SunocoCorp LLC (SUNC) Q3 2026 earnings summary

Executive summary

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

• Strong performance across all four segments; FY 2026 Adjusted EBITDA is expected to exceed the $3.5B–$3.7B guidance range.

• Parkland acquisition drove ~25% growth in adjusted DCF per common unit; leverage returned to target in less than a year.

Financial highlights

• Q3 revenue was $18.029B and operating income was $740M; Q3 net income was $499M.

• Net income attributable to common units was $362M and diluted EPS was $2.07.

• Nine-month revenue was $42.978B and net income was $1.426B; Adjusted EBITDA was $2.89B versus $1.40B in 9M 2025.

• Favorable inventory valuation adjustments increased net income by $19M in Q3 and $445M in 9M; 9M LIFO liquidation added $102M to pretax income, or $0.54 per common unit.

Outlook and guidance

• FY 2026 Adjusted EBITDA is expected to exceed the $3.5B–$3.7B guidance range; 2027 is expected to be another record year, even with refining cracks near mid-cycle.

• 2026 maintenance capital expenditure expectation is $400M–$450M; growth capital is expected to be at least $600M, including joint-venture shares.

• Continued growth is expected in 2027 and 2028; annual bolt-on acquisitions of at least $500M were described as a modest threshold.

• Fuel Distribution operating expenses declined sequentially through cost control and Parkland integration; 2027 expenses are expected to decline overall versus 2026.