GLOBAL PARTNERS LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GLOBAL 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	8,240	8,921	12,673	13,082	8,322	13,248	18,878	16,492	17,164	18,561
Cost of revenue	7,693	8,338	12,022	12,419	7,600	12,529	17,780	15,519	16,106	17,499
Gross profit	546	583	650	663	721	719	1,098	974	1,058	1,062
Selling, general and administrative	150	155	171	171	193	213	263	274	292	306
Operating expenses	699	463	453	524	529	577	637	730	807	827
Operating income	-152	120	197	139	192	142	460	244	251	235
Pre-tax income	-239	33.6	108	36.3	102	62.1	379	161	115	99
Income tax	0.05	-23.6	5.62	1.09	-0.12	1.34	16.8	8.14	4.61	1.06
Net income to minority interests	-39.2	-1.64	-1.5	-0.69	-0.53
Net income	-199	58.8	104	35.9	102	60.8	362	153	110	98

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10	14.9	8.12	12	9.71	10.8	4.04	19.6	8.21	12.2
Receivables	421	417	335	413	227	411	479	552	473	530
Inventory	522	351	386	450	384	510	567	397	594	549
Other current assets	70	78	99	81.9	119	87.1	74	90.5	92.4	98.5
Total current assets	1,075	878	875	1,005	781	1,065	1,169	1,098	1,207	1,227
Property, plant and equipment	1,100	1,037	1,133	1,105	1,082	1,099	1,218	1,514	1,707	1,657
Lease right-of-use assets				297	291	280	288	253	302	378
Goodwill	295	312	327	324	324	328	428	429	422	422
Intangible assets	65	56.5	58.5	46.8	35.9	26	26.9	20.7	18.7	13.4
Other non-current assets	28.9	36.4	30.8	31.1	26.6	32.3	30.7	37.5	38.7	38.4
Total assets	2,564	2,320	2,424	2,808	2,541	2,831	3,161	3,446	3,788	3,851
Accounts payable	320	313	309	373	208	353	531	649	510	573
Accrued liabilities	70.4	99.5	117	103	127	139	157	180	223	208
Total current liabilities	799	669	583	754	498	840	971	983	1,000	1,076
Long-term debt	659	662	664	691	738	739	741	743	1,187	1,233
Lease liabilities				239	227	228	231	200	252	311
Other non-current liabilities	64.9	56	57.9	52.5	59.3	53.5	57.3	61.2	76.6	69.5
Total liabilities	2,166	1,926	1,925	2,349	2,045	2,303	2,372	2,645	3,072	3,175
Other comprehensive income	-5.44	-5.47	-5.26	-5.08	1.6	-1.9	-0.45	0.38
Total liabilities and equity	2,564	2,320	2,424	2,808	2,541	2,831	3,161	3,446	3,788	3,851

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-239	57.1	102	35.2	102	60.8	362	153	110	98
Stock-based compensation	4.15	2.76	2.74	1.97	1.08	0.71	2.7	10.6	15.5	13.4
Deferred income tax	-18.8	-25.9	2.75	0.02	13.3	0.6	9.58	2.51	-5.36	0.99
Change in receivables	-110	3.89	81.9	-79	185	-184	-67.8	-73.8	79.2	-58.8
Change in inventory	-136	173	-29.8	-64.8	65.6	-124	-52.1	172	-200	44.4
Change in payables	17.4	-6.85	-4.43	64.4	-166	145	178	118	-139	63.2
Cash from operations	-120	348	169	94.4	313	50.2	480	512	31.6	285
Capital expenditures	-71.3	-49.9	-69.2	-82.9	-76.3	-102	-107	-88.8	-103	-91.5
Acquisitions		-38.5	-172			-18	-256	-1.5
Cash from investing	6.45	-61.6	-226	-67.2	-69.7	-115	-236	-492	-277	-101
Debt issued				393	345				441	441
Debt repaid										-400
Share buybacks					-0.29	-3.77	-2.9	-3.52	-14.2	-10
Cash from financing	122	-282	50.1	-23.3	-245	66	-251	-4.46	234	-180
Net change in cash	8.91	4.83	-6.74	3.92	-2.33	1.14	-6.81	15.6	-11.4	4.04
Free cash flow	-191	299	99.7	11.5	236	-51.5	373	424	-71.7	193
Interest paid	64.1	62.5	67.2	67.4	58.6	54.7	60.9	65.3	94.7	129
Income taxes paid	17	7.36	0.65	-5.21	-1.46	-14.8	8.05	2.9	9.3	5.71

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 $47.54 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	5.6%	Gross profit / revenue.
Operating margin	1.5%	Operating income / revenue.
Pre-tax margin	0.9%	Pre-tax income / revenue.
Net margin	0.9%	Net income / revenue.
FCF margin	0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.5%	Cash from operations / revenue.
Effective tax rate	3.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.9%	Net income / average total assets.
SG&A / revenue	1.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.1%	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	8.1%	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	-6.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-20.1%	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	4.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-11.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-35.3%	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	-0.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	801.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-16.0%	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	-1.8%	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 CAGR, 3y	-19.7%	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	-3.9%	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	1.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.8%	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	8.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.19x	Current assets / current liabilities.
Quick ratio	0.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	81.4%	Total liabilities / total assets.
Working capital	$230.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.8%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	5.34x	Revenue / average total assets.
Fixed asset turnover	13.0x	Revenue / average property, plant and equipment.
Inventory turnover	35.1x	Cost of revenue / average inventory.
Days inventory	10 days	365 x average inventory / cost of revenue.
Receivables turnover	30.4x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
Days payables	13 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	10 days	Days inventory + days sales outstanding - days payables.
FCF conversion	102.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.6%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.62B	Share price x shares outstanding.
Enterprise value	$1.59B	Market cap + total debt - cash - short-term investments.
P/E	8.28x	Market cap / net income. Only when net income is positive.
P/S	0.08x	Market cap / revenue.
P/FCF	8.10x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.98x	Market cap / cash from operations, when positive.
EV/Sales	0.07x	Enterprise value / revenue.
EV/EBIT	4.80x	Enterprise value / operating income, when both are positive.
EV/FCF	7.98x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.3%	Free cash flow / market cap.
Earnings yield	12.1%	Net income / market cap (the inverse of P/E).

What was GLOBAL PARTNERS LP's revenue in fiscal 2025?

GLOBAL PARTNERS LP reported revenue of $18.56B for fiscal 2025, 8.1% higher than the year before.

Was GLOBAL PARTNERS LP profitable in fiscal 2025?

Yes. Net income was $98.0M, a net margin of 0.5%.

How much free cash flow did GLOBAL PARTNERS LP generate in fiscal 2025?

Cash from operations of $284.8M minus capital expenditures of $91.5M left free cash flow of $193.3M.

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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