SPH earnings analysis
What we found in SPH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue of $551.2M reported
- Q2 2026 revenue decreased 6.2% YoY from $587.7 million, indicating challenges in pricing despite stable volumes.
- EPS of $2.07 reported
- EPS slightly decreased from $2.11 in Q2 2025, yet remains above expected levels of $1.93.
- Strong cash flow management
- Net cash provided by operating activities reached $68.6 million, an increase from $48.9 million in H1 2025.
- Stable propane retail gallons sold
- Retail gallons sold were flat at 161.6 million gallons, reflecting steady demand despite weather impacts.
- Cost of products sold down significantly
- Cost of products sold decreased by 14.4%, aligning with a 23.1% drop in average propane prices.
- Refinanced debt offers flexibility
- Refinanced $350 million in senior notes, improving leverage ratio to 4.34x from 4.54x YoY.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Weather impacts demand
- Temperatures were 6% warmer than normal for the quarter, negatively impacting demand for heating fuels.
- Commodity price volatility
- Average propane prices dropped by 23.1%, leading to a revenue decline from lower average selling prices.
- Rising operating costs
- Inflationary pressures contributed to higher operating and general administrative expenses which impacted margins.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.07
- Gross margin
- 62.3%
- Operating margin
- 25.3%
- Segment
- Propane: $491.1M
- Segment
- Fuel oil and refined fuels: $32.4M
- Segment
- Natural gas and electricity: $8.8M
- Segment
- All other: $18.9M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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