Highlights

  • Second quarter 2026 operating revenues were $1,179,017 thousand, an increase of $217 million, or 23%, from the prior year.
  • Net income was $20,812 thousand, or $0.52 per diluted common unit, against $25,168 thousand, or $0.64, a year earlier.
  • Distributable Cash Flow, a non-GAAP measure, was $33,581 thousand and the Distribution Coverage Ratio was 1.68x.
  • The partnership amended its Credit Facility on July 15, 2026, extending maturity from March 31, 2028 to July 15, 2031.

CrossAmerica Partners LP (NYSE: CAPL) common units were trading at USD 22.38 on October 27, 2026, up 0.81%, with a relative volume at time of 3.08. The motor fuel distributor reported second quarter 2026 results on August 5, 2026, amended its Credit Facility on July 15, 2026, and lists a distribution of $0.5250 per unit payable August 13, 2026.

CrossAmerica Partners is a Delaware limited partnership with principal executive offices in Allentown, Pennsylvania. Its business consists of the wholesale distribution of motor fuels, the owning or leasing of sites used in retail motor fuel distribution, the retail sale of motor fuels at sites operated by commission agents and by the partnership, and the operation of retail sites that sell convenience merchandise. It reports wholesale and retail segments. The general partner, CrossAmerica GP LLC, is indirectly owned by the Topper Group. The partnership's fiscal year ends December 31.

Second Quarter 2026 Results

For the three months ended June 30, 2026, operating revenues were $1,179,017 thousand, compared with $961,925 thousand. The partnership stated that revenues from fuel sales increased $220 million, or 26%, due primarily to a 43% increase in its consolidated average fuel selling price, partly offset by an 11% decrease in volume. Gross profit was $112,787 thousand, compared with $100,992 thousand.

Operating income was $35,272 thousand, compared with $41,497 thousand, a decrease of $6.2 million, or 15%, as the partnership recorded $1.1 million in net gains from its real estate optimization effort, compared with $29.7 million in net gains in the prior year quarter. Net income was $20,812 thousand, compared with $25,168 thousand. Net income per diluted common unit was $0.52, compared with $0.64.

For the six months ended June 30, 2026, net income was $31,471 thousand, compared with $18,053 thousand, and operating income increased $15.5 million, or 36%.

Segments, Cash Flow and Distributions

In the retail segment, gross profit increased $9.6 million, or 13%, and operating income increased $11.7 million, or 46%, with motor fuel gross profit up $7.7 million, or 20%, on a 33% increase in margin per gallon, partly offset by a 12% volume decrease. In the wholesale segment, gross profit increased $2.2 million, or 9%, and operating income increased $3.0 million, or 17%, while motor fuel volume decreased 11%.

Adjusted EBITDA, a non-GAAP measure, was $51,769 thousand, compared with $37,083 thousand. Distributions paid on common units were $20,031 thousand. Net cash provided by operating activities for the six months increased $23 million. The partnership said its Partnership Agreement does not require distributions and there is no assurance it will continue to pay them.

Debt, Liquidity and Outlook Items

At June 30, 2026, the Credit Facility balance was $671,596 thousand, with total debt and finance lease obligations of $730,576 thousand. Under the July 15, 2026 amendment, the Consolidated Leverage Ratio covenant requires a ratio not greater than 5.00 to 1.00 for quarters through September 30, 2027 and 4.75 to 1.00 for quarters ending December 31, 2027 and thereafter. Availability under the Credit Facility at July 31, 2026 was $244.2 million. Distributions on preferred membership interests are payable in cash quarterly starting in the fourth quarter of 2026.

The filing contains no numeric guidance. It states that the partnership expects further site conversions and divestitures that may reduce gross profit and operating income in the wholesale and retail segments, and that it anticipates a decrease in interest expense as proceeds repay Credit Facility borrowings.