# EDGAR Filing Document

**Accession Number:** 0001538849
**File Stem:** 0001193125-25-267180
**Filing Date:** 2025-11
**Character Count:** 53809
**Document Hash:** e835e3e3d49942ead6120064aac399fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-267180.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-267180

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CrossAmerica Partners LP
- **CENTRAL INDEX KEY:** 0001538849
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 454165414
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35711
- **FILM NUMBER:** 251454904

**BUSINESS ADDRESS:**
- **STREET 1:** 645 HAMILTON STREET
- **STREET 2:** SUITE 400
- **CITY:** ALLENTOWN
- **STATE:** PA
- **ZIP:** 18101
- **BUSINESS PHONE:** 610-625-8000

**MAIL ADDRESS:**
- **STREET 1:** 645 HAMILTON STREET
- **STREET 2:** SUITE 400
- **CITY:** ALLENTOWN
- **STATE:** PA
- **ZIP:** 18101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lehigh Gas Partners LP
- **DATE OF NAME CHANGE:** 20120105

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 8-K

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): November 5, 2025

CrossAmerica Partners LP

(Exact name of registrant as specified in its charter)

Delaware 001-35711 45-4165414 <br> (State or other jurisdictionof incorporation) (Commission File Number) (IRS EmployerIdentification No.)

---

| | |
|:---|:---|
| 645 Hamilton Street**,** Suite 400<br>Allentown**,** PA | 18101 |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(**610**)** 625-8000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Units | &nbsp;&nbsp;CAPL | &nbsp;&nbsp;New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On November 5, 2025, CrossAmerica Partners LP ("CrossAmerica" or the "Partnership") issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 7.01 Regulation FD Disclosure.**

Furnished herewith as Exhibit 99.2 are slides that senior management of CrossAmerica will utilize in CrossAmerica's second quarter 2025 earnings call. The slides are available on the Webcasts & Presentations page of CrossAmerica's website at www.crossamericapartners.com.

The information in Item 2.02, Item 7.01 and Exhibits 99.1 and 99.2 of Item 9.01 of this report, according to general instruction B.2., shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended. By furnishing this information, the Partnership makes no admission as to the materiality of such information that the Partnership chooses to disclose solely because of Regulation FD.

*Safe Harbor Statement*

Statements contained in the exhibits to this report that state the Partnership's or its management's expectations or predictions of the future are forward-looking statements. It is important to note that the Partnership's actual results could differ materially from those projected in such forward-looking statements. Factors that could affect those results include those mentioned in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024 and in subsequent filings that the Partnership has filed with the Securities and Exchange Commission (the "SEC"). The Partnership undertakes no duty or obligation to publicly update or revise the information contained in this report, although the Partnership may do so from time to time as management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

**Item 9.01 Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;[<u>Press Release dated November 5, 2025 regarding CrossAmerica's earnings</u>](capl-ex99_1.htm) |
| &nbsp;&nbsp;99.2 | &nbsp;&nbsp;[<u>Investor Presentation Slides of CrossAmerica</u>](capl-ex99_2.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **CrossAmerica Partners LP** | **CrossAmerica Partners LP** | **CrossAmerica Partners LP** |
| By: | CrossAmerica GP LLC | CrossAmerica GP LLC |
|  | its general partner | its general partner |
| By: | /s/ Keenan D. Lynch | /s/ Keenan D. Lynch |
|  | Name: | Keenan D. Lynch |
|  | Title: | General Counsel and Chief Administrative Officer |

---

Dated: November 5, 2025

------

## Exhibit 99.1

**Exhibit 99.1**

![img129285707_0.jpg](img129285707_0.jpg)

**CrossAmerica Partners LP Reports Third Quarter 2025 Results**

-Reported Third Quarter of 2025 Net Income of $13.6 million, Adjusted EBITDA of $41.3 million and Distributable Cash Flow of $27.8 million compared to Net Income of $10.7 million, Adjusted EBITDA of $43.9 million and Distributable Cash Flow of $27.1 million for the Third Quarter of 2024

-Reported Third Quarter of 2025 Gross Profit for the Retail Segment of $80.0 million compared to $83.6 million of Gross Profit for the Third Quarter of 2024 and Third Quarter of 2025 Gross Profit for the Wholesale Segment of $24.8 million compared to $27.6 million of Gross Profit for the Third Quarter of 2024

-Operating expenses declined 5% from $60.8 million for the Third Quarter of 2024 to $57.5 million for the Third Quarter of 2025

-Leverage, as defined in the CAPL Credit Facility, was 3.56 times as of September 30, 2025, compared to 4.36 times as of December 31, 2024

-The Distribution Coverage Ratio for the Third Quarter of 2025 was 1.39 times compared to 1.36 times for the Third Quarter of 2024

-The Board of Directors of CrossAmerica's General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the Third Quarter of 2025

Allentown, PA November 5, 2025 – CrossAmerica Partners LP (NYSE: CAPL) ("CrossAmerica" or the "Partnership"), a leading wholesale fuels distributor, convenience store operator, and owner and lessor of real estate used in the retail distribution of motor fuels, today reported financial results for the third quarter ended September 30, 2025.

"We generated solid operating results for the third quarter," said Charles Nifong, President and CEO of CrossAmerica Partners. "Our retail same-store sales, same-store merchandise margin percentage and overall merchandise margin dollars increased during the quarter. Retail same-store fuel volumes declined, reflecting both broader market trends during the quarter and deliberate pricing strategy adjustments within our commission class of trade. We also continued to make meaningful progress on our asset-sale initiative, completing approximately $22 million in transactions during the quarter. These sales enabled us to reduce debt by a similar amount, lower operating and administrative expenses, and further advance our strategic objective of enhancing the long-term quality and performance of our portfolio.

------

**<u>Third Quarter Results</u>**

*Consolidated Results*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Key Operating Metrics** | &nbsp;&nbsp;**Q3 2025** | &nbsp;&nbsp;**Q3 2024** |
| &nbsp;&nbsp;Net Income | &nbsp;&nbsp;$13.6M | &nbsp;&nbsp;$10.7M  |
| &nbsp;&nbsp;Adjusted EBITDA | &nbsp;&nbsp;$41.3M | &nbsp;&nbsp;$43.9M |
| &nbsp;&nbsp;Distributable Cash Flow | &nbsp;&nbsp;$27.8M | &nbsp;&nbsp;$27.1M |
| &nbsp;&nbsp;Distribution Coverage Ratio: Current Quarter | &nbsp;&nbsp;1.39x | &nbsp;&nbsp;1.36x |
| &nbsp;&nbsp;Distribution Coverage Ratio: Trailing 12 Months | &nbsp;&nbsp;1.00x | &nbsp;&nbsp;1.26x |

---

CrossAmerica reported Net Income of $13.6 million for the third quarter of 2025 compared to $10.7 million for the third quarter of 2024, primarily driven by gains from asset sales and a decline in interest expense, offset by a decline in Adjusted EBITDA year-over-year. CrossAmerica recorded a net gain from asset sales and lease terminations of $7.4 million during the third quarter of 2025, compared to $4.7 million during the third quarter of 2024. Interest expense declined from $14.1 million during the third quarter of 2024 to $11.8 million during the third quarter of 2025, due to a lower average interest rate and lower average outstanding debt balance resulting from applying proceeds from site sales during the period. Adjusted EBITDA declined by $2.6 million or 6% for the third quarter of 2025 compared to the prior year period, primarily due to a decline in fuel and rent gross profit, which was offset by a $4.0 million decrease in overall expenses during the quarter year-over-year, primarily driven by a decrease in site count associated with CrossAmerica's real estate rationalization effort and lower legal fees and equity compensation expense. The year-over-year increase in Distributable Cash Flow and Distribution Coverage was primarily driven by declines in cash interest expense, sustaining capital expenditures and current income tax expense, partially offset by the decline in Adjusted EBITDA noted above.

*Retail Segment*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Key Operating Metrics** | &nbsp;&nbsp;**Q3 2025** | &nbsp;&nbsp;**Q3 2024** |
| &nbsp;&nbsp;Retail segment gross profit | &nbsp;&nbsp;$80.0M | &nbsp;&nbsp;$83.6M |
| &nbsp;&nbsp;Retail segment motor fuel gallons distributed | &nbsp;&nbsp;141.8M | &nbsp;&nbsp;148.4M |
| &nbsp;&nbsp;Same store motor fuel gallons distributed | &nbsp;&nbsp;132.6M | &nbsp;&nbsp;137.9M |
| &nbsp;&nbsp;Retail segment motor fuel gross profit  | &nbsp;&nbsp;$40.7M | &nbsp;&nbsp;$45.8M |
| &nbsp;&nbsp;Retail segment margin per gallon, before deducting credit card fees and commissions | &nbsp;&nbsp;$0.384 | &nbsp;&nbsp;$0.406 |
| &nbsp;&nbsp;Same store merchandise sales excluding cigarettes\* | &nbsp;&nbsp;$75.8M | &nbsp;&nbsp;$73.1M |
| &nbsp;&nbsp;Merchandise gross profit\* | &nbsp;&nbsp;$32.0M | &nbsp;&nbsp;$30.5M |
| &nbsp;&nbsp;Merchandise gross profit percentage\* | &nbsp;&nbsp;28.9% | &nbsp;&nbsp;27.9% |
| &nbsp;&nbsp;Operating Expenses | &nbsp;&nbsp;$50.6M | &nbsp;&nbsp;$52.2M |
| &nbsp;&nbsp;Retail Sites (end of period) | &nbsp;&nbsp;586 | &nbsp;&nbsp;597 |

---

\*Includes only company operated retail sites

For the third quarter of 2025, the retail segment generated a 4% decrease in gross profit compared to the third quarter of 2024, primarily due to a decrease in motor fuel gross profit, partially offset by an increase in merchandise gross profit.

------

The motor fuel gross profit for the retail segment declined $5.0 million or 11%, attributable to a 5% decrease in the margin per gallon for the three months ended September 30, 2025, as compared to the historically strong margins in the same period in 2024. In addition, volume decreased 4% with 141.8 million of retail fuel gallons distributed during the third quarter of 2025 compared to 148.4 million gallons for the third quarter of 2024. This volume decline was primarily driven by a decrease in the base business with same store retail segment volume decreasing 4%.

For the third quarter of 2025, CrossAmerica's merchandise gross profit increased 5% when compared to the third quarter of 2024, despite a 4% decrease in CrossAmerica's average company operated site count for the quarter compared to the prior year, Same store merchandise sales excluding cigarettes increased 4% for the third quarter of 2025 when compared to the third quarter of 2024. Merchandise gross profit percentage also increased from 27.9% for the third quarter of 2024 to 28.9% for the third quarter of 2025. A contributor to the increase in merchandise gross profit was the transition of certain merchandise products from a commission basis to a gross profit model. The decrease in CrossAmerica's average company operated site count was due to the sale of certain company operated sites in connection with its real estate optimization effort, partially offset by the conversion of certain lessee dealer sites to company operated sites.

For the third quarter of 2025, operating expenses for the retail segment decreased 3% or $1.6 million primarily driven by a 4% decline in the average company operated site count due to the net impact of asset sales in connection with CrossAmerica's real estate rationalization effort, partially offset by site count increases due to the conversion of certain lessee dealer sites to company operated sites. In addition, same store operating expenses declined for the quarter, contributing to a lesser extent to the overall operating expense decline.

*Wholesale Segment* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Key Operating Metrics** | &nbsp;&nbsp;**Q3 2025** | &nbsp;&nbsp;**Q3 2024** |
| &nbsp;&nbsp;Wholesale segment gross profit | &nbsp;&nbsp;$24.8M | &nbsp;&nbsp;$27.6M |
| &nbsp;&nbsp;Wholesale motor fuel gallons distributed | &nbsp;&nbsp;177.7M | &nbsp;&nbsp;186.9M |
| &nbsp;&nbsp;Average wholesale gross margin per gallon | &nbsp;&nbsp;$0.088 | &nbsp;&nbsp;$0.090 |

---

During the third quarter of 2025, CrossAmerica's wholesale segment gross profit decreased 10% compared to the third quarter of 2024. This was driven by a decline in motor fuel and rent gross profit primarily due to the conversion of sites between segments. Motor fuel gross profit declined 7%, primarily driven by a 5% decrease in wholesale volume distributed, a portion of which is attributable to the conversion of wholesale locations to retail locations; with the associated volume for these locations now reflected in CrossAmerica's retail segment. This was partially offset by the sale of certain company operated and commission agent sites with continued fuel supply, converting them into independent dealer locations. In addition, CrossAmerica's average fuel margin per gallon declined 2% for the third quarter of 2025 when compared to the same period of 2024 due to less favorable market conditions during the quarter compared to the prior year period, offset by improved product sourcing costs.

**<u>Divestment Activity</u>**

During the three months ended September 30, 2025, CrossAmerica sold 29 properties for $21.9 million in proceeds, resulting in a net gain of $7.4 million. CrossAmerica maintained a supply relationship post sale with substantially all of the locations divested during the quarter. For the nine months ended September 30, 2025, a total of 96 properties were sold for $94.5 million in proceeds, resulting in a net gain of $42.5 million.

------

**<u>Liquidity and Capital Resources</u>**

As of September 30, 2025, CrossAmerica had $705.5 million outstanding under its CAPL Credit Facility. As of October 31, 2025, after taking into consideration debt covenant restrictions, approximately $232.6 million was available for future borrowings under the CAPL Credit Facility. Leverage, as defined in the CAPL Credit Facility, was 3.56 times as of September 30, 2025, compared to 4.36 times as of December 31, 2024. As of September 30, 2025, CrossAmerica was in compliance with its financial covenants under the credit facility.

**<u>Distributions</u>**

On October 22, 2025, the Board of the Directors of CrossAmerica's General Partner ("Board") declared a quarterly distribution of $0.5250 per limited partner unit attributable to the third quarter of 2025. As previously announced, the distribution will be paid on November 13, 2025, to all unitholders of record as of November 3, 2025. The amount and timing of any future distributions is subject to the discretion of the Board as provided in CrossAmerica's Partnership Agreement.

**<u>Conference Call</u>**

The Partnership will host a conference call on November 6, 2025, at 9:00 a.m. Eastern Time to discuss the third quarter of 2025 earnings results. The conference call numbers are 800-990-4333 or 646-769-9600 and the passcode for both is 284226. A live audio webcast of the conference call and the related earnings materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the CrossAmerica website (www.crossamericapartners.com). After the live conference call, an archive of the webcast will be available on the investor section of the CrossAmerica site at https://caplp.gcs-web.com/webcasts-presentations within 24 hours after the call for a period of sixty days.

**<u>Non-GAAP Measures and Same Store Metrics</u>**

Non-GAAP measures used in this release include EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. These Non-GAAP measures are further described and reconciled to their most directly comparable GAAP measures in the Supplemental Disclosure Regarding Non-GAAP Financial Measures section of this release.

Same store fuel volume and same store merchandise sales include aggregated individual store results for all stores that had fuel volume or merchandise sales in all months for both periods within the same segment. Same store merchandise sales excludes other revenues such as lottery commissions and car wash sales. Certain merchandise products have been transitioned from a scan-based trading model (whereby a third party owns the inventory and CrossAmerica records a commission in other revenues) to a gross profit model (whereby CrossAmerica owns the inventory and records merchandise sales and cost of sales). Same store merchandise sales for the three and nine months ended September 30, 2024, was adjusted to gross it up for the sales that would have been recorded had CrossAmerica been on the gross profit model in the prior year.

------

**CROSSAMERICA PARTNERS LP**

**CONSOLIDATED BALANCE SHEETS**

**(Thousands of Dollars, except unit data)**

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $5766 | $3381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowances of $635 and $757, respectively | 34058 | 31603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related parties | 514 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 60967 | 63169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 6120 | 8994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of interest rate swap contracts | 1412 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 8519 | 8091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 117356 | 118830 |
| Property and equipment, net | 568888 | 656300 |
| Right-of-use assets, net | 124683 | 136430 |
| Intangible assets, net | 65095 | 77242 |
| Goodwill | 99409 | 99409 |
| Deferred tax assets | 1379 | 1001 |
| Interest rate swap contracts, less current portion | 325 | 5133 |
| Other assets | 21802 | 20380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $998937 | $1114725 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt and finance lease obligations | $3412 | $3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease obligations | 34210 | 35065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 71720 | 73986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related parties | 7057 | 7729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of interest rate swap contracts | 480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 28705 | 24044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motor fuel and sales taxes payable | 18630 | 18756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 164214 | 162846 |
| Debt and finance lease obligations, less current portion | 700792 | 763932 |
| Operating lease obligations, less current portion | 94911 | 106296 |
| Deferred tax liabilities, net | 5271 | 7424 |
| Asset retirement obligations | 45242 | 48251 |
| Interest rate swap contracts, less current portion | 1835 | 311 |
| Other long-term liabilities | 48628 | 50448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1060893 | 1139508 |
| Commitments and contingencies (Note 10) |  |  |
| Preferred membership interests | 29773 | 28993 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common units— 38,120,481 and 38,059,702 units issued and<br> outstanding at September 30, 2025 and December 31, 2024, respectively | (91013) | (61371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (716) | 7595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | (91729) | (53776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $998937 | $1114725 |

---

------

**CROSSAMERICA PARTNERS LP**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Thousands of Dollars, Except Unit and Per Unit Amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating revenues <sup>(a)</sup> | $971847 | $1079163 | $2796247 | $3154066 |
| Costs of sales <sup>(b)</sup> | 867077 | 967937 | 2500671 | 2856730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 104770 | 111226 | 295576 | 297336 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses <sup>(c)</sup> | 57541 | 60766 | 174364 | 168619 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 6496 | 7310 | 20745 | 22040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion expense | 20033 | 20736 | 69671 | 57903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 84070 | 88812 | 264780 | 248562 |
| Gain (loss) on dispositions and lease terminations, net | 7387 | 4682 | 40789 | (6546) |
| Operating income | 28087 | 27096 | 71585 | 42228 |
| Other income, net | 152 | 197 | 418 | 604 |
| Interest expense | (11786) | (14169) | (37199) | (38918) |
| Income before income taxes | 16453 | 13124 | 34804 | 3914 |
| Income tax expense (benefit) | 2865 | 2416 | 3163 | (1678) |
| Net income | 13588 | 10708 | 31641 | 5592 |
| Accretion of preferred membership interests | 696 | 582 | 2041 | 1911 |
| Net income available to limited partners | $12892 | $10126 | $29600 | $3681 |
| **Earnings per common unit** |  |  |  |  |
| Basic | $0.34 | $0.27 | $0.78 | $0.10 |
| Diluted | $0.34 | $0.27 | $0.77 | $0.10 |
| **Weighted-average common units:** |  |  |  |  |
| Basic | 38112342 | 38041815 | 38094754 | 38021173 |
| Diluted | 38268579 | 38200833 | 38254986 | 38181684 |
| **Supplemental information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes excise taxes of: | $83041 | $86108 | $239295 | $239215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes rent income of: | 15167 | 16938 | 47828 | 53959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) excludes depreciation, amortization and accretion |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) includes rent expense of: | 4834 | 5010 | 14652 | 15621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) includes rent expense of: | 4732 | 4533 | 13974 | 12972 |

---

------

**CROSSAMERICA PARTNERS LP**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Thousands of Dollars)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $31641 | $5592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion expense | 69671 | 57903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1453 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense |  | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (2918) | (4770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based employee and director compensation expense | 1353 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on dispositions and lease terminations, net | (40789) | 6546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of acquisitions | 1654 | 8734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 62065 | 76672 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments received on notes receivable | 92 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 94788 | 17969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (28657) | (19131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease termination payments to Applegreen, including inventory purchases |  | (25517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 66223 | (26562) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under the Credit Facility | 49000 | 90919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on the Credit Facility | (111000) | (74500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of finance lease obligations | (2430) | (2294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs |  | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid on distribution equivalent rights | (218) | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax distributions paid on preferred membership interests | (1261) | (1312) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid on common units | (59994) | (59880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (125903) | (47335) |
| Net increase in cash and cash equivalents | 2385 | 2775 |
| **Cash and cash equivalents at beginning of period** | 3381 | 4990 |
| **Cash and cash equivalents at end of period** | $5766 | $7765 |

---

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**Segment Results**

***Retail***

The following table highlights the results of operations and certain operating metrics of the Retail segment (in thousands, except for the number of retail sites and per gallon amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Gross profit:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Motor fuel | $40732 | $45759 | $110701 | $111084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merchandise | 31981 | 30494 | 87400 | 81786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent | 2487 | 2403 | 7322 | 6969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 4785 | 4931 | 13848 | 14778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross profit | 79985 | 83587 | 219271 | 214617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | (50640) | (52224) | (153172) | (143986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | $29345 | $31363 | $66099 | $70631 |
| **Retail sites (end of period):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Company operated retail sites <sup>(a)</sup> | 353 | 372 | 353 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission agents <sup>(b)</sup> | 233 | 225 | 233 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail sites | 586 | 597 | 586 | 597 |
| **Total retail segment statistics:** |  |  |  |  |
| Volume of gallons sold | 141806 | 148380 | 410022 | 413113 |
| Same store total system gallons sold <sup>(c)</sup> | 132623 | 137899 | 341505 | 353236 |
| Average retail fuel sites | 592 | 595 | 597 | 561 |
| Margin per gallon, before deducting credit card fees and commissions | $0.384 | $0.406 | $0.365 | $0.366 |
| **Company operated site statistics:** |  |  |  |  |
| Average retail fuel sites | 356 | 372 | 363 | 350 |
| Same store fuel volume <sup>(c)</sup> | 94832 | 97629 | 236513 | 243007 |
| Margin per gallon, before deducting credit card fees | $0.402 | $0.437 | $0.391 | $0.391 |
| Same store merchandise sales <sup>(c)</sup> | $104758 | $101586 | $231162 | $227152 |
| Same store merchandise sales excluding cigarettes <sup>(c)</sup> | $75781 | $73079 | $164611 | $160810 |
| Merchandise gross profit percentage | 28.9% | 27.9% | 28.4% | 28.1% |
| **Commission site statistics:** |  |  |  |  |
| Average retail fuel sites | 236 | 223 | 234 | 211 |
| Margin per gallon, before deducting credit card fees and commissions | $0.340 | $0.331 | $0.306 | $0.306 |

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(a) The decrease in the company operated site count was primarily attributable to the sale of certain company operated sites in connection with CrossAmerica's real estate rationalization effort, partially offset by the conversion of certain lessee dealer sites to company operated sites.

(b) The increase in the commission agent site count was primarily attributable to the conversion of certain lessee dealer sites to commission agent sites, partially offset by the sale of certain commission agent sites in connection with CrossAmerica's real estate rationalization effort.

(c) Same store fuel volume and same store merchandise sales include aggregated individual store results for all stores that had fuel volume or merchandise sales in all months for both periods. Same store merchandise sales excludes other revenues such as lottery commissions and car wash sales. Certain merchandise products have been transitioned from a scan-based trading model (whereby a third party owns the inventory and CrossAmerica records a commission in other revenues) to a gross profit model (whereby CrossAmerica owns the inventory and records merchandise sales and cost of sales). Same store merchandise sales for the three and nine months ended September 30, 2024, was adjusted to gross it up for the sales that would have been recorded had CrossAmerica been on the gross profit model in the prior year.

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***Wholesale***

The following table highlights the results of operations and certain operating metrics of the Wholesale segment (in thousands of dollars, except for the number of distribution sites and per gallon amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Gross profit:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Motor fuel gross profit | $15718 | $16870 | $46647 | $48112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent gross profit | 7846 | 9525 | 25854 | 31369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 1221 | 1244 | 3804 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross profit | 24785 | 27639 | 76305 | 82719 |
| Operating expenses | (6901) | (8542) | (21192) | (24633) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | $17884 | $19097 | $55113 | $58086 |
| **Motor fuel distribution sites (end of period):** <sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent dealers <sup>(b)</sup> | 645 | 602 | 645 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lessee dealers <sup>(c)</sup> | 343 | 444 | 343 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total motor fuel distribution sites | 988 | 1046 | 988 | 1046 |
| **Average motor fuel distribution sites** | 997 | 1057 | 1013 | 1109 |
| **Volume of gallons distributed** | 177662 | 186946 | 519821 | 563082 |
| **Margin per gallon** | $0.088 | $0.090 | $0.090 | $0.085 |

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(a) In addition, CrossAmerica 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 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 count was primarily attributable to the sale of certain lessee dealer sites in connection with CrossAmerica's real estate rationalization 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.

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**Supplemental Disclosure Regarding Non-GAAP Financial Measures**

CrossAmerica uses 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 CrossAmerica's 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 the Partnership's 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 CrossAmerica's 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 CrossAmerica's unitholders.

CrossAmerica believes 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 the industry, CrossAmerica's definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

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 the Distribution Coverage Ratio):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $13588 | $10708 | $31641 | $5592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 11786 | 14169 | 37199 | 38918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 2865 | 2416 | 3163 | (1678) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion expense | 20033 | 20736 | 69671 | 57903 |
| **EBITDA** | 48272 | 48029 | 141674 | 100735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based employee and director compensation expense | 364 | 560 | 1353 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on dispositions and lease terminations, net <sup>(a)</sup> | (7387) | (4682) | (40789) | 6546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs <sup>(b)</sup> | 60 | 31 | 423 | 1661 |
| **Adjusted EBITDA** | 41309 | 43938 | 102661 | 110076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest expense | (11301) | (13685) | (35745) | (37466) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining capital expenditures <sup>(c)</sup> | (1853) | (2594) | (7124) | (6162) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax expense <sup>(d)</sup> | (382) | (519) | (528) | (1527) |
| **Distributable Cash Flow** | $27773 | $27140 | $59264 | $64921 |
| Distributions paid on common units | 20012 | 19975 | 59994 | 59880 |
| **Distribution Coverage Ratio** | **1.39x** | **1.36x** | **0.99x** | **1.08x** |

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(a) During the three months ended September 30, 2025, CrossAmerica recorded $7.4 million in net gains in connection with its ongoing real estate rationalization effort. During the three months ended September 30, 2024, CrossAmerica recorded $5.3 million in net gains in connection with its ongoing real estate rationalization effort, partially offset by $0.6 million of net losses on lease terminations and asset disposals. During the nine months ended September 30, 2025, CrossAmerica recorded $42.5 million in net gains in connection with its ongoing real estate rationalization effort, partially offset by $1.7 million of net losses on lease terminations and asset disposals. During the nine months ended September 30, 2024, CrossAmerica recorded a $16.0 million loss on lease terminations with Applegreen, including a $1.5 million non-cash write-off of deferred rent income. In addition, CrossAmerica recorded $2.3 million of other losses on lease terminations and asset disposals, including non-cash write-offs of deferred rent income. CrossAmerica recorded an $11.8 million net gain in connection with its ongoing real estate rationalization effort.

(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 CrossAmerica's long-term operating income or operating capacity. Examples of sustaining capital expenditures are those made to maintain existing contract volumes or to maintain the sites in conditions suitable to 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 sale of sites.

**About CrossAmerica Partners LP**

CrossAmerica Partners LP is a leading wholesale distributor of motor fuels, convenience store operator, and owner and lessor of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is indirectly owned and controlled by entities affiliated with Joseph V. Topper, Jr., the founder of CrossAmerica Partners and a member of the board of the general partner since 2012. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to approximately 1,600 locations and owns or leases approximately 1,000 sites. With a geographic footprint covering 34 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Marathon, Valero, Phillips 66 and other major brands. CrossAmerica Partners LP ranks as one of ExxonMobil's largest distributors by fuel volume in the United States and in the top 10 for additional brands. For additional information, please visit www.crossamericapartners.com.

**Contact**

Investor Relations: Randy Palmer, rpalmer@caplp.com or 610-625-8000

**Cautionary Statement Regarding Forward-Looking Statements**

Statements contained in this release that state the Partnership's or management's expectations or predictions of the future are forward-looking statements. The words "believe," "expect," "should," "intends," "estimates," "target" and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica's Form 10-K or Forms 10-Q filed with the Securities and Exchange Commission, and available on CrossAmerica's website at www.crossamericapartners.com. The Partnership undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

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## Exhibit 99.2

![Slide 1](capl-ex99_2s1.jpg)

November 2025 Third Quarter 2025 Earnings Call Exhibit 99.2

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![Slide 2](capl-ex99_2s2.jpg)

Forward Looking Statement Statements contained in this presentation that state the Partnership's or management's expectations or predictions of the future are forward-looking statements. The words "believe," "expect," "should," "intends," "anticipates", "estimates," "target" and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica's annual reports on Form 10-K, quarterly reports on Form 10-Q and other reports filed with the Securities and Exchange Commission and available on the Partnership's website at www.crossamericapartners.com. If any of these factors materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement you see or hear during this presentation reflects our current views as of the date of this presentation with respect to future events. We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.

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![Slide 3](capl-ex99_2s3.jpg)

CrossAmerica Business OverviewCharles Nifong, CEO & President

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![Slide 4](capl-ex99_2s4.jpg)

Third Quarter Operations OPERATING RESULTS (in thousands, except for margin per gallon and merchandise gross margin percentage) Three Months ended Sept 30, 2025 2024 % Change Retail Segment: Gross Profit $79,985 $83,587 (4%) Operating Income $29,345 $31,363 (6%) Motor Fuel Gross Profit $40,732 $45,759 (11%) Merchandise Gross Profit\* $31,981 $30,494 5% Retail Margin Per Gallon $0.384 $0.406 (5%) Volume of Gallons Sold 141,806 148,380 (4%) Same Store Sales Excluding Cigarettes\* $75,781 $73,079 4% Merchandise Gross Margin Percentage\* 28.9% 27.9% 100 bps Wholesale Segment: Gross Profit $24,785 $27,639 (10%) Operating Income $17,884 $19,097 (6%) Motor Fuel Gross Profit $15,718 $16,870 (7%) Wholesale Margin Per Gallon $0.088 $0.090 (2%) Volume of Gallons Distributed 177,662 186,946 (5%) \*Includes only company operated retail sites

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![Slide 5](capl-ex99_2s5.jpg)

CrossAmerica Financial OverviewMaura Topper, Chief Financial Officer

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![Slide 6](capl-ex99_2s6.jpg)

Third Quarter Results Summary OPERATING RESULTS (in thousands, except for distributions per unit and coverage) Three Months ended Sept 30, 2025 2024 % Change Net Income $13,588 $10,708 27% Adjusted EBITDA $41,309 $43,938 (6%) Distributable Cash Flow $27,773 $27,140 2% Weighted Avg. Diluted Units 38,269 38,201 0% Distribution Paid per LP Unit $0.5250 $0.5250 0% Distributions Paid $20,012 $19,975 0% Distribution Coverage (Paid Basis-current quarter) 1.39x 1.36x 2% Distribution Coverage (Paid Basis – trailing twelve months) 1.00x 1.26x (21%) Note: See the reconciliation of Adjusted EBITDA and Distributable Cash Flow (or "DCF") to net income and the definitions of EBITDA, Adjusted EBITDA and DCF in the appendix of this presentation.

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![Slide 7](capl-ex99_2s7.jpg)

Capital Strength Capital Expenditures Third quarter 2025 capital expenditures of $6.7 million with $4.8 million of growth capex Growth capital projects during the quarter included targeted material renovations as well as projects to increase food offerings Leverage Credit facility balance at 09/30/25: $705.5 million Continue to manage debt levels and leverage ratio Leverage ratio was 3.56x at 09/30/25 Effective interest rate at 09/30/25: 5.8% Ongoing benefit of interest rate swaps in elevated rate environment Continued Focus on Execution, Cash Flows, and Strong Balance Sheet

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![Slide 8](capl-ex99_2s8.jpg)

Appendix Third Quarter 2025 Earnings Call

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![Slide 9](capl-ex99_2s9.jpg)

Non-GAAP Financial Measures 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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![Slide 10](capl-ex99_2s10.jpg)

Non-GAAP Reconciliation 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 the Distribution Coverage Ratio): (a) During the three months ended September 30, 2025, CrossAmerica recorded $7.4 million in net gains in connection with its ongoing real estate rationalization effort. During the three months ended September 30, 2024, CrossAmerica recorded $5.3 million in net gains in connection with its ongoing real estate rationalization effort, partially offset by $0.6 million of net losses on lease terminations and asset disposals. During the nine months ended September 30, 2025, CrossAmerica recorded $42.5 million in net gains in connection with its ongoing real estate rationalization effort, partially offset by $1.7 million of net losses on lease terminations and asset disposals. During the nine months ended September 30, 2024, CrossAmerica recorded a $16.0 million loss on lease terminations with Applegreen, including a $1.5 million non-cash write-off of deferred rent income. In addition, CrossAmerica recorded $2.3 million of other losses on lease terminations and asset disposals, including non-cash write-offs of deferred rent income. CrossAmerica recorded an $11.8 million net gain in connection with its ongoing real estate rationalization effort. (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 CrossAmerica's long-term operating income or operating capacity. Examples of sustaining capital expenditures are those made to maintain existing contract volumes or to maintain the sites in conditions suitable to 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 sale of sites. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income $13,588 $10,708 $31,641 $5,592 Interest expense 11,786 14,169 37,199 38,918 Income tax expense (benefit) 2,865 2,416 3,163 (1,678) Depreciation, amortization and accretion expense 20,033 20,736 69,671 57,903 EBITDA 48,272 48,029 141,674 100,735 Equity-based employee and director compensation expense 364 560 1,353 1,134 (Gain) loss on dispositions and lease terminations, net (a) (7,387) (4,682) (40,789) 6,546 Acquisition-related costs (b) 60 31 423 1,661 Adjusted EBITDA 41,309 43,938 102,661 110,076 Cash interest expense (11,301) (13,685) (35,745) (37,466) Sustaining capital expenditures (c) (1,853) (2,594) (7,124) (6,162) Current income tax expense (d) (382) (519) (528) (1,527) Distributable Cash Flow $27,773 $27,140 $59,264 $64,921 Distributions paid on common units 20,012 19,975 59,994 59,880 Distribution Coverage Ratio 1.39x 1.36x 0.99x 1.08x