Quarterly ResultMay 6, 2026, 04:47 PM
CrossAmerica Q1 Net Income $9.97M, EPS $0.26; Amends Getty Lease
AI Summary
CrossAmerica Partners LP reported a significant turnaround in its first-quarter 2026 financial results, moving from a net loss to a net income available to limited partners of $9.97 million, or $0.26 per common unit. This improvement was driven by a substantial increase in operating income and gross profit, despite a slight decrease in operating revenues. The company also amended its master lease agreement with Getty, extending the term and securing a purchase option for 25 sites, while continuing its real estate rationalization efforts by divesting 16 properties.
Key Highlights
- Net income available to limited partners was $9.97 million for Q1 2026, up from a $7.78 million loss in Q1 2025.
- Basic net income per common unit was $0.26 for Q1 2026, compared to a loss of $0.20 in Q1 2025.
- Operating income increased to $23.75 million in Q1 2026 from $2.00 million in Q1 2025.
- Gross profit rose to $97.62 million in Q1 2026 from $89.81 million in Q1 2025.
- Operating revenues decreased to $841.83 million in Q1 2026 from $862.48 million in Q1 2025.
- Amended Getty lease, extending the term through April 30, 2037, and including a purchase option for 25 sites.
- Sold 16 properties for $12.7 million in Q1 2026, resulting in a net gain of $6.3 million.
- Net cash provided by operating activities increased to $27.88 million in Q1 2026 from $15.05 million in Q1 2025.