Global Partners LP (GLP): Business Model Canvas [Dec-2025 Updated]

You're looking to really understand how Global Partners LP is moving that massive volume of fuel and refined products, and honestly, the secret sauce is their integrated physical footprint. With trailing twelve-month revenue hitting about $18.09 Billion USD, this isn't just a simple distributor; it's a network powerhouse managing 55 liquid energy terminals and supplying roughly 1,700 retail sites. I've broken down their entire nine-block strategy below, showing you exactly how they turn that physical asset base-from marine logistics to the corner gas station-into consistent distributions, like the $3.02 annualized per unit they're paying out. Dive in to see the precise structure behind those big numbers.

Global Partners LP (GLP) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that make Global Partners LP's integrated model work, especially as they've been active in capital markets and acquisitions through mid-2025. These partnerships are about securing supply, expanding infrastructure, and funding growth.

The Spring Partners retail joint venture, established with ExxonMobil, is a key channel for expanding the retail footprint outside the traditional Northeast/Mid-Atlantic base. This venture purchased 64 Houston-area convenience and fueling facilities from the Landmark Group, with Global Partners LP acting as the management company and operator.

Global Partners LP actively partners with major energy players through strategic terminal acquisitions, which bolsters their logistics backbone. Over the last year leading up to late 2024, Global Partners invested more than $500 million to strategically acquire a combined 29 terminals from Motiva Enterprises and Gulf Oil, more than doubling storage capacity to 21.4 million barrels. Specifically, the acquisition of four terminals from Gulf Oil Limited Partnership closed for $212.3 million, adding a combined shell capacity of approximately 3.0 million barrels. The acquisition of a liquid energy terminal from ExxonMobil Oil Corporation in East Providence, Rhode Island, added a facility with 959,730-barrel shell capacity. As of late 2024, Global Partners operates or maintains dedicated storage at 54 liquid energy terminals.

Logistics depend heavily on third-party operators for movement of product across the network, which spans from Maine to Florida and into the U.S. Gulf States.

• Global Partners owns, controls or has access to one of the largest terminal networks in New England and New York.
• The company engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada.
• The network includes connectivity to strategic rail, pipeline, and marine assets.

Capital structure relies on institutional relationships, evidenced by recent debt issuance to manage existing obligations. As of June 2025, Global Partners LP priced an upsized private offering of $450.0 million aggregate principal amount of 7.125% senior notes due 2033. The proceeds were intended to fund the purchase of its outstanding $400 million aggregate principal amount of 7.00% senior notes due 2027. The company's market capitalization was $1.86 billion around the time of this June 2025 financing.

Here's a quick look at the debt refinancing activity from mid-2025:

The fuel supply agreements are critical for the retail side, where Global supplies fuel to about 1,700 locations across 12 states. For Q3 2025, the total volume distributed across all segments was 1.9 billion gallons. The Gasoline Distribution and Station Operations (GDSO) segment product margin for Q3 2025 was $218.9 million.

Global Partners LP (GLP) - Canvas Business Model: Key Activities

You're looking at the core engine of Global Partners LP, the day-to-day work that keeps the fuel flowing and the infrastructure humming as of late 2025. It's all about managing a massive, integrated physical network.

Operating and optimizing liquid energy terminals is central. Global Partners LP operates or maintains dedicated storage at 55 liquid energy terminals, spanning from Maine down to Florida and into the U.S. Gulf States. Optimization involves ensuring connectivity to strategic rail, pipeline, and marine assets.

The next big activity is the wholesale distribution of refined products and renewable fuels. This is where the scale of the terminal network translates directly into volume moved. For instance, in the second quarter of 2025, the Wholesale segment volume hit 1.5 billion gallons. That's a significant lift from the 1.1 billion gallons moved in the same period of 2024. The total volume across all segments for Q2 2025 was 2.0 billion gallons. This activity is supported by the company's overall sales performance, which reached $4.6944 billion in the third quarter of 2025.

Here's a quick look at the volume breakdown for the first half of 2025:

The company is also heavily involved in managing and supplying approximately 1,700 retail sites across the Northeast states, the Mid-Atlantic, and Texas. This retail footprint provides a direct link to the end consumer, though the focus has been shifting toward the higher-margin terminal business. For example, product margin from station operations was $70.0 million in the second quarter of 2025, while the Gasoline Distribution and Station Operations (GDSO) segment sales were $1.2 billion in that same quarter.

A key growth activity is expanding marine fuel supply operations. Global Partners LP has actively extended this business into the Port of Houston and across the Gulf Coast, adding to existing marine fuel tank locations in Boston Harbor, New York Harbor, Philadelphia, and Baltimore. This expansion is strategic for handling larger cargo-sized vessels and servicing global shipping.

Finally, strategic portfolio optimization and asset divestment are ongoing. This involves both adding capacity and pruning the portfolio. The company completed the purchase of four refined-products terminals in April 2025 for $210 million. This acquisition is part of the strategy to enhance throughput and flexibility. The focus on optimization is reflected in the Q3 2025 results, where management highlighted the continued optimization of the liquid energy terminal network, which contributed to an Adjusted EBITDA of $98.8 million for that quarter.

You should keep an eye on the capital allocation decisions that fund these activities:

• Q3 2025 Net Income was $29 million.
• Q3 2025 Diluted Net Income Per Common Limited Partner Unit was $0.66.
• Q3 2025 Distributable Cash Flow (DCF) was $53 million.
• The 2025 capital expenditure plan was outlined between $85 million-$105 million.

The integration of assets, like those acquired from Motiva, is definitely a core activity that drives current performance.

Global Partners LP (GLP) - Canvas Business Model: Key Resources

You're looking at the core assets Global Partners LP uses to run its integrated energy business as of late 2025. These aren't just assets; they are the physical and financial scaffolding supporting every transaction.

The physical infrastructure starts with the liquid energy terminal network. Global Partners LP operates or maintains dedicated storage at 54 liquid energy terminals as of Q3 2025. This network has been significantly scaled, increasing total storage capacity to 22 million barrels following major acquisitions through late 2024. The CEO highlighted that the continued growth and scale of this terminal network were key drivers for strong performance in the Wholesale segment during Q3 2025.

The retail footprint is substantial, providing direct customer access. While the general network size is cited as approximately 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, the specific site count at the end of Q3 2025 showed a portfolio of 1,540 sites, not including the 67 locations supplied under the Spring Partners retail joint venture.

Here's a quick breakdown of that retail presence as of the third quarter of 2025:

The integrated logistics infrastructure is critical for product movement and flexibility. This physical network features connectivity to strategic rail, pipeline, and marine assets. Specifically, the strategically located assets have direct connections to major refined product pipelines, including Colonial, Plantation, Enterprise, Explorer, and Magellan. Furthermore, Global Partners LP has extended its marine fuel supply operations into the port of Houston, expanding its Gulf Coast presence.

Financial resources are anchored by robust credit facilities. As of Q3 2025, Global Partners LP had $240.6 million outstanding on the working capital revolving credit facility and an additional $124.8 million outstanding on the general revolving credit facility. The underlying agreement, as of mid-2025, provided for an Aggregate Working Capital Commitment of $1.0 billion and an Aggregate Revolver Commitment of $500.0 million, totaling up to $1.50 billion in available commitments.

Finally, the human capital in trading and supply is a key intangible resource. The company relies on its experienced trading and supply team to manage market optimization, which was noted as a driver for favorable marketing conditions in gasoline within the Wholesale segment during Q3 2025. This team's expertise helps Global Partners LP leverage its expanded terminal network for product distribution.

Global Partners LP (GLP) - Canvas Business Model: Value Propositions

You're looking at the core things Global Partners LP offers that make customers choose them over the competition as of late 2025. This isn't about how they make money, but what they deliver.

Reliable, integrated supply chain for liquid energy products.

Global Partners LP maintains a network that spans from Maine to Florida and into the U.S. Gulf States. This infrastructure supports the movement of products across the footprint. The Wholesale segment, which relies heavily on this network, posted sales of $3.1 billion in the third quarter of 2025. The total volume moved across the system in Q3 2025 reached 1.9 billion gallons.

Diversified product offering: gasoline, distillates, renewable fuels, crude oil.

The product mix is central to the value delivered, balancing traditional and evolving energy sources. The terminal network is designed to store a variety of products, including gasoline, distillates, and renewable fuels. The Gasoline and gasoline blendstocks product margin was $61.5 million in the third quarter of 2025, while product margin from distillates and other oils was $16.5 million for the same period.

Guest-focused convenience retail experience at station operations.

The retail side focuses on redefining the experience through brands like Alltown Fresh and Honey Farms Market. The product margin from station operations, which covers convenience-store and prepared-food sales, was $74.1 million in the third quarter of 2025, slightly up from $73.6 million in Q3 2024. As of 2025, Global Partners LP holds the No. 25 ranking on CSP's Top 202 ranking of U.S. convenience-store chains by store count. The company had a portfolio of 1,553 sites at the end of Q2 2025, following strategic divestments.

Flexibility in sourcing and distribution to navigate market volatility.

The scale of the terminal network allows for dynamic product positioning. The Wholesale segment product margin was $78.0 million in the third quarter of 2025, showing strength driven by the terminal network scale. Total sales for Global Partners LP in Q3 2025 were $4.7 billion, an increase from $4.4 billion in Q3 2024, reflecting this operational agility.

High-volume throughput capacity at strategic terminal locations.

The capacity supports the movement of large volumes of product efficiently. The Partnership operates or maintains dedicated storage at 54 liquid energy terminals. The total volume across all segments for the third quarter of 2025 was 1.9 billion gallons.

Here's a quick look at the segment performance for the third quarter of 2025 compared to the prior year:

The annualized cash distribution rate as of Q3 2025 stands at $3.02 per unit.

You should keep an eye on how the retail site count optimization plays out against the station operations margin growth.

Global Partners LP (GLP) - Canvas Business Model: Customer Relationships

You're looking at how Global Partners LP keeps its diverse customer base engaged, from the big energy players to the everyday driver. It's a mix of ironclad agreements and digital convenience.

Long-term, contractual relationships with wholesale and commercial clients.

For the wholesale and commercial side, the relationships are built on supply reliability and contract duration. You see this clearly in the long-term commitments they secure. For instance, the acquisition in late 2023 included a significant 25-year take-or-pay contract with Motiva, a subsidiary of Saudi Aramco. This signals deep, multi-decade commitment to supply chain integration for major energy players. The volume underpinning these relationships is substantial; for the nine months ended September 30, 2025, the Wholesale segment generated sales of $2,326.2 million, and the Commercial segment added $616.1 million in revenue. These customers rely on Global Partners LP's network of 55 liquid energy terminals spanning from Maine to Florida and into the U.S. Gulf States for consistent delivery.

The relationship structure for these segments is highly collaborative:

• Deliveries accommodate both will-call and inventory-managed sites.
• Flexible pricing and risk management strategies are offered to mitigate fuel price impact.
• A seasoned logistics team provides 24/7 support for bulk supply.
• Bunkering services are available around the clock from key harbors like Boston and New York.

Automated, self-service transactions at retail fueling locations.

At the retail level, the focus shifts to frictionless, self-service transactions for the end consumer and operational ease for independent retailers. Global Partners LP owns, operates, or supplies approximately 1,540 retail locations as of early 2025. For the independent retailers they supply, automation is key through the GlobalCONNECT customer portal. This portal lets partners manage their relationship digitally, accessing invoices and bills of lading in one spot. More importantly, they can monitor fuel levels and enable auto-ordering, which triggers a delivery automatically when tanks run low, reducing manual intervention.

The fleet card program is another self-service touchpoint that drives repeat fuel purchases, offering $0.10 off per gallon at Global stations and $0.03 off per gallon at 95% of retail stations nationwide.

New loyalty platform to drive repeat business and guest connection.

Global Partners LP made a major move in mid-2025 to deepen guest connection by launching the unified Bee's Knees Benefits mobile app and loyalty program on June 13, 2025. This platform consolidated older programs like Fresh with Benefits and Alltown Neighborhood Perks. The program is live at more than 300 participating locations across the Northeast, Mid-Atlantic, and Texas. This digital push is designed to be future-ready, enhancing the guest experience across brands like Alltown Fresh, Alltown, and XtraMart.

Here's a snapshot of the initial value proposition for new loyalty members:

The company supports this with a cross-channel communications plan using targeted emails, SMS, and in-app messaging to keep engagement high.

Dedicated account management for large commercial customers.

While specific account manager headcount isn't public, the structure implies dedicated support for the Wholesale and Commercial segments, which are critical to the top line. The focus on flexible pricing and risk management strategies for wholesale clients suggests a consultative, account-managed approach rather than purely transactional sales. The strong Q3 2025 performance in the Wholesale segment, with product margin reaching $78.0 million, shows that these high-touch relationships are translating directly to profitability.

Relationship-driven service for independent retailers.

For the independent retailers who brand and operate their sites under the Global Partners LP umbrella, the service is relationship-driven and focused on site quality and compliance. Global Partners LP helps these partners tap into available brand-funded programs for site enhancements like new lighting or fresh asphalt. They also manage point-of-sale (POS) system versioning to keep technology current and compliant with brand standards. Furthermore, they monitor mystery shopper reports and track curable items to help partners quickly resolve issues and protect their brand reputation. This level of operational guidance is defintely more than just dropping off fuel.

Finance: draft 13-week cash view by Friday.

Global Partners LP (GLP) - Canvas Business Model: Channels

You're looking at how Global Partners LP gets its product and service to the end-user, which is a mix of massive infrastructure and direct customer touchpoints. It's a complex physical network, so let's look at the hard numbers for late 2025.

Liquid energy terminals for bulk storage and transfer

Global Partners LP uses a network of terminals to move and store product. As of the latest reports in 2025, the scale of this asset base is significant.

• Number of terminals operated or maintained: 55.
• Total storage capacity across the network: Approximately 22.4 million bbls.
• Geographic span: Maine to Florida and into the Gulf states.

This terminal network connects to critical infrastructure, which is key to its distribution channel strength.

Wholesale distribution network (truck, rail, pipeline, marine)

The wholesale segment is a volume driver, moving product via multiple modes of transport from those terminals. Here's a look at recent quarterly throughput.

The Wholesale segment product margin for Q3 2025 was $78.0 million.

Branded and unbranded retail gasoline stations/convenience stores

Global Partners LP reaches the end consumer through a large network of fueling locations and convenience destinations. You'll find their brands across several regions.

• Total retail locations owned, operated, and/or supplied: Approximately 1,700.
• Primary operating regions: Northeast, Mid-Atlantic, and Texas.
• Directly operated convenience stores (Alltown Fresh chain) as of Jan 1, 2025: 300.
• Gas stations operated via joint venture in Texas as of Jan 1, 2025: 64.
• Retail locations benchmarked as of Jan 1, 2025: 364.

The annualized cash distribution on common units for the period covering Q3 2025 was $3.02 per unit ($0.7550 per unit declared for the quarter).

Direct-to-customer marine bunkering operations

The company has been actively scaling this specific channel in 2025.

• Expansion into the port of Houston reported in Q3 2025.
• Business extended into the Gulf Coast as of Q3 2025.

Digital platforms for the new customer loyalty program

The retail side is integrating digital tools to capture repeat business.

• A new loyalty platform was launched to drive repeat business as of Q3 2025.
• The Alltown Fresh brand partnered with the Mable wholesale platform to source local specialty foods, connecting it with over 3,000 emerging brands.

Global Partners LP (GLP) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Global Partners LP as of late 2025. This isn't a simple one-size-fits-all operation; Global Partners LP serves distinct groups across its supply, terminaling, and retail footprints. Honestly, understanding these segments is key to grasping their revenue stability.

The customer segments are quite diverse, reflecting their integrated model. We see wholesale buyers, large commercial users, direct retail consumers, and, importantly for a Master Limited Partnership (MLP), the unitholders themselves.

Here's a quick look at the scale of operations supporting these segments, based on the latest reported figures:

Let's break down the specific customer groups you outlined.

Independent gasoline retailers and dealers (wholesale segment).

This group relies on Global Partners LP for the bulk supply of gasoline and distillates. They are a major component of the wholesale business, which showed significant volume in the second quarter of 2025. This segment is crucial for throughput at their terminals.

• Wholesale segment volume reached 1.5 billion gallons in Q2 2025.
• Wholesale segment sales were $3.1 billion in Q2 2025.

Commercial customers (e.g., utilities, shipping, industrial users).

These customers take supply directly from the terminals for their operational needs, including utilities and industrial users requiring distillates or residual oil. This segment's volume has shown some fluctuation but remains a steady demand source.

• Commercial segment volume was 141.9 million gallons in Q2 2025.
• Commercial segment sales totaled $275.8 million in Q2 2025.

End-consumers at convenience stores and fueling stations.

These are the final users of the product, reached through the network of company-operated or supplied retail sites. The product margin from station operations reflects the performance of serving this end-consumer channel.

• Product margin from station operations was $70.0 million in Q2 2025.
• The company operates or supplies approximately 1,700 retail locations.

Institutional investors seeking MLP distributions.

For unitholders, the distribution is the primary value proposition. Global Partners LP has maintained a consistent payout schedule, which is what attracts these investors. If onboarding takes 14+ days, churn risk rises, but for investors, the concrete number is what matters.

The declared annualized cash distribution on common units as of late 2025 is $3.02 per unit. This was based on the Q3 2025 declaration of $0.7550 per unit for the quarter ending September 30, 2025.

Other energy wholesalers and distributors.

This group overlaps with the first segment but specifically refers to other entities in the energy supply chain that buy product from Global Partners LP's terminals or supply network, rather than being the final retailer. They are part of the overall wholesale customer base that drives terminal utilization.

The company's expanded footprint, now reaching into states like Maryland, the Carolinas, Georgia, Florida, and Texas following acquisitions, means their reach to these other wholesalers has defintely broadened since late 2023.

Finance: draft 13-week cash view by Friday.

Global Partners LP (GLP) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Global Partners LP's operations, which are heavily weighted toward the cost of the product itself and running the physical network of terminals and stations. This structure is typical for a master limited partnership focused on energy logistics and retail.

The single largest cost component, though not explicitly listed as an expense line item in the required format, is the High cost of goods sold (COGS) due to commodity purchasing. This is the cost of the fuels and products Global Partners LP buys to sell through its wholesale and retail channels. For context in Q3 2025, total sales reached $4.7 billion, while the combined product margin (gross profit adjusted for cost of sales depreciation) was only $303.9 million for the quarter, showing that the vast majority of revenue is immediately consumed by purchasing inventory.

Operating costs are substantial, reflecting the physical nature of the business. The Significant operating expenses for terminal and station operations were reported at $132.5 million for the third quarter of 2025. This covers the day-to-day running of the extensive asset base.

Labor and overhead are also a major fixed cost. Labor and benefits costs are captured within Selling, General, and Administrative expenses (SG&A), which increased to $76.3 million in Q3 2025. This increase reflects, in part, rising wages and benefits across the organization.

Financing costs are a necessary drain on cash flow, given the asset-heavy model. The Interest expense on debt for Q3 2025 was reported at $33.3 million. This is a direct cost associated with the capital structure used to fund acquisitions and operations.

Finally, maintaining and growing the asset base requires significant ongoing investment, which is tracked through capital expenditures (CapEx). Global Partners LP has specific guidance for the full-year 2025 maintenance spending, which is crucial for keeping existing terminals and stations operational. The expected range for Capital expenditures for maintenance is set between $45 million to $55 million for the full-year 2025, separate from expansion spending.

Here's a quick look at how some of those key quarterly costs stack up for Q3 2025:

The cost structure is further detailed by the nature of the spending required to support the physical infrastructure:

• Commodity purchasing is the largest variable cost, evidenced by $4.7 billion in Q3 2025 sales.
• Maintenance CapEx guidance for full-year 2025 is $45 million to $55 million.
• Expansion CapEx guidance for full-year 2025 is $40 million to $50 million (excluding acquisitions).
• Operating expenses decreased slightly in Q3 2025 to $132.5 million, partly due to lower repair expenses.
• SG&A increased by $5.8 million quarter-over-quarter to reach $76.3 million.

To be fair, the interest expense of $33.3 million is a fixed charge that must be covered regardless of commodity price volatility, which is a key risk in this cost profile. Finance: draft 13-week cash view by Friday.

Global Partners LP (GLP) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Global Partners LP brings in cash, focusing on the first quarter of 2025 data we have available. This is the core of their value capture.

The revenue streams are clearly segmented by the business activity, but the profitability-the product margin-tells a different part of the story. For instance, the wholesale side, which includes your terminaling revenue, saw a product margin of $93.6 million in Q1 2025.

Here's a breakdown of the margin contribution across the key segments for that quarter:

• Wholesale segment product margin: $93.6 million
• Product margin from gasoline distribution: $125.8 million
• Product margin from station operations: $62.1 million
• Commercial segment product margin: $7.1 million

To be fair, the total sales for the period hit $4.6 billion, but the profitability is what really matters for the canvas, so you see the margin figures are what we focus on for the actual value captured from these activities. Finance: draft 13-week cash view by Friday.