ALLENTOWN, Pa. — CrossAmerica Partners LP reported improved full-year earnings and stronger balance sheet metrics for 2025, reflecting higher retail fuel and merchandise margins, strategic site conversions and disciplined capital allocation.
| Click here for our complete C-store coverage |
Full-Year 2025 Highlights
For the year ended December 31, 2025, the partnership reported:
- Net income of $41.8 million, up from $22.5 million in 2024
- Adjusted EBITDA of $146.0 million, compared to $145.5 million in 2024
- Distributable cash flow (DCF) of $87.8 million, compared to $86.0 million in 2024
Retail segment gross profit increased 4% year over year to $302.2 million, compared to $289.7 million in 2024. The increase was driven by higher motor fuel and merchandise gross margins, partially offset by higher operating expenses. Average site count in the retail segment rose 4% year over year, reflecting the conversion of certain lessee dealer sites to company-operated locations, partially offset by divestitures tied to the company’s real estate optimization efforts.
Wholesale segment gross profit for the full year was $100.5 million, down from $108.6 million in 2024.
Fourth Quarter Performance
For the fourth quarter of 2025, CrossAmerica reported:
- Net income of $10.2 million, compared to $16.9 million in the prior-year quarter
- Adjusted EBITDA of $43.4 million, up from $35.5 million in Q4 2024
- Distributable cash flow of $28.5 million, compared to $21.1 million in Q4 2024
Retail segment gross profit for the quarter rose to $82.9 million, compared to $75.1 million in Q4 2024, while wholesale gross profit declined to $24.2 million, compared to $25.9 million a year earlier.
Balance Sheet and Coverage
Leverage, as defined in the CAPL credit facility, improved to 3.51 times as of December 31, 2025, compared to 4.36 times at year-end 2024.
The distribution coverage ratio was 1.43 times for the fourth quarter of 2025, up from 1.06 times in the prior-year quarter. For the full year, coverage was 1.10 times, compared to 1.08 times in 2024.
“We delivered a solid fourth quarter, driven by strong retail and wholesale fuel margins, along with growth in same-store sales and store margin percentage, resulting in performance well above the prior year,” said Charles Nifong, president & CEO of CrossAmerica. “The quarter highlights the benefits of our strategic site conversions to retail, which enabled us to capitalize on a favorable margin environment. Throughout the year, we successfully divested non-core locations, generating over $100 million in proceeds that we used to materially reduce our debt and enhance our financial flexibility. As a result, we enter 2026 with a solid core business and a strong balance sheet to support future growth.”
CrossAmerica operates as a wholesale fuels distributor, convenience store operator and real estate owner supporting motor fuel distribution across its network.
Submit Your Press Release
Have news to share? Send us your press releases and announcements.
Send Press Release
