What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Insiders1 buying, 1 selling51 purchases and 14 sales by directors and officers, last 12 monthsInsider trades→
Funds58 adding, 23 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers→
Value diary
Our note on each quarter Global Partners files
Where Global Partners LP stands after its latest 10-Q
Revenue for the twelve months to June 2026 was $21.5bn, up 20.4% on a year earlier, faster than the 9.5% growth a quarter earlier. Free-cash-flow margin held at 0.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $178 a share, against a share price of $47.44.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are
as published at the time. Not investment advice.
The Fundamentalytics view
Next results ~November 6, 2026 (estimated)
Global Partners LP's trailing-twelve-month revenue grew 20.4% year on year, with a free-cash-flow margin of 0.9%. Where it stands out: stock pay as % of revenue of 0.1% ranks 16 of 512 industrials companies we cover. Where it lags: gross margin of 5.6% ranks 405 of 443 industrials companies we cover.
Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$140–$230 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 20.4% while net income grew 71.7%: a 92pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our
methodology. Observations, not recommendations.
Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.
The share price implies cash flow shrinking about 6.8% a year for five years.That is slower than the 10.1% a year revenue growth Global Partners has delivered.
Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital
item), so the cash-flow base behind this reading may be unusually low or high.
Priced in-6.8%
Last 12 months20.4%
3 years a year8.2%
5 years a year10.1%
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which
the model value equals the share price ($45.74, Nov 3, 2026). Cash-flow growth then fades to 2.5% a
year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
How we got here: a discounted-cash-flow model of Global Partners LP's free cash flow after
stock-based pay with after-tax interest added back ($161M, FY2026 Q2
TTM), growing 27.3% and 15.5% in the next two years (forecasts, guidance and its record), then back to 14.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower
and higher growth cases span ~$140–~$230
; that spread sets a 25% margin before we rate Buy or Sell.
Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating
meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General
research, not personal advice — it does not consider your circumstances. Prices can
fall as well as rise.
Our value per share comes from a discounted-cash-flow model of Global Partners LP's free cash
flow after stock-based pay (
$161M, FY2026 Q2 TTM, with after-tax interest added back): growth for
five years as below (the first two years from forecasts, guidance and the company's
record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims
subtracted. These are model values under
stated assumptions, not price targets or recommendations.
Valuation models
We value Global Partners LP as an operating company, with every model that fits that kind of
business.
Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a
beta of 0.74 times a 4.5% equity risk premium.
Value per share by model
Model
Value per share
In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims.
~$180 ~$140–$230
Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings.
~$110 ~$81–$160
Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years.
—
Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns.
—
Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out.
~$150 ~$110–$180
2 models
Different models fail in different ways, so where several apply we average them rather than
trust one. Peer-based models compare Global Partners LP with Industrials sector in our coverage, using
third-party market data. Model values are estimates under stated assumptions, updated as new
filings arrive; not price targets or investment advice. How each model works.
What moves the value
Revenue growth 5 points lower ▼ −24%
Revenue growth 5 points higher ▲ +31%
Last year's free-cash-flow margin change, if it persists ▼ −34%
Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth →
−5% growth
0% growth
5% growth
10% growth
15% growth
20% growth
7%
$67
$92
$124
$167
$223
$295
8.5%
$51
$69
$92
$123
$163
$214
10%
$41
$55
$73
$96
$127
$166
Moat
48/100
Moderate moat
How hard Global Partners's competitive advantage looks for rivals to wear away, judged from 10 years of its own
filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Returns on capital 20 / 20
Cash operating profit has been a median 21.0% of total assets over 10 years.
Pricing power 8 / 20
Gross margin has been a median 6.0%, moving by 0.5 percentage points (standard deviation) across 10 years.
Durability 0 / 20
Operating margin has been a median 1.5%; its worst year was -1.2%.
Cash conversion 11 / 20
Free cash flow was positive in 10 of 10 years, at a median 1.0% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.
Forecasts and guidance
Next results: November 6, 2026, before the open.
Analysts expect revenue of $7.4bn for the quarter.
Analysts' consensus
Global Partners LP: consensus estimates
Fiscal year
EPS
Growth
Revenue
Growth
Current
$6.02
+185%
$27.4bn
+48%
Next
$3.81
−37%
$33.9bn
+24%
Next year's EPS estimate has moved +2.7% in 90 days, across 1 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is +27.8% on 90 days ago.
In the last 30 days, 0 analysts raised Global Partners LP's forecast and 1 cut it.
Consensus EPS forecastGlobal Partners LP, last 90 days
Current fiscal year Next fiscal year
Average of analysts' published estimates (third-party data).
View chart data
Period
Current fiscal year
Next fiscal year
90 days ago
$4.71
$3.71
60 days ago
$5.87
$3.80
30 days ago
$5.87
$3.80
7 days ago
$5.87
$3.80
Now
$6.02
$3.81
Earnings against estimates
Global Partners LP: reported EPS against the consensus estimate
Quarter to
Estimate
Actual
Surprise
Jun 2026
$1.24
$1.86
+50.0%
Mar 2026
$0.33
$1.85
+460.6%
Dec 2025
$0.60
$0.54
−10.0%
Sept 2025
$1.09
$0.66
−39.5%
Adjusted EPS as companies report it, against the average analyst estimate.
How our valuation uses these forecasts
Our cash-flow model grows Global Partners LP's revenue by +27.3% next year and +15.5% the
year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+43.0%, weight 45%)
and the company's own record (+14.3%, weight 55%)
. How the weights are set.
Analyst recommendations
1 analysts, Nov 2026
Buy00%
Hold1100%
Sell00%
Monthly trend
Strong buy
Buy
Hold
Sell
Strong sell
Nov 202611
Oct 202611
Counts of recommendations published by analysts covering Global Partners LP, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or
price target, and these are not Fundamentalytics ratings.
Positioning
Short interest
0.9%
of tradable shares
Days to cover
3.41
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
52%
of shares
Held by insiders
30.2%
of shares
Employees
3,265
full time
Consensus figures average analysts' published estimates (third-party data); guidance is the company's own.
Neither is our forecast. Short
interest is reported twice a month and lags. Market data may be delayed.
This section is general information, not investment advice or a personal recommendation, and it does not
take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies
miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose
money. See our disclaimer.
Share-price performance
Market data may be delayed
Return and risk by year
Global Partners LP: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year
2021
2022
2023
2024
2025
2026 to date
Return
GLP
+55%
+61%
+35%
+17%
−4%
+15%
Industry peers (median)
—
—
—
—
—
—
S&P 500
+29%
−18%
+26%
+25%
+18%
+11%
Months that ended higher
GLP
83%
67%
50%
67%
42%
55%
S&P 500
75%
42%
67%
75%
75%
46%
Largest fall from a high during the year
GLP
−26%
−32%
−23%
−24%
−29%
−18%
S&P 500
−5%
−25%
−10%
−8%
−19%
−9%
Worst fall since November 2, 2015: 63% from November 3, 2015 to March 18, 2020. Getting back needed a 172% gain, reached on January 21, 2021, 309 days after the low.
Price behaviour
52-week range
$37.73 – $54.07
From 52-week high
−14.9%
vs 50-day average
−6.7%
vs 200-day average
−2.4%
Volatility (1 year)
30%
Beta vs S&P 500
0.14
Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares
typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.
Share price after results
Next day
9 up, 3 down
typical move ±2.9%
After a week
8 up, 4 down
typical move ±4.2%
After a month
9 up, 3 down
typical move ±7.9%
Global Partners LP: share-price change after each results release
Results released
Next day
S&P 500 next day
5 days
21 days
August 7, 2026
+4.7%
+0.6%
+6.4%
+11.2%
May 8, 2026
+1.7%
+1.1%
+4.7%
+2.6%
February 27, 2026
+0.8%
−0.4%
−1.6%
−12.3%
November 7, 2025
−6.9%
+1.7%
−0.6%
+1.0%
August 7, 2025
+1.6%
+0.7%
+3.3%
+5.3%
May 8, 2025
−2.5%
+0.6%
+1.7%
+9.3%
February 28, 2025
+1.2%
−0.2%
−5.5%
−5.6%
November 8, 2024
+4.3%
+0.5%
+4.8%
+14.1%
August 7, 2024
+3.1%
+1.6%
+1.3%
+9.0%
May 8, 2024
−3.1%
+0.6%
−8.7%
+1.4%
February 28, 2024
+2.0%
+0.2%
+5.2%
−2.9%
November 9, 2023
+3.2%
+0.8%
+6.3%
+20.6%
From the close before the release date to the close 1, 5 and 21 trading days after it, so
releases before the open and after the close are both captured. Past moves don't predict
future ones.
How Global Partners LP’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are
delayed, read November 2, 2026. Check the live chain at your broker before trading.
Cash-secured put
Not offered: fundamentals grade B (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Covered call
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Collar
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone:
put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or
news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early
assignment are not modelled.
Growth, profitability, cash generation and balance sheet are percentiles against the
companies we cover in the same industry, from SEC filings (100 = best). Value compares the
share price with our modelled value range (50 = at our base value; higher = cheaper).
A description of reported data and our model — not a quality score or advice.
Fundamentals
Revenue (TTM)Global Partners LP
Source: SEC EDGAR filings. Retrieved October 26, 2026.
View chart data
Period
Revenue (TTM)
FY23 Q3
$16.5B
FY23 Q4
$16.5B
FY24 Q1
$16.6B
FY24 Q2
$17.2B
FY24 Q3
$17.4B
FY24 Q4
$17.2B
FY25 Q1
$17.6B
FY25 Q2
$17.8B
FY25 Q3
$18.1B
FY25 Q4
$18.6B
FY26 Q1
$19.3B
FY26 Q2
$21.5B
Revenue growth, TTM YoYGlobal Partners LP
Source: SEC EDGAR filings. Retrieved October 26, 2026.
View chart data
Period
Revenue growth, TTM YoY
FY23 Q3
-11.0%
FY23 Q4
-12.6%
FY24 Q1
-9.8%
FY24 Q2
1.6%
FY24 Q3
5.3%
FY24 Q4
4.1%
FY25 Q1
6.0%
FY25 Q2
3.7%
FY25 Q3
4.1%
FY25 Q4
8.1%
FY26 Q1
9.5%
FY26 Q2
20.4%
Operating margin (TTM)Global Partners LP
Source: SEC EDGAR filings. Retrieved October 26, 2026.
View chart data
Period
Operating margin (TTM)
FY23 Q3
1.5%
FY23 Q4
1.5%
FY24 Q1
1.3%
FY24 Q2
1.4%
FY24 Q3
1.6%
FY24 Q4
1.5%
FY25 Q1
1.6%
FY25 Q2
1.4%
FY25 Q3
1.3%
FY25 Q4
1.3%
FY26 Q1
1.5%
FY26 Q2
1.5%
FCF margin (TTM)Global Partners LP
Source: SEC EDGAR filings. Retrieved October 26, 2026.
View chart data
Period
FCF margin (TTM)
FY23 Q3
0.9%
FY23 Q4
2.6%
FY24 Q1
1.6%
FY24 Q2
0.1%
FY24 Q3
0.2%
FY24 Q4
-0.4%
FY25 Q1
0.3%
FY25 Q2
1.4%
FY25 Q3
0.8%
FY25 Q4
1.0%
FY26 Q1
0.7%
FY26 Q2
0.9%
Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.
Where the money goes
FY2025, from the 10-K
Each dollar Global Partners took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
Revenue $18.6B
Cost of revenue $17.5B · 94.3%
Gross profit $1.1B · 5.7%
Selling, general and admin $306M · 1.6%
Other operating costs $522M · 2.8%
Operating income $235M · 1.3%
Interest and other $136M · 0.7%
Net income $98M · 0.5%
Where Global Partners's revenue went, FY2025
Revenue
$18.6B
Cost of revenue
$17.5B
94.3% of revenue
Gross profit
$1.1B
5.7% of revenue
Selling, general and admin
$306M
1.6% of revenue
Other operating costs
$522M
2.8% of revenue
Operating income
$235M
1.3% of revenue
Interest and other
$136M
0.7% of revenue
Net income
$98M
0.5% of revenue
Shares of revenue. Source: Global Partners's 10-K for FY2025, as filed with the SEC.
"Other" lines are what the reported lines leave unexplained.
Financial statements
US$ billions unless shown otherwise.
Fiscal years, plus the last twelve months (LTM) when newer.
Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income
plus depreciation and amortisation. Free cash flow is cash from operations minus capital
spending. Growth is left blank when last year's figure was a loss or under 2% of revenue.
Share counts and EPS are restated for stock splits. A dash means the company didn't report
the figure.
✓Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $1.2bn of liabilities due within a year.
✕Short-term assets cover long-term liabilities $1.4bn short-term assets against $2.1bn of longer-dated liabilities.
✕More cash than debt $24m of cash against $1.2bn of debt.
·Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
·Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
✓A year's operating cash flow covers at least 20% of debt $325m of operating cash flow against $1.2bn of debt.
·Operating profit covers interest at least five times over Interest not separately reported. Not assessable.
From Global Partners LP's latest balance sheet as filed. Checks are fixed, documented rules
(methodology), counted only where the company reports
the figures — a dot means the filing doesn't break the item out. Descriptions of reported
data, not advice.
Median of all 584 companies we cover in industrials. Shaded:
best of the six on that line (lowest for stock pay and share-count growth). 3-year figures
average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.
Peer comparison
584 industrials companies
Measures ranked against peers
Measure
Company
Peer median
Rank
Revenue growth Growth
20.4%
7.6%
125 of 581
Change in growth rate Growth
+10.8pp
+1.1pp
86 of 580
Gross margin Profitability
5.6%
28.6%
405 of 443
Operating margin Profitability
1.5%
5.5%
341 of 544
Net margin Profitability
0.9%
3.8%
361 of 582
Free-cash-flow margin Cash generation
0.9%
4.6%
369 of 579
Stock pay as % of revenue Cash generation
0.1%
0.9%
16 of 512
Long-term debt as % of assets Balance sheet
30.7%
22.6%
305 of 453
Days sales outstanding Balance sheet
12 days
57 days
23 of 453
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Where the revenue comes from
Fiscal year to December 31, 2025
Segments
Line of business
Revenue
YoY
Gasoline Distribution and Station Operations
$4.7B
▼ 11.2%
Wholesale
$3.2B
▲ 20.2%
Commercial
$804M
▲ 10.8%
These categories overlap or exclude eliminations, so shares aren't shown.
Products and services
Line of business
Revenue
YoY
Refined Petroleum Products Renewable Fuels Crude Oil and Propane
$8.3B
▲ 0.6%
Station Operations
$462M
▼ 4.2%
These categories overlap or exclude eliminations, so shares aren't shown.
From Global Partners LP's 10-K filed February 27, 2026, as tagged in the filing.
View filing. Indented rows are part of the
line above; their share is of that line. In the bars, the
faint bar behind is the year before.
Top buyers and sellers, Q2 2026: 58 institutions
bought and 23 sold
; the biggest buyer was Kayne Anderson Capital Advisors LP (+254K shares) and the biggest seller Hartree Partners, LP (−297K). See which funds bought and sold →
Largest reported holders, June 30, 2026
Manager
Value
Shares
Share of 13F value
Shares QoQ
Alps Advisors Inc
$272M
5.8M
34.5%
▼ 3.3%
Invesco Ltd.
$102M
2.2M
12.9%
0.0%
Mirae Asset Global Etfs Holdings Ltd.
$96M
2.1M
12.2%
▲ 1.2%
Pallas Capital Advisors LLC
$80.7M
1.7M
10.2%
▲ 0.2%
Morgan Stanley
$32.7M
702K
4.1%
▲ 37.3%
Goldman Sachs Group Inc
$29.8M
640K
3.8%
▲ 0.7%
Jpmorgan Chase & Co
$27.4M
582K
3.5%
▲ 13.2%
Kayne Anderson Capital Advisors LP
$13.3M
285K
1.7%
▲ 794.2%
Blackstone Inc.
$10.7M
230K
1.4%
▼ 4.4%
Royal Bank Of Canada
$10.5M
225K
1.3%
▲ 26.9%
Fractal Investments LLC
$9.1M
195K
1.2%
0.0%
Bank Of America Corp
$8.1M
175K
1.0%
▲ 49.8%
From Form 13F filings with the SEC (
quarterly data sets), as reported by each
manager for June 30, 2026 and filed up to 45 days later. 13F reports cover
long US-listed positions of managers above $100M only, so this is not Global Partners LP's complete
shareholder register. Values are as reported by the filers
.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares
withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule
10b5-1 plan. See every insider trade since five years ago, on a price chart.
Global Partners LP is a US-listed company in the wholesale-petroleum bulk stations & terminals industry. Its financial year ends in December.
What is Global Partners LP's stock ticker?
Global Partners LP trades under the ticker GLP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Global Partners LP's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Global Partners LP reported revenue of $21.5B, 20.4% higher than a year earlier, according to its SEC filings.
What is Global Partners LP's free cash flow?
Global Partners LP's free-cash-flow margin is 0.9% of revenue over the trailing twelve months, ranking 369 of the 579 industrials companies we cover.
What is Global Partners LP's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Global Partners LP's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$140–$230 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Global Partners LP's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Alps Advisors Inc, Invesco Ltd. and Mirae Asset Global Etfs Holdings Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Global Partners LP's competitors?
In our Industrials peer group, the companies closest to Global Partners LP are Parker Hannifin, Automatic Data Processing, Carrier Global, Emcor and Trane Technologies. The side-by-side comparison below sets their revenue, margins and growth against Global Partners LP's.
Are insiders buying or selling Global Partners LP stock?
Over the last 12 months, Global Partners LP's directors and officers reported 51 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is Global Partners LP's next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Global Partners LP announces its own schedule.
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