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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.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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