Q4 2025 Crossamerica Partners LP Earnings Call Transcript

Feb 26, 2026 / 02:00PM GMT

Release Date Price: $20.27 (+2.48%)

Transcript 10-K8-K

Key Points

Positve

CrossAmerica Partners LP (CAPL) reported a strong fourth quarter with a 22% increase in adjusted EBITDA year over year.
Retail segment gross profit increased by 10% in the fourth quarter of 2025, driven by higher retail fuel margins.
The company achieved a 35% increase in distributable cash flow for the fourth quarter of 2025 compared to the same period in 2024.
CAPL successfully reduced its credit facility balance by $75 million in 2025, strengthening its balance sheet.
The company realized over $100 million in proceeds from asset sales in 2025, the largest volume of asset sales in its history.

Negative

Retail fuel volume declined by 8% year over year for the fourth quarter of 2025.
Wholesale segment gross profit declined by 7% due to a decrease in fuel volume and rental income.
Net income for the fourth quarter of 2025 decreased compared to the prior year, primarily due to lower net gains on asset dispositions.
Operating expenses for the full year of 2025 increased by 2% compared to 2024.
The company experienced a decline in wholesale volume by 6% for the fourth quarter of 2025, partly due to site conversions.

Operator

Good morning, ladies and gentlemen, and welcome to CrossAmerica Partners fourth quarter and full year 2025, earnings call. (Operator Instructions). This call is being recorded. On Thursday, February 26, 2026, I would now like to turn the conference over to Maura Topper, Chief Financial Officer. Please go ahead.

Maura Topper

Crossamerica Partners LP - Director of CrossAmerica GP LLC, Chief Financial Officer

Thank you, operator. Good morning and thank you for joining the Cross America Partners fourth quarter and full year 2025, earnings call. With me today is Charles Nifong, CEO and President.

We'll start off the call today with Charles providing some opening comments and an overview of CrossAmerica's operational performance for the fourth quarter and full year, and then I will discuss the financial results. We will then open up the call to questions.

Today's call will follow presentation slides that are available as part of the webcast and are posted on the CrossAmerica website.

Before we begin, I would like to remind everyone that

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