CrossAmerica Partners LP, formerly known as Lehigh Gas Partners LP, was founded in 1992 and is headquartered in Allentown, Pennsylvania. The company went public in 2012 and trades on the New York Stock Exchange under the symbol CAPL. It operates in two segments: Wholesale and Retail. The Wholesale segment distributes ...CrossAmerica Partners LP, formerly known as Lehigh Gas Partners LP, was founded in 1992 and is headquartered in Allentown, Pennsylvania. The company went public in 2012 and trades on the New York Stock Exchange under the symbol CAPL. It operates in two segments: Wholesale and Retail. The Wholesale segment distributes motor fuels in bulk to a network of dealers, independent operators, commission agents, and company-operated retail locations. As of December 31, 2021, this network included approximately 1,750 sites across 34 states. The Retail segment sells convenience merchandise and motor fuels directly to consumers at company-owned and commission agent-managed sites. The company also owns or leases approximately 1,150 real estate locations used for retail fuel sales. CrossAmerica's business model focuses on generating stable cash flows through long-term contracts and fee-based income. Financially, the company has a market cap of around $816 million, and its price-to-earnings ratio stands at 15.08. It pays a quarterly dividend and has a history of distributing excess cash to unitholders. Key personnel include founder Joseph V. Topper, Jr., who served as CEO from 2012 to 2015 and remains on the board. Currently, Maura E. Topper serves as CEO. The company employs 257 full-time employees, though this number may vary by source. CrossAmerica faces risks related to fuel price volatility and reguatory changes but benefits from its diversified network and real estate holdings. In recent years, it has focused on optimizing its portfolio through acquisitions and divestitures.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$3.7B
-10.6%
+40.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$41.8M
+110.3%
+95.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+9.2%
-5.5%
-1.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+5.6%
+227.0%
-49.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+1.1%
+135.3%
+39.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$55.8M
-9.3%
+5.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+1.5%
+1.5%
-24.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-1260.3%
+65.6%
-1.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.72x
-1.9%
+1.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, ladies and gentlemen, and welcome to the CrossAmerica Partners Second Quarter 2026 Earnings Call. [Operator Instructions] This call is being recorded on Thursday, August 6, 2026. I would now like to turn the conference over to Randy Palmer, Investor Relations. Please go ahead.
Randy Palmer: Thank you, operator. Good morning, and thank you for joining the CrossAmerica Partners Second Quarter 2026 Earnings Call. With me today are Maura Topper, CEO and President; and Jon Benfield, Chief Financial Officer. We'll start off the call today with Maura providing some opening comments and an overview of CrossAmerica's operational performance for the second quarter, and then Jon will discuss the financial results. We will then open up the call to questions. Today's call will follow presentation slides that are available as part of the webcast and are posted on the CrossAmerica website. Before we begin, I would like to remind everyone that today's call, including the question-and-answer session, may include forward-looking statements regarding expected revenue, future plans, future operational metrics and opportunities and expectations of the organization. There can be no assurance that management's expectations, beliefs and projections will be achieved or that actual results will not differ from expectations. Please see CrossAmerica's filings with the Securities and Exchange Commission, including annual reports on Form 10-K and quarterly reports on Form 10-Q for a discussion of important factors that could affect our actual results. Forward-looking statements represent the judgment of CrossAmerica's management as of today's date, and the organization disclaims any intent or obligation to update any forward-looking statements. During today's call, we may also provide certain performance measures that do not conform to U.S. generally accepted accounting principles or GAAP. We provided schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press release. Today's call is being webcast, and a recording of this conference call will be available on the CrossAmerica website for a period of 60 days. With that, I will now turn the call over to Maura.
Maura Topper: Thank you, Randy. Thank you to everyone joining us this morning. We appreciate you making the time to be with us today. I wanted to start out by saying that I'm happy to now introduce Jon Benfield as our Chief Financial Officer, no longer with the interim tag. I am excited that he has accepted this role and look forward to continuing to work with him across all of CrossAmerica's strategic priorities. He will be going through the quarterly financials in more detail after my comments as he did last quarter. Our recently completed second quarter continues to build on many of the key momentum areas we are focusing on at CrossAmerica, active control over retail fuel pricing where possible, improving the image and offerings in …