Sunoco (SUN) Q3 2026 earnings summary

Executive summary

• Q3 Adjusted EBITDA was $1.049B, or $1.060B excluding $11M of transaction expenses; adjusted Distributable Cash Flow was $588M.

• Net income was $499M, versus $137M in Q3 2025; revenue was $18.029B, versus $6.032B.

• Adjusted Distributable Cash Flow per common unit grew ~25% in less than a year of Parkland ownership.

Financial highlights

• Operating income was $740M versus $252M; net income attributable to common units was $362M, with diluted earnings of $2.07 per common unit versus $0.64.

• Nine-month revenue was $42.978B versus $16.601B; net income was $1.426B versus $430M, and Adjusted EBITDA was $2.889B versus $1.401B.

• Nine-month operating cash flow was $2.251B versus $800M; cash and cash equivalents were $760M at September 30, 2026.

Outlook and guidance

• Expected to exceed 2026 Adjusted EBITDA guidance of $3.5B–$3.7B; 2027 growth is expected even with refining cracks near mid-cycle.

• 2026 maintenance capital spending is expected at $400M–$450M and growth capital spending at least $600M, including joint-venture shares.

• Guidance is expected in early January; at least $500M of annual bolt-on acquisitions is viewed as a modest bar for 2027 and beyond.

• Fuel Distribution operating expenses are expected to decline overall in 2027 versus 2026; multi-year distribution growth targets at least 5% annually.