SunocoCorp LLC (SUNC) Q4 2025 earnings summary

Executive summary

• Achieved record Adjusted EBITDA of $2.12 billion for 2025, up 36% year-over-year, driven by strong base business and acquisitions, including Parkland and TanQuid.

• Closed Parkland acquisition, expanding operations to 32 countries and becoming the largest independent fuel distributor in the Americas.

• Integration of Parkland and Tankwood progressing well, with synergies on track and further growth expected.

• Achieved eighth consecutive year of growth in Distributable Cash Flow per common unit and increased quarterly distribution by 1.25%.

• Fifth consecutive quarterly distribution increase declared.

Financial highlights

• Q4 2025 Adjusted EBITDA reached $706 million, excluding $60 million in one-time transaction expenses; net income was $97 million.

• Q4 Distributable Cash Flow, as adjusted, was $442 million; full-year was $1.38 billion, up from $1.08 billion in 2024.

• Q4 2025 revenues were $8.6 billion, up from $5.27 billion in Q4 2024; full-year revenues were $25.2 billion.

• Trailing twelve-month coverage ratio ended at 1.9x.

• $2.5 billion available under 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 synergies and Tankwood acquisition.

• Expect to realize $125 million of $250 million annual synergy target in 2026.

• Maintenance capital projected at $400–$450 million, reflecting larger footprint and refinery turnaround.

• Minimum 5% annual distribution growth targeted for 2026 and beyond.

• Bolt-on acquisition guidance set at a floor of $500 million annually, with potential upside.