Global Partners LP (GLP)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The operating foundation is solid: real infrastructure, a covered and rising distribution, plus an exceptionally strong first quarter of 2026. At the same time, the three structural carrying costs — no say, the IDR ladder, withholding tax — are permanent and fixed by contract; they do not disappear when business is good, they grow with it. Whoever buys should have settled two things first: their personal tax treatment (broker, residence, refund routes) and the question of whether a halved participation in future raises is enough for them. Watchable waypoints: distribution coverage out of distributable cash flow (2025: 1.6 times), the interest burden at upcoming refinancings, and volume trends in heating oil and gasoline. The decision is yours.
symbol.quality_note
About 6.3 percent in distribution yield from gas stations and fuel terminals on the U.S. East Coast, the payout raised every single quarter for three years — on Reddit the ticker GLP is making the rounds again, and the yield goggles fog up. We read what Global Partners itself reported to the U.S. securities regulator, the SEC — in the annual report (10-K) for 2025 and the quarterly report (10-Q) for the first quarter of 2026: a rock-solid business on razor-thin margins, wrapped in a master limited partnership in which you have no vote, the general partner collects 48.67 percent of every cent above $0.6625 per quarter, and the IRS holds out its hand at every distribution. Not investment advice — just the itemized bill behind a tempting yield.
Read the analysis
Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at GLP since then.
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Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 49.50 $ — 73% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralGeprüft am 15.07.2026 gegen den Geschäftsbericht (10-K) für 2025 (eingereicht 27.02.2026), den 10-K für 2024 und die vier jüngsten Quartalsberichte (10-Q): In den ausgewerteten SEC-Filings von Global Partners findet sich kein wesentlicher KI-Bezug. Die einzigen Erwähnungen von „artificial intelligence“ sind generische Boilerplate-Passagen in den Risikokapiteln beider 10-K: erstens die Cybersecurity-Floskel, dass Fortschritte u. a. „in the field of artificial intelligence“ die eigenen Schutzsysteme kompromittieren könnten, zweitens der Standardhinweis, dass Dritt-Dienstleister „generative artificial intelligence and other similar artificial intelligence („AI“) tools and systems“ in ihre Angebote einbauen könnten und dabei Datenschutz-/Regulierungsstandards verfehlen könnten. Die vier 10-Q (Q1 2025 bis Q1 2026) enthalten überhaupt keine KI-Treffer. Weder ist KI eine Umsatzquelle (Terminals, Kraftstoff-Großhandel, Tankstellen/Convenience-Stores), noch belegen die Berichte operativen KI-Einsatz, noch wird KI als konkretes Risiko für das eigene Geschäftsmodell benannt — nach dem Kriterienkatalog bleibt es bei „neutral“ (Negativ-Befund dokumentiert, geprüfte Filings gelistet).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-27 · 10-K 2025-02-28
Rated on July 15, 2026 · How the Rating Is Built
Growth Score
3 of 10 Weak growthTen checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -0.6% failed
- More than 10% revenue growth is expected for the coming year -59.8% failed
- Share count grows by less than 3% a year 0.2% passed
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 9.2% failed
- Gross margin at 40% or higher and without meaningful erosion 2.7% failed
- Goodwill from acquisitions does not grow faster than revenue 11.0% failed
- Net debt below twice EBITDA 5.5 x EBITDA failed
- Operating cash flow covers the profits of the last three years 489 m passed
- Return on capital at 15% or higher, or up versus two years ago 6.9% failed
- Insiders hold at least 10% or are net buyers 30.1% passed
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Analysts & Price Target
The price target sits 9.1% below the current price.
- Consensus
- Hold
- Analyst Ratings
- 2
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 4.71 | 4.71 – 4.71 | 28,229 | – | 1 |
| 12/31/2027 | 3.71 | 3.71 – 3.71 | 34,356 | – | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 1.24 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 1.10 | 4.80 | 4,410 | 15.10 | 1.00 | 32 | 17 |
| 2024: Q3 | 1.17 | 95.00 | 4,422 | 4.80 | 1.00 | 120 | 96 |
| 2024: Q4 | 0.52 | -63.10 | 4,186 | -5.10 | 0.60 | 62 | -200 |
| 2025: Q1 | 0.36 | 197.30 | 4,592 | 10.80 | 0.40 | -52 | -70 |
| 2025: Q2 | 0.55 | -50.00 | 4,627 | 4.90 | 0.40 | 222 | 207 |
| 2025: Q3 | 0.66 | -43.60 | 4,694 | 6.20 | 0.50 | 19 | -1 |
| 2025: Q4 | 0.54 | 3.80 | 4,648 | 11.00 | 0.40 | 101 | 62 |
| 2026: Q1 | 1.85 | 413.90 | 5,322 | 15.90 | 1.20 | -81 | -113 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 8,240 | -152 | -199 | -5.95 | -120 | 393 | 2,564 |
| 2017 | 8,921 | 120 | 59 | 1.75 | 348 | 391 | 2,320 |
| 2018 | 12,673 | 197 | 104 | 3.06 | 169 | -5 | 2,424 |
| 2019 | 13,082 | 139 | 36 | 1.04 | 94 | 461 | 2,895 |
| 2020 | 8,322 | 192 | 102 | 2.98 | 313 | 498 | 2,614 |
| 2021 | 13,248 | 142 | 61 | 1.77 | 50 | -2 | 2,831 |
| 2022 | 18,878 | 460 | 362 | 10.64 | 480 | 788 | 3,161 |
| 2023 | 16,492 | 244 | 153 | 4.48 | 512 | 799 | 3,532 |
| 2024 | 17,164 | 251 | 108 | 3.14 | 32 | 714 | 3,788 |
| 2025 | 18,561 | 191 | 79 | 2.32 | 285 | 672 | 3,851 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
A hard-to-replace asset network: about 22.3 million barrels of terminal capacity from Maine to the Gulf Coast plus 1,524 gas stations/convenience stores; the GDSO station segment delivers about 71 percent of product margin on 26 percent of revenue (annual report 10-K for 2025).
Revenue is growing ($16.49 billion to $18.56 billion, 2023–2025), but net income fell from $152.5 million to $98.0 million over the same span — mainly on an interest burden up 60 percent ($137.2 million in 2025). The first quarter of 2026 was exceptionally strong at $70.1 million of net income, but seasonally favored.
13 consecutive quarterly raises to $0.765 per unit (Q1 2026; $3.06 annualized, about a 6.3 percent yield on the July 15, 2026 market value); the distributions paid in 2025 ($119.9 million) were covered about 1.6 times by distributable cash flow. The report is equally clear: nothing is guaranteed.
Above $0.6625 per quarter, the general partner receives 48.67 percent of every additional cent through incentive distribution rights; its share of net income rose from 6.5 percent (2023) to about 19 percent (2025, $18.8 million) — on a 0.67 percent capital stake. Of every future raise, only about half reaches the investors.
Unitholders elect neither the general partner nor its board; removal requires 66 2/3 percent of all units (counting the general partner's). 95 percent of the general partner sits with Slifka/Jalkut family vehicles; the report expressly names conflicts of interest and limited fiduciary duties as a risk (Item 1A, 10-K for 2025).
Partnership logic: income is attributed even without a payout (Schedule K-1 instead of a dividend statement); non-U.S. holders face withholding at the highest applicable rate plus a flat 10 percent on the entire distribution, per the report. The gross yield therefore overstates — depending on residence, substantially — what actually arrives.
Global Partners is the opposite of a story stock: terminals, gas stations, razor-thin margins on an enormous revenue base — and a distribution that rose 13 quarters in a row and was covered about 1.6 times by 2025 distributable cash flow. The price is the wrapper: a master limited partnership with no vote for the investors, an IDR ladder through which the general partner draws about 19 percent of net income on a 0.67 percent capital stake, a tax backpack that, per the report, burdens non-U.S. holders with the highest applicable rate plus 10 percent withholding on every distribution — and structurally shrinking end markets in heating oil and, long term, gasoline. The yield is real; so are its carrying costs. Not investment advice.
- GLP landed on our research list through our Reddit hype scanner (ApeWisdom data): 6 mentions in 24 hours as of July 15, 2026. Forum mentions are sentiment signals, not quality signals. Our fundamental scanners (Russell 3000 universe of corporations) do not cover the limited partnership by design.
- Global Partners is a master limited partnership: common units, not shares; U.S. holders receive an annual Schedule K-1 tax form instead of a dividend statement, and non-U.S. holders face U.S. withholding on the entire distribution (details in the tax chapter). This analysis is no substitute for tax advice.
- The market value figure is dated July 15, 2026 (about $1.64 billion, arithmetically about $48 per unit); analyses are evergreen, daily prices are not a buy argument.
About the Company
Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations (GDSO), and Commercial. The Wholesale segment sells home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene, and residual oil to retailers and wholesale distributors. This segment transports the products by railcars, barges, trucks and/or pipelines. The GDSO segment sells branded and unbranded gasoline to gasoline station operators and sub-jobbers; operates convenience stores and prepared food sales; and provides car wash, lottery, and ATM services, as well as leases gasoline stations. The Commercial segment sells and delivers unbranded gasoline, home heating oil, diesel, kerosene, residual oil, and bunker fuel to customers in the public sector; and sells custom blended fuels. The company is involved in the transportation of petroleum products and renewable fuels through rail from the mid-continent region of the United States and Canada. Global Partners LP was founded in 2005 and is based in Waltham, Massachusetts.
| Employees | 3,265 |
|---|---|
| Headquarters | Waltham, MA |
| Address | 800 South Street, 02454-9161 Waltham, United States |
| Phone | 781 894 8800 |
| Website | globalp.com |
| IPO Date | 29. Sep 2005 |
| ISIN | US37946R1095 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Eric S. Slifka | President, CEO & Chairman of Global GP LLC | 1966 |
| Gregory B. Hanson | Chief Financial Officer | 1978 |
| Mark A. Romaine | Chief Operating Officer | 1969 |
| Matthew Spencer | Chief Accounting Officer | 1979 |
| Scott Solomon | Senior Vice President of Investor Relations | – |
| Kristin Seabrook | Chief Legal Officer & Secretary | 1977 |
| Catie Kerns | Chief Strategy & Transformation Officer | – |
| Philip Segaloff | Senior Associate General Counsel | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.