CrossAmerica Partners (CAPL) 2026年第三季度业绩电话会：燃油销量拖累EBITDA

核心要点

• CrossAmerica Partners公布2026年第三季度净利润为880万美元，低于上年同期的1360万美元。调整后EBITDA下降6%至3870万美元。
• 加油站油价处于高位对需求构成压力。零售同店燃油销量下降7%，同时批发同店销量同比亦下降约7%。
• 零售燃油利润率增长5%至每加仑0.404美元，部分抵消了销量下滑的影响，并将零售毛利降幅限制在2%。
• 商品利润率提升140个基点至30.3%。尽管公司直营网点平均数量减少7%，商品毛利仍增长2%至3280万美元。
• 可分配现金流从2780万美元降至2180万美元，季度分红覆盖率降至1.09倍。过去12个月覆盖率从1.00倍提升至1.32倍。
• 2026年前九个月，调整后EBITDA同比增长22%，可分配现金流同比增长30%。

核心财务数据

业务与经营业绩

零售业务

零售部门毛利由8000万美元下降2%至7800万美元。车用燃油零售毛利减少320万美元，降幅8%，主因需求疲软抵消了每加仑利润率上升的利好。

零售同店燃油销量下降7%。公司直营网点下滑约5%，佣金网点降幅更大。管理层表示，9月份呈现显著的相对改善，10月份走势虽不及9月份，但仍优于第三季度的平均水平。

店内同店销售额下降1%，剔除香烟后的销售额增长0.4%。其他烟草制品以及品牌和自营食品的增长，有助于抵消客流减少的影响。

在产品结构以及食品、饮料、啤酒和香烟业务执行力的推动下，商品利润率达30.3%，提升140个基点。商品毛利增长2%至3280万美元。

批发业务

批发毛利下降7%至2310万美元。受销量下滑8%影响，车用燃油毛利下降9%至1440万美元。

批发利润率为每加仑0.088美元，与上年同期持平。管理层将这一利润率表现归功于燃油采购举措，以及与较高燃油成本相关的更高账期付款折扣。

批发运营费用减少110万美元，降幅16%，主要由于资产出售减少了承租经销商和受控网点的数量。

资产组合与资产负债表

CrossAmerica在本季度出售了15处物业，产生1060万美元资金款项和240万美元净收益。年初至今，信贷额度余额仍减少约1800万美元，体现了经营业绩和针对性资产出售的成效。

截至2026年9月30日，信贷额度余额中约60%已通过利率互换转换为约3.4%的固定综合利率。该信贷总额度的实际利率为5.6%。

管理层指引

管理层仍专注于稳健持久的现金流、审慎的资产负债表管理，以及对网络质量和竞争力的投资。公司计划将信贷协议定义的杠杆率控制在约4倍。

CrossAmerica表示，2026年年内剩余时间的物业出售储备项目依然强劲，尽管交易活跃度预计将低于2025年创下的纪录水平。增长性资本仍集中于直营网点，尤其是旨在提振商品销售与利润率的食品相关投资。

风险与关注点

• 汽油和柴油价格处于高位，对两个运营部门的客户需求及燃油销量构成压力。
• 燃油采购成本依然波动较大，需要在整个网络内频繁调整价格。
• 本季度零售与批发同店销量趋势略落后于行业整体水平。
• 维持性资本支出增加（包括环保合规支出），削减了季度可分配现金流和覆盖率。
• 管理层指出，维持性资本支出和分红覆盖率在各季度之间可能会有所波动。

业绩电话会议完整实录

完整财报电话会议逐字稿

管理层陈述

Operator

Good morning, ladies and gentlemen, and welcome to the CrossAmerica Partners Third Quarter 2026 Earnings Call. [Operator Instructions] This call is being recorded on Thursday, November 5, 2026.

I would now like to turn the conference over to Randy Palmer, Investor Relations. Please go ahead.

Randy Palmer

Thank you, operator. Good morning, and thank you for joining the CrossAmerica Partners Third Quarter 2026 Earnings Call. With me today are Maura Topper, CEO and President; and Jon Benfield, Chief Financial Officer.

We'll start off the call today with Maura providing some opening comments and an overview of CrossAmerica's operational performance for the third quarter, and then Jon will discuss the financial results. Today's call will follow presentation slides that are available as part of the webcast and are posted on the CrossAmerica website.

Before we begin, I would like to remind everyone that today's call may include forward-looking statements regarding expected revenue, future plans, future operational metrics and opportunities and expectations of the organization. There could be no assurance that management's expectations, beliefs and projections will be achieved or that actual results will not differ from expectations. Please see CrossAmerica's filings with the Securities and Exchange Commission, including annual reports on Form 10-K and quarterly reports on Form 10-Q for a discussion of important factors that could affect our actual results. Forward-looking statements represent the judgment of CrossAmerica's management as of today's date, and the organization disclaims any intent or obligation to update any forward-looking statements.

During today's call, we may also provide certain performance measures that do not conform to U.S. generally accepted accounting principles, or GAAP. We have provided schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press release. Today's call is being webcast, and a recording of this conference call will be available on the CrossAmerica website for a period of 60 days. After the conclusion of our commentary this morning, if you do have any questions, please feel free to reach out to us.

With that, I will now turn the call over to Maura.

Maura Topper

Thank you, Randy. Thank you to everyone joining us this morning. We appreciate you making the time to be with us today. As an overview of our third quarter 2026 results, adjusted EBITDA for the quarter was $38.7 million, which was down 6% from the prior year. We, like the industry broadly, were challenged by fuel volume this quarter with elevated and climbing prices at the pump pressuring demand across both of our segments. We did have some meaningful wins in the parts of the business we have more control over. We grew our merchandise margin percentage by 140 basis points, grew merchandise gross profit 2% despite 7% fewer company-operated sites, continued to reduce operating expenses and earned a higher retail fuel margin per gallon. Combined with a very strong first half, these results leave us well ahead of last year through the first 9 months with adjusted EBITDA up 22% and distributable cash flow up 30% year-over-year.

Turning to Slide 4. I will review some of the detailed operating results of our third quarter. Our retail segment gross profit declined 2% to $78 million compared to $80 million in the third quarter of 2025. The decrease was primarily driven by a decline in motor fuel gross profit, partially offset by growth in merchandise gross profit and other revenue. Retail fuel gross profit declined $3.2 million, or 8%, when compared to the third quarter of 2025. During the quarter, we operated in a generally rising fuel price environment with the average cost of a gallon of gasoline across the country reaching a high of just below $4.50 a gallon in late September. Diesel prices experienced a material increase over the course of the quarter as well. Underlying input costs remained volatile throughout the quarter, though somewhat less so than in earlier parts of the year. Elevated fuel prices impacted customer demand and our volumes, though underlying input cost volatility helped offset some of the volume impacts with increased fuel margins.

On a same-store basis, our retail segment reported a 7% decline in volume year-over-year, with same-store volume at our company-operated locations down approximately 5% for the quarter with a more elevated decline in our commission locations, resulting in the segment's overall volume performance. Our overall segment same-store volume performance trailed industry volumes trends modestly throughout the quarter, but we experienced a material improvement in our volume profile over the course of the quarter, with September volumes on a relative basis to last year, much stronger than earlier parts of the quarter. October's volume trends in the retail segment have generally been somewhat softer than our September results, though ahead of our overall third quarter average.

Turning to our fuel margins in our retail segment. On a cents per gallon basis, we earned $0.404 per gallon in the third quarter of 2026, a 5% increase compared to $0.384 per gallon in the third quarter last year. Fuel input cost volatility has remained an ongoing aspect of 2026, requiring a high level of focus from our teams around the country to ensure we are competitively priced daily. Our third quarter margins moderated materially from the elevated margins we and the industry experienced in the second quarter of this year. That being said, the input cost volatility we have experienced in 2026 has generally resulted in fuel margins that are stronger than we would have typically anticipated in the rising fuel price environment we have experienced this year and in the third quarter. In the period since quarter end, fuel margins have remained within the range of volatility we've seen throughout 2026. We continue to believe in our strategic focus of controlling retail fuel pricing whenever possible to ensure our locations remain top of mind for customers in all price environments.

Moving from our retail fuel operations to our store sales. Our third quarter 2026 results continued a series of important positive performance trends in this critical area of our business. On a same-store basis, our overall inside sales were down 1% for the third quarter compared to the prior year, with same-store sales, excluding cigarettes, increasing 0.4%. We experienced growth in the areas of other tobacco products and food, both branded and proprietary, which has been our trend all year-to-date. In spite of the fuel volume demand trends we've experienced during the quarter, we were again, this quarter, able to limit the impact of general customer traffic trends with the important investments we've made in recent years in our convenience store and offerings.

We also saw a strong increase in merchandise margin percentage, which came in at 30.3%, up 140 basis points from the prior year. We benefited from a better merchandise mix and better execution in some of our core categories, primarily the important food and beverage categories, as well as beer and cigarettes. The strong margin results contributed to a 2% increase in our merchandise gross profit to $32.8 million, which we achieved in spite of a 7% decline in average company-operated site count during the quarter compared to the third quarter of 2025. Jon will go through this in more detail, but I'll note that total operating expenses declined again this quarter, our fifth consecutive quarter of year-over-year declines.

In retail, savings in store-level employment costs largely offset higher maintenance and environmental costs. And in wholesale, operating expenses were down meaningfully as our controlled site count declined. This type of expense performance takes a great amount of focus from our operations teams as well as technology-assisted improvements that are benefiting our operations.

Moving on to the top line results for the wholesale segment. Gross profit was $23.1 million compared to $24.8 million in the third quarter of 2025, a decline of 7%. The decrease was primarily driven by lower fuel volume with wholesale margin per gallon flat for the quarter. Wholesale motor fuel gross profit declined 9% to $14.4 million in the third quarter of 2026 from $15.7 million, driven by an 8% decline in volume for the quarter. Wholesale segment volume during the quarter was impacted by many of the same challenges due to elevated prices that I discussed in my comments on the retail segment. Same-store performance in the wholesale segment was down approximately 7% year-over-year, with the remaining decline in volume due to the net loss of independent dealer contracts. Our third quarter wholesale fuel margin of $0.088 per gallon reflects continued benefit from our fuel sourcing efforts and, in this quarter, higher payment terms discount associated with our higher fuel costs.

We also continued our real estate optimization work during the quarter, selling 15 properties and realizing $10.6 million in proceeds. As we have discussed previously, 2025 was our biggest year ever in regards to property sales. We are continuing our targeted real estate efforts in 2026, and we continue to have a strong pipeline for the balance of the year, though at a lower level than in 2025.

Concluding my comments, our third quarter was impacted by fuel volume pressure from elevated prices, but we delivered on the parts of the business we control, and we remain well ahead of last year through 9 months. Our priorities remain generating strong and durable cash flows from our operations, maintaining a disciplined approach to our balance sheet and investing in the quality and competitiveness of our network. Before I turn it over to Jon, I again want to be sure to thank our team members around the country for their hard work and dedication this quarter. Our team's focus and effort on what we can control during this volatile 2026 has helped us drive the performance of our business, and our leadership team appreciates all of your hard work.

With that, I will turn it over to Jon for a more detailed financial review.

Jonathan Benfield

Thank you, Maura. If you would please turn to Slide 6, I'll go over our third quarter financial results. We reported net income of $8.8 million and adjusted EBITDA of $38.7 million for the third quarter of 2026 compared to net income of $13.6 million and adjusted EBITDA of $41.3 million for the third quarter of 2025. As Maura noted, adjusted EBITDA declined 6%, or $2.6 million, year-over-year. The decrease in adjusted EBITDA was primarily driven by the factors that Maura covered in her comments, 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 a decline in operating expenses across both segments. The decline in net income was primarily driven by the decrease in adjusted EBITDA in addition to lower net gains in connection with our ongoing real estate optimization efforts 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. Net income also benefited from lower impairment charges included in depreciation, amortization and accretion expense.

Our distributable cash flow for the third quarter of 2026 was $21.8 million, a decline from $27.8 million for the third quarter of 2025. The decrease for the third quarter of 2026 in distributable cash flow was primarily driven by the decline in adjusted EBITDA in addition to increases in sustaining capital expenditures. We also experienced lower cash interest expense during the quarter, which was offset by higher current income tax expense. Our distribution coverage ratio for the third quarter of 2026 was 1.09x compared to 1.39x for the same period of 2025. For the trailing 12 months, our distribution coverage ratio was 1.32x compared to 1.00x for the trailing 12 months ended September 30, 2025. During the third quarter of 2026, the partnership paid a distribution of $0.525 per unit.

Turning to the expense portion of our operations. In total across both segments, we reported operating expenses for the third quarter of 2026 of $56.3 million, a $1.3 million, or 2%, decrease year-over-year. Retail segment operating expenses for the third quarter declined $0.2 million and wholesale segment operating expenses declined by $1.1 million. In our retail segment, our average segment site count was down approximately 7% year-over-year. On a same-store store level basis, operating expenses in our retail segment were up approximately 1% for the third quarter of 2026 compared to the third quarter of 2025. The increase was primarily driven by higher maintenance and environmental costs, largely offset by reduced store-level employment costs as we remain focused on efficient staffing in our stores.

Returning to our wholesale segment. Operating expenses declined by $1.1 million, or 16%, for the quarter. This decline was primarily driven by the decline in lessee dealer or controlled site count within the segment year-over-year due to asset sales and, to a lesser extent, conversions to our retail class of trade.

We reported G&A expenses for the quarter of $6.7 million, a slight increase year-over-year, primarily driven by higher legal fees. We remain focused across the organization on efficient expense management at our locations as well as at the corporate level, ensuring that we are investing in customer-facing areas at our locations that will drive the long-term health and sustainability of our sites and driving operating efficiencies in our above-store operations.

Moving to the next slide. We spent a total of $7.2 million on capital expenditures during the third quarter, with $1.9 million of that total being growth-related capital expenditures and $5.3 million of that being sustaining capital expenditures. Approximately 1/3 of our sustaining capital expenditures during the quarter were related to environmental compliance. As we noted last quarter, given our strong results year-to-date, we again accelerated some maintenance capital spending from future periods with a continued focus on supporting the resiliency of our sites. Because sustaining capital expenditures vary from quarter-to-quarter, we encourage you to look at our distribution coverage ratio on a year-to-date and trailing 12-month basis, which were 1.28 and 1.32x, respectively. Regarding our growth capital spending, we remain focused on our company-operated locations, especially in food-related investments that will contribute to our merchandise sales and margin results.

Turning to our balance sheet. Our credit facility-defined leverage ratio was 3.72x compared to 3.56x as of September 30, 2025. Our management team remains focused on the cash flow generation profile of our business, utilizing our normal course operations and our targeted real estate optimization efforts to manage our leverage ratio at approximately 4x on a credit facility-defined basis. Our credit facility balance increased slightly over the course of the third quarter, primarily as a result of changes in working capital and capital spending, but remains down approximately $18 million year-to-date as a result of our strong results and targeted asset sales. Utilizing proceeds from asset sales over the past year to pay down our debt again benefited our cash interest expense during the third quarter of 2026. Our cash interest declined from $11.3 million in the third quarter of 2025 to $10.7 million in the third quarter of 2026.

Our existing interest rate swap portfolio continues to benefit us as well. As of September 30, 2026, about 60% of our current credit facility balance was swapped to a fixed rate of approximately 3.4% blended, and our effective interest rate on the total credit facility at the end of the third quarter was 5.6%.

In conclusion, we are pleased with our performance through the first 9 months of 2026 with adjusted EBITDA and distributable cash flow well ahead of last year, even as the third quarter showed how elevated prices can pressure fuel volume. We continue to position our portfolio to generate durable and consistent cash flows into the future. We are looking to close out 2026 strong, maintaining discipline with our balance sheet and generating value for our unitholders.

Maura Topper

That completes today's conference call. We appreciate each of you joining us today. If you have follow-up questions, please feel free to contact us. Thank you, and have a great day.

Operator

Thank you. This concludes today's conference. Thank you for participating. You may now disconnect.