Financial Analysis

Note 3. Asset Acquisitions Acquisitions of Terminals from Gulf Oil LLC and ExxonMobil Oil Corporation On April 9, 2024, the Partnership acquired four refined-product terminals from Gulf Oil Limited Partnership (Gulf Oil) which are located in Chelsea, MA, New Haven, CT, Linden, NJ and Woodbury, NJ, pursuant to a purchase agreement initially entered into on December 15, 2022 and subsequently amended and restated on February 23, 2024. On November 1, 2024, the Partnership acquired one liquid energy terminal in East Providence, Rhode Island from ExxonMobil Oil Corporation (ExxonMobil). The combined acquisition price was $215.1 million, excluding inventory acquired from Gulf Oil and ExxonMobil. The Partnership financed these transactions with borrowings under its revolving credit facility. Upon an acquisition, the Partnership first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets in order to determine whether the acquisition should be accounted for as an asset acquisition. If the threshold is not substantially met, the Partnership then determines whether the acquisition meets the definition of a business (i.e., whether it includes, at a minimum, an input and a substantive process that together significantly contributes to the ability to create outputs). Specific to the acquisition of these terminals, consideration was given to the exception principle pertainin …

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Note 12. Commitments and Contingencies The Partnership is subject to contingencies, including legal proceedings and claims arising out of the normal course of business that cover a wide range of matters, including, among others, environmental matters and contract and employment claims. Purchase Commitments The Partnership has minimum retail gasoline volume purchase requirements with various unrelated parties. These gallonage requirements are purchased at the fair market value of the product at the time of delivery. Should these gallonage requirements not be achieved, the Partnership may be liable to pay penalties to the appropriate supplier. As of December 31, 2025, the Partnership has fulfilled all gallonage commitments. The following provides minimum volume purchase requirements at December 31, 2025 (in thousands of gallons): 2026 123,600 2027 13,800 2028 6,900 2029 4,600 2030 3,500 Thereafter 5,900 Total 158,300 Brand Fee Agreement The Partnership entered into a brand fee agreement with ExxonMobil which entitles the Partnership to operate retail gasoline stations under the Mobil-branded trade name and related trade logos. The fees, which are based upon an estimate of the volume of gasoline and diesel to be sold at the gasoline stations acquired from ExxonMobil in 2010, are due on a monthly basis. The brand fee agreement expires in September 2030. The following provides total future minimum payments under the agreement with a non-cancellable term of one year or more at Dece …

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Note 9. Debt and Financing Obligations Credit Agreement Certain subsidiaries of the Partnership, as borrowers, and the Partnership and certain of its subsidiaries, as guarantors, have a $1.50 billion senior secured credit facility (the Credit Agreement). The Credit Agreement matures on March 20, 2028. On March 20, 2025, the Partnership and certain of its subsidiaries entered into the eleventh amendment to the third amended and restated credit agreement (the Eleventh Amendment) which, among other things, (i) extended the maturity date from May 2, 2026 to March 20, 2028, (ii) increased the working capital revolving credit facility from $950.0 million to $1.0 billion and (iii) decreased the revolving credit facility from $600.0 million to $500.0 million. As of December 31, 2025, there were two facilities under the Credit Agreement: a working capital revolving credit facility to be used for working capital purposes and letters of credit in the principal amount equal to the lesser of the Partnerships borrowing base and $1.0 billion; and a $500.0 million revolving credit facility to be used for general corporate purposes. The Credit Agreement has an accordion feature whereby the Partnership may request on the same terms and conditions then applicable to the Credit Agreement, provided no Default (as defined in the Credit Agreement) then exists, an increase to the working capital revolving credit facility, the revolving credit facility, or both, by up to another $300.0 million, in th …

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The following table provides the disaggregation of revenue from contracts with customers and other sales by segment for the periods presented (in thousands): Year Ended December 31, 2025 Revenue from contracts with customers: Wholesale GDSO Commercial Total Petroleum and related product sales $ 3,210,899 $ 4,237,035 $ 803,650 $ 8,251,584 Station operations 461,530 461,530 Total revenue from contracts with customers 3,210,899 4,698,565 803,650 8,713,114 Other sales: Revenue originating as physical forward sale contracts and exchange agreements 9,443,856 315,156 9,759,012 Revenue from leases 4,170 85,125 89,295 Total other sales 9,448,026 85,125 315,156 9,848,307 Total sales $ 12,658,925 $ 4,783,690 $ 1,118,806 $ 18,561,421 Year Ended December 31, 2024 Revenue from contracts with customers: Wholesale GDSO Commercial Total Petroleum and related product sales $ 2,671,984 $ 4,807,765 $ 725,395 $ 8,205,144 Station operations 481,982 481,982 Total revenue from contracts with customers 2,671,984 5,289,747 725,395 8,687,126 Other sales: Revenue originating as physical forward sale contracts and exchange agreements 8,042,841 346,662 8,389,503 Revenue from leases 3,080 83,857 86,937 Total other sales 8,045,921 83,857 346,662 8,476,440 Total sales $ 10,717,905 $ 5,373,604 $ 1,072,057 $ 17,163,566 Year Ended December 31, 2023 Revenue from contracts with customers: Wholesale GDSO Commercial Total Petroleum and related product sales $ 3,303,951 $ 5,268,268 $ 689,201 $ 9,261,420 Station oper …

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Note 11. Fair Value Measurements Recurring Fair Value Measurements Assets and liabilities are classified in the entirety based on the lowest level of input that is significant to the fair value measurement. The Partnerships assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value assets and liabilities and their placement within the fair value hierarchy levels. The following tables present, by level within the fair value hierarchy, the Partnerships financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands): Fair Value at December 31, 2025 Cash Collateral Level 1 Level 2 Netting Total Assets: Forward derivative contracts (1) $ $ 17,067 $ $ 17,067 Exchange-traded/cleared derivative instruments (2) 3,226 14,578 17,804 Total assets $ 3,226 $ 17,067 $ 14,578 $ 34,871 Liabilities: Forward derivative contracts (1) $ $ (4,540) $ $ (4,540) Fair Value at December 31, 2024 Cash Collateral Level 1 Level 2 Netting Total Assets: Forward derivative contracts (1) $ $ 13,710 $ $ 13,710 Exchange-traded/cleared derivative instruments (2) (1,808) 21,943 20,135 Pension plans 3,936 3,936 Total assets $ 2,128 $ 13,710 $ 21,943 $ 37,781 Liabilities: Forward derivative contracts (1) $ $ (6,105) $ $ (6,105) (1) Forward derivative contracts include the Partnerships petroleum and ethanol physical and financial forwards and OTC swaps. (2) A …

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Note 6. Goodwill and Intangible Assets Goodwill, all of which has been allocated to the GDSO segment, was $421.9 million at both December 31, 2025 and 2024. There were no changes to goodwill during the year ended December 31, 2025. Intangible assets consisted of the following (in thousands): Gross Net Carrying Accumulated Intangible Amortization Amount Amortization Assets Period At December 31, 2025 Intangible assets subject to amortization: Terminalling services $ 26,365 $ (24,443) $ 1,922 20 years Customer relationships 52,226 (45,906) 6,320 2-15 years Supply contracts 97,269 (92,430) 4,839 5-10 years Other intangible assets 5,995 (5,726) 269 2-20 years Total intangible assets $ 181,855 $ (168,505) $ 13,350 At December 31, 2024 Intangible assets subject to amortization: Terminalling services $ 26,365 $ (23,108) $ 3,257 20 years Customer relationships 52,226 (44,605) 7,621 2-15 years Supply contracts 97,269 (89,733) 7,536 5-10 years Other intangible assets 5,995 (5,726) 269 2-20 years Total intangible assets $ 181,855 $ (163,172) $ 18,683 The aggregate amortization expense was $5.3 million, $8.3 million and $8.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated annual intangible asset amortization expense for future years ending December 31 is as follows (in thousands): 2026 $ 5,151 2027 3,650 2028 921 2029 720 2030 680 Thereafter 2,228 Total intangible assets $ 13,350 …

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Note 14. Income Taxes GMG, a wholly owned subsidiary of the Partnership, is a taxable entity for federal and state income tax purposes. Current and deferred income taxes are recognized on the separate earnings of GMG, including its proportional earnings from its equity method investment in SPR as described in Note 17, and the after-tax earnings of GMG are included in the consolidated earnings of the Partnership. On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was enacted in the United States. The OBBBA legislation provides for: (i) the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, (ii) modifications to the treatment of research and development expenditures, (iii) adjustments to interest deductibility and (iv) revisions to the international tax framework. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in future periods. The impact of the OBBBA did not have a material impact on the Partnerships consolidated financial statements or its reported tax rate. The following table presents income before income tax expense, both domestic and foreign, for the years ended December 31 (in thousands): 2025 2024 2023 Domestic $ 99,035 $ 114,893 $ 160,652 Foreign 5 43 (10) Income before income tax expense $ 99,040 $ 114,936 $ 160,642 The following table presents a reconciliation of the difference between the statutory federal income tax amount and rate and the effective incom …

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Note 23. Legal Proceedings General Although the Partnership may, from time to time, be involved in litigation and claims arising out of its operations in the normal course of business, the Partnership does not believe that it is a party to any litigation that will have a material adverse impact on its financial condition or results of operations. Except as described below and in Note 15 included herein, the Partnership is not aware of any significant legal or governmental proceedings against it or contemplated to be brought against it. The Partnership maintains insurance policies with insurers in amounts and with coverage and deductibles as its general partner believes are reasonable and prudent. However, the Partnership can provide no assurance that this insurance will be adequate to protect it from all material expenses related to potential future claims or that these levels of insurance will be available in the future at economically acceptable prices. Other In December 2024, the Conservation Law Foundation (CLF) served the Partnership with a complaint alleging that past and present discharges at and from the Partnerships terminal located on Broadway Street in Chelsea, MA and the Partnerships former terminal located in Revere, MA exceeded the numeric effluent limits permitted under the terminals respective National Pollution Discharge Elimination System (NPDES) permits. The complaint was filed by the CLF in July 2024. In August 2024, a month after the CLF filed its complai …

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Recently Adopted Accounting Pronouncement In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ( ASU 2023-09 ). This standard requires, among other things, disaggregated information about effective tax rate reconciliation and income taxes paid (net of refunds received) on an annual basis. On January 1, 2025, the Partnership adopted this standard on a retroactive basis. See Note 14. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This standard establishes authoritative guidance on the recognition, measurement, presentation and disclosure of government grants. Under this standard, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The standard also provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the assets cost basis. This standard further requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. This standard is effective for fiscal years beginning after December 15, 2028, …

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Note 16. Employee Benefit Plans The Partnership sponsors and maintains the Global Partners LP 401(k) Savings and Profit Sharing Plan (the Global 401(k) Plan), a qualified defined contribution plan. The Global Montello Group Corp. 401(k) Savings and Profit Sharing Plan was merged into the Global 401(k) Plan in 2021. Eligible employees of the Partnership and of GMG may elect to contribute up to 100% of their eligible compensation to the Global 401(k) Plan for each payroll period, subject to annual dollar limitations which are periodically adjusted by the IRS. The General Partner makes safe harbor matching contributions to the Global Partners 401(k) Plan equal to 100% of the participants elective contributions that do not exceed 3% of the participants eligible compensation and 50% of the participants elective contributions that exceed 3% but do not exceed 5% of the participants eligible compensation. The General Partner also makes discretionary non-matching contributions for certain groups of employees in amounts up to 2% of eligible compensation. Profit-sharing contributions may also be made at the sole discretion of the General Partners board of directors. The Global 401(k) Plan had expenses of $6.9 million, $5.7 million and $5.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. Prior to December 31, 2024, the General Partner sponsored and maintained the Global Partners LP Pension Plan (the Global Pension Plan), and GMG sponsored and maintained the Gl …

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Note 18. Related-Party Transactions Services Agreement The Partnership is a party to a services agreement with various entities which own limited partner interests in the Partnership and interests in the General Partner and which are 100% owned by members of the Slifka family (the Slifka Entities Services Agreement), pursuant to which the Partnership provides certain tax, accounting, treasury, and legal support services and such Slifka entities pay the Partnership an annual services fee of $20,000, and which Slifka Entities Services Agreement has been approved by the Conflicts Committee of the board of directors of the General Partner. The Slifka Entities Services Agreement is for an indefinite term and any party may terminate some or all of the services upon ninety (90) days advance written notice. As of December 31, 2025, no such notice of termination had been given by any party to the Slifka Entities Services Agreement. General Partner Affiliates of the Slifka family own 100% of the ownership interests in the General Partner. The General Partner employs substantially all of the Partnerships employees, except for most of its gasoline station and convenience store employees, who are employed by GMG, and for substantially all of the employees who primarily or exclusively provide services to SPR, who are employed by SPR Operator. The Partnership reimburses the General Partner for expenses incurred in connection with these employees. These expenses, including bonus, payroll and …

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Note 5. Revenue from Contracts with Customers Disaggregation of Revenue The following table provides the disaggregation of revenue from contracts with customers and other sales by segment for the periods presented (in thousands): Year Ended December 31, 2025 Revenue from contracts with customers: Wholesale GDSO Commercial Total Petroleum and related product sales $ 3,210,899 $ 4,237,035 $ 803,650 $ 8,251,584 Station operations 461,530 461,530 Total revenue from contracts with customers 3,210,899 4,698,565 803,650 8,713,114 Other sales: Revenue originating as physical forward sale contracts and exchange agreements 9,443,856 315,156 9,759,012 Revenue from leases 4,170 85,125 89,295 Total other sales 9,448,026 85,125 315,156 9,848,307 Total sales $ 12,658,925 $ 4,783,690 $ 1,118,806 $ 18,561,421 Year Ended December 31, 2024 Revenue from contracts with customers: Wholesale GDSO Commercial Total Petroleum and related product sales $ 2,671,984 $ 4,807,765 $ 725,395 $ 8,205,144 Station operations 481,982 481,982 Total revenue from contracts with customers 2,671,984 5,289,747 725,395 8,687,126 Other sales: Revenue originating as physical forward sale contracts and exchange agreements 8,042,841 346,662 8,389,503 Revenue from leases 3,080 83,857 86,937 Total other sales 8,045,921 83,857 346,662 8,476,440 Total sales $ 10,717,905 $ 5,373,604 $ 1,072,057 $ 17,163,566 Year Ended December 31, 2023 Revenue from contracts with customers: Wholesale GDSO Commercial Total Petroleum and related …

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Note 21. Segment Reporting The Partnership engages in the purchasing, selling, gathering, blending, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane. The Partnership also receives revenue from convenience store and prepared food sales, rental income and sundries. The Partnerships three operating segments are based upon the revenue sources for which discrete financial information is reviewed by the President and Chief Executive Officer, the chief operating decision maker (the CODM), to make key operating decisions and assess performance and include Wholesale, GDSO and Commercial. An important measure used by the Partnership and the CODM to evaluate segment performance is product margin, which the Partnership defines as product sales minus product costs. The CODM principally uses product margin to allocate resources (including employees, property and financial or capital resources) for each segment, predominantly in the annual budget and forecasting processes. Based on the way the business is managed, components of indirect operating costs included within selling and administrative expenses and corporate expenses are not allocated to the reportable segments. The operating segments are also the Partnerships reporting segments . The Commercial operating segment does not meet the quanti …

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Note 2. Summary of Significant Accounting Policies Basis of Consolidation and Presentation The accompanying consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 reflect the accounts of the Partnership. Upon consolidation, all intercompany balances and transactions have been eliminated. Equity Method Investments The Partnership applies the equity method of accounting to investments when the Partnership has significant influence, but not a controlling interest in the investee. The Partnership evaluates its equity method investments for impairment whenever events or circumstances indicate that the carrying value of the investment may not be recoverable. The Partnership considers the investees financial position, forecasts and economic outlook, and the estimated duration and extent of losses to determine whether a recovery is anticipated. An impairment that is other-than-temporary is recognized in the period identified. The Partnership has not recognized an impairment loss related to its equity method investments for the year ended December 31, 2025. See Note 17 for additional information the Partnership equity method investments. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent …

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Note 24. Subsequent Events Distribution to Series B Preferred Unitholders On February 17, 2026, the Partnership paid a cash distribution of $1.8 million to holders of its Series B Preferred Units of record as of the opening of business on February 2, 2026. Distribution to Common Unitholders On February 13, 2026, the Partnership paid a quarterly cash distribution of $30.8 million to its common unitholders of record as of the close of business on February 9, 2026. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing