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Sunoco (SUN) investor relations material

Sunoco Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Completed $9 billion acquisition of Parkland Corporation, expanding operations to 26 countries and adding a refinery in Burnaby, British Columbia, creating the largest independent fuel distributor in the Americas.

  • Net income for Q3 2025 was $137 million, up from $2 million in Q3 2024.

  • Adjusted EBITDA for Q3 2025 reached $496 million, up from $470 million in Q3 2024.

  • Distribution increased for the fourth consecutive quarter, now at $0.9202 per unit, annualized at $3.68, with a 1.8x coverage ratio.

  • Entered agreement to acquire TanQuid, adding 16 fuel terminals in Germany and Poland, expected to close in Q4 2025.

Financial highlights

  • Q3 2025 revenues were $6.03 billion, up from $5.75 billion in Q3 2024.

  • Operating income for Q3 2025 was $252 million, up from $107 million in Q3 2024.

  • Distributable cash flow as adjusted was $326 million for Q3 2025.

  • Cash and cash equivalents at September 30, 2025 were $3.24 billion, with $1.45 billion available under the Credit Facility.

  • Growth capital expenditures were $115 million; maintenance capital was $42 million in Q3 2025.

Outlook and guidance

  • On track to achieve at least 5% annual distribution growth for 2025, with potential for further increases post-Parkland.

  • Free cash flow expected to exceed $1 billion annually in the near future, a 50% increase over standalone projections.

  • Confident in achieving 2025 adjusted EBITDA guidance; formal 2026 guidance for the combined company to be provided early next year.

  • Minimal corporate income taxes expected for at least five years, supporting dividend equivalency.

  • Ongoing sources of liquidity include cash from operations, borrowings under the Credit Facility, and potential debt or equity issuances.

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Frequently asked questions

Sunoco LP is a master limited partnership engaged in the distribution of motor fuels to convenience stores, independent dealers, commercial customers, and distributors. The company operates a nationwide fuel supply network in the United States. The company is headquartered in Dallas, Texas, and its shares are listed on the NYSE.

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