Crossamerica Partners Lp Stock Earnings Reports

CrossAmerica reported a strong first quarter 2026 driven by retail fuel margin expansion, merchandise margin improvement, expense control and targeted asset sales. Adjusted EBITDA was a record $35.1 million for Q1 (up 45% YoY) and net income was $10.7 million (versus a loss in prior year). Retail gross profit rose 18% to $74.3 million as retail fuel margin improved to $0.437/gal (from $0.339/gal) despite a same-store fuel volume decline (retail company-operated same-store volumes down ~4%, commission locations down ~14%). Merchandise gross profit increased 8% with merchandise margin at a company high (~29.7%). Wholesale gross profit declined modestly to $23.3 million as volumes and rental income reduced due to conversions and asset sales. The company sold 16 properties in Q1 for ~$12.7 million of proceeds, used primarily to pay down debt and reduce the credit facility balance by ~$10 million, lowering the credit-facility-defined leverage ratio to 3.35x (targeting ~4x). Distributable cash flow more than doubled to $21.5 million and distribution coverage improved to 1.07x for the quarter (trailing 12-month coverage 1.25x). Capex was modest ($3.4 million), with continued focus on food-related growth investments at company-operated sites. Management emphasized disciplined portfolio optimization, continued investment in site competitiveness, and maintaining a strong balance sheet heading into the summer driving season.