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Suburban Propane Partners (SPH) investor relations material
Suburban Propane Partners Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Nov, 2025
Executive summary
Fiscal 2025 saw strong propane demand due to normal winter weather, hurricane impacts, and acquisitions in the southwest, resulting in a 5.9% increase in propane volumes year-over-year.
Adjusted EBITDA rose by $28 million (11.2%) to $278 million, driven by higher volumes, margin management, and expense discipline.
Strategic growth included acquisitions in New Mexico, Arizona, and California, and expansion into renewable propane and RNG markets.
Technology modernization and renewable energy initiatives advanced, including RNG facility investments and operational improvements.
Net income for fiscal 2025 was reported as $128.4 million ($1.97/unit) and $106.6 million ($1.64/unit) in different sources, both up year-over-year.
Financial highlights
Total revenues for fiscal 2025 were $1.43 billion, up from $1.33 billion in 2024.
Retail propane gallons sold reached 400.5 million, up 5.9% from the prior year.
Gross margin increased 7.9% to $868.8 million; excluding mark-to-market adjustments, gross margin rose 5.7% to $866.4 million.
Fourth quarter net loss was $35.7 million ($0.54/unit) and $35.1 million ($0.53/unit) in different sources, both flat or narrowed year-over-year; adjusted EBITDA for Q4 was $0.7 million, also flat.
Operating and G&A expenses rose 4.2% to $590.5 million, mainly due to higher payroll, benefits, and technology costs.
Outlook and guidance
Capital spending for propane operations in fiscal 2026 expected at $40–$45 million; RNG projects at $30–$35 million, mainly in H1.
RNG facility in New York expected to qualify for $7–$9 million in tax credits under the Inflation Reduction Act.
Ongoing focus on core propane growth, renewable energy platform expansion, and technology upgrades.
ATM equity program proceeds to support growth and accelerate debt reduction.
Positioned to benefit from increased respect for propane as a clean, reliable energy source and supportive regulatory trends.
RNG production expectations H1 2026
LCFS credit price impact on RNG revenue
Expected benefits of technology modernization
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Next Suburban Propane Partners earnings date
Q1 20265 Feb, 2026
Next Suburban Propane Partners earnings date
Q1 20265 Feb, 2026
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Frequently asked questions
Suburban Propane Partners L.P. is a U.S.-based energy company that distributes propane, fuel oil, and related products. It also provides natural gas and electricity in deregulated markets, along with equipment installation and repair services. The company serves residential, commercial, industrial, and agricultural customers. It is headquartered in Whippany, New Jersey, and its shares are listed on the NYSE.
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