10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-35711

CROSSAMERICA PARTNERS LP

(Exact name of registrant as specified in its charter)

Delaware	45-4165414
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
645 Hamilton Street, Suite 400 Allentown, PA	18101 (Zip Code) (610) 625-8000
(Address of Principal Executive Offices)	(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Units	CAPL	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of July 31, 2026, the registrant had outstanding 38,173,255 common units.

TABLE OF CONTENTS

	PAGE
Commonly Used Defined Terms	i
PART I - FINANCIAL INFORMATION	1
Item 1. Financial Statements	1
Consolidated Balance Sheets as of June 30, 2026 (Unaudited) and December 31, 2025	1
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	2
Consolidated Statements of Equity and Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	3
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (Unaudited)	4
Condensed Notes to Consolidated Financial Statements (Unaudited)	5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3. Quantitative and Qualitative Disclosures about Market Risk	31
Item 4. Controls and Procedures	31
PART II - OTHER INFORMATION	32
Item 1. Legal Proceedings	32
Item 1A. Risk Factors	32
Item 6. Exhibits	32
SIGNATURE	33

COMMONLY USED DEFINED TERMS

The following is a list of certain acronyms and terms generally used in the industry and throughout this document:
CrossAmerica Partners LP and subsidiaries:
CrossAmerica	CrossAmerica Partners LP, the Partnership, CAPL, we, us, our
CrossAmerica Partners LP related parties:
DMI	Dunne Manning Inc. (formerly Lehigh Gas Corporation), an entity affiliated with the Topper Group
General Partner	CrossAmerica GP LLC, the General Partner of CrossAmerica, a Delaware limited liability company, indirectly owned by the Topper Group.
Topper Group	Joseph V. Topper, Jr., collectively with his affiliates and family trusts that have ownership interests in the Partnership. Joseph V. Topper, Jr. is the founder of the Partnership and a member of the Board. The Topper Group is a related party and large holder of our common units.
TopStar	TopStar Inc., an entity affiliated with a family member of Joseph V. Topper, Jr. TopStar is an operator of convenience stores that purchases fuel from us.
Other Defined Terms:
AOCI	Accumulated other comprehensive income (loss)
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
Board	Board of Directors of our General Partner
Bonus Plan	The Performance-Based Bonus Compensation Policy is one of the key components of “at-risk” compensation. The Bonus Plan is utilized to reward short-term annual performance achievements and to motivate and reward Topper Group employees for their contributions toward meeting financial and strategic goals.
Credit Facility	Amendment and Restatement Agreement, dated as of March 31, 2023, as amended by the First Amendment to Amendment and Restatement Agreement, dated as of February 20, 2024, and by the Second Amendment to Amended and Restated Credit Agreement, dated as of July 15, 2026, among the Partnership and Lehigh Gas Wholesale Services, Inc., as borrowers, the guarantors from time to time party thereto, the lenders from time to time party thereto and Citizens Bank, N.A., as administrative agent.
DTW	Dealer tank wagon contracts, which are variable market-based cent per gallon priced wholesale motor fuel distribution or supply contracts; DTW also refers to the pricing methodology under such contracts
EBITDA	Earnings before interest, taxes, depreciation, amortization and accretion, a non-GAAP financial measure
Exchange Act	Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
Form 10-K	CrossAmerica’s Annual Report on Form 10-K for the year ended December 31, 2025
Getty	Getty Properties Corp.
Internal Revenue Code	Internal Revenue Code of 1986, as amended
IPO	Initial public offering of CrossAmerica Partners LP on October 30, 2012
MD&A	Management’s Discussion and Analysis of Financial Condition and Results of Operations

i

Omnibus Agreement	The Omnibus Agreement, effective January 1, 2020, by and among the Partnership, the General Partner and DMI. The terms of the Omnibus Agreement were approved by the independent conflicts committee of the Board, which is composed of the independent directors of the Board. Pursuant to the Omnibus Agreement, DMI agrees, among other things, to provide, or cause to be provided, to the Partnership certain management services at cost without markup.
Partnership Agreement	Second Amended and Restated Agreement of Limited Partnership of CrossAmerica Partners LP, dated as of February 6, 2020
Predecessor Entity	Wholesale distribution contracts and real property and leasehold interests contributed to the Partnership in connection with the IPO
SOFR	Secured Overnight Financing Rate
U.S. GAAP	U.S. Generally Accepted Accounting Principles

ii

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CROSSAMERICA PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(Thousands of Dollars, except unit data)

(Unaudited)

	June 30,			December 31,
	2026			2025
ASSETS
Current assets:
Cash and cash equivalents	$	4,922		$	3,137
Accounts receivable, net of allowances of $320 and $635, respectively		33,834			28,566
Accounts receivable from related parties		651			687
Inventory		63,443			59,610
Assets held for sale		9,755			9,690
Current portion of interest rate swap contracts		2,291			801
Other current assets		7,868			8,590
Total current assets		122,764			111,081
Property and equipment, net		579,475			547,686
Right-of-use assets, net		101,463			121,636
Intangible assets, net		54,406			61,638
Goodwill		99,409			99,409
Deferred tax assets		—			760
Interest rate swap contracts, less current portion		1,855			325
Other assets		22,614			22,199
Total assets	$	981,986		$	964,734
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt and finance lease obligations	$	9,774		$	3,465
Current portion of operating lease obligations		24,584			29,008
Accounts payable		77,725			63,413
Accounts payable to related parties		7,792			6,536
Current portion of interest rate swap contracts		184			697
Accrued expenses and other current liabilities		25,360			27,378
Motor fuel and sales taxes payable		16,409			19,013
Total current liabilities		161,828			149,510
Debt and finance lease obligations, less current portion		715,471			687,187
Operating lease obligations, less current portion		80,680			96,974
Deferred tax liabilities, net		7,479			7,409
Asset retirement obligations		44,222			45,014
Interest rate swap contracts, less current portion		109			1,390
Other long-term liabilities		47,878			49,289
Total liabilities		1,057,667			1,036,773
Commitments and contingencies (Note 9)
Preferred membership interests		31,523			30,289
Equity:
Common units— 38,154,331 and 38,135,078 units issued and    outstanding at June 30, 2026 and December 31, 2025, respectively		(111,004	)		(101,280	)
Accumulated other comprehensive income (loss)		3,800			(1,048	)
Total deficit		(107,204	)		(102,328	)
Total liabilities and equity	$	981,986		$	964,734

The accompanying notes are an integral part of these consolidated financial statements.

1

CROSSAMERICA PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(Thousands of Dollars, except unit and per unit amounts)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Operating revenues (a)	$	1,179,017		$	961,925		$	2,020,847		$	1,824,400
Cost of sales (b)		1,066,230			860,933			1,810,437			1,633,594
Gross profit		112,787			100,992			210,410			190,806
Operating expenses:
Operating expenses (c)		55,025			57,949			111,461			116,823
General and administrative expenses		6,809			6,577			13,300			14,249
Depreciation, amortization and accretion expense		16,768			23,334			33,830			49,638
Total operating expenses		78,602			87,860			158,591			180,710
Gain on dispositions and lease terminations, net		1,087			28,365			7,203			33,402
Operating income		35,272			41,497			59,022			43,498
Other income, net		212			136			369			266
Interest expense		(11,342	)		(12,569	)		(22,092	)		(25,413	)
Income before income taxes		24,142			29,064			37,299			18,351
Income tax expense		3,330			3,896			5,828			298
Net income		20,812			25,168			31,471			18,053
Accretion of preferred membership interests		710			680			1,404			1,345
Net income available to limited partners	$	20,102		$	24,488		$	30,067		$	16,708
Net income per common unit
Basic	$	0.53		$	0.64		$	0.79		$	0.44
Diluted	$	0.52		$	0.64		$	0.78		$	0.44
Weighted-average common units:
Basic		38,154,331			38,097,513			38,148,481			38,085,815
Diluted		38,323,956			39,545,478			38,318,067			38,260,908
Supplemental information:
(a) includes excise taxes of:	$	71,954		$	82,903		$	140,725		$	156,253
(a) includes rent income of:		14,666			15,459			29,226			32,661
(b) excludes depreciation, amortization and accretion
(b) includes rent expense of:		3,766			4,923			7,883			9,818
(c) includes rent expense of:		4,492			4,631			9,051			9,242

The accompanying notes are an integral part of these consolidated financial statements.

2

CROSSAMERICA PARTNERS LP

CONSOLIDATED STATEMENTS OF EQUITY AND COMPREHENSIVE INCOME

(Thousands of Dollars, except unit amounts)

(Unaudited)

	Limited Partners' Interest Common Unitholders					AOCI			Total Equity
	Units		Dollars			Dollars			Dollars
Balance at December 31, 2025		38,135,078	$	(101,280	)	$	(1,048	)	$	(102,328	)
Net income		—		10,659			—			10,659
Other comprehensive income
Unrealized gain on interest rate swap contracts		—		—			2,900			2,900
Realized gain on interest rate swap contracts       reclassified from AOCI into interest expense		—		—			(281	)		(281	)
Total other comprehensive income		—		—			2,619			2,619
Comprehensive income		—		10,659			2,619			13,278
Issuance of units related to 2025 Bonus Plan		9,345		194			—			194
Vesting of equity awards, net of units withheld for tax		9,908		206			—			206
Accretion of preferred membership interests		—		(694	)		—			(694	)
Distributions paid		—		(20,090	)		—			(20,090	)
Balance at March 31, 2026		38,154,331	$	(111,005	)	$	1,571		$	(109,434	)
Net income		—		20,812			—			20,812
Other comprehensive income
Unrealized gain on interest rate swap contracts		—		—			2,475			2,475
Realized gain on interest rate swap contracts       reclassified from AOCI into interest expense		—		—			(246	)		(246	)
Total other comprehensive income		—		—			2,229			2,229
Comprehensive income		—		20,812			2,229			23,041
Accretion of preferred membership interests		—		(710	)		—			(710	)
Distributions paid		—		(20,101	)		—			(20,101	)
Balance at June 30, 2026		38,154,331	$	(111,004	)	$	3,800		$	(107,204	)
Balance at December 31, 2024		38,059,702	$	(61,371	)	$	7,595		$	(53,776	)
Net loss		—		(7,115	)		—			(7,115	)
Other comprehensive income
Unrealized loss on interest rate swap contracts		—		—			(3,928	)		(3,928	)
Realized gain on interest rate swap contracts       reclassified from AOCI into interest expense		—		—			(921	)		(921	)
Total other comprehensive loss		—		—			(4,849	)		(4,849	)
Comprehensive loss		—		(7,115	)		(4,849	)		(11,964	)
Issuance of units related to 2024 Bonus Plan		7,237		165			—			165
Vesting of equity awards, net of units withheld for tax		30,574		697			—			697
Accretion of preferred membership interests		—		(665	)		—			(665	)
Tax effect of intra-entity transfer of assets		—		(387	)		—			(387	)
Distributions paid		—		(20,054	)		—			(20,054	)
Balance at March 31, 2025		38,097,513	$	(88,730	)	$	2,746		$	(85,984	)
Net income		—		25,168			—			25,168
Other comprehensive income
Unrealized loss on interest rate swap contracts		—		—			(1,987	)		(1,987	)
Realized gain on interest rate swap contracts       reclassified from AOCI into interest expense		—		—			(931	)		(931	)
Total other comprehensive loss		—		—			(2,918	)		(2,918	)
Comprehensive income (loss)		—		25,168			(2,918	)		22,250
Accretion of preferred membership interests		—		(680	)		—			(680	)
Distributions paid		—		(20,074	)		—			(20,074	)
Balance at June 30, 2025		38,097,513	$	(84,316	)	$	(172	)	$	(84,488	)

The accompanying notes are an integral part of these consolidated financial statements.

3

CROSSAMERICA PARTNERS LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Thousands of Dollars)

(Unaudited)

	Six Months Ended June 30,
	2026			2025
Cash flows from operating activities:
Net income	$	31,471		$	18,053
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion expense		33,830			49,638
Amortization of deferred financing costs		968			969
Credit loss expense		24			—
Deferred income tax expense (benefit)		830			(2,696	)
Equity-based employee and director compensation expense		788			989
Gain on dispositions and lease terminations, net		(7,203	)		(33,402	)
Changes in operating assets and liabilities, net of acquisitions		397			4,146
Net cash provided by operating activities		61,105			37,697
Cash flows from investing activities:
Principal payments received on notes receivable		127			63
Proceeds from sale of assets		16,252			72,766
Capital expenditures		(10,874	)		(21,958	)
Cash paid in connection with acquisitions, net of cash acquired		(1,800	)		—
Net cash provided by investing activities		3,705			50,871
Cash flows from financing activities:
Borrowings under the Credit Facility		49,500			41,000
Repayments on the Credit Facility		(70,200	)		(81,500	)
Payments of finance lease obligations		(1,964	)		(1,604	)
Distributions paid on distribution equivalent rights		(139	)		(146	)
Distributions paid to preferred membership interests		(170	)		—
Distributions paid on common units		(40,052	)		(39,982	)
Net cash used in financing activities		(63,025	)		(82,232	)
Net increase in cash and cash equivalents		1,785			6,336
Cash and cash equivalents at beginning of period		3,137			3,381
Cash and cash equivalents at end of period	$	4,922		$	9,717

The accompanying notes are an integral part of these consolidated financial statements.

4

CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. DESCRIPTION OF BUSINESS AND OTHER DISCLOSURES

Our business consists of:

•the wholesale distribution of motor fuels;

•the owning or leasing of sites used in the retail distribution of motor fuels and, in turn, generating rental income from the lease or sublease of the sites;

•the retail sale of motor fuels to end customers at retail sites operated by commission agents and ourselves; and

•the operation of retail sites, including the sale of convenience merchandise to end customers.

Interim Financial Statements

These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and the Exchange Act. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Management believes that the disclosures made are adequate to keep the information presented from being misleading. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K. Financial information as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 included in the consolidated financial statements has been derived from our unaudited financial statements. Financial information as of December 31, 2025 has been derived from our audited financial statements and notes thereto as of that date.

Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Our business exhibits seasonality due to our wholesale and retail sites being located in certain geographic areas that are affected by seasonal weather and temperature trends and associated changes in retail customer activity during different seasons. Historically, sales volumes have been highest in the second and third quarters (during the summer activity months) and lowest during the winter months in the first and fourth quarters.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results and outcomes could differ from those estimates and assumptions. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances could result in revised estimates and assumptions.

Reclassifications

Certain prior-year balance sheet amounts were reclassified to conform to the current-year presentation.

New Accounting Pronouncements Pending Adoption

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses.” The amendments in this new guidance require disclosure, in the notes to financial statements, of specified information about certain costs and expenses, including with respect to purchases of inventory, employee compensation, depreciation and intangible asset amortization. These new disclosures will be required in our Annual Report on Form 10-K for the year ending December 31, 2027 and interim and annual reports thereafter. Although we do not anticipate the impact of adopting this guidance will be material, it will affect our disclosures.

5

CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Concentration Risk

For the six months ended June 30, 2026 and 2025, respectively, we purchased approximately 81% and 79% of our motor fuel from four suppliers. Approximately 20% and 22% of our motor fuel gallons sold for the six months ended June 30, 2026 and 2025, respectively, were delivered by our top two carriers.

For each of the six months ended June 30, 2026 and 2025, approximately 56% of our merchandise was purchased from one supplier.

Note 2. ASSETS HELD FOR SALE

We have classified 19 sites and 24 sites as held for sale at June 30, 2026 and December 31, 2025, respectively, which are expected to be sold within one year of such classification. Assets held for sale were as follows (in thousands):

	June 30,			December 31,
	2026			2025
Land	$	5,330		$	4,395
Buildings and site improvements		6,094			6,590
Equipment		6,071			6,554
Total		17,495			17,539
Less accumulated depreciation		(7,740	)		(7,849	)
Assets held for sale	$	9,755		$	9,690

The Partnership has continued to focus on optimizing the class of trade for its assets, which has included divesting certain assets, often lower performing, while seeking to maintain a wholesale fuel supply relationship whenever possible. During the three and six months ended June 30, 2026, we sold 5 and 21 properties for $2.7 million and $15.4 million in proceeds, resulting in net gains of $1.1 million and $7.4 million, respectively. During the three and six months ended June 30, 2025, we sold 60 and 67 properties for $64.0 million and $72.6 million in proceeds, resulting in net gains of $29.7 million and $35.2 million, respectively.

See Note 4 for information regarding impairment charges primarily recorded upon classifying sites within assets held for sale.

Note 3. INVENTORY

Inventory consisted of the following (in thousands):

	June 30,		December 31,
	2026		2025
Merchandise	$	33,258	$	34,884
Motor fuel		30,185		24,726
Inventory	$	63,443	$	59,610

6

CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4. PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following (in thousands):

	June 30,			December 31,
	2026			2025
Land	$	263,382		$	268,873
Buildings and site improvements		306,292			309,851
Leasehold improvements		20,267			20,760
Equipment and other		324,441			325,389
Right-of-use assets under finance leases		58,044			32,735
Construction in progress		5,308			3,090
Property and equipment, at cost		977,734			960,698
Accumulated depreciation and amortization		(396,275	)		(382,411	)
Accumulated amortization of right-of-use assets under finance leases		(1,984	)		(30,601	)
Property and equipment, net	$	579,475		$	547,686

We recorded impairment charges of $1.3 million and $6.1 million during the three months ended June 30, 2026 and 2025, and $2.8 million and $14.9 million during the six months ended June 30, 2026 and 2025, respectively, included within depreciation, amortization and accretion expense on the statements of operations. These impairment charges were primarily related to sites initially classified within assets held for sale in connection with our ongoing real estate optimization effort.

Note 5. INTANGIBLE ASSETS

Intangible assets consisted of the following (in thousands):

	June 30, 2026						December 31, 2025
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Wholesale fuel supply contracts/rights	$	142,758	$	90,043	$	52,715	$	147,528	$	87,623	$	59,905
Trademarks/licenses		2,688		1,054		1,634		2,638		982		1,656
Covenant not to compete		200		143		57		200		123		77
Total intangible assets	$	145,646	$	91,240	$	54,406	$	150,366	$	88,728	$	61,638

Note 6. DEBT

Our balances for long-term debt and finance lease obligations were as follows (in thousands):

	June 30,		December 31,
	2026		2025
Credit Facility	$	671,596	$	692,295
Finance lease obligations		58,980		4,656
Total debt and finance lease obligations		730,576		696,951
Current portion		9,774		3,465
Noncurrent portion		720,802		693,486
Deferred financing costs, net		5,331		6,299
Noncurrent portion, net of deferred financing costs	$	715,471	$	687,187

7

CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of June 30, 2026, future principal payments on debt and future minimum rental payments on finance lease obligations were as follows (in thousands):

	Debt		Finance Lease Obligations		Total
Remainder of 2026	$	—	$	9,867	$	9,867
2027		—		6,208		6,208
2028		671,596		6,301		677,897
2029		—		6,395		6,395
2030		—		6,491		6,491
Thereafter		—		43,420		43,420
Total future payments		671,596		78,682		750,278
Less impact of discounting		—		19,702		19,702
Total future principal payments		671,596		58,980		730,576
Current portion		—		9,774		9,774
Long-term portion	$	671,596	$	49,206	$	720,802

The Credit Facility is secured by substantially all of the Partnership’s assets.

Letters of credit outstanding totaled $4.9 million at both June 30, 2026 and December 31, 2025.

Taking the interest rate swap contracts into account, the effective interest rate on our Credit Facility was 5.5% (with an applicable margin of 2.00%) and 5.6% (with an applicable margin of 2.00%) at June 30, 2026 and December 31, 2025, respectively. See Note 7 for additional information on our interest rate swap contracts.

On July 15, 2026, the Partnership and its subsidiary, Lehigh Gas Wholesale Services, Inc., entered into an amendment to the Credit Facility (the "Credit Facility Amendment"). The Credit Facility Amendment, among other things, (x) extends the maturity date from March 31, 2028 to July 15, 2031, (y) removes the SOFR credit spread adjustment and (z) amends the applicable financial covenant to require the Partnership to maintain a Consolidated Leverage Ratio (as defined in the Credit Facility) of (i) for each fiscal quarter ending June 30, 2026, September 30, 2026, December 31, 2026, March 31, 2027, June 30, 2027 and September 30, 2027, not greater than 5.00 to 1.00, and (ii) for each fiscal quarter ending December 31, 2027 and thereafter, not greater than 4.75 to 1.00. All other terms and conditions of the Credit Facility remain in full force and effect.

As of June 30, 2026, we were in compliance with our financial covenants under the Credit Facility. The amount of availability under the Credit Facility at June 30, 2026, after taking into consideration debt covenant restrictions, was $248.5 million.

Cash paid for interest, including debt and finance lease obligations, amounted to $21.3 million and $24.6 million for the six months ended June 30, 2026 and 2025, respectively.

Finance Lease Obligations

In May 2012, the Predecessor Entity entered into a 15-year master lease agreement with renewal options of up to an additional 20 years with Getty. Since then, the agreement has been amended from time to time to add or remove sites. As of December 31, 2025, we leased 106 sites under this lease. We paid fixed rent, which increased 1.5% per year. In addition, the lease required variable lease payments based on gallons of motor fuel sold.

Because the fair value of the land at lease inception was estimated to represent more than 25% of the total fair value of the real property subject to the lease, the land element of the lease was analyzed for operating or capital treatment separately from the rest of the property subject to the lease. The land element of the lease was classified as an operating lease and all of the other property was classified as a capital lease. This assessment was not required to be reassessed upon adoption of ASC 842–Leases.

On January 31, 2026, we entered into an amendment of this lease with Getty. The amendment reset the rents for all 106 sites to an aggregate $6.9 million in annual rent, subject to annual escalations of 1.5%. The amendment also removed provisions requiring us to pay variable rent based on fuel volume.

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CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Through this amendment, we also exercised a renewal option that extends the term through April 30, 2037 and have an additional renewal option that could extend the term through April 30, 2047. The amendment provides for a purchase option to us that can be exercised between October 1, 2026 and June 30, 2027 for up to 25 sites for up to $6.6 million, which is reasonably certain to be exercised. The amendment also provides for a purchase option to us for up to nine additional sites during certain timeframes of the term at values to be agreed upon, which is not reasonably certain to be exercised. Getty has the option to recapture up to six sites during certain timeframes of the term as well, which is also not reasonably certain to be exercised. We have a right of first offer should Getty seek to sell or convey any of the leased properties.

This amendment triggered a reassessment of the lease accounting. Effective January 31, 2026, we are accounting for the modified lease as a finance lease. With respect to the 25 sites for which it is reasonably certain we will exercise our purchase option and have the intent and ability to do so, we are accounting for the finance lease using an anticipated purchase date of October 1, 2026. With respect to the 81 remaining sites, we are accounting for the finance lease through the end of the current term expiring on April 30, 2037. We recorded increases in our finance lease obligations and right-of-use assets under finance leases of $56.3 million during the first quarter of 2026. The weighted-average discount rate for this finance lease obligation was 6.0% at June 30, 2026. Interest on finance lease obligations amounted to $0.9 million and an insignificant amount for the three months ended June 30, 2026 and 2025, and $1.2 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively.

Note 7. INTEREST RATE SWAP CONTRACTS

During 2026 and 2025, we held the following interest rate swap contracts (in thousands):

Type	Notional Amount		Termination Date	Fixed Rate
Spot starting April 2023		50,000	March 30, 2028		3.287	%
Spot starting April 2023		100,000	March 31, 2028		3.287	%
Spot starting April 2023		50,000	April 8, 2028		3.282	%
Forward starting April 2024		100,000	April 1, 2028		2.932	%
Spot starting November 2023		80,000	March 31, 2028		4.105	%
Spot starting November 2023		20,000	March 31, 2028		4.121	%

Our interest rate swap contracts fix the rate on a portion of our SOFR-based borrowings under our Credit Facility, have been designated as cash flow hedges and are expected to be highly effective.

The fair value of these interest rate swap contracts was reported as a separate line item within current assets, current liabilities, noncurrent assets and noncurrent liabilities, as applicable. See Note 10 for additional information on the fair value of the interest rate swap contracts.

We report the unrealized gains and losses on our interest rate swap contracts designated as highly effective cash flow hedges as a component of other comprehensive income and reclassify such gains and losses into earnings (interest expense on our statement of operations) in the same period during which the hedged interest expense is recorded. We recognized a net realized gain from settlements of the interest rate swap contracts of $0.2 million and $0.9 million for the three months ended June 30, 2026 and 2025 and $0.5 million and $1.9 million for the six months ended June 30, 2026 and 2025, respectively.

We currently estimate that a net gain of $2.1 million will be reclassified from AOCI into interest expense during the next 12 months; however, the actual amount that will be reclassified will vary based on changes in interest rates.

Note 8. RELATED-PARTY TRANSACTIONS

Wholesale Motor Fuel Sales and Real Estate Rentals

Revenues from TopStar, an entity affiliated with the Topper Group, were $12.9 million and $9.1 million for the three months ended June 30, 2026 and 2025 and $22.0 million and $17.9 million for the six months ended June 30, 2026 and 2025, respectively. Accounts receivable from TopStar was $0.7 million at both June 30, 2026 and December 31, 2025.

In February 2025, we purchased a property from TopStar for $0.2 million.

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CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We lease certain real estate from the Topper Group. Rent expense under these lease agreements was $2.2 million and $2.5 million for the three months ended June 30, 2026 and 2025 and $4.5 million and $5.0 million for the six months ended June 30, 2026 and 2025, respectively.

Omnibus Agreement

We incurred expenses under the Omnibus Agreement, including costs for store level personnel at our company operated sites as well as other cost reimbursements, totaling $30.9 million and $32.8 million for the three months ended June 30, 2026 and 2025 and $61.2 million and $64.7 million for the six months ended June 30, 2026 and 2025, respectively. Such expenses are included in operating expenses and general and administrative expenses in the statements of operations. Amounts payable to the Topper Group related to expenses incurred by the Topper Group on our behalf in accordance with the Omnibus Agreement totaled $5.8 million and $4.6 million at June 30, 2026 and December 31, 2025, respectively.

Common Unit Distributions and Other Equity Transactions

We distributed $7.7 million to the Topper Group related to its ownership of our common units for each of the three months ended June 30, 2026 and 2025 and $15.4 million for each of the six months ended June 30, 2026 and 2025.

We distributed $2.6 million to affiliates of John B. Reilly, III, a member of our Board, related to their ownership of our common units for each of the three months ended June 30, 2026 and 2025 and $5.3 million and $5.2 million for the six months ended June 30, 2026 and 2025, respectively.

We recorded accretion on the preferred membership interests issued in March 2022 to related parties of $0.7 million for each of the three months ended June 30, 2026 and 2025 and $1.4 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively. We paid income tax distributions of $0.2 million related to the preferred membership interests for the three and six months ended June 30, 2026.

Maintenance and Environmental Costs

Certain maintenance and environmental remediation activities are performed by an entity affiliated with the Topper Group, as approved by the independent conflicts committee of the Board. We incurred charges with this related party of $0.5 million and $0.4 million for the three months ended June 30, 2026 and 2025 and $0.9 million and $1.1 million for the six months ended June 30, 2026 and 2025, respectively. Accounts payable to this related party amounted to $0.3 million at both June 30, 2026 and December 31, 2025.

Environmental Remediation Indemnification

Under an indemnification agreement, DMI reimburses us for certain environmental remediation costs incurred by the Partnership. We received $0.1 million for each of the three months ended June 30, 2026 and 2025 and $0.3 million and $0.2 million for the six months ended June 30, 2026 and 2025, respectively.

Convenience Store Products

We purchase certain convenience store products from an affiliate of John B. Reilly, III and Joseph V. Topper, Jr., members of the Board, as approved by the independent conflicts committee of the Board. Merchandise costs amounted to $4.8 million for each of the three months ended June 30, 2026 and 2025 and $9.2 million and $9.1 million for the six months ended June 30, 2026 and 2025, respectively. Amounts payable to this related party amounted to $1.6 million and $1.7 million at June 30, 2026 and December 31, 2025, respectively.

Vehicle Lease

In connection with the services rendered under the Omnibus Agreement, we lease certain vehicles from an entity affiliated with the Topper Group, as approved by the independent conflicts committee of the Board. Lease expense was an insignificant amount for each of the three months ended June 30, 2026 and 2025 and $0.1 million for each of the six months ended June 30, 2026 and 2025.

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CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Principal Executive Offices

We lease office space from an affiliate of John B. Reilly, III and Joseph V. Topper, Jr., members of our Board, as approved by the independent conflicts committee of the Board. Rent expense amounted to $0.3 million for each of the three months ended June 30, 2026 and 2025 and $0.6 million for each of the six months ended June 30, 2026 and 2025.

Public Relations and Website Consulting Services

We have engaged a company affiliated with John B. Reilly, III, member of the Board, for public relations and website consulting services. The cost of these services was insignificant for the three and six months ended June 30, 2026 and 2025.

Note 9. COMMITMENTS AND CONTINGENCIES

Purchase Commitments

We have minimum volume purchase requirements under certain of our fuel supply agreements with a purchase price at prevailing market rates for wholesale distribution. In the event we fail to purchase the required minimum volume for a given contract period, the underlying third party’s exclusive remedies (depending on the magnitude of the failure) are either termination of the supply agreement and/or a financial penalty per gallon based on the volume shortfall for the given period. We did not pay any significant penalties in any period presented.

Litigation Matters

We are from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damages, environmental damages, employment-related claims and damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims and proceedings, we record an accrual when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In addition, we disclose matters for which management believes a material loss is at least reasonably possible. We believe that it is not reasonably possible that these proceedings, separately or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations or cash flows. In all instances, management has assessed the matter based on current information and made a judgment concerning its potential outcome, giving due consideration to the nature of the claim, the amount and nature of damages sought and the probability of success. Management’s judgment may prove materially inaccurate, and such judgment is made subject to the known uncertainties of litigation.

Environmental Matters

We currently own or lease sites where refined petroleum products are being or have been handled. These sites and the refined petroleum products handled thereon may be subject to federal and state environmental laws and regulations. Under such laws and regulations, we could be required to remove or remediate containerized hazardous liquids or associated generated wastes (including wastes disposed of or abandoned by prior owners or operators), to remediate contaminated property arising from the release of liquids or wastes into the environment, including contaminated groundwater, or to implement best management practices to prevent future contamination.

We maintain insurance of various types with varying levels of coverage that is considered adequate under the circumstances to cover operations and properties. The insurance policies are subject to deductibles that are considered reasonable and not excessive. In addition, we have generally entered into indemnification agreements with various sellers in conjunction with our past acquisitions, as further described below. Financial responsibility for environmental remediation is negotiated in connection with each acquisition transaction. In each case, an assessment is made of potential environmental liability exposure based on available information. Based on that assessment and relevant economic and risk factors, a determination is made whether to, and the extent to which we will, assume liability for existing environmental conditions.

Environmental liabilities recorded on the balance sheet within accrued expenses and other current liabilities and other long-term liabilities totaled $9.8 million and $9.7 million at June 30, 2026 and December 31, 2025, respectively. Indemnification assets related to state funds or insurance recorded on the balance sheet within other current and other noncurrent assets totaled $8.4 million and $8.3 million at June 30, 2026 and December 31, 2025, respectively. State funds represent probable state reimbursement amounts. Reimbursement will depend upon the continued maintenance and solvency of the state. Insurance coverage represents amounts deemed probable of reimbursement under insurance policies.

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CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The estimates used in these reserves are based on all known facts at the time and an assessment of the ultimate remedial action outcomes. We will adjust loss accruals as further information becomes available or circumstances change. Among the many uncertainties that impact the estimates are the necessary regulatory approvals for, and potential modifications of, remediation plans, the amount of data available upon initial assessment of the impact of soil or water contamination, changes in costs associated with environmental remediation services and equipment and the possibility of existing legal claims giving rise to additional claims.

Environmental liabilities related to the sites contributed to the Partnership in connection with our IPO have not been assigned to us and are still the responsibility of the Predecessor Entity. The Predecessor Entity indemnified us for any costs or expenses that we incur for environmental liabilities and third-party claims, regardless of when a claim is made, that are based on environmental conditions in existence prior to the closing of the IPO for contributed sites. As such, these environmental liabilities and indemnification assets are not recorded on the consolidated balance sheet of the Partnership.

Similarly, we have generally been indemnified with respect to known contamination at sites acquired from third parties. As such, these environmental liabilities and indemnification assets are also not recorded on the consolidated balance sheet of the Partnership.

Note 10. FAIR VALUE MEASUREMENTS

We measure and report certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). U.S. GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation.

Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any levels in 2026 or 2025.

As further discussed in Note 7, we remeasure the fair value of interest rate swap contracts on a recurring basis each balance sheet date. We used an income approach to measure the fair value of these contracts, utilizing a forward yield curve for the same period as the future interest rate swap settlements. These fair value measurements are classified as Level 2 measurements.

We have accrued for outstanding phantom units as a liability and adjust that liability on a recurring basis based on the market price of our common units each balance sheet date. These fair value measurements are deemed Level 1 measurements.

The fair value of our accounts receivable, notes receivable, and accounts payable approximated their carrying values as of June 30, 2026 and December 31, 2025 due to the short-term maturity of these instruments. The fair value of borrowings under the Credit Facility approximated its carrying value as of June 30, 2026 and December 31, 2025 due to the frequency with which interest rates are reset and the consistency of the market spread.

Note 11. INCOME TAXES

As a limited partnership, we are not subject to federal and state income taxes. However, our corporate subsidiaries are subject to income taxes. Income tax attributable to our taxable income (including any dividend income from our corporate subsidiaries), which may differ significantly from income for financial statement purposes, is assessed at the individual limited partner unitholder level. We are subject to a statutory requirement that non-qualifying income, as defined by the Internal Revenue Code, cannot exceed 10% of total gross income for the calendar year. If non-qualifying income exceeds this statutory limit, we would be taxed as a corporation. The non-qualifying income did not exceed the statutory limit in any annual period.

Certain activities that generate non-qualifying income are conducted through our wholly owned taxable corporate subsidiaries. Current and deferred income taxes are recognized on the earnings of these subsidiaries. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates.

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CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We recorded income tax expense of $3.3 million and $3.9 million for the three months ended June 30, 2026 and 2025 and $5.8 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively, as a result of the income generated by our corporate subsidiaries. The effective tax rate differs from the combined federal and state statutory rate primarily because only our corporate subsidiaries are subject to income tax.

Cash paid for income taxes, net of refunds received, amounted to $7.2 million and $2.8 million for the six months ended June 30, 2026 and 2025, respectively.

Note 12. NET INCOME PER COMMON UNIT

The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per common unit for the following periods (in thousands, except unit and per unit amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026			2025
Numerator:
Distributions paid on common units	$	20,031	$	20,001	$	40,052		$	39,982
Allocation of distributions in excess of net income		71		4,487		(9,985	)		(23,274	)
Limited partners’ interest in net income - basic		20,102		24,488		30,067			16,708
Accretion of preferred membership interests (a)		—		680		—			—
Limited partners’ interest in net income - diluted	$	20,102	$	25,168	$	30,067		$	16,708
Denominator:
Weighted-average common units outstanding - basic		38,154,331		38,097,513		38,148,481			38,085,815
Adjustment for phantom and phantom performance units		169,625		174,674		169,586			175,093
Adjustment for preferred membership interests (a)		—		1,273,291		—			—
Weighted-average common units outstanding - diluted		38,323,956		39,545,478		38,318,067			38,260,908
Net income per common unit - basic	$	0.53	$	0.64	$	0.79		$	0.44
Net income per common unit - diluted	$	0.52	$	0.64	$	0.78		$	0.44
Distributions paid per common unit	$	0.5250	$	0.5250	$	1.0500		$	1.0500
Distributions declared (with respect to each respective period)    per common unit	$	0.5250	$	0.5250	$	1.0500		$	1.0500

a)For the three and six months ended June 30, 2026, 1,329,127 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive.

For the three months ended June 30, 2025, dilutive units related to the preferred membership interests were included in the denominator of the calculation of diluted earnings per unit. Similarly, the accretion of the preferred membership interests was added back in the numerator of the calculation as if the preferred membership interests had been converted to common units at the beginning of the period, in which case no accretion would have been recorded.

For the six months ended June 30, 2025, 1,273,291 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive.

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CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Distributions

Distribution activity for 2026 is as follows:

Quarter Ended	Record Date	Payment Date	Cash Distribution (per unit)		Cash Distribution (in thousands)
December 31, 2025	February 2, 2026	February 12, 2026		0.5250		20,021
March 31, 2026	May 4, 2026	May 14, 2026		0.5250		20,031
June 30, 2026	August 3, 2026	August 13, 2026		0.5250		20,041

The amount of any distribution is subject to the discretion of the Board, which may reduce or eliminate the cash distribution at any time. Our Partnership Agreement does not require us to pay any distributions. As such, there can be no assurance we will continue to pay distributions in the future.

Note 13. SEGMENT REPORTING

We conduct our business in two reportable segments: 1) the wholesale segment and 2) the retail segment.

The wholesale segment includes the wholesale distribution of motor fuel to lessee dealers and independent dealers. We have exclusive motor fuel distribution contracts with lessee dealers who lease the property from us. We also have exclusive distribution contracts with independent dealers to distribute motor fuel but do not collect rent from the independent dealers.

The retail segment includes the retail sale of motor fuel at retail sites operated by commission agents and the sale of convenience merchandise and the retail sale of motor fuel at company operated sites. A commission agent site is a retail site where we retain title to the motor fuel inventory and sell it directly to our end user customers. At commission agent retail sites, we manage motor fuel inventory pricing and retain the gross profit on motor fuel sales, less a commission to the agent who operates the retail site. Similar to our wholesale segment, we also generate revenues through leasing or subleasing real estate in our retail segment.

Unallocated items consist primarily of general and administrative expenses, depreciation, amortization and accretion expense, gains on dispositions and lease terminations, net, other income, interest expense and income tax expense. Total assets by segment are not presented as management does not currently assess performance or allocate resources based on that data.

During the three and six months ended June 30, 2025, respectively, we converted six and 24 sites from lessee dealer sites in the wholesale segment to company operated or commission agent sites in the retail segment, net.

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CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table reflects activity related to our reportable segments (in thousands):

	Wholesale		Retail		Unallocated			Consolidated
Three Months Ended June 30, 2026
Revenues from fuel sales to external customers	$	527,990	$	524,475	$	—		$	1,052,465
Revenues from food and merchandise sales		—		105,287		—			105,287
Rent income		10,634		4,032		—			14,666
Other revenue		1,149		5,450		—			6,599
Total revenues		539,773		639,244		—			1,179,017
Cost of goods sold - fuel		510,189		478,014		—			988,203
Cost of goods sold - food and merchandise		—		74,261		—			74,261
Cost of goods sold - Rent expense		2,487		1,279		—			3,766
Gross profit		27,097		85,690		—			112,787
Store labor		—		21,563		—			21,563
Maintenance and environmental costs		1,417		7,014		—			8,431
Other items (a)		4,913		20,118		22,490			47,521
Operating income (loss)	$	20,767	$	36,995	$	(22,490	)	$	35,272
Three Months Ended June 30, 2025
Revenues from fuel sales to external customers	$	399,598	$	432,813	$	—		$	832,411
Revenues from food and merchandise sales		—		108,059		—			108,059
Rent income		11,851		3,608		—			15,459
Other revenue		1,388		4,608		—			5,996
Total revenues		412,837		549,088		—			961,925
Cost of goods sold - fuel		384,433		394,024		—			778,457
Cost of goods sold - food and merchandise		—		77,553		—			77,553
Cost of goods sold - Rent expense		3,539		1,384		—			4,923
Gross profit		24,865		76,127		—			100,992
Store labor		—		23,468		—			23,468
Maintenance and environmental costs		1,425		7,048		—			8,473
Other items (a)		5,696		20,312		1,546			27,554
Operating income (loss)	$	17,744	$	25,299	$	(1,546	)	$	41,497
Six Months Ended June 30, 2026
Revenues from fuel sales to external customers	$	885,602	$	897,553	$	—		$	1,783,155
Revenues from food and merchandise sales		—		195,952		—			195,952
Rent income		21,173		8,053		—			29,226
Other revenue		2,255		10,259		—			12,514
Total revenues		909,030		1,111,817		—			2,020,847
Cost of goods sold - fuel		853,348		811,232		—			1,664,580
Cost of goods sold - food and merchandise		—		137,974		—			137,974
Cost of goods sold - Rent expense		5,265		2,618		—			7,883
Gross profit		50,417		159,993		—			210,410
Store labor		—		42,891		—			42,891
Maintenance and environmental costs		2,645		14,640		—			17,285
Other items (a)		10,122		41,163		39,927			91,212
Operating income (loss)	$	37,650	$	61,299	$	(39,927	)	$	59,022

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CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Wholesale		Retail		Unallocated			Consolidated
Six Months Ended June 30, 2025
Revenues from fuel sales to external customers	$	765,359	$	817,334	$	—		$	1,582,693
Revenues from food and merchandise sales		—		197,400		—			197,400
Rent income		25,135		7,526		—			32,661
Other revenue		2,583		9,063		—			11,646
Total revenues		793,077		1,031,323		—			1,824,400
Cost of goods sold - fuel		734,431		747,364		—			1,481,795
Cost of goods sold - food and merchandise		—		141,981		—			141,981
Cost of goods sold - Rent expense		7,127		2,691		—			9,818
Gross profit		51,519		139,287		—			190,806
Store labor		—		46,034		—			46,034
Maintenance and environmental costs		2,894		15,119		—			18,013
Other items (a)		11,397		41,379		30,485			83,261
Operating income (loss)	$	37,228	$	36,755	$	(30,485	)	$	43,498

(a)For the Wholesale and Retail segments, other segment items includes real estate taxes, utilities, management fees, insurance and other operating expenses. For the Retail segment, other segment items also includes rent expense, store supplies and shrink. Other segment items that are not allocated to a segment include general and administrative expenses, depreciation, amortization and accretion expense and gains/losses on dispositions and lease terminations, net.

A reconciliation from operating income to income before income taxes follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Operating income	$	35,272		$	41,497		$	59,022		$	43,498
Other income, net		212			136			369			266
Interest expense		(11,342	)		(12,569	)		(22,092	)		(25,413	)
Income before income taxes	$	24,142		$	29,064		$	37,299		$	18,351

Receivables relating to the revenue streams above are as follows (in thousands):

	June 30,		December 31,		December 31,
	2026		2025		2024
Receivables from fuel and merchandise sales	$	33,639	$	28,316	$	30,115
Receivables for rent and other lease-related charges		846		937		2,122
Total accounts receivable	$	34,485	$	29,253	$	32,237

Performance obligations are satisfied as fuel is delivered to the customer and as merchandise is sold to the consumer. Many of our fuel contracts with our customers include minimum purchase volumes measured on a monthly basis, for which our performance obligations are satisfied as services are rendered. Receivables from fuel are recognized on a per-gallon rate and are generally collected within 10 days of delivery.

The balance of unamortized costs incurred to obtain certain contracts with customers was $9.6 million and $9.9 million at June 30, 2026 and December 31, 2025, respectively. Amortization of such costs is recorded against operating revenues and amounted to $0.5 million for each of the three months ended June 30, 2026 and 2025 and $1.0 million for each of the six months ended June 30, 2026 and 2025.

Receivables from rent and other lease-related charges are generally collected at the beginning of the month.

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CROSSAMERICA PARTNERS LP

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 14. SUPPLEMENTAL CASH FLOW INFORMATION

In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in operating assets and liabilities as follows (in thousands):

	Six Months Ended June 30,
	2026			2025
(Increase) decrease:
Accounts receivable	$	(5,278	)	$	(229	)
Accounts receivable from related parties		36			(219	)
Inventories		(3,900	)		2,426
Other current assets		1,536			654
Other assets		(552	)		(1,008	)
Increase (decrease):
Accounts payable		12,683			390
Accounts payable to related parties		1,270			(806	)
Accrued expenses and other current liabilities		(1,490	)		2,485
Motor fuel and sales taxes payable		(2,604	)		48
Other long-term liabilities		(1,304	)		405
Changes in operating assets and liabilities, net of acquisitions	$	397		$	4,146

The above changes in operating assets and liabilities may differ from changes between amounts reflected in the applicable balance sheets for the respective periods due to acquisitions and non-cash activity.

Supplemental schedule of non-cash investing and financing activities (in thousands):

	Six Months Ended June 30,
	2026		2025
Accrued capital expenditures	$	2,598	$	2,840
Lease liabilities arising from obtaining right-of-use assets under operating leases		4,094		6,455
Lease liabilities arising from obtaining right-of-use assets under finance leases		56,288		—
Accretion of preferred membership interests		1,404		1,345

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, credit ratings, distribution growth, potential growth opportunities, potential operating performance improvements, potential improvements in return on capital employed, the effects of competition and the effects of future legislation or regulations. You can identify our forward-looking statements by the words “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “guidance,” “outlook,” “effort,” “target” and similar expressions. Such statements are based on our current plans and expectations and involve risks and uncertainties that could potentially affect actual results. These forward-looking statements include, among other things, statements regarding:

•future retail and wholesale gross profits, including gasoline, diesel and convenience store merchandise gross profits;

•our anticipated level of capital investments, including through acquisitions, and the effect of these capital investments on our results of operations;

•anticipated trends in the demand for, and volumes sold of, gasoline, diesel and convenience merchandise products in the regions where we operate;

•volatility in the equity and credit markets limiting access to capital markets;

•our ability to integrate acquired businesses;

•expectations regarding environmental, tax and other regulatory initiatives; and

•the effect of general economic and other conditions on our business.

In general, we based the forward-looking statements included in this report on our current expectations, estimates and projections about our company and the industry in which we operate. We caution you that these statements are not guarantees of future performance and involve risks and uncertainties we cannot predict. We anticipate that subsequent events and market developments will cause our estimates to change. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. Any differences could result from a variety of factors, including the following:

•the Topper Group’s business strategy and operations and the Topper Group’s conflicts of interest with us;

•availability of cash flow to pay the current quarterly distributions on our common units;

•the availability and cost of competing motor fuel resources and convenience merchandise;

•motor fuel price volatility, including as a result of the conflict in Ukraine or in the Middle East and geopolitical developments around Venezuela and Greenland;

•a reduction in demand for motor fuels;

•changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences;

•competition in the industries and geographical areas in which we operate;

•the consummation of financing, acquisition or disposition transactions and the effect thereof on our business;

•environmental compliance and remediation costs;

•our existing or future indebtedness and the related interest expense and our ability to comply with debt covenants;

•our liquidity, results of operations and financial condition;

•failure to comply with applicable tax and other regulations or governmental policies;

•future legislation and changes in regulations, governmental policies, immigration laws and restrictions or changes in enforcement or interpretations thereof;

•future regulations and actions that could expand the non-exempt status of employees under the Fair Labor Standards Act;

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•future income tax legislation;

•changes in energy policy;

•technological advances;

•the impact of worldwide economic and political conditions;

•the impact of wars and acts of terrorism;

•weather conditions or catastrophic weather-related damage;

•earthquakes and other natural disasters;

•hazards and risks associated with transporting and storing motor fuel;

•unexpected environmental liabilities;

•the outcome of pending or future litigation; and

•our ability to comply with federal and state laws and regulations, including those related to environmental matters, the sale of alcohol, cigarettes and fresh foods, employment and health benefits and immigration.

You should consider the risks and uncertainties described above and elsewhere in this report as well as those set forth in the section entitled “Risk Factors” in our Form 10-K in connection with considering any forward-looking statements that may be made by us and our businesses generally. We cannot assure you that anticipated results or events reflected in the forward-looking statements will be achieved or will occur. The forward-looking statements included in this report are made as of the date of this report. We undertake no obligation to publicly release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events after the date of this report, except as required by law.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following MD&A is intended to help the reader understand our results of operations and financial condition. This section is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to these financial statements contained elsewhere in this report, and the MD&A section and the consolidated financial statements and accompanying notes to those financial statements in our Form 10-K. Our Form 10-K contains a discussion of other matters not included herein, such as disclosures regarding critical accounting policies and estimates and contractual obligations.

MD&A is organized as follows:

•Significant Factors Affecting Our Profitability—This section describes the most significant factors impacting our results of operations.

•Results of Operations—This section provides an analysis of our results of operations on a consolidated basis and for each of our segments as well as a discussion of non-GAAP financial measures.

•Liquidity and Capital Resources—This section provides a discussion of our financial condition and cash flows. It also includes a discussion of our debt, capital requirements, other matters impacting our liquidity and capital resources and an outlook for our business.

•New Accounting Policies—This section describes new accounting pronouncements that we have already adopted, those that we are required to adopt in the future and those that became applicable in the current year as a result of new circumstances.

•Critical Accounting Policies and Estimates—This section describes the accounting policies and estimates that we consider most important for our business and that require significant judgment.

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Significant Factors Affecting our Profitability

The Significance of Crude Oil and Wholesale Motor Fuel Prices on Our Revenues, Cost of Sales and Gross Profit

The prices paid to our motor fuel suppliers for wholesale motor fuel (which affects our cost of sales) are highly correlated to the price of crude oil. The crude oil commodity markets are highly volatile, and the market prices of crude oil, and, correspondingly, the market prices of wholesale motor fuel, experience significant and rapid fluctuations. For approximately 55% of gallons sold, we receive a per gallon rate equal to the posted rack price, less any applicable discounts, plus transportation costs, taxes and a fixed rate per gallon of motor fuel. The remaining gallons are either retail sales or wholesale DTW contracts that provide for variable, market-based pricing.

Regarding our supplier relationships, a material amount of our total gallons purchased are subject to prompt payment discounts. The dollar value of these discounts varies with changes in motor fuel prices. Therefore, in periods of lower wholesale motor fuel prices, our gross profit is negatively affected, and, in periods of higher wholesale motor fuel prices, our gross profit is positively affected (as it relates to these discounts).

In our retail business, we attempt to pass along wholesale motor fuel price changes to our retail customers through “at the pump” retail price changes; however, market conditions do not always allow us to do so immediately. The timing of any related increase or decrease in “at the pump” retail prices is affected by competitive conditions in each geographic market in which we operate. As such, the prices we charge our customers for motor fuel and the gross profit we receive on our motor fuel sales can increase or decrease significantly over short periods of time. Further, we are assessed fees as a percentage of debit and credit card sales. Such fees increase as "at the pump" retail prices increase but without necessarily being accompanied by higher retail gross profits.

Changes in our average motor fuel selling price per gallon and gross margin are directly related to the changes in crude oil and wholesale motor fuel prices. Variations in our reported revenues and cost of sales are, therefore, primarily related to the price of crude oil and wholesale motor fuel prices and generally not as a result of changes in motor fuel sales volumes, unless otherwise indicated and discussed below.

Seasonality Effects on Volumes

Our business is subject to seasonality due to our wholesale and retail sites being located in certain geographic areas that are affected by seasonal weather and temperature trends and associated changes in retail customer activity during different seasons. Historically, sales volumes have been highest in the second and third quarters (during the summer months) and lowest during the winter months in the first and fourth quarters.

Impact of Inflation

Inflation affects our financial performance by increasing certain components of cost of goods sold, such as fuel, merchandise, and credit card fees. Inflation also affects certain operating expenses, such as labor costs, certain leases, and general and administrative expenses. While our wholesale segment benefits from higher terms discounts as a result of higher fuel costs, inflation can negatively impact our cost of goods sold and operating expenses. Although we have historically been able to pass on increased costs through price increases, there can be no assurance that we will be able to do so in the future.

Class of Trade Conversions and Divestitures

We consider the highest and best use class of trade for each of our properties, which results in the conversion of sites from one class of trade to another and ultimately increases or decreases in the gross profit and operating income for the wholesale and retail segments. See Note 13 to the financial statements for additional information.

As part of our evaluation of the highest and best use class of trade for each of our properties, we divest certain assets, often lower performing properties. These sales generate gains or impairment charges depending on the site; see Notes 2 and 4 to the financial statements for additional information. These sales result in reductions in gross profit and operating income in the wholesale and retail segments. For many of these divestitures, we continue to supply the sites with fuel through long-term supply contracts. When we sell a lessee dealer site with continued fuel supply, the site is converted from a lessee dealer site to an independent dealer site but remains in the wholesale segment. When we sell company operated or commission agent sites with continued fuel supply, the site is converted from being operated in our retail segment to being operated as an independent dealer site in our wholesale segment.

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Results of Operations

Consolidated Income Statement Analysis

Below is an analysis of our consolidated statements of operations and provides the primary reasons for significant increases and decreases in the various income statement line items from period to period. Our consolidated statements of operations are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Operating revenues	$	1,179,017		$	961,925		$	2,020,847		$	1,824,400
Cost of sales		1,066,230			860,933			1,810,437			1,633,594
Gross profit		112,787			100,992			210,410			190,806
Operating expenses:
Operating expenses		55,025			57,949			111,461			116,823
General and administrative expenses		6,809			6,577			13,300			14,249
Depreciation, amortization and accretion expense		16,768			23,334			33,830			49,638
Total operating expenses		78,602			87,860			158,591			180,710
Gain on dispositions and lease terminations, net		1,087			28,365			7,203			33,402
Operating income		35,272			41,497			59,022			43,498
Other income, net		212			136			369			266
Interest expense		(11,342	)		(12,569	)		(22,092	)		(25,413	)
Income before income taxes		24,142			29,064			37,299			18,351
Income tax expense		3,330			3,896			5,828			298
Net income		20,812			25,168			31,471			18,053
Accretion of preferred membership interests		710			680			1,404			1,345
Net income available to limited partners	$	20,102		$	24,488		$	30,067		$	16,708

Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025

Operating revenues increased $217 million (23%) and operating income decreased $6.2 million (15%). Significant items impacting these results were:

Operating revenues

Revenues from fuel sales increased $220 million (26%) due primarily to a 43% increase in our consolidated average fuel selling price. The average spot price of WTI crude oil increased 48% to $95.65 per barrel for the second quarter of 2026, compared to $64.57 per barrel for the second quarter of 2025. This increase was partially offset by an 11% decrease in volume due to a reduction in volume in our base business and the net loss of independent dealer contracts.

Cost of sales

Cost of sales increased $205 million (24%), due to a higher cost per gallon, partially offset by lower volume due to the same drivers discussed above.

Gross profit

Gross profit increased $11.8 million (12%) due primarily to an increase in motor fuel gross profit in both our retail and wholesale segments. See “Results of Operations—Segment Results” for additional gross profit analyses.

Operating expenses

See “Results of Operations—Segment Results” for analyses.

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General and administrative expenses

General and administrative expenses increased $0.2 million (4%) primarily driven by higher legal fees and equity compensation expense, partially offset by lower acquisition-related costs.

Depreciation, amortization and accretion expense

Depreciation, amortization and accretion expense decreased $6.6 million (28%) primarily due to a $4.9 million decrease in impairment charges in comparison to prior year, as well as lower depreciation expense resulting from the impact of our site sales.

Gain on dispositions and lease terminations, net

During the three months ended June 30, 2026, we recorded $1.1 million in net gains in connection with our ongoing real estate optimization effort.

During the three months ended June 30, 2025, we recorded $29.7 million in net gains in connection with our ongoing real estate optimization effort, partially offset by $1.3 million of net losses on lease terminations and asset disposals.

Interest expense

Interest expense decreased $1.2 million (10%) due to a lower average outstanding debt balance resulting from applying the proceeds from site sales to our Credit Facility as well as a lower average SOFR rate. These decreases were partially offset by a $0.8 million increase in interest expense on our finance lease obligations as a result of the reassessment of the accounting for our lease with Getty required by the amendment of this lease during the first quarter of 2026. See Note 6 to the financial statements for additional information.

Income tax expense

We recorded income tax expense of $3.3 million and $3.9 million for the three months ended June 30, 2026 and 2025, respectively, driven by income generated by our taxable subsidiaries.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Operating revenues increased $196 million (11%) and operating income increased $15.5 million (36%). Significant items impacting these results were:

Operating revenues

Revenues from fuel sales increased $200 million (13%) due primarily to a 24% increase in our consolidated average fuel selling price. The average spot price of WTI crude oil increased 24% to $84.29 per barrel for the first half of 2026, compared to $68.12 per barrel for the first half of 2025. This increase was partially offset by a 9% decrease in volume due to a reduction in volume in our base business and the net loss of independent dealer contracts.

Cost of sales

Cost of sales increased $177 million (11%), due to a higher cost per gallon, partially offset by lower volume due to the same drivers discussed above.

Gross profit

Gross profit increased $19.6 million (10%) due primarily to an increase in motor fuel gross profit in both our retail and wholesale segments. See “Results of Operations—Segment Results” for additional gross profit analyses.

Operating expenses

See “Results of Operations—Segment Results” for analyses.

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General and administrative expenses

General and administrative expenses decreased $0.9 million (7%) primarily driven by lower equity compensation expense, acquisition-related costs and management fees.

Depreciation, amortization and accretion expense

Depreciation, amortization and accretion expense decreased $15.8 million (32%) primarily due to a $12.2 million decrease in impairment charges in comparison to prior year, as well as lower depreciation expense resulting from the impact of our site sales.

Gain on dispositions and lease terminations, net

During the six months ended June 30, 2026, we recorded $7.4 million in net gains in connection with our ongoing real estate optimization effort, partially offset by $0.2 million of net losses on lease terminations and asset disposals.

During the six months ended June 30, 2025, we recorded $35.2 million in net gains in connection with our ongoing real estate optimization effort, partially offset by $1.8 million of net losses on lease terminations and asset disposals.

Interest expense

Interest expense decreased $3.3 million (13%) due to a lower average outstanding debt balance resulting from applying the proceeds from site sales to our Credit Facility as well as a lower average SOFR rate. These decreases were partially offset by a $1.1 million increase in interest expense on our finance lease obligations as a result of the reassessment of the accounting for our lease with Getty required by the amendment of this lease during the first quarter of 2026. See Note 6 to the financial statements for additional information.

Income tax expense

We recorded income tax expense of $5.8 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively, driven by income generated by our taxable subsidiaries.

Segment Results

We present the results of operations of our segments consistent with how our management views the business.

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Retail

The following table highlights the results of operations and certain operating metrics of our retail segment. The narrative following these tables provides an analysis of the results of operations of that segment (in thousands, except for the number of retail sites and per gallon amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Gross profit:
Motor fuel	$	46,461		$	38,789		$	86,321		$	69,970
Merchandise		31,026			30,506			57,978			55,419
Rent		2,753			2,224			5,435			4,835
Other revenue		5,450			4,608			10,259			9,063
Total gross profit		85,690			76,127			159,993			139,287
Operating expenses		(48,695	)		(50,828	)		(98,694	)		(102,532	)
Operating income	$	36,995		$	25,299		$	61,299		$	36,755
Retail sites (end of period):
Company operated retail sites (a)		334			361			334			361
Commission agents (b)		221			236			221			236
Total retail sites		555			597			555			597
Total retail segment statistics:
Volume of gallons sold		124,032			141,683			241,718			268,216
Average retail fuel sites		560			603			568			600
Margin per gallon, before deducting credit card fees    and commissions		0.492			0.370			0.465			0.355
Company operated site statistics:
Average retail fuel sites		336			368			341			367
Margin per gallon, before deducting credit card fees	$	0.513		$	0.395		$	0.486		$	0.385
Merchandise gross profit percentage		29.5	%		28.2	%		29.6	%		28.1	%
Commission site statistics:
Average retail fuel sites		224			235			227			233
Margin per gallon, before deducting credit card fees    and commissions	$	0.436		$	0.313		$	0.411		$	0.289

(a)The decrease in the company operated site count was primarily attributable to the sale of certain company operated sites in connection with our real estate optimization effort.

(b)The decrease in the commission agent site count was primarily attributable to the sale of certain commission agent sites in connection with our real estate optimization effort.

Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025

Gross profit increased $9.6 million (13%) and operating income increased $11.7 million (46%). These results were impacted by:

Gross profit

•Our motor fuel gross profit increased $7.7 million (20%), attributable to a 33% increase in our margin per gallon due to greater volatility in the price of crude oil for the three months ended June 30, 2026 as compared to the same period of 2025. This increase was partially offset by a volume decrease of 12% due primarily to a decrease in volume in our base business as well as a decrease in our average retail site count due to the sale of certain sites in connection with our real estate optimization effort.

•Our merchandise gross profit increased $0.5 million (2%) due primarily to an increase in our merchandise gross profit percentage. This increase was partially offset by a reduction in our average company operated site count due primarily to the sale of certain company operated sites in connection with our real estate optimization effort.

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•Other revenues increased $0.8 million (18%) driven by higher income from skills games and fuel sold on a commission basis.

Operating expenses

Operating expenses decreased $2.1 million (4%) driven by a decrease in store labor as well as a decrease in the average retail site count due to the sale of certain sites in connection with our real estate optimization effort.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Gross profit increased $20.7 million (15%) and operating income increased $24.5 million (67%). These results were impacted by:

Gross profit

•Our motor fuel gross profit increased $16.4 million (23%), attributable to a 31% increase in our margin per gallon due to greater volatility in the price of crude oil for the six months ended June 30, 2026 as compared to the same period of 2025. This increase was partially offset by a volume decrease of 10% due primarily to a decrease in volume in our base business as well as a decrease in our average retail site count due to the sale of certain sites in connection with our real estate optimization effort.

•Our merchandise gross profit increased $2.6 million (5%) due primarily to an increase in our merchandise gross profit percentage as well as an increase in sales in our base business. These increases were partially offset by a reduction in our average company operated site count due primarily to the sale of certain company operated sites in connection with our real estate optimization effort.

•Other revenues increased $1.2 million (13%) driven by higher income from skills games and fuel sold on a commission basis.

Operating expenses

Operating expenses decreased $3.8 million (4%) driven by a decrease in store labor as well as a decrease in the average retail site count due to the sale of certain sites in connection with our real estate optimization effort.

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Wholesale

The following table highlights the results of operations and certain operating metrics of our wholesale segment. The narrative following these tables provides an analysis of the results of operations of that segment (in thousands of dollars, except for the number of distribution sites and per gallon amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Gross profit:
Motor fuel gross profit	$	17,801		$	15,165		$	32,254		$	30,928
Rent gross profit		8,147			8,312			15,908			18,008
Other revenues		1,149			1,388			2,255			2,583
Total gross profit		27,097			24,865			50,417			51,519
Operating expenses		(6,330	)		(7,121	)		(12,767	)		(14,291	)
Operating income	$	20,767		$	17,744		$	37,650		$	37,228
Motor fuel distribution sites (end of period): (a)
Independent dealers (b)		664			639			664			639
Lessee dealers (c)		317			365			317			365
Total motor fuel distribution sites		981			1,004			981			1,004
Average motor fuel distribution sites		984			1,009			985			1,021
Volume of gallons distributed		160,276			179,241			313,864			342,159
Margin per gallon	$	0.111		$	0.085		$	0.103		$	0.090

(a)In addition, we distributed motor fuel to sub-wholesalers who distributed to additional sites.

(b)The increase in the independent dealer site count was primarily attributable to the sale of certain lessee dealer, company operated and commission agent sites but with continued fuel supply, partially offset by the net loss of independent dealer contracts.

(c)The decrease in the lessee dealer site count was primarily attributable to the sale of certain lessee dealer sites in connection with our real estate optimization effort (generally with continued fuel supply, thereby converting the site to an independent dealer site) as well as the conversion of certain lessee dealer sites to company operated and commission agent sites.

Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025

Gross profit increased $2.2 million (9%) and operating income increased $3.0 million (17%). These results were impacted by:

Motor fuel gross profit

The $2.6 million increase (17%) in motor fuel gross profit was attributable to a 31% increase in our margin per gallon due to greater volatility in the price of crude oil for the three months ended June 30, 2026 as compared to the same period of 2025 as well as higher payment terms discounts due to the higher cost of fuel. This increase was partially offset by an 11% decrease in volume driven by a reduction in volume in our base business and the net loss of independent dealer contracts.

Rent gross profit

Rent gross profit decreased $0.2 million (2%) primarily due to the sale of certain lessee dealer sites in connection with our real estate optimization effort. This decrease was partially offset by an increase in rent gross profit as a result of the reassessment of the accounting for our lease with Getty required by the amendment of this lease during the first quarter of 2026, which resulted in certain payments to Getty that were previously accounted for as rent expense now being accounted for as principal payments and interest expense.

Operating expenses

Operating expenses decreased $0.8 million (11%), primarily due to the sale of certain lessee dealer sites in connection with our real estate optimization effort.

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Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Gross profit decreased $1.1 million (2%) and operating income increased $0.4 million (1%). These results were impacted by:

Motor fuel gross profit

The $1.3 million increase (4%) in motor fuel gross profit was attributable to a 14% increase in our margin per gallon due to greater volatility in the price of crude oil for the six months ended June 30, 2026 as compared to the same period of 2025 as well as higher payment terms discounts due to the higher cost of fuel. This increase was partially offset by an 8% decrease in volume driven by a reduction in volume in our base business and the net loss of independent dealer contracts.

Rent gross profit

Rent gross profit decreased $2.1 million (12%) primarily due to the sale of certain lessee dealer sites in connection with our real estate optimization effort. This decrease was partially offset by an increase in rent gross profit as a result of the reassessment of the accounting for our lease with Getty required by the amendment of this lease during the first quarter of 2026, which resulted in certain payments to Getty that were previously accounted for as rent expense now being accounted for as principal payments and interest expense.

Operating expenses

Operating expenses decreased $1.5 million (11%), primarily due to the sale of certain lessee dealer sites in connection with our real estate optimization effort.

Non-GAAP Financial Measures

We use the non-GAAP financial measures EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. EBITDA represents net income (loss) before deducting interest expense, income taxes and depreciation, amortization and accretion (which includes certain impairment charges). Adjusted EBITDA represents EBITDA as further adjusted to exclude equity-based compensation expense, gains or losses on dispositions and lease terminations, net and certain discrete acquisition related costs, such as legal and other professional fees, separation benefit costs and certain other discrete non-cash items arising from purchase accounting. Distributable Cash Flow represents Adjusted EBITDA less cash interest expense, sustaining capital expenditures and current income tax expense. The Distribution Coverage Ratio is computed by dividing Distributable Cash Flow by distributions paid on common units.

EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are used as supplemental financial measures by management and by external users of our financial statements, such as investors and lenders. EBITDA and Adjusted EBITDA are used to assess our financial performance without regard to financing methods, capital structure or income taxes and the ability to incur and service debt and to fund capital expenditures. In addition, Adjusted EBITDA is used to assess the operating performance of our business on a consistent basis by excluding the impact of items which do not result directly from the wholesale distribution of motor fuel, the leasing of real property, or the day to day operations of our retail site activities. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are also used to assess the ability to generate cash sufficient to make distributions to our unitholders.

We believe the presentation of EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio provides useful information to investors in assessing the financial condition and results of operations. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio have important limitations as analytical tools because they exclude some but not all items that affect net income. Additionally, because EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

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The following table presents reconciliations of EBITDA, Adjusted EBITDA, and Distributable Cash Flow to net income (loss), the most directly comparable U.S. GAAP financial measure, for each of the periods indicated (in thousands, except for Distribution Coverage Ratio):

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income	$	20,812		$	25,168		$	31,471		$	18,053
Interest expense		11,342			12,569			22,092			25,413
Income tax expense		3,330			3,896			5,828			298
Depreciation, amortization and accretion expense		16,768			23,334			33,830			49,638
EBITDA		52,252			64,967			93,221			93,402
Equity-based employee and director compensation expense		587			176			788			989
Gain on dispositions and lease terminations, net (a)		(1,087	)		(28,365	)		(7,203	)		(33,402	)
Acquisition-related costs (b)		17			305			44			363
Adjusted EBITDA		51,769			37,083			86,850			61,352
Cash interest expense		(10,858	)		(12,085	)		(21,123	)		(24,444	)
Sustaining capital expenditures (c)		(4,952	)		(2,550	)		(6,302	)		(5,271	)
Current income tax expense (d)		(2,378	)		(52	)		(4,342	)		(146	)
Distributable Cash Flow	$	33,581		$	22,396		$	55,083		$	31,491
Distributions paid on common units		20,031			20,001			40,052			39,982
Distribution Coverage Ratio	1.68x			1.12x			1.38x			0.79x

(a)See "Results of Operations–Gain on dispositions and Lease Terminations, net."

(b)Relates to certain acquisition-related costs, such as legal and other professional fees, separation benefit costs and purchase accounting adjustments associated with recent acquisitions.

(c)Under the Partnership Agreement, sustaining capital expenditures are capital expenditures made to maintain our long-term operating income or operating capacity. Examples of sustaining capital expenditures are those made to maintain existing contract volumes or to maintain our sites in conditions suitable to operate or lease, such as parking lot or roof replacement/renovation, or to replace equipment required to operate the existing business.

(d)Excludes current income tax expense incurred on the sales of sites.

Liquidity and Capital Resources

Liquidity

Our principal liquidity requirements are to finance our operations, fund acquisitions, service our debt and pay distributions to our unitholders. We expect our ongoing sources of liquidity to include cash generated by operations, proceeds from sales of sites in connection with our real estate optimization efforts, borrowings under the Credit Facility, and if available to us on acceptable terms, issuances of equity and debt securities. We regularly evaluate alternate sources of capital to support our liquidity requirements.

Our ability to meet our debt service obligations and other capital requirements, including capital expenditures, acquisitions, distributions on the preferred membership interests and partnership distributions, will depend on our future operating performance, which, in turn, will be subject to general economic, financial, business, competitive, legislative, regulatory and other conditions, many of which are beyond our control. As a normal part of our business, depending on market conditions, we will, from time to time, consider opportunities to repay, redeem, repurchase or refinance our indebtedness. Changes in our operating plans, lower than anticipated sales, increased expenses, acquisitions or other events may cause us to seek additional debt or equity financing in future periods.

We believe that we will have sufficient cash flow from operations, borrowing capacity under the Credit Facility, access to capital markets and alternate sources of funding to meet our financial commitments, debt service obligations, contingencies, anticipated capital expenditures, distributions on the preferred membership interests and partnership distributions. However, we are subject to business and operational risks that could adversely affect our cash flow. A material decrease in our cash flows would likely produce an adverse effect on our borrowing capacity as well as our ability to issue additional equity and/or debt securities and/or maintain or increase distributions to unitholders.

28

Cash Flows

The following table summarizes cash flow activity (in thousands):

	Six Months Ended June 30,
	2026			2025
Net cash provided by operating activities	$	61,105		$	37,697
Net cash provided by investing activities		3,705			50,871
Net cash used in financing activities		(63,025	)		(82,232	)

Operating Activities

Net cash provided by operating activities increased $23 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to stronger operating results in 2026 and a decrease in interest expense driven by a lower average outstanding debt balance as well as a lower average SOFR rate, partially offset by higher income tax payments in 2026 compared to 2025.

As is typical in our industry, our current liabilities exceed our current assets as a result of the longer settlement of real estate and motor fuel taxes as compared to the shorter settlement of receivables for fuel, rent and merchandise.

Investing Activities

We incurred capital expenditures of $11 million and $22 million for the six months ended June 30, 2026 and 2025, respectively. We received $16 million and $73 million in proceeds primarily from the sale of sites in connection with our real estate optimization effort for the six months ended June 30, 2026 and 2025, respectively. We also paid $1.8 million as a final payment in connection with a prior-year acquisition.

Financing Activities

We paid $40 million in distributions for each of the six months ended June 30, 2026 and 2025. For the six months ended June 30, 2026 and 2025, we made total net repayments on the Credit Facility of $21 million and $41 million, respectively.

Distributions to Common Unitholders

Distribution activity for 2026 was as follows:

Quarter Ended	Record Date	Payment Date	Cash Distribution (per unit)		Cash Distribution (in thousands)
December 31, 2025	February 2, 2026	February 12, 2026		0.5250		20,021
March 31, 2026	May 4, 2026	May 14, 2026		0.5250		20,031
June 30, 2026	August 3, 2026	August 13, 2026		0.5250		20,041

The amount of any distribution is subject to the discretion of the Board, which may reduce or eliminate the cash distribution at any time. Our Partnership Agreement does not require us to pay any distributions. As such, there can be no assurance we will continue to pay distributions in the future.

Distributions on Preferred Membership Interests

Distributions on the preferred membership interests are payable in cash quarterly starting in the fourth quarter of 2026. See Note 18 to the financial statements included in our Form 10-K for additional information.

29

Debt

As of June 30, 2026, our debt and finance lease obligations consisted of the following (in thousands):

Credit Facility	$	671,596
Finance lease obligations		58,980
Total debt and finance lease obligations		730,576
Current portion		9,774
Noncurrent portion		720,802
Deferred financing costs, net		5,331
Noncurrent portion, net of deferred financing costs	$	715,471

Taking the interest rate swap contracts into account, the effective interest rate on our Credit Facility at June 30, 2026 was 5.5% (our applicable margin was 2.0% as of June 30, 2026). Letters of credit outstanding at June 30, 2026 totaled $4.9 million.

On July 15, 2026, the Partnership and its subsidiary, Lehigh Gas Wholesale Services, Inc., entered into an amendment to the Credit Facility (the "Credit Facility Amendment"). The Credit Facility Amendment, among other things, (x) extends the maturity date from March 31, 2028 to July 15, 2031, (y) removes the SOFR credit spread adjustment and (z) amends the applicable financial covenant to require the Partnership to maintain a Consolidated Leverage Ratio (as defined in the Credit Facility) of (i) for each fiscal quarter ending June 30, 2026, September 30, 2026, December 31, 2026, March 31, 2027, June 30, 2027 and September 30, 2027, not greater than 5.00 to 1.00, and (ii) for each fiscal quarter ending December 31, 2027 and thereafter, not greater than 4.75 to 1.00. All other terms and conditions of the Credit Facility remain in full force and effect.

The amount of availability under our Credit Facility at July 31, 2026, after taking into consideration debt covenant restrictions, was $244.2 million.

See Note 6 for information on an amendment of our lease with Getty.

Capital Expenditures

We make investments to expand, upgrade and enhance existing assets. We categorize our capital requirements as either sustaining capital expenditures, growth capital expenditures or acquisition capital expenditures. Sustaining capital expenditures are those capital expenditures required to maintain our long-term operating income or operating capacity. Growth capital expenditures, which include individual site purchases, and acquisition capital expenditures are those capital expenditures that we expect will increase our operating income or operating capacity over the long term.

We have the ability to fund our capital expenditures by additional borrowings under our Credit Facility, or, if available to us on acceptable terms, accessing the capital markets and issuing additional equity, debt securities or other options, such as the sale of assets. Our ability to access the capital markets may have an impact on our ability to fund acquisitions. We may not be able to complete any offering of securities or other options on terms acceptable to us, if at all.

The following table outlines our capital expenditures (in thousands):

	Six Months Ended June 30,
	2026		2025
Sustaining capital	$	6,302	$	5,271
Growth		4,572		16,687
Total capital expenditures	$	10,874	$	21,958

A significant portion of our growth capital expenditures are discretionary and we regularly review our capital plans in light of our operational results, anticipated proceeds from sales of sites and credit facility capacity as well as capital market opportunities.

Concentration Risks

See Note 1 for information on our concentration risks related to our fuel suppliers, fuel carriers and merchandise suppliers.

30

Outlook

As noted previously, the prices paid to our motor fuel suppliers for wholesale motor fuel (which affects our cost of sales) are highly correlated to the price of crude oil. The crude oil commodity markets are highly volatile, and the market prices of crude oil, and, correspondingly, the market prices of wholesale motor fuel, experience significant and rapid fluctuations, which affect our motor fuel gross profit.

Our results for 2026 are anticipated to be impacted by the following:

•We continue to consider the highest and best use class of trade for each of our properties, which may result in the conversion of sites from one class of trade to another and ultimately increases or decreases in the gross profit and operating income for the wholesale and retail segments. Conversions of lessee dealer sites to company operated and commission agent sites are anticipated to increase gross profit and operating expenses in the retail segment and reduce gross profit in the wholesale segment.

•As part of our evaluation of the highest and best use class of trade for each of our properties, we anticipate continuing to divest certain assets, often lower performing properties. These sales are likely to continue to generate gains or impairment charges depending on the site, and may result in reductions in gross profit and operating income in the wholesale and retail segments. For many of these divestitures, we anticipate continuing to supply the sites with fuel through long-term supply contracts. Further, due to using the proceeds of these sales to pay down borrowings on our Credit Facility, we anticipate a decrease in our interest expense.

We will continue to evaluate acquisitions on an opportunistic basis. Additionally, we will pursue acquisition targets that fit into our strategy. Whether we will be able to execute acquisitions will depend on market conditions, availability of suitable acquisition targets at attractive terms, acquisition-related compliance with customary regulatory requirements, and our ability to finance such acquisitions on favorable terms and in compliance with our debt covenant restrictions.

New Accounting Policies

There is no new accounting guidance effective or pending adoption that has had or is anticipated to have a material impact on our financial statements. See Note 1 to the financial statements for information on new accounting guidance that will impact future disclosures.

Critical Accounting Policies and Estimates

There have been no material changes to the critical accounting policies described in our Form 10-K.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

No significant changes to our market risk have occurred since December 31, 2025. For a discussion of market risks affecting us, refer to Part II, Item 7A—"Quantitative and Qualitative Disclosures About Market Risk” included in our Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

Our management has evaluated, with the participation of our principal executive officer and principal financial officer, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2026.

(b) Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as that term is defined in Rule 13a-15(f) under the Exchange Act) that occurred during the three months ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

31

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We hereby incorporate by reference into this Item our disclosures made in Part I, Item 1 of this report included in Note 9 of the financial statements.

ITEM 1A. RISK FACTORS

There were no material changes in the risk factors disclosed in the section entitled "Risk Factors" in our Form 10-K during the period covered by this report.

ITEM 6. EXHIBITS

Exhibit No.	Description
10.1	Second Amendment to Amended and Restated Credit Agreement, dated as of July 15, 2026, by and among CrossAmerica Partners LP, Lehigh Gas Wholesale Services, Inc., certain entities listed on the signature pages thereto, as guarantors, the lenders and L/C issuers party thereto, and Citizens Bank, N.A., as administrative agent and collateral agent (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K for CrossAmerica Partners LP, filed with the Securities and Exchange Commission on July 16, 2026)
31.1 *	Certification of Principal Executive Officer of CrossAmerica GP LLC as required by Rule 13a-14(a) of the Securities Exchange Act of 1934
31.2 *	Certification of Principal Financial Officer of CrossAmerica GP LLC as required by Rule 13a-14(a) of the Securities Exchange Act of 1934
32.1*†	Certification of Principal Executive Officer of CrossAmerica GP LLC pursuant to 18 U.S.C. §1350
32.2*†	Certification of Principal Financial Officer of CrossAmerica GP LLC pursuant to 18 U.S.C. §1350
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents
104*	Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101

* Filed herewith

† Not considered to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.

32

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CROSSAMERICA PARTNERS LP
By:	CROSSAMERICA GP LLC, its General Partner
By:	/s/ Maura Topper
	Maura Topper
	President and Chief Executive Officer
	(Duly Authorized Officer and Principal Executive Officer)

Date: August 5, 2026

33

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Maura Topper, certify that:

1.I have reviewed this quarterly report on Form 10-Q of CrossAmerica Partners LP;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2026

/s/ Maura Topper

Maura Topper

President and Chief Executive Officer

CrossAmerica GP LLC

(as General Partner of CrossAmerica Partners LP)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Jonathan E. Benfield, certify that:

1.I have reviewed this quarterly report on Form 10-Q of CrossAmerica Partners LP;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2026

/s/ Jonathan E. Benfield

Jonathan E. Benfield

Chief Financial Officer

CrossAmerica GP LLC

(as General Partner of CrossAmerica Partners LP)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of CrossAmerica Partners LP (the “Partnership”) for the quarter ended June 30, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Maura Topper, President and Chief Executive Officer of CrossAmerica GP LLC, the General Partner of the Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002 that, to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 5, 2026

/s/ Maura Topper

Maura Topper

President and Chief Executive Officer

CrossAmerica GP LLC

(as General Partner of CrossAmerica Partners LP)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of CrossAmerica Partners LP (the “Partnership”) for the quarter ended June 30, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jonathan E. Benfield, Chief Financial Officer of CrossAmerica GP LLC, the General Partner of the Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002 that, to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 5, 2026

/s/ Jonathan E. Benfield

Jonathan E. Benfield

Chief Financial Officer

CrossAmerica GP LLC

(as General Partner of CrossAmerica Partners LP)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Entity Registrant Name	CROSSAMERICA PARTNERS LP
Entity Central Index Key	0001538849
Document Type	10-Q
Document Period End Date	Jun. 30, 2026
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Trading Symbol	CAPL
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		38,173,255
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Units
Security Exchange Name	NYSE
Entity File Number	001-35711
Entity Tax Identification Number	45-4165414
Entity Address, Address Line One	645 Hamilton Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Allentown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	18101
City Area Code	610
Local Phone Number	625-8000
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 4,922	$ 3,137
Accounts receivable, net of allowances of $320 and $635, respectively	33,834	28,566
Accounts receivable from related parties	651	687
Inventory	63,443	59,610
Assets held for sale	9,755	9,690
Current portion of interest rate swap contracts	2,291	801
Other current assets	7,868	8,590
Total current assets	122,764	111,081
Property and equipment, net	579,475	547,686
Right-of-use assets, net	101,463	121,636
Intangible assets, net	54,406	61,638
Goodwill	99,409	99,409
Deferred tax assets		760
Interest rate swap contracts, less current portion	1,855	325
Other assets	22,614	22,199
Total assets	981,986	964,734
Current liabilities:
Current portion of debt and finance lease obligations	9,774	3,465
Current portion of operating lease obligations	24,584	29,008
Accounts payable	77,725	63,413
Accounts payable to related parties	7,792	6,536
Current portion of interest rate swap contracts	184	697
Accrued expenses and other current liabilities	25,360	27,378
Motor fuel and sales taxes payable	16,409	19,013
Total current liabilities	161,828	149,510
Debt and finance lease obligations, less current portion	715,471	687,187
Operating lease obligations, less current portion	80,680	96,974
Deferred tax liabilities, net	7,479	7,409
Asset retirement obligations	44,222	45,014
Interest rate swap contracts, less current portion	109	1,390
Other long-term liabilities	47,878	49,289
Total liabilities	1,057,667	1,036,773
Commitments and contingencies (Note 9)
Preferred membership interests	31,523	30,289
Equity:
Common units - 38,154,331 and 38,135,078 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively	(111,004)	(101,280)
Accumulated other comprehensive income (loss)	3,800	(1,048)
Total deficit	(107,204)	(102,328)
Total liabilities and equity	$ 981,986	$ 964,734

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Account receivable allowance	$ 320	$ 635
Shares issued	38,154,331	38,135,078
Shares outstanding	38,154,331	38,135,078

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Operating revenues	$ 1,179,017	$ 961,925	$ 2,020,847	$ 1,824,400
Cost of sales	1,066,230	860,933	1,810,437	1,633,594
Gross profit	112,787	100,992	210,410	190,806
Operating expenses:
Operating expenses	55,025	57,949	111,461	116,823
General and administrative expenses	6,809	6,577	13,300	14,249
Depreciation, amortization and accretion expense	16,768	23,334	33,830	49,638
Total operating expenses	78,602	87,860	158,591	180,710
Gain on dispositions and lease terminations, net	1,087	28,365	7,203	33,402
Operating income	35,272	41,497	59,022	43,498
Other income, net	212	136	369	266
Interest expense	(11,342)	(12,569)	(22,092)	(25,413)
Income before income taxes	24,142	29,064	37,299	18,351
Income tax expense	3,330	3,896	5,828	298
Net income	20,812	25,168	31,471	18,053
Accretion of preferred membership interests	710	680	1,404	1,345
Net income available to limited partners	$ 20,102	$ 24,488	$ 30,067	$ 16,708
Net income per common unit
Net income (loss) per common unit, basic	$ 0.53	$ 0.64	$ 0.79	$ 0.44
Net income (loss) per common unit, diluted	$ 0.52	$ 0.64	$ 0.78	$ 0.44
Weighted-average common units, basic	38,154,331	38,097,513	38,148,481	38,085,815
Weighted-average common units, diluted	38,323,956	39,545,478	38,318,067	38,260,908
Supplemental information:
(a) includes excise taxes of:	$ 71,954	$ 82,903	$ 140,725	$ 156,253
(a) includes rent income of:	14,666	15,459	29,226	32,661
(b) excludes depreciation, amortization and accretion and includes rent expense of:	3,766	4,923	7,883	9,818
(c) includes rent expense of:	$ 4,492	$ 4,631	$ 9,051	$ 9,242

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 31,471	$ 18,053
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion expense	33,830	49,638
Amortization of deferred financing costs	968	969
Credit loss expense	24
Deferred income tax expense (benefit)	830	(2,696)
Equity-based employee and director compensation expense	788	989
Gain on dispositions and lease terminations, net	(7,203)	(33,402)
Changes in operating assets and liabilities, net of acquisitions	397	4,146
Net cash provided by operating activities	61,105	37,697
Cash flows from investing activities:
Principal payments received on notes receivable	127	63
Proceeds from sale of assets	16,252	72,766
Capital expenditures	(10,874)	(21,958)
Cash paid in connection with acquisitions, net of cash acquired	(1,800)
Net cash provided by investing activities	3,705	50,871
Cash flows from financing activities:
Borrowings under the Credit Facility	49,500	41,000
Repayments on the Credit Facility	(70,200)	(81,500)
Payments of finance lease obligations	(1,964)	(1,604)
Distributions paid on distribution equivalent rights	(139)	(146)
Distributions paid to preferred membership interests	(170)
Distributions paid on common units	(40,052)	(39,982)
Net cash used in financing activities	(63,025)	(82,232)
Net increase in cash and cash equivalents	1,785	6,336
Cash and cash equivalents at beginning of period	3,137	3,381
Cash and cash equivalents at end of period	$ 4,922	$ 9,717