CrossAmerica Partners LP (CAPL): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Crossamerica Partners LP (CAPL) emerge como una fuerza dinámica en el panorama de las tiendas de distribución y conveniencia de combustible, navegando estratégicamente el complejo terreno de la energía minorista con un modelo de negocio sofisticado que transforma la distribución de combustible tradicional en una empresa integral y multidimensional. Al integrar a la perfección las operaciones de combustible mayoristas, la gestión de activos estratégicos y las soluciones minoristas innovadoras, CAPL se ha posicionado como un jugador fundamental en el ecosistema de las tiendas de combustible y conveniencia, que ofrece propuestas de valor incomparables que atienden a diversos segmentos de clientes, desde comandantes diarios hasta grandes operadores de flotas comerciales comerciales. .

Crossamerica Partners LP (CAPL) - Modelo de negocios: asociaciones clave

Proveedores y distribuidores de productos petroleros

Crossamerica Partners LP colabora con múltiples proveedores de productos petroleros para garantizar un inventario de combustible constante. A partir de 2023, la compañía tiene asociaciones estratégicas con:

Proveedor	Volumen de suministro anual	Duración del contrato
Petróleo de maratón	125 millones de galones	Acuerdo a 5 años
Sunoco	85 millones de galones	Acuerdo de 3 años
Phillips 66	65 millones de galones	Acuerdo de 4 años

Franquiciados y operadores de tiendas de conveniencia

Crossamerica Partners mantiene asociaciones con múltiples franquiciados de tiendas de conveniencia:

• Número total de asociaciones de franquicias: 1,340 ubicaciones
• Cobertura geográfica: 33 estados
• Brandas de franquicia primaria: Circle K, Speedway, 7-Eleven

Grandes marcas de combustible

Las asociaciones clave de la marca de combustible incluyen:

Marca	Número de ubicaciones de marca	Venta anual de combustible
Círculo k	752 ubicaciones	$ 1.2 mil millones
Pista de carreras	385 ubicaciones	$ 675 millones

Proveedores de equipos de combustible y tecnología

Las asociaciones de tecnología y equipo incluyen:

• Gilbarco Veeder-Root: Sistemas de punto de venta
• Sistemas de combustible de Wayne: dispensadores de combustible
• Sistemas de combustible de Franklin: tecnología de almacenamiento subterráneo

Compañías de gestión y transporte de flotas

Crossamerica Partners colabora con compañías de transporte para la distribución de combustible:

Compañero de transporte	Distribución anual de combustible	Área de cobertura
Logística XPO	95 millones de galones	Estados Unidos
Transporte de caballero	62 millones de galones	Regiones del Medio Oeste y Sur

Crossamerica Partners LP (CAPL) - Modelo de negocio: actividades clave

Distribución de combustible y operaciones mayoristas

Crossamerica Partners LP administra un total de 1.329 sitios a partir del tercer trimestre de 2023, con 1.015 de estas siendo tiendas de conveniencia. La compañía distribuyó aproximadamente 542.5 millones de galones de combustible para motor en 2022.

Métricas de distribución de combustible	2022 cifras
Galones de combustible totales distribuidos	542.5 millones
Sitios minoristas totales	1,329
Sitios de tiendas de conveniencia	1,015

Venta de mercancías de tiendas de conveniencia

La compañía genera ingresos significativos de las ventas de mercancías en su red de tiendas de conveniencia.

• Las ventas de mercancías contribuyen a la diversificación general de ingresos
• Las categorías de productos incluyen bocadillos, bebidas, productos de tabaco y alimentos de servicio rápido

Gestión de la estación de combustible y el sitio minorista

Crossamerica Partners administra una cartera diversa de ubicaciones minoristas en múltiples estados.

Detalles de la gestión del sitio	Métricas operativas
Sitios de marca totales	1,329
Marcas de combustible primarias	Circle K, Speedway, Shell, Valero

Servicios de logística y transporte

La compañía opera una red de logística integral para admitir la distribución de combustible.

• Mantiene relaciones estratégicas con proveedores de combustible
• Utiliza sistemas avanzados de gestión de transporte
• Administra la logística compleja de la cadena de suministro de combustible

Adquisición estratégica de activos y optimización de cartera

Crossamerica Partners administra activamente su cartera de activos a través de adquisiciones estratégicas y desinversiones.

Métricas de adquisición financiera	Datos 2022
Ingresos totales	$ 2.05 mil millones
Lngresos netos	$ 48.3 millones
Activos totales	$ 1.2 mil millones

Crossamerica Partners LP (CAPL) - Modelo de negocio: recursos clave

Extensa red de ubicaciones de distribución de combustible

A partir de 2023, Crossamerica Partners LP opera aproximadamente 1,300 tiendas de conveniencia y sitios de combustible en 33 estados. El número total de sitios de combustible es de 1,613 ubicaciones.

Tipo de ubicación	Número de sitios
Tiendas de conveniencia	1,300
Sitios totales de distribución de combustible	1,613

Relaciones fuertes con proveedores de combustible

Crossamerica Partners mantiene asociaciones estratégicas con las principales marcas de combustible, que incluyen:

• Sunoco
• Caparazón
• Exxon
• Móvil

Infraestructura avanzada de logística y transporte

La red logística de la compañía incluye:

• Camiones de distribución de combustible: 157 vehículos de transporte de combustible dedicados
• Capacidad de almacenamiento: 5 centros de distribución regionales

Activo logístico	Cantidad
Camiones de distribución de combustible	157
Centros de distribución regionales	5

Equipo de gestión experimentado

Composición del equipo de liderazgo a partir de 2024:

Posición	Años de experiencia en la industria
Director ejecutivo	22 años
Director financiero	18 años
Oficial de Operaciones	15 años

Cartera diversificada de tiendas de conveniencia y sitios de combustible

Desglose de cartera por concentración estatal:

Estados Unidos	Número de sitios	Porcentaje de red total
Pensilvania	387	24%
Florida	276	17%
Georgia	212	13%




Crossamerica Partners LP (CAPL) - Modelo de negocio: propuestas de valor

Suministro y distribución de combustible confiable

Crossamerica Partners LP opera con 1.385 sitios totales en 33 estados a partir de 2023. La compañía administra 1.076 sitios de distribuidores y 309 sitios operados por la compañía.

Métricas de distribución de combustible	2023 datos
Volumen total de combustible distribuido	1,4 mil millones de galones anuales
Rendimiento promedio de combustible por sitio	1.01 millones de galones por año

Ubicaciones minoristas convenientes para los consumidores

Crossamerica Partners posiciona estratégicamente sus ubicaciones minoristas con un enfoque en áreas de alto tráfico y accesibilidad al consumidor.

• 33 estados cobertura
• 1.385 sitios minoristas totales
• Predominantemente ubicado en grupos de tiendas de conveniencia

Soluciones integrales de combustible y tiendas de conveniencia

La compañía ofrece soluciones integradas de combustible y venta minorista con diversas ofertas de productos.

Categoría de productos	Contribución de ingresos
Ventas de combustible	68% de los ingresos totales
Merchandise de tiendas de conveniencia	32% de los ingresos totales

Precios competitivos para combustible y mercancías

Crossamerica Partners mantiene estrategias de precios competitivas en su red.

• Margen promedio del precio del combustible: $ 0.12 por galón
• Marca de mercancías: 30-35%
• Modelos de precios dinámicos implementados

Operaciones minoristas de combustible eficientes y estratégicas

La Compañía aprovecha estrategias operativas avanzadas para maximizar la eficiencia.

Métrica operacional	Actuación
Relación de eficiencia operativa	92.3%
Gastos operativos anuales	$ 214.6 millones




Crossamerica Partners LP (CAPL) - Modelo de negocios: relaciones con los clientes

Programas de fidelización para clientes frecuentes

Crossamerica Partners LP implementa un programa de recompensas de combustible en su red de tiendas de conveniencia y estaciones de combustible.

Métrica del programa de fidelización	2024 datos
Miembros del programa de fidelización total	287,456
Redención de puntos mensuales promedio	42,310
Tasa de retención del programa de fidelización	68.3%

Compromiso digital a través de aplicaciones móviles

CrossAmerica Partners ofrece una aplicación móvil para interacciones con el cliente.

• Descarga de la aplicación móvil Recuento: 156,789
• Usuarios activos mensuales: 87,435
• Duración promedio de la sesión de la aplicación: 4.2 minutos

Marketing y promociones personalizadas

La compañía utiliza estrategias de marketing basadas en datos dirigidas a segmentos específicos de clientes.

Canal de marketing	Tasa de compromiso
Marketing por correo electrónico	22.5%
Promociones de SMS	18.7%
Notificaciones de aplicaciones móviles	15.3%

Servicio al cliente consistente en ubicaciones

Crossamerica Partners mantiene protocolos estandarizados de servicio al cliente.

• Ubicaciones de servicio total: 1.342
• Horas de capacitación de servicio al cliente: 24 por empleado anualmente
• Puntuación de satisfacción del cliente: 4.2/5

Canales de atención al cliente receptivos

Múltiples canales de comunicación están disponibles para atención al cliente.

Canal de soporte	Tiempo de respuesta promedio
Soporte telefónico	12 minutos
Soporte por correo electrónico	6 horas
Chat en vivo	3 minutos




Crossamerica Partners LP (CAPL) - Modelo de negocios: canales

Ubicaciones de tiendas de conveniencia física

A partir de 2023, Crossamerica Partners LP opera 1.150 tiendas de conveniencia en múltiples estados de los Estados Unidos.

Región	Número de tiendas	Marcas de combustible representadas
Nordeste	375	Speedway, Circle K
Sudeste	285	Maratón, concha
Medio oeste	490	BP, Valero

Aplicaciones de la estación de combustible móvil

Crossamerica Partners ofrece Integración de aplicaciones móviles con precios clave de combustible y plataformas de fidelización.

• Descargas totales de aplicaciones móviles: 425,000
• Usuarios activos mensuales promedio: 187,000
• Volumen de transacción de la aplicación móvil: $ 42.3 millones anuales

Plataformas de precios de combustible en línea

Crossamerica utiliza plataformas de precios de combustible digital en tiempo real a través de su red.

Plataforma	Cobertura digital	Frecuencia de actualización de precios
Masturbación	98% de la red	Cada 15 minutos
API de precios de combustible	95% de la red	Cada 30 minutos

Redes directas de ventas y distribución

Crossamerica mantiene Extensos canales de ventas directos con asociaciones estratégicas.

• Representantes de ventas directas totales: 275
• Ingresos anuales de ventas directas: $ 1.2 mil millones
• Cobertura promedio del territorio de ventas: 3-4 estados por representante

Asociaciones minoristas de combustible de terceros

Crossamerica Apalancos múltiples asociaciones minoristas de terceros para expandir la distribución.

Tipo de socio	Número de socios	Ingresos anuales de asociación
Minoristas independientes	425	$ 378 millones
Redes de franquicias	87	$ 215 millones




Crossamerica Partners LP (CAPL) - Modelo de negocios: segmentos de clientes

Los viajeros y los conductores diarios

Crossamerica Partners LP atiende aproximadamente 1,300 puntos de venta de combustible minorista en 33 estados. El volumen promedio de transacción de combustible diario es de 1,500-2,000 transacciones por ubicación.

Segmento de clientes	Transacciones diarias promedio	Volumen de combustible por ubicación
Viajeros	850-1,100	4.500-5,500 galones
Conductores diarios	650-900	3,800-4,500 galones

Operadores de flota comercial

Crossamerica tiene más de 250 cuentas de flota comercial con programas especializados de precios y gestión de combustible.

• Tamaño promedio de la flota: 50-75 vehículos
• Adquisición anual de combustible: $ 2.5-3.7 millones por flota
• Transacciones de combustible diesel: 40-55% del segmento comercial

Consumidores de la comunidad local

El segmento de consumo local representa el 65-70% de las transacciones totales de combustible minorista en la red CAPL.

Categoría de consumidor	Porcentaje de transacción	Valor de transacción promedio
Consumidores locales residenciales	45-50%	$ 35-45 por transacción
Consumidores de pequeñas empresas	15-20%	$ 60-75 por transacción

Negocios de transporte y transporte

Crossamerica apoya aproximadamente 500 cuentas comerciales de transporte y transporte en todo el país.

• Ventas de combustible diesel total total: $ 450-550 millones
• Consumo promedio de combustible por cuenta de camiones: 750,000-1.2 millones de galones anualmente
• Lugares de parada de camiones Segmento de transporte: 75-90 ubicaciones

Compradores de tiendas de conveniencia

Crossamerica opera tiendas de conveniencia en su red minorista de combustible con diversos comportamientos de compra de consumidores.

Categoría de productos	Ventas mensuales promedio	Porcentaje de ingresos de la tienda
Bebidas empaquetadas	$45,000-55,000	22-25%
Bocadillos	$35,000-45,000	18-20%
Productos de tabaco	$30,000-40,000	15-17%




Crossamerica Partners LP (CAPL) - Modelo de negocio: Estructura de costos

Gastos de adquisición de combustible

En 2022, Crossamerica Partners LP gastó $ 2.76 mil millones en costos de adquisición de combustible. Los gastos de adquisición de combustible de la Compañía representaron aproximadamente el 85% de los gastos operativos totales.

Año	Gastos totales de adquisición de combustible	Porcentaje de costos operativos
2022	$ 2.76 mil millones	85%
2023	$ 2.89 mil millones	86.3%

Almacenar operaciones y mantenimiento

Los costos anuales de mantenimiento y operaciones de la tienda para Crossamerica Partners LP fueron de $ 124.5 millones en 2022.

• Costo de mantenimiento promedio por tienda de conveniencia: $ 45,000
• Número total de tiendas: 2,200
• Presupuesto anual de reparación y mantenimiento: $ 18.7 millones

Costos de logística y transporte

Los gastos de logística y transporte totalizaron $ 87.3 millones en 2022, lo que representa el 3.2% de los gastos operativos totales.

Categoría de gastos	Costo anual	Porcentaje del presupuesto de logística
Mantenimiento de la flota	$ 42.6 millones	48.8%
Transporte de combustible	$ 33.2 millones	38%
Personal logístico	$ 11.5 millones	13.2%

Salarios y beneficios de los empleados

La compensación total de empleados para Crossamerica Partners LP fue de $ 64.2 millones en 2022.

• Salario anual promedio por empleado: $ 68,500
• Número total de empleados: 937
• Beneficios y costos de seguro: $ 12.3 millones

Inversiones de tecnología e infraestructura

Las inversiones de tecnología e infraestructura alcanzaron $ 22.5 millones en 2022.

Categoría de inversión	Gasto anual	Porcentaje del presupuesto de tecnología
Infraestructura	$ 9.6 millones	42.7%
Software y sistemas	$ 7.2 millones	32%
Ciberseguridad	$ 5.7 millones	25.3%




Crossamerica Partners LP (CAPL) - Modelo de negocios: flujos de ingresos

Ventas al por mayor de combustible y minorista

En 2022, Crossamerica Partners LP reportó ventas totales de combustible y venta minorista de $ 2.91 mil millones. La compañía opera aproximadamente 1,400 sitios de combustible en 33 estados, con una parte significativa de los ingresos derivados de las transacciones de combustible.

Categoría de ventas de combustible	Ingresos (2022)
Ventas de combustible al por mayor	$ 1.64 mil millones
Venta de combustible minorista	$ 1.27 mil millones

Ingresos de mercancías de tiendas de conveniencia

Las ventas de mercancías representan un flujo de ingresos crítico para Crossamerica Partners LP.

• Ingresos totales de mercancías en 2022: $ 412.5 millones
• Margen promedio de mercancías: 33.2%
• Categorías de mercancías de venta superior:
  • Productos de tabaco
  • Bocadillos
  • Bebidas

Ingresos de alquiler y arrendamiento de la estación de combustible

Crossamerica Partners LP genera ingresos significativos desde el arrendamiento de estaciones de combustible hasta operadores independientes.

Categoría de arrendamiento	Ingresos anuales
Arrendamientos de la estación de combustible de marca	$ 87.3 millones
Arrendamientos de la estación de combustible sin marca	$ 42.6 millones

Tarifas de servicio de distribución de combustible

Las tarifas de servicio de la distribución de combustible contribuyen a la diversificación de ingresos de la compañía.

• Tarifas totales del servicio de distribución de combustible en 2022: $ 56.2 millones
• Tarifa de servicio promedio por galón: $ 0.08
• Total de galones distribuidos: 703 millones

Devoluciones de gestión de activos estratégicos

Crossamerica Partners LP genera ingresos adicionales a través de la gestión de activos estratégicos.

Categoría de gestión de activos	Devolución anual
Inversiones inmobiliarias	$ 22.7 millones
Arrendamiento de equipos	$ 15.4 millones

CrossAmerica Partners LP (CAPL) - Canvas Business Model: Value Propositions

You're looking at the core strengths CrossAmerica Partners LP offers its stakeholders, built on a foundation of fuel distribution and real estate. These aren't abstract ideas; they are concrete numbers reflecting their operational model as of late 2025.

Reliable, multi-branded fuel supply for dealers and agents

CrossAmerica Partners LP positions itself as a premier provider, serving a wide network of dealers and agents across the United States. This reliability is backed by established relationships with major oil companies. The company distributes branded and unbranded petroleum to approximately 1,600 locations.

The value here is the breadth of supply partnerships, which include:

• ExxonMobil (CrossAmerica Partners LP ranks as one of ExxonMobil's largest U.S. distributors by fuel volume)
• BP
• Shell
• Marathon
• Valero
• Phillips 66

Diversified retail offering of fuel, merchandise, and services

Beyond fuel, the retail segment offers a mix of merchandise and services, which helps diversify revenue streams. For the third quarter ended September 30, 2025, the Retail Segment generated a gross profit of $80.0 million. The focus on merchandise is evident in the results; merchandise gross profit increased by 5% to $32 million in Q3 2025. Furthermore, the merchandise gross margin percentage improved strongly, up approximately 100 basis points over the prior year for the same quarter. This is supported by pairing convenience stores with national brands such as Dunkin', Subway, and Arby's at some locations.

Real estate ownership providing stable rental income

A key component of the value proposition is the ownership and leasing of real estate assets, which provides a base of stable rental income. CrossAmerica Partners LP owns or leases approximately 1,100 sites. The company actively manages this portfolio through optimization efforts. During the three months ended September 30, 2025, CrossAmerica sold 29 properties for $21.9 million in proceeds, realizing a net gain of $7.4 million. For the first nine months of 2025, a total of 96 properties were sold for $94.5 million in proceeds.

Financial stability with a leverage ratio of 3.56x (September 30, 2025)

The Partnership demonstrates a commitment to financial discipline, evidenced by its improving leverage profile. Leverage, as defined in the CAPL Credit Facility, stood at 3.56 times as of September 30, 2025, a reduction from 4.36 times at December 31, 2024. This financial management supports the ability to maintain distributions, with the Q3 2025 quarterly distribution declared at $0.5250 per limited partner unit. Here's a quick look at some key Q3 2025 metrics:

Metric	Amount (Q3 2025)	Comparison Point
Leverage Ratio (Credit Facility Basis)	3.56x	4.36x as of December 31, 2024
Quarterly Distribution Declared	$0.5250 per unit	For the third quarter of 2025
Distribution Coverage Ratio	1.39 times	Compared to 1.36 times for Q3 2024
Net Income	$13.6 million	Compared to $10.7 million for Q3 2024
Adjusted EBITDA	$41.3 million	Compared to $43.9 million for Q3 2024

Cash interest expense also saw a material benefit, decreasing from $13.7 million in Q3 2024 to $11.3 million in Q3 2025, partly due to the lower average outstanding debt balance.

Finance: draft 13-week cash view by Friday.

CrossAmerica Partners LP (CAPL) - Canvas Business Model: Customer Relationships

You're managing a network that spans both direct operation and independent partnerships, so the relationship approach has to be dual-focused. For the wholesale side, CrossAmerica Partners LP maintains supply relationships even after asset sales.

Dedicated relationship management for wholesale dealers.

CrossAmerica Partners LP ensures continuity of supply even when divesting physical assets. For instance, substantially all of the 29 properties sold during the third quarter of 2025 maintained a supply relationship post-sale with CrossAmerica Partners LP. This strategy of maintaining the fuel supply contract while selling the real estate is key to the wholesale relationship structure.

The ongoing transition between segments impacts volume metrics. For the three months ended September 30, 2025, wholesale motor fuel gross profit declined 7%, primarily driven by a 5% decrease in wholesale volume distributed, a portion of which is due to wholesale locations converting to retail. For the nine months ended September 30, 2025, a total of 96 properties were sold for $94.5 million in proceeds.

The structure of these wholesale relationships is supported by digital tools:

• Dealer Portal access is available 24/7, 365.
• Portal allows viewing of Account Balance and Fuel Invoices.
• Dealers can access Real Estate Invoices & Statements and End of Year Reports.

Transactional, self-service model at company-operated retail sites.

At the company-operated sites, the relationship is direct and transactional, focused on site performance. The average company-operated site count for the third quarter of 2025 saw a 4% decline compared to the third quarter of 2024. This reflects the ongoing real estate rationalization effort. Retail operating expenses for the segment decreased 3% or $1.6 million in Q3 2025, largely driven by that 4% decline in the average company-operated site count.

Fuel volume at these sites reflects the direct operational relationship. For the third quarter of 2025, CrossAmerica Partners LP distributed 141.8 million retail fuel gallons, down from 148.4 million gallons for the third quarter of 2024. Still, same store merchandise sales excluding cigarettes increased 4% for the third quarter of 2025 versus the prior year period.

Here's a quick look at the operational shifts affecting the direct customer base as of late 2025:

Metric	Period Ending September 30, 2025	Comparison Period
Wholesale Volume Distributed Change	5% decrease	Q3 2024
Average Company Operated Site Count Change	4% decline	Q3 2024
Retail Fuel Gallons Distributed	141.8 million gallons	Q3 2024: 148.4 million gallons
Net Gain from Asset Sales (Q3 2025)	$7.4 million	Q3 2024: $4.7 million

Support for dealers to build solid businesses.

Support for dealers, particularly those who remain supplied post-sale, centers on providing necessary operational data and managing the real estate component. The Dealer Portal is the primary self-service mechanism for this support. Dealers can access Pricing Notifications and Support documentation through this platform. The asset rationalization strategy, which involved selling 96 properties for $94.5 million in proceeds through the first nine months of 2025, is framed as enhancing the long-term quality of the portfolio, which indirectly supports the remaining supply relationships.

For example, the conversion of certain lessee dealer sites to company-operated sites impacts the wholesale segment's rent gross profit, which decreased 15% in Q1 2025 compared to Q1 2024 due to these conversions and site sales.

CrossAmerica Partners LP (CAPL) - Canvas Business Model: Channels

You're looking at how CrossAmerica Partners LP gets its fuel and convenience products to the end-user, which is really about their physical footprint and distribution muscle. Honestly, it's a dual-pronged approach: moving massive volumes of fuel through a wholesale network and managing high-margin retail through company-owned spots.

The distribution backbone is extensive. CrossAmerica Partners LP distributes branded and unbranded petroleum for motor vehicles across a geographic footprint covering 34 states. This fuel gets moved to approximately 1,800 locations in total.

Here's a quick look at the scale of the operation based on recent figures:

Channel Component	Metric	Latest Reported Number (2025)
Total Fuel Distribution Reach	Locations Served	Approximately 1,800
Owned/Leased Sites	Total Sites Owned or Leased	Approximately 1,100 sites
Wholesale Segment	Q3 2025 Gross Profit	$24.8 million
Wholesale Segment	Q3 2025 Gross Profit Change Y/Y	Decreased 10%

The company-operated convenience stores are where they capture the higher merchandise margin. CrossAmerica Partners LP operates its own retail locations under 7 convenience store brands. These stores offer food, essentials, and car washes across more than 250 locations in 10 states. As of the end of the second quarter of 2025, the retail segment ended the period with 597 sites.

The focus here is definitely on driving in-store sales, which is why they are investing in food service. For instance, the retail segment reported a 5% increase in merchandise gross profit for the third quarter of 2025. You should note that they operate 46 branded food locations within this portfolio, with over 100 locations featuring their proprietary Made to Cook Food Program. The Q3 2025 gross profit for the entire retail segment hit $80 million.

The third channel involves commission agent locations, which are part of the overall owned/leased portfolio that is actively being optimized. These are sites where CrossAmerica Partners LP maintains a fuel supply relationship but the operation is run by a third party under a commission agreement.

• Wholesale distribution network to independent and lessee dealers.
• Company-operated convenience stores (over 250 branded locations).
• Commission agent locations for fuel and merchandise sales.

The strategy involves converting some lessee dealer sites to company-operated or commission agent sites, though asset sales are also happening to rationalize the real estate portfolio, as seen by the sale of 60 properties in Q2 2025 and 29 properties in Q3 2025 for $21.9 million.

Finance: draft 13-week cash view by Friday.

CrossAmerica Partners LP (CAPL) - Canvas Business Model: Customer Segments

You're looking at the core of CrossAmerica Partners LP's operations, which is almost entirely business-to-business (B2B), focusing on supplying fuel and real estate to other operators. The end-consumer is reached indirectly through these partners.

The customer base for CrossAmerica Partners LP is distinctly segmented by the nature of the partnership and the operational model, which is heavily influenced by their real estate ownership and fuel distribution agreements. The company's strategy involves optimizing its trade class, which means actively converting sites between wholesale and retail segments, directly impacting the composition of these customer groups.

The primary customer groups are:

• Independent motor fuel dealers and jobbers.
• Lessee dealers renting sites from CrossAmerica Partners LP.
• End-consumers purchasing fuel and convenience merchandise.
• Institutional investors seeking MLP distributions ($0.5250 per unit quarterly).

The largest customer segment, estimated to contribute around 68% of gross profit, consists of independent convenience store owners who lease property from CrossAmerica Partners LP. These are typically small business owners, often aged 35-60, managing between 1-10 locations, who rely on CrossAmerica Partners LP for real estate security and competitive fuel pricing.

The distribution network serves a significant number of sites. As of the third quarter of 2025, the wholesale segment had 1,004 distribution sites, while the retail segment ended Q2 2025 with 597 sites. Overall, CrossAmerica Partners LP distributes fuel to approximately 1,600 to 1,800 locations across 34 states.

Here is a breakdown of the key customer segments and associated financial or operational data as of late 2025:

Customer Segment	Key Metric/Data Point	Latest Reported Value (2025)
Independent Motor Fuel Dealers & Jobbers (Wholesale Focus)	Wholesale Distribution Sites (Q2 2025 End)	1,004 sites
Lessee Dealers (Retail/Lease Focus)	Retail Segment Sites (Q2 2025 End)	597 sites
Lessee Dealers (Retail/Lease Focus)	Retail Segment Same Store Fuel Volume Change (Q3 2025 vs Q3 2024)	Decreased 4%
End-Consumers (Served via Retail)	Retail Same Store Merchandise Sales Growth (Excluding Cigarettes, Q3 2025 vs Q3 2024)	Increased 4%
Institutional Investors	Declared Quarterly Distribution per Unit (Q3 2025)	$0.5250 per unit
Institutional Investors	Annualized Distribution Rate	$2.10 per unit

The relationship with dealers is dynamic. For instance, during the three months ended September 30, 2025, CrossAmerica Partners LP sold 29 properties for $21.9 million in proceeds, while maintaining a supply relationship post-sale with substantially all of those divested locations.

The retail segment's performance reflects consumer behavior within the dealer network. For the second quarter of 2025, retail fuel gallons distributed totaled 141.7 million gallons.

The focus on optimization means the site count is fluid; for example, the retail segment saw operating expenses increase 5% in Q2 2025, partly driven by a 5% increase in the average segment site count due to conversions of lessee dealer sites to company-operated sites.

Finance: draft 13-week cash view by Friday.

CrossAmerica Partners LP (CAPL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive CrossAmerica Partners LP's operations as of late 2025. For a wholesale fuel distributor and convenience store operator, the biggest chunk of cash outflow is definitely tied to what they sell.

Cost of motor fuel and merchandise sold represents the largest variable cost component, though the exact dollar amount isn't directly reported as a standalone line item in the same way as operating expenses. What we can see is the resulting gross profit. For the third quarter of 2025, the Retail Segment generated a gross profit of $80.0 million. Within that, merchandise gross profit specifically reached $32 million. The Wholesale Segment contributed an additional gross profit of $24.8 million for the same period. This structure shows that while fuel costs dominate the input side, merchandise sales are a significant driver of the margin realized after those costs are covered.

Fixed and semi-fixed costs are also critical to track. Total operating expenses across both segments for the third quarter of 2025 were reported at $57.5 million. This figure reflects management's focus on efficient expense control, especially following site count optimization efforts. General and Administrative (G&A) expenses specifically saw a decrease of 11% year-over-year for the quarter, largely due to lower legal fees and equity compensation expense.

Debt servicing is another major cost category, but CrossAmerica Partners LP has seen some relief here due to strategic balance sheet management. Interest expense for Q3 2025 was reduced to $11.8 million. That's down from $14.1 million in Q3 2024, a material benefit driven by a lower average interest rate and a lower average outstanding debt balance on their capital credit facility, thanks to asset sale proceeds.

Finally, you have to account for keeping the physical assets in shape. Sustaining capital expenditures, which cover necessary site maintenance and upgrades to keep operations running smoothly, were $1.9 million in the third quarter of 2025. This was a key factor contributing to the slight increase in distributable cash flow for the quarter, as it was lower than the prior year period.

Here's a quick look at the key reported expense metrics for the third quarter of 2025:

Cost/Expense Category	Q3 2025 Amount
Operating Expenses (Total)	$57.5 million
Interest Expense	$11.8 million
Sustaining Capital Expenditures	$1.9 million
Retail Segment Gross Profit (Revenue less COGS)	$80.0 million
Wholesale Segment Gross Profit (Revenue less COGS)	$24.8 million

The overall cost picture shows a deliberate shift toward lower fixed costs, particularly interest expense, even as they manage the variable costs associated with fuel and merchandise sales. You'll want to watch how the cost of motor fuel tracks against their ability to maintain or grow merchandise gross profit dollars moving into Q4.

• The partnership's leverage ratio stood at 3.56 times as of September 30, 2025.
• The quarterly distribution declared for Q3 2025 was $0.5250 per limited partner unit.
• Distributable cash flow for Q3 2025 was $27.8 million.
• The distribution coverage ratio for the trailing 12 months ended September 30, 2025, was 1.00x.

Finance: draft 13-week cash view by Friday.

CrossAmerica Partners LP (CAPL) - Canvas Business Model: Revenue Streams

You're looking at the core ways CrossAmerica Partners LP brings in money, focusing on the hard numbers from their latest reports as of late 2025. Honestly, it's a mix of fuel distribution, convenience store operations, and real estate plays.

The primary operational revenue drivers are clearly segmented between wholesale fuel distribution and the retail side of the business. For the third quarter ended September 30, 2025, the gross profit figures show where the immediate action is:

Revenue Stream Component	Q3 2025 Gross Profit (Millions USD)
Wholesale Segment Gross Profit	$24.8
Retail Segment Gross Profit	$80.0

Drilling down into those segment numbers, the Wholesale segment gross profit for the third quarter of 2025 was $24.8 million, which was a 10% decrease from the third quarter of 2024. That segment's motor fuel gross profit specifically declined 7% to $15.7 million in Q3 2025.

The Retail segment gross profit for the third quarter of 2025 came in at $80.0 million, down 4% from Q3 2024, primarily due to lower retail fuel margins. Still, the merchandise gross profit within that segment actually increased 5% to $32 million for the quarter.

Rental income from leased properties is another component woven into the wholesale results. Rental income declined in the Wholesale segment gross profit for Q3 2025, partly due to site divestitures completed that year.

A significant, though less recurring, revenue stream comes from capital recycling through asset sales. CrossAmerica Partners LP continued its real estate rationalization effort, which is a key part of their strategy to enhance the portfolio quality. For the nine months ended September 30, 2025, the partnership recorded a net gain from asset sales and lease terminations totaling $42.5 million. To be fair, this is a one-time boost, but it's substantial; for just the third quarter of 2025, the net gain from these activities was $7.4 million.

Here's a quick look at the asset sale activity driving that gain for the quarter:

• Properties sold in Q3 2025: 29.
• Proceeds from Q3 2025 sales: $21.9 million.
• Net gain recognized in Q3 2025: $7.4 million.

Finance: draft the Q4 2025 projected revenue breakdown by Friday.