CrossAmerica Partners LP (CAPL) financial statements: income statement, balance sheet and cash flow

CrossAmerica Partners LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CrossAmerica Partners LP reported revenue of $3.7B (-10.6% year on year) and net income of $41.8M (+86.3% year on year).

Income statement

CrossAmerica Partners LP income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Operating revenues	$3.7B	$4.1B	$4.4B	$5.0B
Cost of sales	$3.3B	$3.7B	$4.0B	$4.6B
Gross profit	$402.7M	$398.3M	$382.3M	$375.8M
Operating expenses	$231.7M	$228.0M	$194.7M	$174.7M
General and administrative expenses	$28.0M	$28.8M	$27.0M	$25.6M
Depreciation, amortization and accretion expense	$89.6M	$76.0M	$77.2M	$80.6M
Total operating expenses	$349.3M	$332.7M	$298.9M	$280.9M
Gain on dispositions and lease terminations, net	$44.2M	$5.0M	$4.7M	$1.1M
Operating income	$97.6M	$70.6M	$88.1M	$96.0M
Other income, net	$577.0K	$780.0K	$790.0K	$504.0K
Interest expense	($48.1M)	($52.3M)	($43.7M)	($32.1M)
Income before income taxes	$50.1M	$19.0M	$45.1M	$64.4M
Income tax expense (benefit)	$8.3M	($3.4M)	$2.5M	$714.0K
Net income	$41.8M	$22.5M	$42.6M	$63.7M
Accretion of preferred membership interests	$2.7M	$2.6M	$2.5M	$1.7M
Net income available to limited partners	$39.1M	$19.9M	$40.1M	$62.0M
Earnings per common unit, basic	$1.03	$0.52	$1.06	—
Earnings per common unit, diluted	$1.02	$0.52	$1.05	—
Weighted-average common units, basic	38.1M	38.0M	38.0M	—
Weighted-average common units, diluted	38.2M	38.2M	38.1M	—
(a) includes excise taxes of:	$317.0M	$321.8M	$295.8M	$270.5M
(a) includes rent income of:	$62.5M	$71.2M	$82.3M	$84.1M
(b) excludes depreciation, amortization and accretion and includes rent expense of:	$19.4M	$20.7M	$22.3M	—
(c) includes rent expense of:	$18.7M	$17.4M	$15.5M	$15.3M

CrossAmerica Partners LP income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Operating revenues	$1.2B	$841.8M	$971.8M	$961.9M
Cost of sales	$1.1B	$744.2M	$867.1M	$860.9M
Gross profit	$112.8M	$97.6M	$104.8M	$101.0M
Operating expenses	$55.0M	$56.4M	$57.5M	$57.9M
General and administrative expenses	$6.8M	$6.5M	$6.5M	$6.6M
Depreciation, amortization and accretion expense	$16.8M	$17.1M	$20.0M	$23.3M
Total operating expenses	$78.6M	$80.0M	$84.1M	$87.9M
Gain on dispositions and lease terminations, net	$1.1M	$6.1M	$7.4M	$28.4M
Operating income	$35.3M	$23.8M	$28.1M	$41.5M
Other income, net	$212.0K	$157.0K	$152.0K	$136.0K
Interest expense	($11.3M)	($10.8M)	($11.8M)	($12.6M)
Income before income taxes	$24.1M	$13.2M	$16.5M	$29.1M
Income tax expense	$3.3M	$2.5M	$2.9M	$3.9M
Net income	$20.8M	$10.7M	$13.6M	$25.2M
Accretion of preferred membership interests	$710.0K	$694.0K	$696.0K	$680.0K
Net income available to limited partners	$20.1M	$10.0M	$12.9M	$24.5M
Net income (loss) per common unit, basic	$0.53	$0.26	$0.34	$0.64
Net income (loss) per common unit, diluted	$0.52	$0.26	$0.34	$0.64
Weighted-average common units, basic	38.2M	38.1M	38.1M	38.1M
Weighted-average common units, diluted	38.3M	38.3M	38.3M	39.5M
(a) includes excise taxes of:	$72.0M	$68.8M	$83.0M	$82.9M
(a) includes rent income of:	$14.7M	$14.6M	$15.2M	$15.5M
(b) excludes depreciation, amortization and accretion and includes rent expense of:	$3.8M	$4.1M	$4.8M	$4.9M
(c) includes rent expense of:	$4.5M	$4.6M	$4.7M	$4.6M

Balance sheet

CrossAmerica Partners LP balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$3.1M	$3.4M	$5.0M	$16.1M
Accounts receivable, net of allowances of $757 and $709, respectively	$28.6M	$31.6M	$31.2M	$30.8M
Accounts receivable from related parties	$687.0K	$634.0K	$437.0K	$743.0K
Inventory	$59.6M	$63.2M	$52.3M	$47.3M
Assets held for sale	$9.7M	$9.0M	$400.0K	$983.0K
Current portion of interest rate swap contracts	$801.0K	$3.0M	$9.3M	$13.8M
Other current assets	$8.6M	$8.1M	$9.8M	$8.7M
Total current assets	$111.1M	$118.8M	$108.5M	$118.4M
Property and equipment, net	$547.7M	$656.3M	$705.2M	$728.4M
Right-of-use assets, net	$121.6M	$136.4M	$148.3M	$164.9M
Intangible assets, net	$61.6M	$77.2M	$95.3M	$113.9M
Goodwill	$99.4M	$99.4M	$99.4M	$99.4M
Deferred tax assets	$760.0K	$1.0M	$759.0K	—
Interest rate swap contracts, less current portion	$325.0K	$5.1M	$687.0K	$3.4M
Other assets	$22.2M	$20.4M	$23.5M	$26.1M
Total assets	$964.7M	$1.1B	$1.2B	$1.3B
Current portion of debt and finance lease obligations	$3.5M	$3.3M	$3.1M	$11.2M
Current portion of operating lease obligations	$34.7M	$35.1M	$34.8M	$35.3M
Accounts payable	$63.4M	$74.0M	$69.0M	$77.0M
Accounts payable to related parties	$6.5M	$7.7M	$10.2M	$7.8M
Current portion of interest rate swap contracts	$697.0K	—	—	—
Accrued expenses and other current liabilities	$27.4M	$24.0M	$23.7M	$23.1M
Motor fuel and sales taxes payable	$19.0M	$18.8M	$20.4M	$20.8M
Total current liabilities	$155.2M	$162.8M	$161.1M	$175.3M
Debt and finance lease obligations, less current portion	$687.2M	$763.9M	$753.9M	$761.6M
Operating lease obligations, less current portion	$91.3M	$106.3M	$118.7M	$135.2M
Deferred tax liabilities, net	$7.4M	$7.4M	$12.9M	$10.6M
Asset retirement obligations	$45.0M	$48.3M	$47.8M	$46.4M
Interest rate swap contracts, less current portion	$1.4M	$311.0K	$3.5M	—
Other long-term liabilities	$49.3M	$50.4M	$52.9M	$46.3M
Total liabilities	$1.0B	$1.1B	$1.2B	$1.2B
Preferred membership interests	$30.3M	$29.0M	$27.7M	$26.2M
Common units- 38,135,078 and 38,059,702 units issued and outstanding at December 31, 2025 and 2024, respectively	($101.3M)	($61.4M)	($2.4M)	$36.5M
Accumulated other comprehensive (loss) income	($1.0M)	$7.6M	$5.4M	$16.5M
Total (deficit) equity	($102.3M)	($53.8M)	$3.0M	$53.0M
Total liabilities and equity	$964.7M	$1.1B	$1.2B	$1.3B

CrossAmerica Partners LP balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$4.9M	$7.3M	$5.8M	$9.7M
Accounts receivable, net of allowances of $320 and $635, respectively	$33.8M	$31.1M	$34.1M	$32.4M
Accounts receivable from related parties	$651.0K	$805.0K	$514.0K	$853.0K
Inventory	$63.4M	$65.1M	$61.0M	$59.0M
Assets held for sale	$9.8M	$7.7M	$6.1M	$14.1M
Current portion of interest rate swap contracts	$2.3M	$1.5M	$1.4M	$2.1M
Other current assets	$7.9M	$11.7M	$8.5M	$7.2M
Total current assets	$122.8M	$125.3M	$117.4M	$125.3M
Property and equipment, net	$579.5M	$589.4M	$568.9M	$586.6M
Right-of-use assets, net	$101.5M	$107.6M	$124.7M	$124.7M
Intangible assets, net	$54.4M	$58.0M	$65.1M	$69.0M
Goodwill	$99.4M	$99.4M	$99.4M	$99.4M
Interest rate swap contracts, less current portion	$1.9M	$1.1M	$325.0K	$352.0K
Other assets	$22.6M	$21.5M	$21.8M	$21.2M
Total assets	$982.0M	$1.0B	$998.9M	$1.0B
Current portion of debt and finance lease obligations	$9.8M	$9.8M	$3.4M	$3.4M
Current portion of operating lease obligations	$24.6M	$25.3M	$34.2M	$34.1M
Accounts payable	$77.7M	$77.4M	$71.7M	$73.2M
Accounts payable to related parties	$7.8M	$7.2M	$7.1M	$7.1M
Current portion of interest rate swap contracts	$184.0K	$431.0K	$480.0K	$252.0K
Accrued expenses and other current liabilities	$25.4M	$28.6M	$28.7M	$25.4M
Motor fuel and sales taxes payable	$16.4M	$19.2M	$18.6M	$18.8M
Total current liabilities	$161.8M	$167.9M	$164.2M	$162.1M
Debt and finance lease obligations, less current portion	$715.5M	$726.2M	$700.8M	$722.7M
Operating lease obligations, less current portion	$80.7M	$86.1M	$94.9M	$95.3M
Deferred tax liabilities, net	$7.5M	$7.2M	$5.3M	$6.0M
Asset retirement obligations	$44.2M	$44.6M	$45.2M	$46.2M
Interest rate swap contracts, less current portion	$109.0K	$517.0K	$1.8M	$2.2M
Other long-term liabilities	$47.9M	$48.6M	$48.6M	$48.1M
Total liabilities	$1.1B	$1.1B	$1.1B	$1.1B
Preferred membership interests	$31.5M	$31.0M	$29.8M	$30.3M
Common units - 38,154,331 and 38,135,078 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively	($111.0M)	($111.0M)	($91.0M)	($84.3M)
Accumulated other comprehensive income (loss)	$3.8M	$1.6M	($716.0K)	($172.0K)
Total deficit	($107.2M)	($109.4M)	($91.7M)	($84.5M)
Total liabilities and equity	$982.0M	$1.0B	$998.9M	$1.0B

Cash flow statement

CrossAmerica Partners LP cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$41.8M	$22.5M	$42.6M	$63.7M
Depreciation, amortization and accretion expense	$89.6M	$76.0M	$77.2M	$80.6M
Amortization of deferred financing costs	$1.9M	$1.9M	$3.3M	$2.8M
Deferred income tax (benefit) expense	($161.0K)	($6.1M)	$1.6M	($1.8M)
Equity-based employee and director compensation expense	$1.9M	$1.5M	$3.0M	$2.3M
Gain on dispositions and lease terminations, net	($44.2M)	($5.0M)	($4.7M)	($1.1M)
Changes in operating assets and liabilities, net of acquisitions	$673.0K	($3.1M)	($5.9M)	$14.6M
Net cash provided by operating activities	$91.5M	$87.8M	$117.1M	$161.3M
Principal payments received on notes receivable	$118.0K	$152.0K	$213.0K	$203.0K
Proceeds from sale of assets	$104.1M	$35.4M	$6.2M	$13.3M
Capital expenditures	($35.7M)	($26.3M)	($34.6M)	($30.4M)
Net cash provided by (used in) investing activities	$68.4M	($16.3M)	($28.2M)	($46.4M)
Borrowings under the Credit Facility	$77.8M	$113.0M	$240.9M	$114.1M
Repayments on the Credit Facility	($153.0M)	($101.5M)	($91.0M)	($138.5M)
Payments of finance lease obligations	($3.3M)	($3.1M)	($2.9M)	($2.7M)
Distributions paid on distribution equivalent rights	($284.0K)	($260.0K)	($241.0K)	($202.0K)
Income tax distributions paid on preferred membership interests	($1.4M)	($1.3M)	($900.0K)	—
Distributions paid on common units	($80.0M)	($79.9M)	($79.7M)	($79.6M)
Net cash used in financing activities	($160.2M)	($73.1M)	($100.0M)	($106.5M)
Net decrease in cash and cash equivalents	($244.0K)	($1.6M)	($11.1M)	$8.4M
Cash and cash equivalents at beginning of period	$3.4M	$5.0M	$16.1M	$7.6M
Cash and cash equivalents at end of period	$3.1M	$3.4M	$5.0M	$16.1M

CrossAmerica Partners LP cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$31.5M	$10.7M	$31.6M	$18.1M
Depreciation, amortization and accretion expense	$33.8M	$17.1M	$69.7M	$49.6M
Amortization of deferred financing costs	$968.0K	$484.0K	$1.5M	$969.0K
Credit loss expense	$24.0K	$24.0K	—	—
Deferred income tax expense (benefit)	$830.0K	($11.0K)	($2.9M)	($2.7M)
Equity-based employee and director compensation expense	$788.0K	$201.0K	$1.4M	$989.0K
Gain on dispositions and lease terminations, net	($7.2M)	($6.1M)	($40.8M)	($33.4M)
Changes in operating assets and liabilities, net of acquisitions	$397.0K	$5.6M	$1.7M	$4.1M
Net cash provided by operating activities	$61.1M	$27.9M	$62.1M	$37.7M
Principal payments received on notes receivable	$127.0K	$23.0K	$92.0K	$63.0K
Proceeds from sale of assets	$16.3M	$13.0M	$94.8M	$72.8M
Capital expenditures	($10.9M)	($3.4M)	($28.7M)	($22.0M)
Cash paid in connection with acquisitions, net of cash acquired	($1.8M)	($1.8M)	—	—
Net cash provided by investing activities	$3.7M	$7.8M	$66.2M	$50.9M
Borrowings under the Credit Facility	$49.5M	$24.7M	$49.0M	$41.0M
Repayments on the Credit Facility	($70.2M)	($35.0M)	($111.0M)	($81.5M)
Payments of finance lease obligations	($2.0M)	($1.1M)	($2.4M)	($1.6M)
Distributions paid on distribution equivalent rights	($139.0K)	($69.0K)	($218.0K)	($146.0K)
Distributions paid to preferred membership interests	($170.0K)	—	—	—
Distributions paid on common units	($40.1M)	($20.0M)	($60.0M)	($40.0M)
Net cash used in financing activities	($63.0M)	($31.5M)	($125.9M)	($82.2M)
Net increase in cash and cash equivalents	$1.8M	$4.2M	$2.4M	$6.3M
Cash and cash equivalents at beginning of period	$3.1M	$3.1M	$3.4M	$3.4M
Cash and cash equivalents at end of period	$4.9M	$7.3M	$5.8M	$9.7M

CrossAmerica Partners LP score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.