10-K · November 26, 2025
Suburban Propane (SPH) presents a strategy balancing its core propane retail business with a buildout of renewable energy assets. The company reports scale — ~1.0 million customers across ~750 locations in 42 states and…
Earnings analysis · 10-Q
SPH earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Suburban Propane reported Q2 2026 earnings with a revenue of $551.2 million and EPS of $2.07, both below consensus estimates but marginally higher than the prior year. The declining revenue trend was largely driven by…
Read full summary
Suburban Propane reported Q2 2026 earnings with a revenue of $551.2 million and EPS of $2.07, both below consensus estimates but marginally higher than the prior year. The declining revenue trend was largely driven by decreased average selling prices for propane amidst warmer weather conditions, despite stable volumes sold. Management highlighted ongoing pressure from commodity prices and a strategic focus on renewable energy initiatives.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.07
What stood out
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Revenue of $551.2M reported
Q2 2026 revenue decreased 6.2% YoY from $587.7 million, indicating challenges in pricing despite stable volumes.
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EPS of $2.07 reported
EPS slightly decreased from $2.11 in Q2 2025, yet remains above expected levels of $1.93.
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Strong cash flow management
Net cash provided by operating activities reached $68.6 million, an increase from $48.9 million in H1 2025.
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Stable propane retail gallons sold
Retail gallons sold were flat at 161.6 million gallons, reflecting steady demand despite weather impacts.
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Cost of products sold down significantly
Cost of products sold decreased by 14.4%, aligning with a 23.1% drop in average propane prices.
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Refinanced debt offers flexibility
Refinanced $350 million in senior notes, improving leverage ratio to 4.34x from 4.54x YoY.
What to watch
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Weather impacts demand
Temperatures were 6% warmer than normal for the quarter, negatively impacting demand for heating fuels.
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Commodity price volatility
Average propane prices dropped by 23.1%, leading to a revenue decline from lower average selling prices.
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Rising operating costs
Inflationary pressures contributed to higher operating and general administrative expenses which impacted margins.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-K · November 27, 2024
Suburban Propane (SPH) emphasizes a dual strategy: defend and grow its core propane retail business (approx. 1.0 million customers, ~700 locations) while building a renewable fuels platform through acquisitions and…
10-Q · August 8, 2024
Suburban Propane reported Q3 revenue of $254,610 (in thousands) and a net loss of $(17,191) (EPS $(0.27)) versus revenue of $278,628 and net loss $(5,261) in the prior-year quarter. Gross margin remained strong at…
10-Q · May 9, 2024
Suburban Propane reported Q2 revenue of $498.1M, down from $526.5M a year earlier, but delivered margin expansion and higher EPS as operating income rose to $136.9M and diluted EPS to $1.72. Receivables and working…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.