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SPH

Suburban Propane Partners, L.P.

SPH

Suburban Propane Partners, L.P. • NYSE
$19.55 ▲ 1.24% (+0.24)
Market Cap $1.27 B
52w High $22.24
52w Low $16.92
Dividend Yield 1.30%
P/E 12.07
Volume 59.06K
Outstanding Shares 65.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $211.376M ▼ $20.879M ▼ $-35.136M ▼ -16.623% ▼ $-0.53 ▼ $1.224M ▼
Q3-2025 $260.15M ▼ $155M ▼ $-14.835M ▼ -5.702% ▼ $-0.23 ▼ $23.023M ▼
Q2-2025 $587.663M ▲ $186.888M ▲ $137.121M ▲ 23.333% ▲ $2.11 ▲ $175.284M ▲
Q1-2025 $373.329M ▲ $167.105M ▲ $19.42M ▲ 5.202% ▲ $0.3 ▲ $56.694M ▲
Q4-2024 $208.641M $146.566M $-44.589M -21.371% $-0.69 $-8.851M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.632M ▼ $2.315B ▼ $1.668B ▼ $646.11M ▼
Q2-2025 $9.306M ▲ $2.4B ▲ $1.728B ▼ $671.809M ▲
Q1-2025 $4.441M ▲ $2.385B ▲ $1.839B ▲ $545.138M ▼
Q4-2024 $3.219M ▼ $2.273B ▼ $1.726B ▲ $547.06M ▼
Q3-2024 $4.882M $2.284B $1.676B $607.223M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.835M ▼ $95.543M ▲ $-17.795M ▲ $-82.446M ▼ $-4.698M ▲ $80.863M ▲
Q2-2025 $137.121M ▲ $40.102M ▲ $-22.611M ▲ $-22.523M ▼ $-5.032M ▼ $20.793M ▲
Q1-2025 $19.42M ▲ $8.782M ▼ $-74.515M ▼ $67.645M ▲ $1.912M ▼ $-15.061M ▼
Q4-2024 $-44.589M ▼ $36.778M ▼ $-21.658M ▲ $-14.157M ▲ $15.632M ▲ $17.722M ▼
Q3-2024 $-17.191M $61.433M $-29.252M $-31.806M $462K $46.756M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Fuel Oil And Refined Fuels
Fuel Oil And Refined Fuels
 $20.00M ▲$30.00M ▲$10.00M ▼$10.00M ▲
Natural Gas And Electricity
Natural Gas And Electricity
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
Propane
Propane
 $330.00M ▲$530.00M ▲$230.00M ▼$180.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Suburban Propane’s sales have been fairly steady over the past few years, but they are drifting down from their recent high. Profitability through operating income has held up reasonably well, suggesting decent cost control even when volumes and prices move around. A sharp margin squeeze showed up a year ago, but the latest year shows a clear recovery in gross margins, even on slightly lower revenue, which is a healthy sign. Net earnings are positive each year but not on a strong upward trend, so the story looks more like steady, cash‑generating operations than fast growth. Results will continue to be sensitive to weather, commodity costs, and customer usage patterns.

Balance Sheet

Balance Sheet The balance sheet shows a business that relies heavily on debt financing with only a modest equity cushion. Total assets have been stable, and the partnership has moved from slightly negative to positive equity, which is an improvement in its financial footing. However, leverage remains high, which limits flexibility if industry conditions weaken or interest costs rise. Cash on hand is minimal, meaning the company depends on ongoing cash generation and access to credit rather than large cash reserves. Overall, it is a typical infrastructure‑like profile: asset‑heavy, debt‑funded, but now on a somewhat firmer equity base than a few years ago.

Cash Flow

Cash Flow Cash flow is a relative strength. The core propane business consistently produces cash from operations, and after capital spending the partnership still generates positive free cash flow each year. Investment needs for equipment and infrastructure are manageable, not excessive, which helps leave room for debt service and partner distributions. The latest year does show some softening in cash generation compared with the prior couple of years, so there is not much room for complacency, but the pattern still points to a dependable cash‑flow engine rather than a volatile one. Sustaining this stability is crucial given the balance sheet leverage.

Competitive Edge

Competitive Edge Suburban Propane has a solid competitive position built on its nationwide footprint, long operating history, and large installed customer base. Its extensive distribution network and logistics know‑how are difficult for smaller or new competitors to replicate quickly. Strong customer service, including always‑available support, and flexible payment and delivery programs help retain existing customers in what can otherwise be a commoditized fuel market. Growth through acquisitions has also allowed it to steadily consolidate local and regional players. The main structural headwinds are long‑term pressure from electrification, competing heating options, and potential policy shifts away from fossil fuels, which could slowly erode demand in some segments.

Innovation and R&D

Innovation and R&D Innovation at Suburban Propane is less about traditional lab research and more about technology upgrades and strategic bets on cleaner fuels. Internally, it is modernizing routing, forecasting, and customer systems to improve efficiency and customer experience, which can support margins and loyalty. Externally, the Suburban Renewables platform is investing in renewable propane, renewable natural gas, lower‑carbon fuel blends like propane mixed with renewable dimethyl ether, and early‑stage hydrogen infrastructure. These initiatives are still small compared with the legacy propane business and come with execution and commercialization risk, but they position the partnership to participate in the energy transition rather than be sidelined by it. Progress in scaling these newer lines will be a key indicator of how future‑proof its business model becomes.

Summary

Overall, Suburban Propane looks like a mature, cash‑generative energy distributor that is trying to carefully evolve rather than radically transform overnight. The income statement and cash flows show a stable but low‑growth profile, with recovering margins but no clear acceleration in earnings. The balance sheet is serviceable but highly leveraged, leaving less room for error and making consistent cash generation essential. Competitively, the partnership benefits from scale, infrastructure, and service quality, which help defend its position in a slow‑changing but gradually challenged fossil‑fuel market. Its growing set of renewable and low‑carbon initiatives introduce both opportunity and uncertainty—success here could offset long‑term demand headwinds, but the payoff timing and economics are not yet proven. For observers, the key watchpoints are debt management, margin stability, and tangible traction in the renewable portfolio over the next several years.

NEWS

November 26, 2025 · 10:15 AM UTC

Suburban Propane Partners, L.P. Annual Report Available Online

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November 13, 2025 · 7:30 AM UTC

Suburban Propane Partners, L.P. Announces Full Year and Fourth Quarter Results

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October 23, 2025 · 7:25 AM UTC

Suburban Propane Partners, L.P. Declares Quarterly Distribution of $0.325 per Common Unit

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October 22, 2025 · 4:25 PM UTC

Suburban Propane Partners, L.P. to Hold Fiscal 2025 Full Year and Fourth Quarter Results Conference Call

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October 16, 2025 · 8:05 AM UTC

Suburban Propane President & CEO Michael Stivala Honored with Dual Awards for Executive Leadership

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