Global Partners LP reported net income of $25.2 million, or $0.55 per diluted common unit, for the second quarter of 2025, compared with $46.1 million, or $1.10 per unit, in Q2 2024. Adjusted EBITDA was $98.2 million, down from $121.1 million in Q2 2024, and adjusted distributable cash flow was $52.3 million, compared to $74.2 million in the prior year period.
Despite the quarterly declines, year-to-date (first six months of 2025) net income increased 8%, adjusted EBITDA rose 7% to $189.4 million, and adjusted distributable cash flow grew 9% to $98.8 million. The Wholesale segment's product margin remained stable at $91.7 million, with distillates and other oils showing increased product margin.
The Gasoline Distribution and Station Operations (GDSO) segment experienced headwinds, with product margin decreasing due to lower fuel volume and a reduced site count. CEO Eric Slifka noted that while Q2 faced a difficult comparison, the solid year-to-date growth highlights the effectiveness of the company's diversified asset base and disciplined execution, including strategic terminal acquisitions.
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