Sunoco LP SUN
We are a Delaware master limited partnership. We are managed by our General Partner, which is owned by Energy Transfer. As of February 13, 2026, Energy Transfer owned 100% of the membership interest in our General Partner, 28,463,967 of our common units and all of our IDRs. In addition, Energy Transfer controls SunocoCorp, which owns all of the outstanding Class D Units representing limited partner interests in the Partnership ("Class D Units") and pursuant to the Delegation Agreement (as defined below) has been delegated Energy Transfer's power and authority to appoint the board of directors of our General Partner.
We are primarily engaged in energy infrastructure and distribution of motor fuels across 32 countries and territories in North America, the Greater Caribbean and Europe. Our midstream operations include an extensive network of over 14,000 miles of pipeline and over 160 terminals. Our fuel distribution operations distribute over 15 billion gallons annually to approximately 11,000 Sunoco and partner branded locations, as well as independent dealers and commercial customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.20B | $22.69B | $23.07B | $25.73B | $17.60B | $10.71B | $16.60B | $16.99B | $11.72B | $9.99B |
| Cost of revenue | $22.41B | $20.59B | $21.70B | $24.35B | $16.25B | $9.65B | $15.38B | $15.87B | $10.62B | $8.83B |
| Gross profit | $2.79B | $2.10B | $1.36B | $1.38B | $1.35B | $1.06B | $1.22B | $1.12B | $1.11B | $1.16B |
| SG&A | $296.0M | $277.0M | $126.0M | $120.0M | $109.0M | $112.0M | $136.0M | $141.0M | $140.0M | $155.0M |
| Total operating expenses | $24.27B | $21.90B | $22.43B | $25.05B | $16.85B | $10.29B | $752.0M | $777.0M | $879.0M | $1.01B |
| Operating income | $935.0M | $791.0M | $635.0M | $678.0M | $749.0M | $417.0M | $464.0M | $345.0M | $229.0M | $145.0M |
| Interest expense | $541.0M | $391.0M | $217.0M | $182.0M | $163.0M | $175.0M | $173.0M | $144.0M | $209.0M | $189.0M |
| Pre-tax income | $589.0M | $1.04B | $430.0M | $501.0M | $554.0M | $236.0M | $296.0M | $92.0M | $20.0M | -$16.0M |
| Income tax | $62.0M | $175.0M | $36.0M | $26.0M | $30.0M | $24.0M | $17.0M | $34.0M | $306.0M | $72.0M |
| Net income | $527.0M | $866.0M | $394.0M | $475.0M | $524.0M | $212.0M | $313.0M | -$207.0M | $149.0M | -$406.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $891.0M | $94.0M | $29.0M | $82.0M | $25.0M | $97.0M | $21.0M | $56.0M | $28.0M | $103.0M |
| Receivables | — | — | $856.0M | $890.0M | $526.0M | $295.0M | $399.0M | $374.0M | $541.0M | $539.0M |
| Inventory | $2.38B | $1.07B | $889.0M | $821.0M | $534.0M | $382.0M | $419.0M | $374.0M | $426.0M | $423.0M |
| Total current assets | $5.52B | $2.46B | $1.93B | $1.98B | $1.19B | $847.0M | $924.0M | $905.0M | $4.54B | $1.32B |
| Property, plant and equipment | $13.41B | $7.67B | $1.84B | $1.76B | $1.67B | $1.43B | $1.44B | $1.55B | $1.56B | $1.58B |
| Goodwill | $3.03B | $1.48B | $1.60B | $1.60B | $1.57B | $1.56B | $1.55B | $1.56B | $1.43B | $1.55B |
| Other intangibles | $2.41B | $547.0M | $544.0M | $588.0M | $542.0M | $588.0M | $646.0M | $708.0M | $768.0M | $775.0M |
| Total assets | $28.36B | $14.38B | $6.83B | $6.83B | $5.82B | $5.27B | $5.44B | $4.88B | $8.34B | $8.70B |
| Accounts payable | — | — | $828.0M | $966.0M | $515.0M | $267.0M | $445.0M | $412.0M | $559.0M | $616.0M |
| Short-term debt | — | — | — | — | — | — | — | $5.0M | $6.0M | $5.0M |
| Total current liabilities | $4.00B | $1.95B | $1.37B | $1.41B | $890.0M | $653.0M | $744.0M | $865.0M | $1.21B | $1.10B |
| Long-term debt | $13.37B | $7.48B | $3.58B | $3.57B | $2.67B | $3.11B | $2.90B | $2.28B | $3.52B | $3.51B |
| Total liabilities | $20.35B | $10.31B | $5.85B | $5.89B | $5.00B | $4.63B | $4.68B | $4.09B | $6.10B | $6.50B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.19B | $549.0M | $600.0M | $561.0M | $543.0M | $502.0M | $435.0M | $447.0M | $303.0M | $466.0M |
| Depreciation and amortisation | $688.0M | $368.0M | $187.0M | $193.0M | $177.0M | $189.0M | $183.0M | $182.0M | $169.0M | $319.0M |
| Stock-based compensation | $19.0M | $17.0M | $17.0M | $14.0M | $16.0M | $14.0M | $13.0M | $12.0M | $24.0M | $13.0M |
| Capital expenditure | $577.0M | $344.0M | $215.0M | $186.0M | $174.0M | $124.0M | $148.0M | $103.0M | $103.0M | $439.0M |
| Investing cash flow | -$2.81B | $477.0M | -$288.0M | -$464.0M | -$387.0M | -$120.0M | -$164.0M | -$469.0M | -$132.0M | -$331.0M |
| Financing cash flow | $2.41B | -$961.0M | -$365.0M | -$40.0M | -$228.0M | -$306.0M | -$306.0M | -$2.68B | -$339.0M | $2.50B |
| Buybacks | — | — | — | — | — | $0 | $0 | $540.0M | $0 | — |
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 0001552275-26-000021.
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