Start here if you're new
what it is
CrossAmerica moves fuel to gas stations and runs some of its own stores.
how it gets paid
Last year Crossamerica Partner made $3.7B in revenue. Wholesale motor fuel was the main engine at $2.3B, or 62% of sales.
why growth slowed
Revenue fell 10.6% last year. Gross margin means profit after fuel costs. At 10.6%.
what just happened
Revenue hit $2.8B, while EPS rose to $0.77.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
18.7x trailing p/e — priced about right
9.7% dividend yield — cash in your pocket every quarter
6.6% return on capital — nothing to write home about
xvary composite: 45/100 — below average
What they do
CrossAmerica moves fuel to gas stations and runs some of its own stores.
You are not buying a flashy brand. You are buying a fuel network across 34 states. CrossAmerica already has relationships with ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo, Marathon, and Phillips 66. Leaving that setup is painful when your pumps, contracts, and locations are already in place.
How they make money
$3.7B
annual revenue · their business grew -10.6% last year
Wholesale motor fuel
$2.3B
10.6%
Company-operated retail fuel
$0.9B
+0.0%
Convenience merchandise
$0.2B
+0.0%
Commission-agent fuel sales
$0.2B
+0.0%
Real estate and leasing
$0.1B
+0.0%
The products that matter
bulk fuel supply to stations
Wholesale Fuel Distribution
$2.8B · 75.7% of revenue
it is the biggest revenue engine by far, but last quarter gross profit slipped to $24.9M from $28.1M as volumes fell. size is not the same thing as margin.
volume business
store operations and site income
Retail & Real Estate
$0.9B · 24.3% of revenue
this smaller segment matters more than it looks. retail gross profit rose 10% to $82.9M last quarter as higher fuel margins offset lower gallon sales.
margin driver
cash distributions to unitholders
Distribution Policy
9.7% yield
for many holders, this is the product. the yield is high because the business quality is average and the market wants payment up front for that trade.
income first
Key numbers
9.7%
dividend yield
Dividend yield means cash paid to you each year as a share of the stock price. At 9.7%, the payout is doing most of the sales pitch.
$3.7B
annual revenue
Revenue means sales. CrossAmerica is a $3.7B sales machine with a very thin margin.
3.5%
operating margin
Operating margin means profit after running the business. At 3.5%, almost everything has to go right.
$796M
long-term debt
Debt means borrowed money you still owe. At $796M, leverage is large against a $829M market cap.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 75 / 100
- long-term debt $796M (49% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CAPL right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $2.8B, while EPS rose to $0.77.
Revenue was $2.8B, up 188% vs. prior year. EPS was $0.77, up 126% vs. prior year. Gross margin was 10.6%.
$2.8B
revenue
$0.77
eps
10.6%
gross margin
gross margin
Gross margin means profit after fuel costs. At 10.6%, every $1 of sales keeps 10.6 cents before overhead.
source: company earnings report, 2026
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What could go wrong
the top risk for CAPL is retail fuel margin normalizing while gallon demand keeps slipping.
med
fuel demand keeps fading
CAPL still sits on top of a fuel distribution network. if fewer gallons move over time, the volume base under the whole structure gets thinner.
that puts the core of its $3.7B revenue base under structural pressure.
med
the payout depends on margins holding up
the 9.7% yield is the stock's main attraction. if retail fuel margins cool off after doing the heavy lifting, investor patience gets tested fast.
a weaker margin year would hit both earnings and the reason many people own the units.
med
debt narrows your margin for error
long-term debt is $796M, or 49% of capital. that is manageable while profit holds up. it becomes less comfortable if wholesale weakness and lower retail margins show up together.
asset-sale execution matters because every dollar not used well leaves less room to support the balance sheet and distribution.
med
fuel handling brings operational and environmental exposure
storing and transporting motor fuel is not a paperwork risk. one serious incident can mean cleanup costs, legal exposure, and site disruption at the same time.
that matters more when last full-year net income was $41.8M, not hundreds of millions.
CAPL earned $41.8M last year against $796M of long-term debt, so the yield works only if retail margin strength keeps doing more than its share of the work.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
retail gross profit versus wholesale gross profit
last quarter retail gross profit was $82.9M while wholesale was $24.9M. if that gap narrows, the earnings story changes fast.
trend
revenue down, profit up only works for so long
full-year revenue fell 10.6% to $3.7B while net income rose 86% to $41.8M. watch which side blinks first next.
calendar
the new ceo's first few quarters
Maura Topper became president and CEO effective march 2, 2026. you want to see how capital allocation and asset sales look under new leadership.
risk
what happens to the debt after asset sales
management signaled more asset sales in 2026. with $796M of long-term debt, proceeds matter less than what management does with them.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not expect clean, repeatable quarters here.
price stability
75 / 100
the units move less than many small caps, but that does not make the business safer.
risk rank
4
that places CAPL in the riskier group. translation: the yield comes with conditions.
source: institutional data
Institutional activity
institutional ownership data for CAPL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$22
current price
n/a
target midpoint · n/a from current
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