Companies /Energy

CrossAmerica Partners LP

NYSE: CAPL Oil & Gas Refining & Marketing
$23.26
▼ $0.03 (−0.13%) today
Markets closed · 11:17pm ET

Q4 2025 Earnings

Reported Feb 25, 2026, 4:27pm ET · SEC source
$0.25
Beat +400.00%
EPS · est. $0.05
$866.3M
Beat +15.81%
Revenue · est. $748.0M
+9.8%
Beating market
CAPL vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%Feb 25Feb 26report 4:27pm ETearnings−0.6%+2.5%
0+3%+6%Feb 25Feb 26earnings−0.6%+2.5%
CAPL +2.5%S&P 500 −0.6%
0+3%+6%Feb 25Feb 26report 4:27pm ETearnings−1.3%+2.5%
0+3%+6%Feb 25Feb 26earnings−1.3%+2.5%
CAPL +2.5%NASDAQ −1.3%
−4%0+4%+8%Feb 24Mar 5report 4:27pm ETearnings−2.1%+10.5%
−4%0+4%+8%Feb 24Mar 5earnings−2.1%+10.5%
CAPL +10.5%S&P 500 −2.1%
−5%0+5%+10%Feb 24Mar 5report 4:27pm ETearnings−1.7%+10.5%
−5%0+5%+10%Feb 24Mar 5earnings−1.7%+10.5%
CAPL +10.5%NASDAQ −1.7%
+2.48%
Day of report
−0.44%
Next session
+7.79%
One week
+1.48%
30 days

S&P 500 over the same 30 days: −8.32%.

Did CAPL Beat Earnings? Q4 2025 Results

CrossAmerica Partners closed out Q4 2025 with a decisive earnings beat, posting GAAP EPS of $0.25 against a consensus estimate of just $0.05, a 400.00% positive surprise, while revenue of $866.29 million cleared the $748.01 million forecast by 15.81% despite slipping 8.3% year-over-year. The standout driver behind the quarter's strength was a sharp improvement in retail fuel economics, with margin per gallon climbing 19% to $0.45 and merchandise gross profit margin expanding 70 basis points to 29.1%, lifting retail segment gross profit 10% to $82.92 million. At the same time, an aggressive asset disposition program, spanning 107 property sales generating $103.30 million in proceeds during 2025, helped drive leverage down to 3.51x from 4.36x a year earlier, materially improving the balance sheet. Some analysts have questioned whether one-time gains cloud the durability of earnings, though management entered 2026 emphasizing a strengthened core business, reduced debt load, and continued focus on retail expansion and operational efficiency as the primary growth levers.

Key Takeaways
  • 19% increase in retail motor fuel margin per gallon to $0.449 in Q4
  • 13% increase in wholesale margin per gallon to $0.093 in Q4
  • Merchandise gross profit margin expanded 70 bps to 29.1% in Q4
  • Same store merchandise sales excluding cigarettes increased 1% in Q4
  • Operating expenses declined 1% in retail segment in Q4
  • Interest expense decreased $4.2 million year-over-year for full year due to lower average interest rate and lower outstanding debt
  • Transition of certain merchandise products from scan-based trading model to gross profit model
  • Strategic site conversions from wholesale to retail enabling better margin capture

“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.”

CrossAmerica Partners CEO, on the earnings call

Forward Guidance & Outlook

Management indicated CrossAmerica enters 2026 with a solid core business and a strong balance sheet to support future growth, with continued focus on execution, cash flows, and a strong balance sheet. The strategy focuses on divesting non-core assets and recycling capital into growth opportunities, expanding retail operations at controlled sites to benefit from industry market dynamics, and improving operational efficiency.

CAPL YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$300.0M$600.0M$900.0M$944.2M$866.3MRevenue$101.0M$107.1MGross Profit$28.3M$26.1MOperating Income$14.3M$10.2MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

CAPL Revenue by Segment

Retail Segment
Retail
Wholesale Segment
Wholesale

Figures from SEC filings and company reports. Not investment advice.