SUN Sunoco LP
Price Chart
Executive Summary
Sunoco LP reported Q1 2026 GAAP net income of $644M (up from $207M YoY) and revenue of $10.69B (up from $5.18B YoY), driven by the transformative Parkland and TanQuid acquisitions. GAAP diluted EPS was $2.85, well above the $1.71 Street consensus, but this is not directly comparable as SUN is an MLP where Street estimates track distributable cash flow per unit, not GAAP EPS. The partnership raised its quarterly distribution by 6.25% to $0.9899/unit, marking the sixth consecutive quarterly increase, and reported Adjusted EBITDA of $858M ($867M ex-transaction costs) versus $458M a year ago.
Key Financial Metrics
Actionable Insight
The Parkland acquisition is clearly delivering — revenue, EBITDA, and DCF all surged, and the 6.25% distribution hike signals management confidence. Watch the Q2 conference call for integration updates on TanQuid and whether the 4.0x leverage ratio trends lower. The 92% analyst bullish consensus suggests limited upside surprise potential at current levels, but the distribution growth trajectory supports a yield-driven total return thesis.
Key Facts
- Q1 2026 GAAP net income of $644M vs $207M in Q1 2025, a 211% increase
- Revenue of $10.69B vs $5.18B YoY, more than doubling due to Parkland and TanQuid acquisitions
- GAAP diluted EPS of $2.85 vs $1.21 in Q1 2025
- Adjusted EBITDA of $858M ($867M ex-transaction costs) vs $458M YoY, up 87%
- Distributable Cash Flow, as adjusted, of $535M vs $310M YoY, up 73%
- Quarterly distribution raised 6.25% to $0.9899/unit, sixth consecutive quarterly increase
- Fuel Distribution segment sold 3.8B gallons at 17.0 cents/gallon margin, up from 2.1B gallons at 11.5 cents/gallon
- Leverage ratio of net debt to Adjusted EBITDA at 4.0x; $2.2B liquidity on revolver
- Completed TanQuid acquisition during the quarter
- Total capital expenditures of $199M ($106M growth, $93M maintenance)
Financial Impact
Revenue doubled to $10.69B, net income tripled to $644M, DCF as adjusted up 73% to $535M — all primarily from the Parkland acquisition which closed Oct 31, 2025
Risk Factors
- Integration risk from the large Parkland acquisition and the new TanQuid acquisition
- Leverage at 4.0x net debt/EBITDA is elevated; debt reduction may limit distribution growth
- One-time gains on inventory sale ($102M) and transaction expenses ($9M) distort reported EBITDA
- Fuel margins are commodity-sensitive and could compress if crude prices spike or demand softens
- The Refinery segment had a planned 50-day turnaround impacting Q1 throughput
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001552275-26-000039 |
| Document: sun-20260505.htm | 0001552275-26-000039 |
| Document: 0001552275-26-000039-index-headers.html | 0001552275-26-000039 |
| Document: 0001552275-26-000039-index.html | 0001552275-26-000039 |
| Document: 0001552275-26-000039.txt | 0001552275-26-000039 |
| 8-K Data (Synthetic) | 0001552275-26-000039 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 5, 2026
5w ago
|
8-K
| $68.69 $66.96 | ▼ −2.52% | ▼ −7.48% | $65.32 (−4.91%) |
|
Apr 21, 2026
7w ago
|
8-K
| $63.70 $70.81 | ▲ +11.17% | ▲ +6.25% | $65.32 (+2.55%) |
|
Feb 27, 2026
15w ago
|
8-K
| $62.86 $67.01 | ▲ +6.60% | ▲ +14.16% | $65.32 (+3.91%) |
|
Feb 26, 2026
15w ago
|
8-K
| $62.20 $66.58 | ▲ +7.04% | ▲ +13.45% | $65.32 (+5.02%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access