# Global Partners LP (GLP)

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

**Price:** USD 48.53 (-0.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 48.92 · day 48–49.74 · 52w 39.58–54.29 · market cap $1.64B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $21.5B, net income $195M (0.9% margin), free cash flow $199M (SEC filings).
- Valuation: P/E 8.4x, net debt $1.21B.
- Insider open-market purchases, last ~7 months: 11 Form 4 filings, $7.3M; 0 by opportunistic insiders, 11 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (1 analysts).
- Total return with dividends: 1Y +12.8% vs S&P 500 +14.9%; 5Y +203.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 1.61, revenue estimate $7.41B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.2B | $18.9B | $16.5B | $17.2B | $18.6B | $21.5B |
| Gross profit | $719M | $1.10B | $974M | $1.06B | $1.06B | — |
| Operating income | $142M | $460M | $244M | $251M | $235M | $332M |
| Net income | $60.8M | $362M | $153M | $110M | $98.0M | $195M |
| Free cash flow | -$51.5M | $373M | $424M | -$71.7M | $193M | $199M |
| Gross margin | 5.4% | 5.8% | 5.9% | 6.2% | 5.7% | — |
| Operating margin | 1.1% | 2.4% | 1.5% | 1.5% | 1.3% | 1.5% |
| Net margin | 0.5% | 1.9% | 0.9% | 0.6% | 0.5% | 0.9% |
| Revenue growth | +59.2% | +42.5% | -12.6% | +4.1% | +8.1% | — |
| Cash + short-term investments | $10.8M | $4.0M | $19.6M | $8.2M | $12.2M | — |
| Total debt | $739M | $741M | $743M | $1.19B | $1.23B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 8.4x · P/S 0.1x · EV/Sales 0.1x · P/FCF 8.2x · FCF yield 12.14% · Earnings yield 11.88% · Net debt $1.21B · EV $2.85B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
11 purchases, $7.3M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-17…2026-09-21 | Global Gp Llc |  | 10,000 | $504K | 50.35 | Routine (bought in Sep & Nov & Dec each year 2023–2025) |
| 2026-09-14…2026-09-16 | Global Gp Llc |  | 15,000 | $768K | 51.21 | Routine (bought in Sep & Nov & Dec each year 2023–2025) |
| 2026-06-17…2026-06-18 | Global Gp Llc |  | 10,000 | $430K | 43.05 | Routine (bought in Sep & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-12…2026-06-15 | Global Gp Llc |  | 10,000 | $466K | 46.59 | Routine (bought in Sep & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-09…2026-06-10 | Global Gp Llc |  | 10,000 | $498K | 49.8 | Routine (bought in Sep & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-04…2026-06-08 | Global Gp Llc |  | 10,000 | $494K | 49.4 | Routine (bought in Sep & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-01…2026-06-03 | Global Gp Llc |  | 15,000 | $735K | 49.01 | Routine (bought in Sep & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-27…2026-05-29 | Global Gp Llc |  | 15,000 | $723K | 48.17 | Routine (bought in Sep & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-21…2026-05-26 | Global Gp Llc |  | 14,184 | $710K | 50.09 | Routine (bought in Sep & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-18…2026-05-20 | Global Gp Llc |  | 25,000 | $1.2M | 49.91 | Routine (bought in Sep & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-13…2026-05-15 | Global Gp Llc |  | 15,000 | $736K | 49.09 | Routine (bought in Sep & Nov & Dec each year 2023–2025; this trade is outside those months) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 1 analysts.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +12.8% | +203.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +12.8% | +24.8% |
| Volatility (annualized) | 29.7% | 32.5% |
| Max drawdown | -17.7% (May 2026→Jun 2026) | -30.5% (May 2022→Jun 2022) |

## Peers (Oil & Gas Midstream)
NAT (Nordic American Tankers Limited) USD 7.54 -0.53% · GEL (Genesis Energy, L.P.) USD 13.9 -0.93% · TEN (Tsakos Energy Navigation Ltd) USD 51.65 -1.39% · PBT (Permian Basin Royalty Trust) USD 33.27 -1.04% · FLNG (FLEX LNG Ltd.) USD 27.94 +0.04% · NVGS (Navigator Holdings Ltd.) USD 21.17 -0.94%

## More
Full page: https://nexqual.com/GLP · 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 GLP's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1323468/000110465926021381/glp-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Spring Partners Retail | "As of December 31, 2025, we had a portfolio of 1,524 owned, leased and/or supplied gasoline stations, including 290 directly operated convenience stores, primarily in the Northeast, as well as 67 gasoline stations locate…" |
| Partner | ExxonMobil (XOM) | "The increases in our Wholesale segment sales and volume sold include the addition of four refined-product terminals we acquired from Gulf Oil Limited Partnership ("Gulf Oil") in April 2024 and one liquid energy terminal …" |
| Partner | Global GP | "References to "our general partner" refer to Global GP LLC." |
| Partner | BRUKER CORP (BRKR) | "At Ernst & Young, Mr. Pereira was responsible for the Consumer Products practice in the Northeast Region and was the coordinating partner for Global Partners LP and other clients such as Bruker Corporation and Au Bon Pai…" |
| Partner | Global Montello Group | "All of our executive officers and substantially all of our employees are employed by our general partner, except for our gasoline station and convenience store employees who are employed by Global Montello Group Corp. ("…" |
| Partner | SPR Operator | "All of our executive officers and substantially all of our employees are employed by our general partner, except for our gasoline station and convenience store employees who are employed by Global Montello Group Corp. ("…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gasoline Distribution & Station Operations | $1.53B | 22.5% | +27.9% |
| Wholesale | $1.15B | 17.0% | +70.5% |
| Commercial | $244.9M | 3.6% | +16.2% |
| Total revenue | $6.79B | 100% | — |
The lines above cover 43.1% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gasoline & Gasoline Blendstock | $3.31B | 48.7% | +54.6% |
| Distillates Residual Oil & Crude Oil | $1.56B | 23.0% | +57.3% |
| Gasoline | $1.41B | 20.8% | +30.9% |
| Refined Petroleum Products Renewable Fuels Crude Oil & Propane | $1.15B | 17.0% | +70.5% |
| Station Operations | $120.9M | 1.8% | +0.6% |
| Total revenue | $6.79B | 100% | — |
The lines above cover 111.2% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.61 | $0.96 | +67.7% | $7.41B | 1 |
| Next quarter (ends 2026-12-31) | $0.71 | $0.67 | +6.0% | $7.89B | 1 |
| Current fiscal year (ends 2026-12-31) | $6.02 | $4.71 | +27.8% | $27.42B | 1 |
| Next fiscal year (ends 2027-12-31) | $3.81 | $3.71 | +2.7% | $33.89B | 1 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±8.2%; last 8 reports averaged ±2.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 32.8% | ±8.2% |
| 2026-12-18 | 56 | 34.7% | ±11.5% |
| 2027-03-19 | 147 | 32.5% | ±16.9% |
| 2027-06-17 | 237 | 31.9% | ±20.8% |