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Global Partners LP buys fuel from refiners and other energy suppliers, then blends, stores and moves it through a terminal network stretching from Maine to Florida and the U.S. Gulf States. Wholesale customers generally collect fuel at its terminals for onward distribution. Wholesale accounts for most sales, and gasoline and gasoline blendstocks are its largest product line. The company also delivers fuel directly to public-sector and large business customers.
Its gasoline-station business is concentrated in the Northeast, with locations also in Maryland and Virginia. Global Partners runs some stations and convenience stores itself, selling fuel, merchandise and prepared food to consumers. At other sites, it either owns the gasoline and pays an agent to sell it, or sells gasoline to independent dealers. It also collects rent from leased stations. Store sales and rental income are much smaller revenue sources than fuel sales.
The business depends on fuel demand, reliable supply and transportation, and the spread between selling prices and fuel and delivery costs. Summer travel supports gasoline volumes, while winter heating supports heating-oil demand; no single customer dominates sales. Certain fuel-importing and blending activities carry federal renewable-fuel obligations, which Global Partners meets using renewable-fuel compliance credits. Its terminals must also operate within environmental permits and safety requirements.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Sunoco competes with Global Partners in supplying motor fuel to independent station operators and commission agents, and both also sell goods to convenience-store shoppers. Sunoco’s fuel sales to those operators and agents offer a comparison for Global Partners’ station-supply business.
Global Partners depends on Getty Realty for leased station properties: at December 31, 2025, Getty leased 127 properties to Global Partners subsidiaries, generating 10% of Getty’s revenue that year. Getty earns rent from retail-property tenants, so disclosures about these subsidiaries’ ability to pay rent are worth watching for signs of strain at Global Partners.
Global Partners relies on ExxonMobil for branded refined fuels that it distributes to station operators through Exxon- and Mobil-branded arrangements. ExxonMobil makes and sells these fuels, making news about its branded-fuel supply relevant to this part of Global Partners’ distribution business.
Suburban Propane Partners and Global Partners both face winter heating demand: Suburban delivers propane and heating oil to retail customers, while Global Partners sells those fuels through its wholesale network. Suburban’s propane and heating-oil sales volumes offer a comparison for heating-fuel demand; Global Partners’ heating-oil volumes are generally higher in the first and fourth calendar quarters.
Getty Realty Corp. earningsGTY
Getty Realty’s report can show whether Global Partners subsidiaries are keeping up with rent on the station properties they lease from Getty.
Look for Getty’s disclosures on rent collection and tenant payment strain. Rent continuing to come in would indicate that Global Partners is meeting this property cost; missed or difficult collections would flag possible cash pressure at the relevant subsidiaries, though Getty’s overall results alone cannot establish how Global Partners is paying.
ExxonMobil Holdings Corporation earningsXOM
ExxonMobil’s report will shed light on its branded refined-fuel business, the supply channel Global Partners uses for Exxon- and Mobil-branded fuel at stations.
Look for ExxonMobil’s comments on refined-fuel operations and branded-fuel supply. Stable or stronger activity would suggest support for the channel Global Partners relies on; weakness or reported disruption would put that channel in question, but would not prove that Global Partners received less fuel.
SUNOCO L.P. earningsSUN
Sunoco’s report will show whether independent station operators and commission agents are buying fuel steadily, a customer channel Global Partners also serves.
Read Sunoco’s disclosures on fuel sales to independent stations and commission agents alongside Global Partners’ station-supply volumes. Steady Sunoco sales would suggest support for demand in this customer channel; weakness would point to softer demand or tougher competition. Their footprints and business mixes differ, so the figures are not a direct like-for-like comparison.
Global Partners LP earningsThis company
Global Partners LP’s report will show whether fuel sales are holding product margin as volumes change, rather than merely lifting revenue when fuel prices rise.
Read product margin alongside volume. Stable or rising volume with steady or higher margin per unit would show that wholesale, station-supply and commercial sales are converting fuel transactions into margin. Falling volume or narrowing margin per unit—even if revenue remains high—would point to pressure from demand, price competition or supply costs.
Suburban Propane Partners L P earningsSPH
Suburban Propane Partners’ report will show retail demand for propane and heating oil, offering a read-through to Global Partners’ wholesale heating-fuel sales.
Focus on Suburban Propane Partners’ reported propane and heating-oil volumes. Rising volumes would indicate firmer retail demand for winter heating fuels, a supportive read-through for Global Partners’ wholesale heating-oil sales; falling volumes would signal softer demand. Their customers and service areas differ, and Global Partners’ heating-oil volumes are generally higher in the first and fourth calendar quarters, so Suburban’s volumes are not a substitute for Global Partners’ results.
