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Global Partners vs Martin Midstream Partners: revenue, profit, margins and growth compared

Global Partners brought in $18.6B of revenue in fiscal 2025, Martin Midstream Partners $716.1M in fiscal 2025. Revenue changed by +8.1% at Global Partners and +1.2% at Martin Midstream Partners on the year before, so Global Partners grew faster. Global Partners kept 0.5% of its revenue as net profit, Martin Midstream Partners -2.1%. Free cash flow was $193.3M at Global Partners and $21.4M at Martin Midstream Partners.

Open the GLP pageOpen the MMLP page

Side by side, latest fiscal year

GLPMMLP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.6B$716.1M
Revenue growth+8.1%+1.2%
Net income$98M-$14.7M
Net margin0.5%-2.1%
Free cash flow$193.3M$21.4M
Free cash flow margin1.0%3.0%
Earnings per share (diluted)n/an/a
Cash$12.2M$49K
Debtn/a$428M
Price to earningsn/an/a
Market value$1.6B$84.5M
Dividend yieldn/an/a
Rank by revenue in sector#18 of 129 · Energy#85 of 129 · Energy

Over the years

Revenue
GLP FY2018: $12.7BGLP FY2019: $13.1BGLP FY2020: $8.3BGLP FY2021: $13.2BGLP FY2022: $18.9BGLP FY2023: $16.5BGLP FY2024: $17.2BGLP FY2025: $18.6BMMLP FY2018: $1BMMLP FY2019: $847.1MMMLP FY2021: $672.1MMMLP FY2021: $882.4MMMLP FY2022: $1BMMLP FY2023: $798MMMLP FY2024: $707.6MMMLP FY2025: $716.1MFY18FY19FY20FY21FY22FY23FY24FY25
GLP $18.6BMMLP $716.1M
Net income
GLP FY2018: $103.9MGLP FY2019: $35.9MGLP FY2020: $102.2MGLP FY2021: $60.8MGLP FY2022: $362.2MGLP FY2023: $152.5MGLP FY2024: $110.3MGLP FY2025: $98MMMLP FY2018: $55.7MMMLP FY2019: -$174.9MMMLP FY2021: -$6.8MMMLP FY2021: -$211KMMLP FY2022: -$10.3MMMLP FY2023: -$4.5MMMLP FY2024: -$5.2MMMLP FY2025: -$14.7MFY18FY19FY20FY21FY22FY23FY24FY25
GLP $98MMMLP -$14.7M
Net margin
GLP FY2018: 0.8%GLP FY2019: 0.3%GLP FY2020: 1.2%GLP FY2021: 0.5%GLP FY2022: 1.9%GLP FY2023: 0.9%GLP FY2024: 0.6%GLP FY2025: 0.5%MMLP FY2018: 5.5%MMLP FY2019: -20.7%MMLP FY2021: -1.0%MMLP FY2021: -0.0%MMLP FY2022: -1.0%MMLP FY2023: -0.6%MMLP FY2024: -0.7%MMLP FY2025: -2.1%FY18FY19FY20FY21FY22FY23FY24FY25
GLP 0.5%MMLP -2.1%
Revenue growth
GLP FY2019: +3.2%GLP FY2020: -36.4%GLP FY2021: +59.2%GLP FY2022: +42.5%GLP FY2023: -12.6%GLP FY2024: +4.1%GLP FY2025: +8.1%MMLP FY2019: -17.0%MMLP FY2021: -20.7%MMLP FY2021: +31.3%MMLP FY2022: +15.5%MMLP FY2023: -21.7%MMLP FY2024: -11.3%MMLP FY2025: +1.2%FY19FY20FY21FY22FY23FY24FY25
GLP +8.1%MMLP +1.2%
Free cash flow
GLP FY2018: $99.7MGLP FY2019: $11.5MGLP FY2020: $236.2MGLP FY2021: -$51.5MGLP FY2022: $373.2MGLP FY2023: $423.6MGLP FY2024: -$71.7MGLP FY2025: $193.3MMMLP FY2018: $69.8MMMLP FY2019: $45.2MMMLP FY2021: $36.2MMMLP FY2021: $19.7MMMLP FY2022: -$11.1MMMLP FY2023: $103.2MMMLP FY2024: $6.3MMMLP FY2025: $21.4MFY18FY19FY20FY21FY22FY23FY24FY25
GLP $193.3MMMLP $21.4M

Fiscal years as each company reports them; the two may end in different months.

Questions about Global Partners and Martin Midstream Partners

Which is bigger by revenue, Global Partners or Martin Midstream Partners?

Global Partners is bigger by revenue: $18.6B in fiscal 2025, against $716.1M for Martin Midstream Partners in fiscal 2025.

Which keeps more of its revenue as profit, Global Partners or Martin Midstream Partners?

Global Partners had a net margin of 0.5% in fiscal 2025; Martin Midstream Partners had -2.1% in fiscal 2025.

Which grew revenue faster, Global Partners or Martin Midstream Partners?

In their latest fiscal years revenue changed by +8.1% at Global Partners and +1.2% at Martin Midstream Partners.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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