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Sunoco
Sunoco (SUN) investor relations material
Sunoco Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Achieved record adjusted EBITDA of $2.12 billion for 2025, up 36% year-over-year, driven by strong base business and contributions from Parkland and Tanquid acquisitions.
Reported Q4 2025 net income of $97M and adjusted EBITDA of $706M (excluding $60M in one-time transaction expenses), with distributable cash flow, as adjusted, of $442M.
Expanded operations to 32 countries, becoming the largest independent fuel distributor in the Americas.
Closed the Parkland transaction in Q4 and completed the Tanquid acquisition in Q1 2026, with integration progressing well.
Declared a distribution increase for the fifth consecutive quarter, with a minimum 5% annual growth outlook.
Financial highlights
Q4 adjusted EBITDA reached $706 million, excluding $60 million in one-time transaction expenses.
Q4 distributable cash flow, as adjusted, was $442 million.
Q4 2025 net income was $97M, down from $141M in Q4 2024; full-year 2025 net income was $527M.
Q4 2025 revenue was $8.6B, up from $5.27B in Q4 2024; full-year 2025 revenue was $25.2B.
$2.5 billion available under the revolving credit facility; leverage at 4x, in line with targets.
Outlook and guidance
2026 adjusted EBITDA guidance set at $3.1–$3.3 billion, reflecting confidence in Parkland and Tanquid synergies.
Expect to realize $125 million of $250 million annual synergy target in 2026.
Maintenance capital projected at $400–$450 million, with at least $600 million in quick-return capital projects and bolt-on acquisitions.
Minimum 5% annual distribution growth expected for 2026 and beyond.
Bolt-on M&A guidance of at least $500 million annually, considered a sustainable floor.
Parkland acquisition's net Q4 EBITDA impact
Future growth funding post-leverage target
Pipeline segment's Q4 volume decline drivers
Parkland synergy target: upside potential
Fuel distribution CPG: sustainable run rate?
Bolt-on M&A: impact on 2026 guidance upside?
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Next Sunoco earnings date
Q1 20266 May, 2026
Sunoco
Next Sunoco earnings date
Q1 20266 May, 2026
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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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