CAPLHIGH SIGNALFINANCIAL10-K

CAPL delivered exceptional financial performance with net income surging 407% to $107.5M and revenue nearly quadrupling to $1.9B, while simultaneously reducing debt and maintaining operational discipline.

This represents a dramatic operational turnaround that significantly exceeds normal business performance variations, suggesting either major business model improvements, strategic acquisitions, or favorable market conditions that have fundamentally enhanced the partnership's profitability. The combination of massive revenue growth with controlled operating leverage (operating income grew only 38% versus revenue growth of 283%) indicates either improved efficiency or a shift toward lower-margin but higher-volume business segments.

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

The financial transformation is remarkable, with revenue nearly quadrupling to $1.9B and net income surging over 400% to $107.5M, while the company strengthened its balance sheet by reducing total debt 10% to $693.5M and cutting dividend payments 64%. Despite increased capital expenditure of $35.7M (+36%), total assets declined 14% to $964.7M, suggesting either asset sales or improved asset efficiency. This combination of explosive revenue growth, dramatic profit improvement, and debt reduction signals either a major strategic pivot, significant acquisition activity, or exceptional operational execution that has fundamentally transformed the partnership's financial profile.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+406.7%
$21.2M→$107.5M

Net income grew 406.7% — bottom-line growth signals improving overall business health.

Revenue
P&L
+283.2%
$487.9M→$1.9B

Strong top-line growth of 283.2% — accelerating demand or successful expansion into new markets.

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.

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.
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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.
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