	99.4
Intangible assets	80.8	76.1	59.1	45	92.9	114	114	95.3	77.2	61.6
Other non-current assets	19.4	20.6	20.8	21.3	19.1	21.5	26.1	23.5	20.4	22.2
Total assets	932	947	867	911	1,014	1,270	1,257	1,182	1,115	965
Accounts payable	34.9	35.8	32.6	57.4	64	67.2	77	69	74	63.4
Accrued liabilities	15.7	17	17.9	16.4	23.3	20.7	23.1	23.7	24	27.4
Short-term debt	2.1	2.92	2.3	2.47	2.63	10.9	11.2	3.08	3.27	3.47
Total current liabilities	75.1	93.5	88.4	113	147	164	175	161	163	150
Long-term debt	465	529	519	535	527	811	762	754	764	687
Lease liabilities				100	141	140	135	119	106	97
Other non-current liabilities	100	98.1	95.6	30.2	32.6	41.2	46.3	52.9	50.4	49.3
Total liabilities	711	776	756	833	905	1,214	1,178	1,151	1,140	1,037
Total debt	469	531	521	539	531	819	768	764	772	693
Other comprehensive income					-2.46	3.03	16.5	5.4	7.6	-1.05
Total liabilities and equity	932	947	867	911	1,014	1,270	1,257	1,182	1,115	965

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10.7	23.2	5.25	18.1	107	21.7	63.7	42.6	22.5	41.8
Depreciation and amortization	54.4	57.5	66.5	55	68.7	77.9	80.6	77.2	76	89.6
Stock-based compensation	3.93	1.93	0.48	1.25	0.17	1.31	2.29	3.03	1.51	1.85
Deferred income tax	-0.69	-18.9	-4.26	3.57	-4.44	-3.76	-1.75	1.57	-6.15	-0.16
Change in receivables	6.05	-1.26	-12.5	11	-7.5	5.34	-0.84	-0.12	0.64	-2.88
Change in inventory	-4.96	-0.86	-0.36	-7.24	0.78	10.3	0.87	5.04	2.67	-1.74
Change in payables	-2.13	-0.89	3.16	-12.4	-6.56	-2.73	-9.27	8.59	-1.24	8.02
Cash from operations	79.4	89	89.8	72.3	104	95.5	161	117	87.8	91.5
Capital expenditures	-20.8	-12.5	-13.7	-24.6	-37.1	-41.9	-30.4	-34.6	-26.3	-35.7
Acquisitions	-94.2	-75.6	-0.49		-28.2	-273	-29.6
Cash from investing	-96.9	-60.1	-6.78	-15.5	-19.5	-299	-46.4	-28.2	-16.3	68.4
Debt repaid	-2.26						-24.6	-159
Share buybacks	-3.25
Dividends paid	-80	-83.8	-75.6	-72.3	-77.8	-79.6	-79.6	-79.7	-79.9	-80
Cash from financing	17.6	-26.3	-83.7	-58.2	-86.2	210	-107	-100	-73.1	-160
Net change in cash	0.16	2.55	-0.71	-1.41	-1.27	7.14	8.41	-11.1	-1.61	-0.24
Free cash flow	58.7	76.5	76	47.7	67.4	53.6	131	82.5	61.5	55.8
Interest paid	21.1	26	31.2	26.3	16	16.2	29	40.1	49.9
Income taxes paid	0.81	1.76	1.58	3.3	0.76	0.33	-3.17	2.9	0.01	3.25

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $21.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	10.9%	Gross profit / revenue.
Operating margin	2.9%	Operating income / revenue.
EBITDA margin	4.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.8%	Pre-tax income / revenue.
Net margin	1.4%	Net income / revenue.
FCF margin	2.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.0%	Cash from operations / revenue.
Effective tax rate	20.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.6%	Net income / average total assets.
SG&A / revenue	0.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	38.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-3.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	27.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	86.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-13.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-17.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	96.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-17.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-9.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-24.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-13.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.76x	Current assets / current liabilities.
Quick ratio	0.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / assets	73.4%	Total debt / total assets.
Liabilities / assets	107.7%	Total liabilities / total assets.
Net debt	$715.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.83x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.53x	Operating income / interest expense.
Working capital	-$39.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	15.7%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.93x	Revenue / average total assets.
Fixed asset turnover	6.66x	Revenue / average property, plant and equipment.
Inventory turnover	54.2x	Cost of revenue / average inventory.
Days inventory	7 days	365 x average inventory / cost of revenue.
Receivables turnover	114x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
Days payables	8 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	2 days	Days inventory + days sales outstanding - days payables.
FCF conversion	163.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$100.69	Revenue / diluted weighted shares.
FCF per share	$2.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.00	Cash from operations / diluted weighted shares.
Cash per share	$0.13	(Cash + short-term investments) / shares outstanding.
Payout ratio	144.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	88.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$820.0M	Share price x shares outstanding.
Enterprise value	$1.54B	Market cap + total debt - cash - short-term investments.
P/E	14.8x	Market cap / net income. Only when net income is positive.
P/S	0.21x	Market cap / revenue.
P/FCF	9.08x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.14x	Market cap / cash from operations, when positive.
EV/Sales	0.40x	Enterprise value / revenue.
EV/EBIT	13.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.22x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.0%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Dividend yield	9.8%	Dividends paid over the period / market cap.
Shareholder yield	9.8%	(Dividends paid + share buybacks) / market cap.

What was CrossAmerica Partners LP's revenue in fiscal 2025?

CrossAmerica Partners LP reported revenue of $3.66B for fiscal 2025, 10.6% lower than the year before.

Was CrossAmerica Partners LP profitable in fiscal 2025?

Yes. Net income was $41.8M, a net margin of 1.1%.

How much free cash flow did CrossAmerica Partners LP generate in fiscal 2025?

Cash from operations of $91.5M minus capital expenditures of $35.7M left free cash flow of $55.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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