# CrossAmerica Partners LP (CAPL)

> Source: Nexqual · https://nexqual.com/CAPL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, CrossAmerica Partners LP (CAPL), nexqual.com/CAPL" · informational, not investment advice.

**Price:** USD 22.18 (+1.28% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 21.9 · day 21.82–22.25 · 52w 19.78–24.63 · market cap $847M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.86B, net income $55.3M (1.4% margin), free cash flow $90.3M (SEC filings).
- Valuation: P/E 15.3x (avg 25.5x at the last 3 fiscal year-ends), EV/EBITDA 8.4x, net debt $716M.
- Total return with dividends: 1Y +17.6% vs S&P 500 +14.9%; 5Y +61.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.42, revenue estimate $1.02B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.58B | $4.97B | $4.39B | $4.10B | $3.66B | $3.86B |
| Gross profit | $277M | $376M | $382M | $398M | $403M | — |
| Operating income | $36.1M | $96.0M | $88.1M | $70.6M | $97.6M | $113M |
| Net income | $21.7M | $63.7M | $42.6M | $22.5M | $41.8M | $55.3M |
| EPS (diluted) | $0.57 | $1.63 | $1.05 | $0.52 | $1.02 | — |
| Free cash flow | $53.6M | $131M | $82.5M | $61.5M | $55.8M | $90.3M |
| Gross margin | 7.7% | 7.6% | 8.7% | 9.7% | 11.0% | — |
| Operating margin | 1.0% | 1.9% | 2.0% | 1.7% | 2.7% | 2.9% |
| Net margin | 0.6% | 1.3% | 1.0% | 0.5% | 1.1% | 1.4% |
| Revenue growth | +85.2% | +38.8% | -11.7% | -6.6% | -10.6% | — |
| Cash + short-term investments | $7.6M | $16.1M | $5.0M | $3.4M | $3.1M | — |
| Total debt | $819M | $768M | $764M | $772M | $693M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 15.3x · P/S 0.2x · EV/EBITDA 8.4x · EV/Sales 0.4x · P/FCF 9.4x · FCF yield 10.66% · Earnings yield 6.53% · Dividend yield (paid, TTM) 9.46% · Net debt $716M · EV $1.56B
P/E at fiscal year-ends: Dec 2025 18.8x, Dec 2024 37.4x, Dec 2023 20.4x.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.6% | +61.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.7% | +10.0% |
| Volatility (annualized) | 21.0% | 24.9% |
| Max drawdown | -14.6% (Feb 2026→Feb 2026) | -15.4% (Apr 2025→Oct 2025) |

## Peers (Oil & Gas Refining & Marketing)
APC (ARKO Petroleum Corp.) USD 15.86 +0.06% · SGU (Star Group L.P.) USD 12.98 +0.46% · WKC (World Kinect Corporation) USD 36.5 +0.52% · CLNE (Clean Energy Fuels Corp.) USD 1.4 +3.70% · DKL (Delek Logistics Partners, L.P.) USD 56.91 +0.25% · PARR (Par Pacific Holdings, Inc. Comm) USD 80.18 -5.34%

## More
Full page: https://nexqual.com/CAPL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CAPL's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1538849/000119312526071870/capl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | ExxonMobil (XOM) | "We distribute branded motor fuel under the Exxon, Mobil, BP, Shell, Marathon, Valero and Phillips 66 brands to our customers." |
| Partner | General Partner and | "The Topper Group controls the sole member of our General Partner and has the ability to appoint all of the members of the Board and to control and manage the operations and activities of the Partnership." |
| Partner | Dunne Manning | "Under an indemnification agreement, DMI reimburses us for certain environmental remediation costs incurred by the Partnership." |
| Partner | Delaware Revised Uniform | "Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act (the "Delaware Act"), we may not make a distribution to our unitholders if the distribution would cause our liabilities to exceed the fair valu…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Retail | $639.2M | 54.2% | +16.4% | $37.0M | 5.8% |
| Wholesale | $539.8M | 45.8% | +30.7% | $20.8M | 3.8% |
| Total revenue | $1.18B | 100% | — | $35.3M | 3.0% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Fuel Sales To External Customers | $528.0M | 44.8% | +32.1% |
| Food & Merchandise Sales | $105.3M | 8.9% | -2.6% |
| Product & Service Other | $1.1M | 0.1% | -17.2% |
| Total revenue | $1.18B | 100% | — |
The lines above cover 53.8% of total revenue.

## Company outlook (8-K filed 2026-08-05)

- "Contact Investor Relations: Randy Palmer, rpalmer@caplp.com or 610-625-8000 Cautionary Statement Regarding Forward-Looking Statements Statements contained in this release that state the Partnership's or management's expectations or predictions of the future are forward-looking statements."
- "For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica's Form 10-K or Forms 10-Q filed with the Securities and Exchange Commission, and available on CrossAmerica's website at www.crossamericapartners.com."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.42 | $0.29 | +44.8% | $1.02B | 1 |
| Next quarter (ends 2026-12-31) | $0.17 | $0.13 | +30.8% | $1.00B | 1 |
| Current fiscal year (ends 2026-12-31) | $1.33 | $1.06 | +25.5% | $4.05B | 1 |
| Next fiscal year (ends 2027-12-31) | $1.15 | $0.85 | +35.3% | $4.68B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-04): ±11.5%; last 8 reports averaged ±1.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 30.7% | ±11.5% |
| 2027-04-16 | 175 | 25.0% | ±14.2% |