CrossAmerica Partners LP — Form 8-K
Filed November 4, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
CrossAmerica Partners reported Q3 2026 net income of $8.8M (vs. $13.6M Q3 2025), Adjusted EBITDA of $38.7M (vs. $41.3M), and Distributable Cash Flow of $21.8M (vs. $27.8M). Retail fuel volumes fell 9% (128.6M vs. 141.8M gallons); wholesale volumes fell 8% (162.8M vs. 177.7M gallons). Retail sites declined from 592 to 549 average; wholesale sites from 997 to 977 average, driven by real estate optimization sales (36 sites sold YTD for $26.0M, $10.3M gain). Leverage increased to 3.72x from 3.56x YoY. Distribution held flat at $0.5250/unit; Distribution Coverage Ratio weakened to 1.09x current quarter (from 1.39x YoY) but improved to 1.32x trailing twelve months.
Why this rating
Declines in core volumes, EBITDA, and cash flow are meaningful (~6–21% down YoY) and material relative to company scale ($385M market cap). However, trailing 12-month metrics improved; leverage manageable; distribution maintained. Real estate optimization is strategic, not distress-driven. Moderate headwind, not transformational.
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