Highlights

  • Global Partners shows 87.93% EPS growth, 9.91 P/E and -1.28 PEG.
  • Second quarter net income was $70,985 thousand, against $25,210 thousand a year earlier.
  • Global Partners redeemed all Series B Preferred Units on July 30, 2026.
  • It declared a quarterly distribution of $0.7800 per common unit on July 29.

Basic earnings per share growth of 87.93% over one year, a trailing twelve-month P/E of 9.91 and a PEG of -1.28 on an expected basis define Global Partners (NYSE:GLP) as an undervalued growth stock, with units trading at USD 47.63 on October 28, 2026, down 0.14%. Alongside those figures, the terminal, wholesale and gasoline station operator raised its credit agreement commitment from $1.5 billion to $1.8 billion on March 13, redeemed its Series B Preferred Units on July 30, and reported second quarter 2026 net income of $70,985 thousand on August 7.

Global Partners LP is a Delaware master limited partnership formed in March 2005 and based in Newton, Massachusetts. It owns, controls or has access to a terminal network for refined petroleum products and renewable fuels from Maine to Florida and into the U.S. Gulf States, and it owns, supplies and operates gasoline stations and convenience stores. At June 30, 2026 its portfolio held 1,505 gasoline stations, including 286 directly operated convenience stores. It reports three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.

Growth: Second Quarter Earnings, Sales and Segment Margins

Net income was $70,985 thousand in the second quarter against $25,210 thousand a year earlier, and $141,121 thousand for the first six months against $43,894 thousand. Net income attributable to common limited partners was $63,328 thousand against $18,814 thousand. Basic net income per common limited partner unit was $1.87 against $0.55, and diluted was $1.86 against $0.55.

Sales were $6,792,088 thousand against $4,626,925 thousand, an increase of 47% that the partnership attributed primarily to higher prices. Gross profit was $328.9 million against $272.4 million, up 21%. Operating income was $107,363 thousand against $60,066 thousand.

Product margin, a non-GAAP measure, was $106,496 thousand in Wholesale against $91,732 thousand, $245,233 thousand in Gasoline Distribution and Station Operations against $207,888 thousand, and $10,482 thousand in Commercial against $6,105 thousand.

Valuation: P/E of 9.91, PEG of -1.28 and Cash Flow Measures

The P/E ratio of 9.91 is measured on trailing twelve-month earnings, and the PEG ratio of -1.28 on expected growth. Adjusted EBITDA, a non-GAAP measure, was $148,166 thousand in the second quarter against $98,158 thousand. Net cash provided by operating activities was $204,722 thousand for the first six months against $164,730 thousand. Total partners' equity was $748,567 thousand at June 30, 2026, against $675,543 thousand at December 31, 2025.

Capital Returns, Debt and Liquidity

On July 29, 2026 the board of the general partner declared a quarterly distribution of $0.7800 per common unit, or $3.12 per unit on an annualized basis, for April 1 through June 30, 2026, with a total of $32.1 million payable August 14, 2026. On July 30, 2026 the partnership redeemed all of its Series B Preferred Units at $25.00 per unit plus a $0.49479167 per unit distribution, for a total of $76.5 million.

The $1.8 billion senior secured credit agreement expires March 20, 2028. At June 30, 2026, $174.6 million was outstanding on the working capital revolving credit facility and $103.5 million on the revolving credit facility, with remaining availability of $1.44 billion against $1.03 billion at December 31, 2025. The partnership also had 6.875% senior notes due 2029, 8.250% senior notes due 2032 and 7.125% senior notes due 2033 outstanding, and stated that it was in compliance with its covenants.

Its general partner repurchased 69,184 common units in May at an average $49.22 and 55,000 in June at $47.63 for future incentive plan obligations, and could acquire up to 741,745 more.

Disclosed Risks and Outlook

Distillates and other oils product margin was $28.1 million against $32.9 million, a decrease of 15% that the partnership attributed primarily to market conditions in residual oil. Selling, general and administrative expenses were $83.0 million against $74.7 million, up 11%. Gasoline distribution volume was 351,241 thousand gallons against 382,422 thousand, and the station portfolio was 1,505 against 1,553 a year earlier.

In December 2024 the Conservation Law Foundation served a complaint alleging that discharges at its Chelsea, Massachusetts terminal and former Revere terminal exceeded permitted limits; the partnership said it believes it has meritorious defenses and intends to contest the allegations. A court approved termination of its Clean Air Act consent decree on July 30, 2026. It also listed tariffs, geopolitical events, weather and commodity price volatility among its risks.

For 2026 the partnership expects maintenance capital expenditures of approximately $60.0 million to $70.0 million and expansion capital expenditures, excluding acquisitions, of approximately $75.0 million to $85.0 million. It issued no earnings guidance.