CAPL earnings analysis
What we found in CAPL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CrossAmerica Partners LP's Q1 2026 performance showed a slight revenue dip but marked improvements in net income and earnings per share. Revenue totaled $841.8 million, down 2% from the previous year, while net income surged to $10.7 million, translating to an EPS of $0.26, beating expectations. Despite challenges in the wholesale segment, operational improvements were evident as the company maintained its distribution at $0.525 per unit.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Net Income Surges 250% Year-over-Year
- Net income increased to $10.7 million compared to a loss of $7.1 million in Q1 2025.
- Earnings Per Share Beats Estimates
- EPS reported at $0.26 versus the consensus estimate of -$0.16.
- Significant Esavings in Interest Expense
- Interest expense decreased from $12.8 million in Q1 2025 to $10.8 million due to lower outstanding debt.
- Increased Retail Segment Gross Profit
- Retail segment gross profit grew by $11.1 million (18%) to $74.3 million due to better margins on fuel.
- Improved Distribution Coverage Ratio
- The distribution coverage ratio increased to 1.07x from 0.46x in the prior year.
- Continued Focus on Real Estate Optimization
- Ongoing asset sales contributed gains and cost reductions, aiding overall profitability.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Wholesale Segment Profit Decline
- Wholesale segment gross profit fell by $3.3 million (13%) due to lower volumes from site conversions.
- Persistent Inflationary Pressures
- Inflation led to increased costs impacting operational expenses across all segments.
- Geopolitical Risks Affecting Fuel Prices
- Volatile crude oil prices linked to geopolitical tensions could further impact margins inconsistently.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.26
- Gross margin
- 11.58%
- Operating margin
- 2.82%
- Segment
- Retail
- Segment
- Wholesale
What they said about what is next.
Guidance on financial outlook is deferred to future earnings releases.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- CrossAmerica (CAPL) describes a dual wholesale and retail strategy focused on generating cash to support quarterly distributions via site acquisitions, optimizing site operating formats, and monetizing real estate. In…
- 10-K · February 27, 2024
- CrossAmerica (CAPL) reports 2023 operations concentrated in two segments (Wholesale and Retail) across ~1,700 distributed sites and ~1,100 owned/leased sites, with total segment revenues of $2,290M (Wholesale) and…
- 10-Q · November 8, 2023
- CrossAmerica reported Q3 operating revenues of $1,210,023,000 and diluted EPS of $0.31. Revenue, gross profit and operating income declined vs. Q3 2022, while operating cash flow for the nine months remained positive at…
- 10-Q · November 8, 2022
- CrossAmerica reported a strong Q3 2022: operating revenues of $1,274,407,000 (up $289,285,000 or ~29.4% vs Q3 2021) with gross profit of $114,730,000 and diluted EPS of $0.71 (vs $0.23 in Q3 2021). Margins expanded…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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