Global Partners LP: 2Q26 Beat on Strong GDSO Margins

Research evidence excerpt

J P M O R G A N

North America Credit Research

07 August 2026

Neutral

Global Partners LP

GLP

2Q26 Beat on Strong GDSO Margins

High Yield Energy

Table 1: GLP 2Q26 Earnings Summary

Tarek Hamid AC

2Q26

(1-212) 834-5468

Actual

JPMe

Consensus

1Q26

Q/Q % Change

Revenue

$6,792.1

$5,741.2

$7,507.0

$5,321.8

27.6%

EBITDA

$148.2

$84.7

$115.0

$140.4

5.6%

Total Debt

$1,512.3

$1,525.3

$1,745.3

-13.3%

Liquidity (est.)

$261.4

$235.4

$275.9

-5.2%

Nevin Mathew

Total Net Leverage

3.1x

3.6x

4.0x

-22.8%

(1-212) 834-5714

Gasoline Distribution & Station Operations

$245.2

$201.1

$199.3

23.1%

Wholesale

$106.5

$90.8

$154.1

-30.9%

Commercial

$10.5

$5.7

$11.7

-10.4%

Total

$362.2

$297.6

$365.1

-0.8%

Conference call at 10:00am ET; 877-709-8155

Source: Company reports, J.P. Morgan estimates, Bloomberg Finance L.P.

SUMMARY:

Strong 2Q26 results. GLP’s 2Q26 EBITDA beat estimates due to strong

GDSO margins. The company also modestly increased its common

distribution.

POSITIVES:

Very strong GDSO performance. GLP’s GDSO segment generated segment

product margin of $245 million, up 18% y/y and 23% q/q, beating our

somewhat conservative estimate of $201 million. Strong margin per barrel

likely drove the beat, as segment volumes of 351 million gallons were below

our 381 million estimate. We suspect the margin performance this quarter is

less driven by accounting timing, which benefited 1Q26 Wholesale results, and

more so driven by continued commodity price volatility buoying margins.

EBITDA beat. The strong GDSO performance translated to total adjusted

EBITDA of $148 million, beating our overly conservative $85 million estimate

and the consensus estimate of $115 million. The company also reported $93

million of distributable cash flow in 2Q26.

NEGATIVES:

Increasing dividend. The company increased its common distribution by

~3% to $0.78/unit. This is admittedly a nitpick, as the increase is relatively

modest, especially following the redemption of the Series B preferred units.

OUR TAKE:

(1-212) 270-4584

Elle Boyd

Segment Product Margin

Aaron Rosenthal, CFA

Strong overall 2Q26 results. GLP delivered robust 2Q26 results with

EBITDA beating Street estimates. The GDSO segment primarily drove the

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