SUBURBAN PROPANE PARTNERS LP SPH

Consumer discretionary SIC 5900 - Retail-Miscellaneous Retail NAICS Retail Trade derived NYSE

Suburban Propane Partners, L.P. (the "Partnership"), a publicly traded Delaware limited partnership, is a nationwide marketer and distributor of a diverse array of products meeting the energy needs of our customers. We specialize in the distribution of propane, renewable propane, renewable natural gas ("RNG"), fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets and production of and investing in low-carbon fuel alternatives. In support of our core marketing and distribution operations, we install and service a variety of home comfort equipment, particularly in the areas of heating and ventilation. We believe, based on LP/Gas Magazine dated February 2025, that we are the third-largest retail marketer of propane in the United States, measured by retail gallons sold in calendar year 2024. As of September 27, 2025, we were serving the energy needs of approximately 1.0 million residential, commercial, industrial and agricultural customers through approximately 750 locations in 42 states with operations principally concentrated in the east and west coast regions of the United States, as well as portions of the midwest region of the United States and Alaska. We sold approximately 400.5 million gallons of propane and 16.5 million gallons of fuel oil and refined fuels to retail customers during the year ended September 27, 2025. Together with our predecessor companies, we have been continuously engaged in the retail propane business since 1928.

Last close 17.73 2026-10-23
Market cap $1.18B 2026-06-27 share count
52-week range 16.25 - 20.80

Valuation FY2025 figures against the last close

P/S0.8x
P/E10.9x
P/FCF10.3x
EV/EBITDA8.6x
Dividend yield—
Diluted EPS1.62

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.43B$1.33B$1.43B$1.50B$1.29B$1.11B$1.27B$1.34B$1.19B$1.05B
Cost of revenue $563.7M$522.2M$590.1M$712.1M$485.5M$383.0M$522.0M$592.6M$476.7M$362.0M
Gross profit $868.8M$805.0M$839.1M$789.3M$803.3M$724.9M$745.7M$751.8M$711.2M$684.2M
SG&A $96.4M$89.9M$91.6M$81.8M$74.1M$65.9M$71.0M$66.2M$57.3M$61.1M
Total operating expenses $1.23B$1.16B$1.22B$1.30B$1.08B$967.6M$1.12B$1.18B$1.06B$965.5M
Operating income $206.3M$171.2M$206.8M$206.3M$213.2M$140.3M$150.9M$158.0M$128.6M$90.4M
Interest expense $76.3M$74.6M$73.4M$60.7M$68.1M$74.7M$76.7M$77.4M$75.3M—
Pre-tax income $107.9M$74.9M$124.4M$140.1M$123.9M$60.6M$69.5M$75.9M$38.5M$15.0M
Income tax $1.3M$734.0K$668.0K$429.0K$1.1M$146.0K$857.0K$606.0K$459.0K$588.0K
Net income $106.6M$74.2M$123.8M$139.7M$122.8M$60.8M$68.6M$76.5M$38.0M$14.4M
EPS, basic 1.641.151.942.211.960.981.111.240.620.24
EPS, diluted 1.621.141.922.181.940.971.101.240.620.24
Shares, diluted (wtd. avg.) 65.6M64.8M64.4M64.0M63.3M62.7M62.4M61.8M61.5M61.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $405.0K$3.2M$3.5M$4.1M$5.8M$3.1M$2.4M$5.2M$2.8M$37.3M
Receivables $69.5M$66.4M$67.7M$78.5M$71.4M$55.4M$59.3M$71.3M$65.7M$53.8M
Inventory $73.7M$55.4M$61.8M$66.9M$61.8M$46.9M$45.0M$59.1M$53.2M$45.4M
Total current assets $166.3M$157.5M$164.0M$174.9M$180.1M$116.0M$123.4M$157.8M$139.5M$147.3M
Property, plant and equipment $691.3M$654.0M$646.1M$563.8M$569.1M$597.5M$627.2M$649.2M$692.6M$742.1M
Goodwill $1.16B$1.15B$1.15B$1.11B$1.11B$1.10B$1.10B$1.09B$1.09B$1.09B
Other intangibles $84.8M$74.5M$80.6M$40.0M$39.3M$84.1M$128.4M$175.2M$219.9M$276.3M
Total assets $2.30B$2.27B$2.27B$2.10B$2.05B$2.05B$2.00B$2.10B$2.17B$2.28B
Accounts payable $45.0M$41.1M$40.0M$35.2M$39.2M$32.0M$34.1M$38.3M$38.7M$32.3M
Total current liabilities $302.8M$306.1M$307.8M$306.6M$287.1M$244.5M$216.1M$219.0M$210.4M$205.1M
Long-term debt $1.21B$1.21B$1.19B$1.08B$1.12B$1.21B$1.23B$1.26B$1.27B$1.22B
Total liabilities $1.70B$1.73B$1.72B$1.61B$1.63B$1.68B$1.57B$1.61B$1.62B$1.57B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $186.3M$160.6M$225.2M$220.5M$226.6M$209.4M$226.8M$210.4M$163.8M$157.4M
Depreciation and amortisation $72.0M$67.0M$62.6M$58.8M$104.6M$116.8M$120.9M$125.2M$127.9M$129.6M
Capital expenditure $72.0M$59.4M$44.9M$44.4M$29.9M$32.5M$35.0M$32.9M$28.2M$38.4M
Investing cash flow -$128.3M-$81.6M-$170.6M-$94.4M-$34.1M-$53.2M-$48.5M-$39.1M-$23.0M-$53.9M
Financing cash flow -$66.7M-$72.5M-$44.6M-$127.8M-$189.8M-$155.4M-$181.0M-$168.9M-$175.4M-$218.5M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-298630.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B 2B Revenue, FY2016: 1B Gross profit, FY2016: 684.2M Net income, FY2016: 14.4M Revenue, FY2017: 1.2B Gross profit, FY2017: 711.2M Net income, FY2017: 38M Revenue, FY2018: 1.3B Gross profit, FY2018: 751.8M Net income, FY2018: 76.5M Revenue, FY2019: 1.3B Gross profit, FY2019: 745.7M Net income, FY2019: 68.6M Revenue, FY2020: 1.1B Gross profit, FY2020: 724.9M Net income, FY2020: 60.8M Revenue, FY2021: 1.3B Gross profit, FY2021: 803.3M Net income, FY2021: 122.8M Revenue, FY2022: 1.5B Gross profit, FY2022: 789.3M Net income, FY2022: 139.7M Revenue, FY2023: 1.4B Gross profit, FY2023: 839.1M Net income, FY2023: 123.8M Revenue, FY2024: 1.3B Gross profit, FY2024: 805M Net income, FY2024: 74.2M Revenue, FY2025: 1.4B Gross profit, FY2025: 868.8M Net income, FY2025: 106.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.05B $1.19B $1.34B $1.27B $1.11B $1.29B $1.50B $1.43B $1.33B $1.43B
Gross profit $684.2M $711.2M $751.8M $745.7M $724.9M $803.3M $789.3M $839.1M $805.0M $868.8M
Net income $14.4M $38.0M $76.5M $68.6M $60.8M $122.8M $139.7M $123.8M $74.2M $106.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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