CrossAmerica Partners (CAPL) Q3 FY2026 earnings: revenue $1.2 billion, up 22.9% on the year

CrossAmerica Partners LP (CAPL) reported revenue of $1.2 billion for Q3 FY2026, the quarter ended 30 September 2026, up 22.9% on the same quarter a year earlier. Net income was $9 million, down 35.5% on the year, and diluted earnings per share $0.21. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$1.2 billion

+22.9% on the year · +1.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

2.0%

2.9% a year earlier

Q4 FY2024Q3 FY2026

Net income

$9 million

-35.5% on the year · -57.9% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.21

-38.2% on the year · -59.6% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Adjusted EBITDA and cash flow declined: Quarterly net income was $8.8 million against $13.6 million, Adjusted EBITDA $38.7 million against $41.3 million, and Distributable Cash Flow $21.8 million against $27.8 million.
Lower fuel volume drove the EBITDA decline: Management attributed the Adjusted EBITDA decrease mainly to lower motor fuel volume in both segments, partly offset by higher retail merchandise gross profit and lower operating expenses.
Retail gross profit declined 2%: Retail gross profit was $78.0 million against $80.0 million. The decline came mainly from motor fuel gross profit, partly offset by higher merchandise and other revenue gross profit.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,195	1,179	972	+1.3%	+22.9%
Cost of revenue	1,093	1,066	867	+2.6%	+26.1%
Gross profit	101	113	105	-10.3%	-3.5%
Gross margin	8.5%	9.6%	10.8%
Selling, general and administrative	6.7	6.8	6.5	-1.4%	+3.3%
Operating income	23.7	35.3	28.1	-32.8%	-15.6%
Operating margin	2.0%	3.0%	2.9%
Interest expense	12.2	11.3	11.8	+7.4%	+3.3%
Pre-tax income	11.8	24.1	16.5	-51.2%	-28.4%
Income tax	3.0	3.3	2.9	-9.7%	+5.0%
Effective tax rate	25.5%	13.8%	17.4%
Net income	8.8	20.8	13.6	-57.9%	-35.5%
Net margin	0.7%	1.8%	1.4%
Diluted EPS	$0.21	$0.52	$0.34	-59.6%	-38.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	24.5	33.2	24.4	-26.4%	+0.4%
Capital expenditure	7.2	7.4	6.7	-3.6%	+7.2%
Free cash flow	17.3	25.8	17.7	-32.9%	-2.2%
Free cash flow margin	1.4%	2.2%	1.8%
Cash from investing	3.4	-4.1	15.4		-78.2%
Cash from financing	-24.9	-31.5	-43.7
Depreciation and amortisation	16.8	16.8	20.0	+0.4%	-15.9%
Share-based compensation	0.3	0.6	0.4	-46.5%	-13.7%
Dividends paid	20.0	20.0	20.0	+0.0%	+0.1%
Diluted shares, weighted	38m	38m	38m	+0.0%	+0.2%
Shares outstanding at period end	38m	38m	38m	0.0%	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Debt	723	721	701	+0.3%	+3.2%
Operating lease liabilities	80.3	80.7	94.9	-0.5%	-15.4%
Total liabilities and equity	976	982	999	-0.6%	-2.3%
Fixed assets	567	579	569	-2.1%	-0.3%
Goodwill	99.4	99.4	99.4	0.0%	0.0%
Intangible assets	50.8	54.4	65.1	-6.6%	-21.9%
Cash and equivalents	7.8	4.9	5.8	+59.1%	+35.8%
Receivables	31.9	33.8	34.1	-5.6%	-6.2%
Inventory	71.1	63.4	61.0	+12.1%	+16.7%
Other assets	148	146	165	+0.7%	-10.4%
Total assets	976	982	999	-0.6%	-2.3%

Questions

What was CrossAmerica Partners' revenue in Q3 FY2026?

CrossAmerica Partners (CAPL) reported revenue of $1.2 billion for Q3 FY2026, the quarter ended 30 September 2026, up 22.9% on the same quarter a year earlier.

How much did CrossAmerica Partners earn in Q3 FY2026?

Net income for Q3 FY2026 was $9 million, down 35.5% on the year, and diluted earnings per share $0.21.

When did CrossAmerica Partners report Q3 FY2026 results?

CrossAmerica Partners filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,078	1,093	1,475	1,274	1,125	1,016	1,145	1,210	1,015	942	1,133	1,079	944	862	962	972	866	842	1,179	1,195
Cost of revenue	996	1,014	1,386	1,160	1,032	934	1,048	1,110	913	860	1,029	968	843	773	861	867	759	744	1,066	1,093
Gross profit	81.3	78.8	88.9	115	93.3	82.1	97.7	100	102	81.3	105	111	101	89.8	101	105	107	97.6	113	101
Gross margin	8%	7%	6%	9%	8%	8%	9%	8%	10%	9%	9%	10%	11%	10%	10%	11%	12%	12%	10%	8%
SG&A	6.5	6.5	5.7	6.6	6.8	5.7	7.5	6.9	6.9	6.8	7.9	7.3	6.7	7.7	6.6	6.5	7.2	6.5	6.8	6.7
Operating income	16.2	9.7	21.1	39.6	25.6	9.1	27.9	24.1	27.0	-13.0	28.2	27.1	28.3	2.0	41.5	28.1	26.1	23.8	35.3	23.7
Operating margin	2%	1%	1%	3%	2%	1%	2%	2%	3%	-1%	2%	3%	3%	0%	4%	3%	3%	3%	3%	2%
Interest expense	5.9	6.7	7.3	8.4	9.8	12.0	10.7	10.6	10.5	10.5	14.2	14.2	13.4	12.8	12.6	11.8	10.9	10.8	11.3	12.2
Pre-tax income	10.4	3.2	13.9	31.4	16.0	-2.6	17.3	13.8	16.7	-23.3	14.1	13.1	15.1	-10.7	29.1	16.5	15.3	13.2	24.1	11.8
Tax rate	-15%	-58%	-1%	12%	-7%	n/a	16%	11%	-0%	n/a	12%	18%	-12%	n/a	13%	17%	33%	19%	14%	26%
Net income	12.0	5.0	14.0	27.6	17.1	-1.0	14.5	12.3	16.7	-17.5	12.4	10.7	16.9	-7.1	25.2	13.6	10.2	10.7	20.8	8.8
Net margin	1%	0%	1%	2%	2%	-0%	1%	1%	2%	-2%	1%	1%	2%	-1%	3%	1%	1%	1%	2%	1%
Diluted EPS	n/a	n/a	$0.35	$0.71	$0.43	-$0.04	$0.36	$0.31	$0.42	-$0.48	$0.31	$0.27	$0.42	-$0.20	$0.64	$0.34	$0.25	$0.26	$0.52	$0.21
Operating cash flow	19.2	28.4	26.3	71.8	34.9	11.5	35.7	31.7	38.1	5.8	28.9	41.9	11.1	15.0	22.6	24.4	29.4	27.9	33.2	24.5
Capital expenditure	9.5	8.9	7.5	10.4	3.6	6.0	5.3	10.4	12.9	6.1	5.3	7.7	7.2	10.1	11.8	6.7	7.1	3.4	7.4	7.2
Free cash flow	9.7	19.5	18.8	61.4	31.3	5.5	30.4	21.4	25.1	-0.3	23.6	34.2	3.9	4.9	10.8	17.7	22.4	24.5	25.8	17.3
Dividends paid	19.9	19.9	19.9	19.9	19.9	19.9	19.9	19.9	19.9	19.9	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
Shares outstanding	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.