CAPLMEDIUM SIGNALFINANCIAL10-K

CAPL shows improved profitability despite lower revenue, with operating income growing substantially while total assets and debt declined.

The partnership demonstrated operational efficiency by generating meaningfully higher operating income on reduced revenue, suggesting better margin management or cost control. However, the revenue decline and asset base contraction indicate potential business scale reduction that warrants monitoring.

Comparing 2026-02-25 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

CAPL's financial profile shows a mixed but generally positive trajectory, with operating income expanding substantially from $70.6M to $97.6M despite revenue declining 15.6% to $1.9B. The company reduced its financial footprint with total assets decreasing 13.5% to $964.7M and total debt falling 10.2% to $693.5M, while capital expenditures increased modestly and dividend payments were substantially reduced. This suggests a focus on operational efficiency and balance sheet optimization, though the revenue contraction and lower distributions may concern income-focused investors.

FINANCIAL STATEMENT CHANGES
Dividends Paid
Cash Flow
-63.6%
$4.3M→$1.6M

Dividends cut 63.6% — significant signal of cash flow stress or capital reallocation priorities.

Operating Income
P&L
+38.4%
$70.6M→$97.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
+35.8%
$26.3M→$35.7M

Capital expenditure jumped 35.8% — major investment cycle underway; assess returns on deployment.

Revenue
P&L
-15.6%
$2.2B→$1.9B

Revenue softened 15.6% — monitor whether this is cyclical or structural.

Total Assets
Balance Sheet
-13.5%
$1.1B→$964.7M

Total assets contracted 13.5% — asset sales, write-downs, or balance sheet optimization underway.

Total Debt
Balance Sheet
-10.2%
$772.2M→$693.5M

Debt reduced 10.2% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-27
ADDED
As of February 20, 2026, the registrant had outstanding 38,135,078 common units.
TopStar is an operator of convenience stores that purchases fuel from us.
Credit Facility Amendment and Restatement Agreement, dated as of March 31, 2023, as amended by the First Amendment to Amendment and Restatement Agreement, dated as of February 20, 2024, among the Partnership and Lehigh Gas Wholesale Services, Inc., as borrowers, the guarantors from time to time party thereto, the lenders from time to time party thereto and Citizens Bank, N.A., as administrative agent.
Internal Revenue Code Internal Revenue Code of 1986, as amended IPO Initial public offering of CrossAmerica Partners LP on October 30, 2012 IRS Internal Revenue Service JKM Credit Facility Credit Agreement, dated as of July 16, 2021, as amended on July 29, 2021 among CAPL JKM Partners, Holdings and Manufacturers and Traders Trust Company, as administrative agent, swingline lender and issuing bank.
Securities and Exchange Commission Shell collectively, Equilon Enterprises LLC dba Shell Oil Products US and Motiva Enterprises, LLC SOFR Secured Overnight Financing Rate 2 Tax Cuts and Jobs Act U.S.
Any differences could result from a variety of factors, including the following: the Topper Group s business strategy and operations and the Topper Group s conflicts of interest with us; availability of cash flow to pay the current quarterly distributions on our common units; the availability and cost of competing motor fuel resources and convenience merchandise; motor fuel price volatility, including as a result of the conflict in Ukraine or in the Middle East and geopolitical developments around Venezuela and Greenland; a reduction in demand for motor fuels; changes in U.S.
As of February 20, 2026, the Topper Group also has beneficial ownership of a 38.5% limited partner interest in the Partnership.
As of December 31, 2025, we own or lease approximately 1,000 sites, of which we operate 352 as company operated sites.
Gallons of Motor Fuel Distributed Year Ended December 31, Fuel Distribution Sites End of Year Segment 2025 2024 2023 2025 2024 2023 Independent dealers (a) Wholesale 483 483 518 653 607 632 Lessee dealers Wholesale 206 261 325 333 434 569 Company operated Retail 378 389 342 352 365 296 Commission agents (b) Retail 164 166 165 231 229 199 Total 1,231 1,299 1,350 1,569 1,635 1,696 (a) Gallons distributed to independent dealers include gallons distributed to sub-wholesalers and commercial accounts, which are not included in the site counts reported above.
Our lease agreements with third-party landlords have an average remaining lease term of 3.3 years as of December 31, 2025.
REMOVED
As of February 21, 2025, the registrant had outstanding 38,059,702 common units.
TopStar is an operator of convenience stores that purchases fuel and leases sites from us.
Securities and Exchange Commission Shell Equilon Enterprises LLC dba Shell Oil Products US SOFR Secured Overnight Financing Rate Tax Cuts and Jobs Act U.S.
As of February 21, 2025, the Topper Group also has beneficial ownership of a 38.6% limited partner interest in the Partnership.
As of December 31, 2024, we own or lease approximately 1,100 sites, of which we operate 365 as company operated sites.
Gallons of Motor Fuel Distributed Year Ended December 31, Fuel Distribution Sites End of Year Segment 2024 2023 2022 2024 2023 2022 Independent dealers (a) Wholesale 483 518 496 607 632 663 Lessee dealers Wholesale 261 325 348 434 569 619 Company operated Retail 389 342 328 365 296 255 Commission agents (b) Retail 166 165 168 229 199 200 Total 1,299 1,350 1,340 1,635 1,696 1,737 (a) Gallons distributed to independent dealers include gallons distributed to sub-wholesalers and commercial accounts, which are not included in the site counts reported above.
Our lease agreements with third-party landlords have an average remaining lease term of 3.9 years as of December 31, 2024.
6 The following table presents rental income (in millions) and the number of sites from which rental income was generated: Rental Income Year Ended December 31, Sites from which Rental Income was Generated End of Year Segment 2024 2023 2022 2024 2023 2022 Lessee dealers Wholesale $ 57.8 $ 69.7 $ 71.3 490 628 687 Company operated Retail 2.7 2.4 2.2 47 50 44 Commission agents Retail 10.7 10.2 10.6 221 188 185 Total $ 71.2 $ 82.3 $ 84.1 758 866 916 The financial statements reflect the consolidated results of the Partnership and its wholly owned subsidiaries.
In addition, LGWS sells motor fuel on a retail basis at sites operated by commission agents.
LGWS also sells motor fuels on a retail basis and sells convenience merchandise to end customers at company operated retail sites.
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