Sunoco (SUN) Q2 2026 earnings summary

Executive summary

• Q2 2026 adjusted EBITDA reached $996 million (excluding $14 million in one-time transaction expenses), up 116% year-over-year, driven by strong portfolio performance and successful acquisitions, including Parkland and TanQuid.

• Net income for Q2 2026 was $283 million, up 229% year-over-year, reflecting acquisition contributions and operational growth.

• Distributable cash flow as adjusted was $608 million, doubling from $300 million in Q2 2025.

• Full-year adjusted EBITDA guidance increased by $400 million to $3.5–$3.7 billion, reflecting robust first-half results and confidence in the second half.

• Distribution per common unit increased to $1.0023, up 1.25% sequentially and over 10% year-over-year, marking the seventh consecutive quarterly increase.

Financial highlights

• Q2 2026 revenues were $14.26 billion, up from $5.39 billion in Q2 2025; six-month revenues totaled $24.95 billion.

• Operating income for Q2 2026 was $583 million, compared to $203 million in Q2 2025.

• Net income for the first half of 2026 was $927 million, up from $293 million in the prior year period.

• Cash provided by operating activities for the first half of 2026 was $1.56 billion, compared to $399 million in 2025.

• Total capital expenditures for Q2 2026 were $202 million ($125 million growth, $77 million maintenance).

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance raised to $3.5–$3.7 billion, reflecting strong Q2 performance and recent acquisitions.

• Management targets a multi-year distribution growth rate of at least 5%.

• Maintenance capital expenditures for 2026 are projected at $400–$450 million, with at least $600 million in growth capital.

• Expect to exceed $500 million in bolt-on acquisitions for 2026, with a strong pipeline for future years.

• The pending $600 million U.S. fuel distribution acquisition is expected to close in Q4 2026.