10-K · February 19, 2026
Sunoco completed the Parkland acquisition on October 31, 2025 (paid ~ $2.60 billion and transferred 51,517,198 SunocoCorp units) and reported Q4 revenue of $8.6 billion with diluted EPS of $0.09 and operating margin of…
Earnings analysis · 10-Q
SUN earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Sunoco LP reported a robust Q1 2026, with revenues of $10.69 billion indicating a 106% increase from Q1 2025's $5.18 billion, and EPS at $2.85 significantly exceeding expectations of $1.72. The positive financial…
Read full summary
Sunoco LP reported a robust Q1 2026, with revenues of $10.69 billion indicating a 106% increase from Q1 2025's $5.18 billion, and EPS at $2.85 significantly exceeding expectations of $1.72. The positive financial results were attributed to strong performance across fuel distribution and a successful acquisition strategy, despite some challenges related to debt and rising expenses.
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.
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
- $2.85
What stood out
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Record Revenue Growth
Total revenue surged to $10.69 billion, up 106% from $5.18 billion in Q1 2025.
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Earnings Surprise
Reported EPS was $2.85, beating estimates of $1.72 by 66%.
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Fuel Distribution Segment Outperformance
The fuel distribution segment EBITDA grew to $529 million, up from $220 million YOY, a 139% increase.
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Significant Adjusted EBITDA Increase
Total adjusted EBITDA rose by 87% to $858 million from $458 million YOY.
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Strong Cash Generation
Net cash provided by operating activities was $454 million, significantly increasing from $156 million in Q1 2025.
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Distribution Increase
The quarterly distribution was increased by 6.25%, reflecting strong cash flow.
What to watch
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Increased Debt Load
Long-term debt increased to $13.93 billion from $13.39 billion, heightening leverage concerns.
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Regulatory Risks from Acquisitions
The Parkland and TanQuid acquisitions may expose Sunoco to regulatory scrutiny under new OECD tax rules.
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Fluctuating Commodity Prices
With $1.89 billion in inventory, fluctuations in oil prices pose risks to profitability.
Management's outlook
No explicit guidance provided for future periods; strategic focus remains on integration of recent acquisitions.
Earlier filings 4
10-Q · November 6, 2025
Sunoco reported Q3 2025 revenues of $6,032 million, up from $5,751 million a year ago, driven by higher sales and affiliate activity. Operating income rose to $252 million (4.2% margin) from $107 million, and net income…
10-Q · August 7, 2025
Sunoco reported Q2 revenue of $5,390.0 million and diluted EPS of $0.33. Revenue declined versus the year-ago quarter ($6,174.0 million in 2024 Q2) while operating income rose to $203.0 million (from $150.0 million).…
10-Q · November 7, 2024
Sunoco LP reported third-quarter revenue of $5,751 million, down from $6,320 million in the year-ago quarter, and GAAP diluted loss per unit of $(0.26) versus $2.95 in Q3 2023. Operating income fell to $107 million from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.