GLP earnings analysis
What we found in GLP'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
The supplied 10-Q excerpt does not include the income statement, balance sheet, cash-flow statement, segment results or MD&A operating discussion, so quarter-over-quarter and year-over-year financial trends cannot be reliably assessed. The disclosed risk section shows $278.1 million of floating-rate borrowings, with a quantified $2.8 million annual interest sensitivity to a 1% rate increase, while commodity derivatives carried negative fair value of $35.460 million. Controls were effective as of June 30, 2026, but no quantitative financial outlook or new risk-factor changes were disclosed in the provided text.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Disclosure controls remain effective
- Management stated that disclosure controls and procedures were operating and effective as of June 30, 2026, with no changes during the quarter that materially affected, or were reasonably likely to materially affect, internal control over financial reporting.
- Interest-rate exposure is actively hedged
- The partnership reported $278.1 million of borrowings under its credit agreement at June 30, 2026 and uses interest-rate collars, swaps and caps to hedge specific and anticipated debt issuances.
- Commodity exposure is managed
- Commodity hedging covers refined petroleum products, renewable fuels, crude oil and gasoline blendstocks; the controlled trading program limits aggregate outright commodity exposure to up to 250,000 barrels.
- Regulated exchanges support hedging
- The partnership uses NYMEX, CME and ICE exchange-traded contracts, which management says reduce delivery, supply and counterparty risks; brokerage margin was $18.3 million at June 30, 2026.
- Unit-repurchase authorization remains available
- The general partner had authorization to repurchase up to 741,745 additional common units as of August 7, 2026, supporting obligations under the LTIP and employment agreements.
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.
- Floating-rate debt sensitivity
- A 1% increase in the interest rate on the $278.1 million of credit-agreement borrowings would increase annual interest expense by $2.8 million, assuming debt remained constant.
- Commodity-price volatility
- Commodity derivatives had aggregate negative fair value of $35.460 million at June 30, 2026; a 10% commodity-price increase or decrease was estimated to produce a $42.983 million gain or loss, respectively, in the derivative portfolio.
- Basis, logistics and counterparty risk
- Management acknowledges possible short-term unbalanced commodity positions from daily purchase and sale variances, transportation schedules, weather and other logistics; derivative-counterparty nonperformance is also anticipated, although it is not currently expected to be material.
- No new risk-factor update disclosed
- The filing does not identify amendments to the risk factors relative to the 2025 Form 10-K; instead, Item 1A directs investors to consider the risks in that report. The partnership also noted that authorized unit repurchases are subject to available liquidity and market conditions, with 741,745 units remaining authorized as of August 7, 2026.
What they said about what is next.
No quantitative revenue or EPS guidance is present in the supplied filing text. The excerpt does not include the MD&A financial-results discussion; outlook is therefore not assessable from the provided filing content.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 8, 2026
- Global Partners LP reported strong Q1 2026 results, with revenue reaching $5.32 billion and diluted EPS of $1.85, significantly surpassing previous estimates of $4.65 billion and $0.33, respectively. The revenue…
- 10-K · February 27, 2026
- Global Partners LP (GLP) presents a stable, asset-heavy integrated wholesale and retail fuel platform with a 2025 retail footprint of 1,524 stations and a large terminalling network (54 bulk terminals; ~22.3 million…
- 10-Q · August 7, 2025
- Global Partners reported Q2 2025 sales of $4,626,925 (in thousands), a 4.9% increase versus Q2 2024, but profitability softened with gross profit of $272,362 (in thousands) and diluted net income per common limited…
- 10-Q · May 8, 2025
- Global Partners reported Q1 sales of $4,592,197,000, up $446,805,000 (≈10.8%) year‑over‑year, with gross profit rising to $255,241,000 and operating income more than doubling to $55,887,000. Diluted net income per…
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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