SUBURBAN PROPANE PARTNERS (SPH) Company Report

Adjusted EBITDA for Q1 2026 increased by $8.1 million (nearly 11%) to $83.4 million, driven by a 4.2% increase in retail propane gallons sold to 100 million.
The company reported net income of $46.6 million for Q1 2026, excluding unrealized mark-to-market adjustments and other non-cash items.
A quarterly distribution of $0.325 per common unit was declared for Q1 2026, equating to an annualized rate of $1.30 per common unit, with a distribution coverage ratio of 2.19x for December 2025.
Suburban Propane is advancing its renewable natural gas (RNG) operations, with increased average daily RNG injection, the commissioning of a new anaerobic digester facility in Upstate New York, and substantial progress on gas upgrade equipment in Columbus, Ohio.
The consolidated leverage rate improved to 4.57x as of December 2025.

2 days ago

Transcript

Suburban Propane Partners Reports Strong Q1 2026 Results with Increased Volume and Adjusted EBITDA

SPH

Earnings

New Projects/Investments

Dividends

Suburban Propane Partners reported a 4.2% increase in retail propane gallons sold and an 11% increase in Adjusted EBITDA to $83.4 million for Q1 2026, primarily due to colder weather in the eastern U.S. and customer base growth.
Net income for the quarter was $38 million, or $0.59 per common unit, with total gross margin increasing by 7.2% to $238.6 million.
The company advanced its strategic growth plans by acquiring two propane businesses in California and making substantial progress on its renewable natural gas (RNG) projects, including commissioning a new facility in Upstate New York.
Suburban Propane Partners improved its consolidated leverage rate to 4.57 times by December 2025 and declared a quarterly distribution of $0.325 per common unit for Q1 2026, equating to an annualized rate of $1.30.

2 days ago

Transcript

Suburban Propane Partners Reports Strong Q1 2026 Results with Increased Adjusted EBITDA and Gallons Sold

SPH

Earnings

New Projects/Investments

Dividends

Suburban Propane Partners reported a 4.2% increase in retail propane gallons sold and an 11% increase in Adjusted EBITDA to $83.4 million for the first quarter of fiscal 2026, primarily due to colder weather in its northern operating territories.
Total gross margin, excluding mark-to-market adjustments, increased by 7.2% to $238.6 million.
The company's renewable natural gas (RNG) operations saw increased average daily injection, with a new facility in Upstate New York beginning commissioning and substantial progress on another in Columbus, Ohio.
A quarterly distribution of $0.325 per common unit was declared, representing an annualized rate of $1.30 per common unit, with a distribution coverage ratio of 2.19 times for December 2025.
The consolidated leverage rate was 4.57 times as of December 2025, compared to 4.0 for December 2024.

2 days ago

Transcript

Suburban Propane Partners, L.P. Announces Strong Fiscal Q1 2026 Results

SPH

Earnings

New Projects/Investments

M&A

Suburban Propane Partners, L.P. reported a net income of $45.8 million, or $0.69 per Common Unit, for the first quarter of fiscal 2026, a significant increase from $19.4 million, or $0.30 per Common Unit, in the prior year first quarter. Adjusted EBITDA improved by 10.8% to $83.4 million for the quarter.
Retail propane gallons sold increased by 4.2% to 110.2 million gallons in the first quarter of fiscal 2026, driven by cooler average temperatures in key operating regions and contributions from recent acquisitions.
The Partnership acquired two propane businesses in California for $24.0 million and advanced its renewable natural gas (RNG) operations, including starting the commissioning process for a new facility in Upstate New York.
In December 2025, the Partnership refinanced $350.0 million of 5.875% senior notes due 2027 with new 6.50% senior notes due 2035, extending weighted average debt maturities by nearly three years.
A quarterly distribution of $0.325 per Common Unit was declared for the first quarter of fiscal 2026, payable on February 10, 2026.

2 days ago

8-K

Suburban Propane Partners, L.P. Announces First Quarter Fiscal 2026 Results

SPH

Earnings

M&A

Debt Issuance

For the first quarter ended December 27, 2025, net income was $45.8 million, or $0.69 per Common Unit, significantly up from $19.4 million, or $0.30 per Common Unit, in the prior year first quarter.
Adjusted EBITDA for the first quarter of fiscal 2026 improved 10.8% to $83.4 million, primarily driven by a 4.2% increase in retail propane gallons sold to 110.2 million gallons.
The company acquired two propane businesses in California for $24.0 million and strategically refinanced $350.0 million of 5.875% senior notes due 2027 with new 6.50% senior notes due 2035, extending debt maturities.
Progress was made in renewable natural gas (RNG) operations, with improved average daily RNG injection and the start of commissioning for a new anaerobic digester in Upstate New York. The Consolidated Leverage Ratio improved to 4.57x for the twelve-month period ended December 27, 2025.

2 days ago

Press Release

Suburban Propane Partners Completes $350 Million Senior Notes Offering

SPH

Debt Issuance

Suburban Propane Partners, L.P. (SPH) completed the offering of $350,000,000 aggregate principal amount of 6.500% Senior Notes due 2035 on December 22, 2025.
The notes bear an interest rate of 6.500% per year, payable semi-annually, commencing on June 15, 2026.
The net proceeds of approximately $344.3 million from the offering will be used to redeem all of the Issuers' 5.875% senior notes due 2027 and cover related expenses.
The 2027 Senior Notes were satisfied and discharged on December 22, 2025, with the actual redemption date scheduled for January 7, 2026.

Dec 22, 2025, 9:15 PM

8-K

Suburban Propane Partners Prices $350 Million Senior Notes Offering

SPH

Debt Issuance

Suburban Propane Partners, L.P. (SPH) priced a private offering of $350,000,000 aggregate principal amount of 6.500% senior notes due 2035.
The notes will bear interest at 6.500% per year, payable semi-annually, with the offering expected to close on December 22, 2025.
The net proceeds from this offering, combined with borrowings under its revolving credit facility, will be used to redeem all outstanding $350,000,000 of its 5.875% senior notes due 2027.

Dec 8, 2025, 10:30 PM

8-K

Suburban Propane Partners Prices Senior Notes Offering

SPH

Debt Issuance

Suburban Propane Partners, L.P. announced the pricing of an offering of $350,000,000 aggregate principal amount of 6.500% senior notes due 2035.
The 2035 Senior Notes will mature on December 15, 2035, with interest payable semi-annually starting June 15, 2026.
The sale of the 2035 Senior Notes is expected to close on December 22, 2025.
The net proceeds from the offering will be used to redeem all outstanding $350,000,000 aggregate principal amount of the Issuers' 5.875% senior notes due 2027.

Dec 8, 2025, 10:14 PM

Press Release

Suburban Propane Partners Reports Strong Fiscal 2025 Results and Outlines 2026 Capital Plans

SPH

Earnings

New Projects/Investments

Dividends

For fiscal year 2025, Suburban Propane Partners reported Adjusted EBITDA of $278 million, an 11.2% increase year-over-year, and net income of $128.4 million, or $1.97 per common unit. Retail propane gallons sold increased 5.9% to 400.5 million gallons.
The company improved its consolidated leverage ratio to 4.29 times at the end of fiscal 2025, down from 4.76 times in the prior year, supported by increased earnings and a $1.8 million reduction in outstanding borrowings.
Strategic growth initiatives in fiscal 2025 included the acquisition of a propane business for $53 million , investment of over $25 million in RNG growth projects , and raising $23.5 million in net proceeds through an at-the-market equity program.
For the fourth quarter of fiscal 2025, the company reported a net loss of $35.7 million, or $0.54 per common unit, and Adjusted EBITDA of $700,000, both essentially flat compared to the prior year. A quarterly distribution of $0.325 per common unit was declared.
Looking ahead to fiscal 2026, capital spending for propane operations is projected to be $40-$45 million, while RNG projects are expected to require $30-$35 million, with an anticipated $7-$9 million in investment tax credits for the upstate New York RNG facility.

Nov 13, 2025, 2:00 PM

Transcript

Suburban Propane Partners, L.P. Announces Fiscal Year and Fourth Quarter 2025 Results

SPH

Earnings

Dividends

M&A

Suburban Propane Partners, L.P. reported net income of $106.6 million, or $1.64 per Common Unit, for fiscal year 2025, an increase from $74.2 million, or $1.15 per Common Unit, in fiscal 2024.
Adjusted EBITDA for fiscal year 2025 increased by 11.2% to $278.0 million, driven by a 5.9% increase in retail propane gallons sold to 400.5 million gallons.
For the fourth quarter of fiscal 2025, the company recorded a net loss of $35.1 million, or $0.53 per Common Unit, and Adjusted EBITDA of $0.7 million.
The Partnership declared a quarterly distribution of $0.325 per Common Unit for the three months ended September 27, 2025, which was paid on November 12, 2025.
The Consolidated Leverage Ratio improved to 4.29x for fiscal year 2025, compared to 4.76x for fiscal year 2024.