Allentown, PA, Nov. 04, 2026 (GLOBE NEWSWIRE) --

CrossAmerica Partners LP Reports Third Quarter 2026 Results

• Reported Third Quarter of 2026 Net Income of $8.8 million, Adjusted EBITDA of $38.7 million and Distributable Cash Flow of $21.8 million compared to Net Income of $13.6 million, Adjusted EBITDA of $41.3 million and Distributable Cash Flow of $27.8 million for the Third Quarter of 2025
• Reported Third Quarter of 2026 Gross Profit for the Retail Segment of $78.0 million compared to $80.0 million of Gross Profit for the Third Quarter of 2025 and Third Quarter of 2026 Gross Profit for the Wholesale Segment of $23.1 million compared to $24.8 million of Gross Profit for the Third Quarter of 2025
• Leverage, as defined in the CAPL Credit Facility, was 3.72 times as of September 30, 2026, compared to 3.56 times as of September 30, 2025
• The Distribution Coverage Ratio for the trailing twelve months ended September 30, 2026, was 1.32 times compared to 1.00 times for the comparable period of 2025
• The Board of Directors of CrossAmerica's General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the Third Quarter of 2026
  
  

Allentown, PA November 4, 2026 – CrossAmerica Partners LP (NYSE: CAPL) (“CrossAmerica” or the “Partnership”), a leading wholesale fuels distributor, convenience store operator, and owner and lessor of real estate used in the retail distribution of motor fuels, today reported financial results for the third quarter ended September 30, 2026.

“While higher fuel prices pressured volumes in the third quarter, our team continued to deliver on the things we can control,” said Maura Topper, CEO and President of CrossAmerica. “Our merchandise business again delivered, with continued growth in merchandise margin percentage reflecting the strength of our convenience store operations and programs, and our focus on cost management drove lower operating expenses across the business. These results, together with solid fuel margins, keep us materially ahead of last year through the first nine months in both Adjusted EBITDA and Distributable Cash Flow.”

Third Quarter Results

Consolidated Results

CrossAmerica reported declines in Net Income, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage for the third quarter of 2026 compared to the third quarter of 2025. The decrease in Adjusted EBITDA was primarily driven by a decline in motor fuel volume in both the retail and wholesale segments, partially offset by an increase in merchandise gross profit in the retail segment and an overall decline in operating expenses. The decline in Net Income was primarily driven by the decrease in Adjusted EBITDA in addition to lower net gains in connection with CrossAmerica's ongoing real estate optimization effort with $7.4 million in net gains for the third quarter of 2025 compared to $2.4 million in net gains for the third quarter of 2026.

The decrease in Distributable Cash Flow and Distribution Coverage for the third quarter of 2026 was primarily driven by the decline in Adjusted EBITDA noted above in addition to increases in sustaining capital expenditures and current income tax expense, partially offset by lower cash interest expense.

Retail Segment

*Includes only company operated retail sites

For the third quarter of 2026, the retail segment gross profit declined 2% compared to the third quarter of 2025, primarily due to a decrease in motor fuel gross profit, partially offset by increases in merchandise and other revenue gross profit compared to the prior year.

The motor fuel gross profit for the retail segment declined $3.2 million or 8%, attributable to a 9% decrease in motor fuel volume sold for the three months ended September 30, 2026, as compared to the same period in 2025. The volume decline was due primarily to a 7% decrease in same store motor fuel gallons as well as a decrease in the average retail site count due to the sale of certain company operated and commission agent sites in connection with CrossAmerica's real estate optimization effort. This volume decline was partially offset by an increase in margin per gallon of 5%, which was primarily driven by greater volatility in crude oil prices between the two periods.

For the third quarter of 2026, CrossAmerica’s merchandise gross profit increased 2% when compared to the third quarter of 2025, despite a 7% decline in average company operated store count. Same store merchandise sales excluding cigarettes were relatively flat for the third quarter of 2026 when compared to the third quarter of 2025. Merchandise gross profit percentage increased from 28.9% for the third quarter of 2025 to 30.3% for the third quarter of 2026 due to improved merchandise sales mix towards higher food margin categories as well as improved category level merchandise margins.

Operating expenses for the retail segment declined slightly, $0.2 million dollars, with same store retail segment operating expenses increasing 1%, offset by the decline in the average retail segment site count.

Wholesale Segment

During the third quarter of 2026, CrossAmerica’s wholesale segment gross profit declined 7% when compared to the third quarter of 2025. The decrease was primarily driven by a 9% or $1.4 million decline in motor fuel gross profit.

The decrease in motor fuel gross profit for the third quarter of 2026 when compared to the third quarter of 2025 was driven by an 8% decline in wholesale volume distributed. The decline in volume was primarily due to a reduction in volume in the base business as well as the net loss of independent dealer contracts. Operating expenses declined $1.1 million or 16% primarily due to a decrease in average controlled site count due to CrossAmerica's real estate optimization effort.

Investment and Real Estate Activity

During the three months ended September 30, 2026, CrossAmerica sold 15 sites for $10.6 million in proceeds, resulting in a net gain of $2.9 million. For the nine months ended September 30, 2026, CrossAmerica sold 36 sites for $26.0 million in proceeds, resulting in a net gain of $10.3 million. CrossAmerica maintained a supply relationship post sale with substantially all of the locations divested during the periods.

Also during the third quarter of 2026, CrossAmerica invested $7.2 million in capital expenditures across its portfolio of locations. Growth capital spending totaled $1.9 million during the quarter and $6.4 million year to date, with spending focused on company operated retail location renovations, including expanded food offerings. Sustaining capital expenditures totaled $5.3 million in the quarter and $11.6 million year to date, with investment focused on CrossAmerica's company operated portfolio.

Liquidity and Capital Resources

As of September 30, 2026, CrossAmerica had $674.5 million outstanding under its Credit Facility. As of October 30, 2026, after taking into consideration debt covenant restrictions, approximately $237 million was available for future borrowings under the Credit Facility. Leverage, as defined in the Credit Facility, was 3.72 times as of September 30, 2026, compared to 3.56 times as of September 30, 2025. As of September 30, 2026, CrossAmerica was in compliance with its financial covenants under the Credit Facility.

Distributions

On October 21, 2026, the Board of the Directors of CrossAmerica’s General Partner (“Board”) declared a quarterly distribution of $0.5250 per limited partner unit attributable to the third quarter of 2026. As previously announced, the distribution will be paid on November 12, 2026, to all unitholders of record as of November 2, 2026. The amount and timing of any future distributions is subject to the discretion of the Board as provided in CrossAmerica’s Partnership Agreement.

Conference Call

The Partnership will host a conference call on November 5, 2026, at 9:00 a.m. Eastern Time to discuss the third quarter of 2026 earnings results. The conference call numbers are 800-717-1738 or 646-307-1865 and the passcode for both is 301276. An audio webcast of the conference call and the related earnings materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the CrossAmerica website (www.crossamericapartners.com). After the conference call, an archive of the webcast will be available on the investor section of the CrossAmerica site at https://caplp.gcs-web.com/webcasts-presentations within 24 hours after the call for a period of sixty days.

Non-GAAP Measures and Same Store Metrics

Non-GAAP measures used in this release include EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. These Non-GAAP measures are further described and reconciled to their most directly comparable GAAP measures in the Supplemental Disclosure Regarding Non-GAAP Financial Measures section of this release.

Same store fuel volume and same store merchandise sales include aggregated individual store results for all stores that had fuel volume or merchandise sales and that were operated in the same class of trade for all months for both periods. Same store merchandise sales excludes other revenues such as lottery commissions and car wash sales.

CROSSAMERICA PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars, except unit data)
(Unaudited)

CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars, Except Unit and Per Unit Amounts)
(Unaudited)