Sunoco (SUN) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $283 million, up 229% year-over-year, driven by acquisitions, notably Parkland, and strong performance across all segments.

• Adjusted EBITDA for Q2 2026 reached $996 million (excluding $14 million in one-time transaction expenses), up from $464 million in Q2 2025, reflecting strong momentum and successful integration of recent acquisitions.

• Distributable cash flow as adjusted was $608 million, doubling from $300 million in Q2 2025, supporting a quarterly distribution increase of 1.25% sequentially and over 10% year-over-year.

• Major acquisitions included Parkland, TanQuid, and Delta, with a pending $600 million U.S. fuel distribution network acquisition.

• The company expects to materially exceed initial 2026 adjusted EBITDA guidance and achieve its eighth consecutive year of EBITDA growth.

Financial highlights

• Q2 2026 revenues were $14.26 billion, up from $5.39 billion in Q2 2025; six-month revenues totaled $24.95 billion, up from $10.57 billion year-over-year.

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

• Net income per common unit was $0.94 (basic and diluted), up from $0.33 in Q2 2025.

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

• Distributions declared for Q2 2026 were $1.0023 per common unit, up 10% year-over-year.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA guidance raised to $3.5–$3.7 billion, a $400 million increase from original guidance, reflecting strong Q2 performance and recent acquisitions.

• All business segments are expected to maintain strong performance in the second half of 2026.

• Multi-year guidance includes at least $500 million annually in bolt-on acquisitions, with expectations to exceed this in 2026.

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

• Distribution growth is targeted at a multi-year rate of at least 5%.