Q1 26 EPS
$0.26
BEAT +262.50%
Est. $-0.16
Q1 26 Revenue
$841.8M
BEAT +20.72%
Est. $697.3M
vs S&P Since Q1 26
+4.5%
BEATING MARKET
CAPL +7.7% vs S&P +3.2%
Market Reaction
Did CAPL Beat Earnings? Q1 2026 Results
CrossAmerica Partners LP delivered a sharply better-than-expected first quarter for 2026, posting earnings per unit of $0.26 against a consensus estimate of negative $0.16, a beat of 262.50%, while revenue of $841.83 million topped the $697.31 millio… Read more CrossAmerica Partners LP delivered a sharply better-than-expected first quarter for 2026, posting earnings per unit of $0.26 against a consensus estimate of negative $0.16, a beat of 262.50%, while revenue of $841.83 million topped the $697.31 million estimate by 20.72%, even as total revenue slipped 2.4% from a year ago. The Partnership swung to GAAP net income of $10.66 million from a net loss of $7.12 million in Q1 2025, with Adjusted EBITDA climbing 45% year-over-year to $35.08 million. The primary engine behind the turnaround was retail segment performance, where motor fuel gross profit surged 28% to $39.86 million as crude oil price volatility pushed margin per gallon up 29% to $0.44, more than offsetting a 13% decline in wholesale gross profit. Leverage improved meaningfully to 3.35x from 4.27x a year earlier, and with roughly $230 million available under its credit facility, newly appointed CEO Maura Topper signaled the Partnership remains focused on expense discipline, cash flow generation, and targeted growth investments in food offerings through the rest of 2026.
Key Takeaways
- • 29% increase in retail motor fuel margin per gallon to $0.437 driven by crude oil price movements and market volatility
- • Merchandise gross profit increased 8% with gross margin expanding 180 bps to 29.7%
- • Operating and G&A expense discipline with retail operating expenses declining 3%
- • Interest expense decreased $2.1 million due to lower average interest rate and lower outstanding debt balance
- • Same store merchandise sales excluding cigarettes increased 2%
CAPL Forward Guidance & Outlook
The CEO expressed confidence in the Partnership's ability to navigate ongoing fuels market volatility, citing the business model and team execution. Growth capital projects continue to focus on targeted renovations and projects to increase food offerings. The Partnership remains focused on execution, expense management, cash flows, and maintaining a strong balance sheet through the remainder of 2026. Approximately $230 million was available for future borrowings under the Credit Facility as of May 1, 2026.
CAPL YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
CAPL Revenue by Segment
With YoY comparisons, source: SEC Filings
“We started the new year with a strong first quarter generating a record level of Adjusted EBITDA for the Partnership, as our business benefited from the strategic initiatives we have been focused on for the last several years. Our increased exposure to retail operations drove strong motor fuel and merchandise gross profit performance, while our team's disciplined focus on cost management helped us deliver solid results across the business. The fuels market has experienced significant volatility over the past several weeks, and I'm proud of how our team has executed through it — our model and our people are well-suited to navigate this kind of environment. We also continued to pay down our credit facility during the quarter, improving our interest expense and leverage, and further strengthening our balance sheet as we look ahead to the remainder of 2026.”
— Maura Topper, Q1 2026 Earnings Press Release
CAPL Earnings Trends
CAPL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CAPL EPS Trend
Earnings per share: estimate vs actual
CAPL Revenue Trend
Quarterly revenue: estimate vs actual
CAPL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.16 | $0.26 | +262.50% | $841.8M | +20.72% |
| Q4 25 BEAT FY | $0.05 | $0.25 | +400.00% | $866.3M | +15.81% |
| FY Full Year | $0.82 | $1.02 | +24.39% | $3.66B | +3.34% |
| Q3 25 BEAT | $0.07 | $0.34 | +385.71% | $971.8M | +24.45% |
| Q2 25 BEAT | $0.20 | $0.64 | +220.00% | $961.9M | +21.22% |
| Q1 25 MISS | $-0.06 | $-0.20 | -233.33% | $862.5M | +17.33% |