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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting |
Schedule of summary of financial information for the reportable segments | Summarized financial information for the Partnership’s reportable segments for the years ended December 31 is presented in the table below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 |
Wholesale Segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gasoline and gasoline blendstocks | ​ | $ | 7,793,230 | ​ | $ | 6,541,224 | ​ | $ | 5,897,428 | ​
Distillates and other oils (1) | ​ |  | 4,865,695 | ​ |  | 4,176,681 | ​ |  | 3,715,888 | ​
Total | ​ | $ | 12,658,925 | ​ | $ | 10,717,905 | ​ | $ | 9,613,316 | ​
Product margin | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gasoline and gasoline blendstocks | ​ | $ | 205,576 | ​ | $ | 181,802 | ​ | $ | 105,165 | ​
Distillates and other oils (1) | ​ |  | 116,098 | ​ |  | 110,430 | ​ |  | 96,747 | ​
Total | ​ | $ | 321,674 | ​ | $ | 292,232 | ​ | $ | 201,912 | ​
Gasoline Distribution and Station Operations Segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gasoline | ​ | $ | 4,237,035 | ​ | $ | 4,807,765 | ​ | $ | 5,268,268 | ​
Station operations (2) | ​ |  | 546,655 | ​ |  | 565,839 | ​ |  | 572,266 | ​
Total | ​ | $ | 4,783,690 | ​ | $ | 5,373,604 | ​ | $ | 5,840,534 | ​
Product margin | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gasoline | ​ | $ | 574,052 | ​ | $ | 578,737 | ​ | $ | 558,516 | ​
Station operations (2) | ​ |  | 271,936 | ​ |  | 281,745 | ​ |  | 276,040 | ​
Total | ​ | $ | 845,988 | ​ | $ | 860,482 | ​ | $ | 834,556 | ​
Commercial Segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $ | 1,118,806 | ​ | $ | 1,072,057 | ​ | $ | 1,038,324 | ​
Product margin | ​ | $ | 26,284 | ​ | $ | 31,354 | ​ | $ | 31,722 | ​
Combined sales and Product margin: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $ | 18,561,421 | ​ | $ | 17,163,566 | ​ | $ | 16,492,174 | ​
Product margin (3) | ​ | $ | 1,193,946 | ​ | $ | 1,184,068 | ​ | $ | 1,068,190 | ​
Depreciation allocated to cost of sales | ​ |  | (131,893) | ​ |  | (126,172) | ​ |  | (94,550) | ​
Combined gross profit | ​ | $ | 1,062,053 | ​ | $ | 1,057,896 | ​ | $ | 973,640 | ​
(1) | Distillates and other oils (primarily residual oil and crude oil).
(2) | Station operations consist of convenience store and prepared food sales, rental income and sundries.
(3) | Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure.
Schedule of reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements | The following tables provide the Partnership’s significant segment operating expenses for each reportable segment that are regularly provided to the CODM, as well as a reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements for the years ended December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2025 |
​ | ​ ​ ​ | Wholesale | ​ ​ ​ | GDSO | ​ ​ ​ | Commercial | ​ ​ ​ | Consolidated |
Sales | ​ | $ | 12,658,925 | ​ | $ | 4,783,690 | ​ | $ | 1,118,806 | ​ | $ | 18,561,421 | ​
Cost of products | ​ |  | 12,337,251 | ​ |  | 3,937,702 | ​ |  | 1,092,522 | ​ |  | 17,367,475 | ​
Product margin | ​ | ​ | 321,674 | ​ | ​ | 845,988 | ​ | ​ | 26,284 | ​ | ​ | 1,193,946 | ​
Operating expenses allocated to operating segments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Wages and benefits (1) | ​ | ​ | 45,632 | ​ | ​ | 118,325 | ​ | ​ | — | ​ | ​ | 163,957 | ​
Occupancy costs (2) | ​ | ​ | 23,207 | ​ | ​ | 109,178 | ​ | ​ | — | ​ | ​ | 132,385 | ​
Transactional operating costs (3) | ​ | ​ | — | ​ | ​ | 90,193 | ​ | ​ | — | ​ | ​ | 90,193 | ​
Maintenance (4) | ​ | ​ | 49,720 | ​ | ​ | 43,672 | ​ | ​ | — | ​ | ​ | 93,392 | ​
Other segment operating expenses | ​ | ​ | 17,962 | ​ | ​ | 21,561 | ​ | ​ | — | ​ | ​ | 39,523 | ​
Total operating expenses allocated to operating segments | ​ | $ | 136,521 | ​ | $ | 382,929 | ​ | $ | — | ​ | ​ | 519,450 | ​
Operating expenses not allocated to operating segments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation allocated to cost of sales | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 131,893 | ​
Selling, general and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 305,702 | ​
Amortization expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,332 | ​
Net gain on sale and disposition of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,326) | ​
Long-lived asset impairment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 231 | ​
Total operating expenses not allocated to operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 439,832 | ​
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 234,664 | ​
Income from equity method investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,509 | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (137,162) | ​
Loss on early extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,971) | ​
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,063) | ​
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 97,977 | ​
(1) | Includes salary and wages, payroll taxes, fringe benefits and other employee expenses
(2) | Includes rent and leases expenses, property taxes and utilities
(3) | Includes commissions and credit card fees
(4) | Includes maintenance and repairs, environmental and seasonal site maintenance expenses
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2024 |
​ | ​ ​ ​ | Wholesale | ​ ​ ​ | GDSO | ​ ​ ​ | Commercial | ​ ​ ​ | Consolidated |
Sales | ​ | $ | 10,717,905 | ​ | $ | 5,373,604 | ​ | $ | 1,072,057 | ​ | $ | 17,163,566 | ​
Cost of products | ​ |  | 10,425,673 | ​ |  | 4,513,122 | ​ |  | 1,040,703 | ​ |  | 15,979,498 | ​
Product margin | ​ | ​ | 292,232 | ​ | ​ | 860,482 | ​ | ​ | 31,354 | ​ | ​ | 1,184,068 | ​
Operating expenses allocated to operating segments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Wages and benefits (1) | ​ | ​ | 44,775 | ​ | ​ | 121,325 | ​ | ​ | — | ​ | ​ | 166,100 | ​
Occupancy costs (2) | ​ |  | 22,927 | ​ |  | 105,585 | ​ |  | — | ​ |  | 128,512 | ​
Transactional operating costs (3) | ​ | ​ | — | ​ | ​ | 92,938 | ​ | ​ | — | ​ | ​ | 92,938 | ​
Maintenance (4) | ​ | ​ | 46,873 | ​ | ​ | 43,005 | ​ | ​ | — | ​ | ​ | 89,878 | ​
Other segment operating expenses | ​ | ​ | 16,439 | ​ | ​ | 21,460 | ​ | ​ | — | ​ | ​ | 37,899 | ​
Total operating expenses allocated to operating segments | ​ | $ | 131,014 | ​ | $ | 384,313 | ​ | $ | — | ​ | ​ | 515,327 | ​
Operating expenses not allocated to operating segments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation allocated to cost of sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 126,172 | ​
Selling, general and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 292,073 | ​
Amortization expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8,275 | ​
Net gain on sale and disposition of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (9,494) | ​
Long-lived asset impairment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 492 | ​
Total operating expenses not allocated to operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 417,518 | ​
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 251,223 | ​
Loss from equity method investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,514) | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (134,773) | ​
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,609) | ​
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 110,327 | ​
(1) | Includes salary and wages, payroll taxes, fringe benefits and other employee expenses
(2) | Includes rent and leases expenses, property taxes and utilities
(3) | Includes commissions and credit card fees
(4) | Includes maintenance and repairs, environmental and seasonal site maintenance expenses
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2023 |
​ | ​ ​ ​ | Wholesale | ​ ​ ​ | GDSO | ​ ​ ​ | Commercial | ​ ​ ​ | Consolidated |
Sales | ​ | $ | 9,613,316 | ​ | $ | 5,840,534 | ​ | $ | 1,038,324 | ​ | $ | 16,492,174 | ​
Cost of products | ​ | ​ | 9,411,404 | ​ | ​ | 5,005,978 | ​ | ​ | 1,006,602 | ​ | ​ | 15,423,984 | ​
Product margin | ​ | ​ | 201,912 | ​ | ​ | 834,556 | ​ | ​ | 31,722 | ​ | ​ | 1,068,190 | ​
Operating expenses allocated to operating segments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Wages and benefits (1) | ​ | ​ | 22,717 | ​ | ​ | 122,346 | ​ | ​ | — | ​ | ​ | 145,063 | ​
Occupancy costs (2) | ​ | ​ | 13,515 | ​ | ​ | 103,118 | ​ | ​ | — | ​ | ​ | 116,633 | ​
Transactional operating costs (3) | ​ | ​ | — | ​ | ​ | 94,518 | ​ | ​ | — | ​ | ​ | 94,518 | ​
Maintenance (4) | ​ | ​ | 17,936 | ​ | ​ | 45,320 | ​ | ​ | — | ​ | ​ | 63,256 | ​
Other segment operating expenses | ​ | ​ | 8,760 | ​ | ​ | 22,397 | ​ | ​ | — | ​ | ​ | 31,157 | ​
Total operating expenses allocated to operating segments | ​ | $ | 62,928 | ​ | $ | 387,699 | ​ | $ | — | ​ | ​ | 450,627 | ​
Operating expenses not allocated to operating segments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation allocated to cost of sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 94,550 | ​
Selling, general and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 273,733 | ​
Amortization expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8,136 | ​
Net gain on sale and disposition of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,626) | ​
Total operating expenses not allocated to operating expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 373,793 | ​
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 243,770 | ​
Income from equity investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,503 | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (85,631) | ​
Income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (8,136) | ​
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 152,506 | ​
(1) | Includes salary and wages, payroll taxes, fringe benefits and other employee expenses
(2) | Includes rent and leases expenses, property taxes and utilities
(3) | Includes commissions and credit card fees
(4) | Includes maintenance and repairs environmental and seasonal site maintenance expenses
Schedule of total assets by reportable segment | The table below presents total assets by reportable segment at December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | Wholesale | ​ |  | GDSO | ​ |  | Commercial | ​ |  | Unallocated (1) | ​ |  | Total
December 31, 2025 | ​ ​ | $ | 1,329,899 | ​ ​ | $ | 1,825,524 | ​ ​ | $ | — | ​ ​ | $ | 695,294 | ​ ​ | $ | 3,850,717
December 31, 2024 | ​ ​ | $ | 1,333,102 | ​ ​ | $ | 1,859,417 | ​ ​ | $ | — | ​ ​ | $ | 595,679 | ​ ​ | $ | 3,788,198
(1) | Includes the Partnership’s equity method investments (see Note 17).

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