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Side-by-side financial comparison of GLOBAL PARTNERS LP (GLP) and MARTIN MIDSTREAM PARTNERS L.P. (MMLP). Click either name above to swap in a different company.
GLOBAL PARTNERS LP is the larger business by last-quarter revenue ($2.2B vs $187.7M, roughly 11.8× MARTIN MIDSTREAM PARTNERS L.P.). MARTIN MIDSTREAM PARTNERS L.P. runs the higher net margin — 1.7% vs 1.1%, a 0.6% gap on every dollar of revenue. On growth, GLOBAL PARTNERS LP posted the faster year-over-year revenue change (7.0% vs -2.5%). GLOBAL PARTNERS LP produced more free cash flow last quarter ($62.2M vs $-6.0M). Over the past eight quarters, MARTIN MIDSTREAM PARTNERS L.P.'s revenue compounded faster (0.8% CAGR vs 0.2%).
Global Partners LP is an American energy supply company ranked 361 in the 2018 Fortune 500. The company is organized as a master limited partnership, and its operations focus on the importing of petroleum products and marketing them in North America. It wholesales products like crude oil, diesel oil, gasoline, heating oil and kerosene.
Martin Midstream Partners L.P. is a U.S.-based midstream energy services provider. It offers storage, transportation, distribution and processing solutions for crude oil, natural gas liquids, refined petroleum products and specialty chemicals, mainly serving customers across North American energy and industrial segments.
GLP vs MMLP — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $187.7M |
| Net Profit | $25.1M | $3.2M |
| Gross Margin | 11.9% | — |
| Operating Margin | 2.6% | — |
| Net Margin | 1.1% | 1.7% |
| Revenue YoY | 7.0% | -2.5% |
| Net Profit YoY | 5.0% | 132.4% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $187.7M | ||
| Q4 25 | $2.2B | $174.2M | ||
| Q3 25 | $2.2B | $168.7M | ||
| Q2 25 | $2.1B | $180.7M | ||
| Q1 25 | $2.2B | $192.5M | ||
| Q4 24 | $2.1B | $171.3M | ||
| Q3 24 | $2.1B | $170.9M | ||
| Q2 24 | $2.3B | $184.5M |
| Q1 26 | — | $3.2M | ||
| Q4 25 | $25.1M | $-2.9M | ||
| Q3 25 | $29.0M | $-8.4M | ||
| Q2 25 | $25.2M | $-2.4M | ||
| Q1 25 | $18.7M | $-1.0M | ||
| Q4 24 | $23.9M | $-8.9M | ||
| Q3 24 | $45.9M | $-3.3M | ||
| Q2 24 | $46.1M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | 11.9% | 57.1% | ||
| Q3 25 | 12.1% | 55.1% | ||
| Q2 25 | 13.1% | 56.5% | ||
| Q1 25 | 11.7% | 53.5% | ||
| Q4 24 | 13.0% | 58.2% | ||
| Q3 24 | 13.4% | 58.5% | ||
| Q2 24 | 12.6% | 58.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 7.3% | ||
| Q3 25 | 2.7% | 4.1% | ||
| Q2 25 | 2.9% | 8.2% | ||
| Q1 25 | 2.6% | 7.5% | ||
| Q4 24 | 2.8% | 4.0% | ||
| Q3 24 | 3.9% | 7.4% | ||
| Q2 24 | 3.7% | 10.8% |
| Q1 26 | — | 1.7% | ||
| Q4 25 | 1.1% | -1.7% | ||
| Q3 25 | 1.3% | -5.0% | ||
| Q2 25 | 1.2% | -1.3% | ||
| Q1 25 | 0.9% | -0.5% | ||
| Q4 24 | 1.2% | -5.2% | ||
| Q3 24 | 2.1% | -1.9% | ||
| Q2 24 | 2.0% | 2.0% |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $101.0M | — |
| Free Cash FlowOCF − Capex | $62.2M | $-6.0M |
| FCF MarginFCF / Revenue | 2.8% | -3.2% |
| Capex IntensityCapex / Revenue | 1.8% | 1.6% |
| Cash ConversionOCF / Net Profit | 4.03× | — |
| TTM Free Cash FlowTrailing 4 quarters | $193.3M | $27.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $101.0M | $22.4M | ||
| Q3 25 | $19.0M | $-1.2M | ||
| Q2 25 | $216.3M | $30.9M | ||
| Q1 25 | $-51.6M | $-6.0M | ||
| Q4 24 | $67.2M | $42.2M | ||
| Q3 24 | $122.7M | $-15.8M | ||
| Q2 24 | $24.3M | $11.8M |
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $62.2M | $15.6M | ||
| Q3 25 | $-678.0K | $-7.9M | ||
| Q2 25 | $201.3M | $25.6M | ||
| Q1 25 | $-69.5M | $-11.9M | ||
| Q4 24 | $20.4M | $34.2M | ||
| Q3 24 | $98.4M | $-25.6M | ||
| Q2 24 | $8.7M | $-696.0K |
| Q1 26 | — | -3.2% | ||
| Q4 25 | 2.8% | 8.9% | ||
| Q3 25 | -0.0% | -4.7% | ||
| Q2 25 | 9.7% | 14.2% | ||
| Q1 25 | -3.2% | -6.2% | ||
| Q4 24 | 1.0% | 20.0% | ||
| Q3 24 | 4.6% | -15.0% | ||
| Q2 24 | 0.4% | -0.4% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | 1.8% | 3.9% | ||
| Q3 25 | 0.9% | 4.0% | ||
| Q2 25 | 0.7% | 3.0% | ||
| Q1 25 | 0.8% | 3.1% | ||
| Q4 24 | 2.3% | 4.6% | ||
| Q3 24 | 1.1% | 5.8% | ||
| Q2 24 | 0.7% | 6.8% |
| Q1 26 | — | — | ||
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 8.58× | — | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.53× | 3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
