Suburban Propane Partners, L.P. (NYSE: SPH) announced its earnings results for the full year and fourth quarter ending September 27, 2025. The company reported net income of $106.6 million, or $1.64 per Common Unit, marking a significant increase from $74.2 million, or $1.15 per Common Unit, in fiscal 2024.
Adjusted EBITDA rose 11.2% to $278 million for fiscal 2025, compared to $250 million in the previous year. Strong propane demand followed Hurricanes Helene and Milton, alongside colder weather during peak months. Retail propane gallons sold totaled 400.5 million, a 5.9% increase year-over-year. Average propane prices rose approximately 5.8%, contributing to total gross margins of about $868.8 million, up 7.9% year-over-year.
For fiscal 2025 the company allocated excess cash flows and net proceeds from its at-the-market (ATM) equity program to enhance core operations, expand its renewable energy initiatives and reduce debt. Strategic acquisitions included a $53 million propane business in New Mexico and Arizona, and — subsequent to the year end — a $24 million investment in California.
For the fourth quarter the company reported a net loss of $35.1 million, or $0.53 per Common Unit, an improvement from a net loss of $44.6 million in the same period last year. A quarterly distribution of $0.325 per Common Unit was declared for the three-months ended September 27, 2025.
#Investor Takeaway
Suburban Propane’s robust full-year earnings performance, combined with meaningful strategic investments and a restored distribution, signal potential growth for investors.
#Market Impact
The positive earnings report and increased distribution may boost investor sentiment regarding Suburban Propane's stability and growth prospects. Market reactions could lead to potential buying interest among retail investors.
#What’s Next
Investors should monitor Suburban Propane's upcoming filings and any developments related to future acquisitions and strategic growth initiatives.