CrossAmerica Partners LP
Q2 2026 Earnings
Q2 2026 includes only $1.1 million in net gains on dispositions and lease terminations compared to $29.7 million in Q2 2025, depressing year-over-year GAAP EPS comparison
Market Reaction
Did CAPL Beat Earnings? Q2 2026 Results
CrossAmerica Partners LP delivered a standout second quarter for 2026, extending its streak of beating Wall Street expectations to four consecutive quarters as the motor fuel distributor and convenience store operator posted GAAP earnings per unit of $0.52, ahead of the $0.38 consensus estimate by 36.84%, while revenue of $1.18 billion topped the $731.45 million forecast by 61.19% and climbed 22.6% from the year-ago period. The GAAP figures include $1.10 million in net gains on dispositions and lease terminations, a sharp contrast to the $29.70 million in such gains recorded in Q2 2025, which weighed on the year-over-year net income comparison. The real story was operational momentum: Adjusted EBITDA surged 40% to $51.77 million and Distributable Cash Flow jumped 50% to $33.58 million, fueled by a 33% expansion in retail motor fuel margin per gallon and disciplined cost reductions across both the Retail and Wholesale segments. The Partnership also strengthened its financial footing during the quarter, reducing leverage to 3.57x and amending its credit facility in July to extend maturity to 2031, positioning CrossAmerica to pursue targeted renovations and expanded food offerings through the remainder of 2026 and beyond.
- 33% increase in retail motor fuel margin per gallon to $0.492
- 31% increase in wholesale motor fuel margin per gallon to $0.111
- Merchandise gross margin percentage improved 130 bps to 29.5%
- 4% decline in retail operating expenses through cost management
- 11% decline in wholesale operating expenses from portfolio optimization
- Lower interest expense from reduced average interest rate and lower average outstanding debt balance
“The Partnership continued its strong start to the year, building on our very strong first quarter with another quarter of significant growth in Adjusted EBITDA and Distributable Cash Flow.”
CrossAmerica Partners CEO, on the earnings call
Forward Guidance & Outlook
CrossAmerica signaled continued focus on execution, expense management, cash flows, and balance sheet strength. Growth capital projects continue to focus on targeted renovations and projects to increase food offerings. The July 2026 credit facility amendment extending maturity to July 2031 provides increased flexibility and investment opportunities for the remainder of 2026 and beyond.
CAPL YoY Financials
CAPL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.