$SUN · Sunoco LP
Sunoco LP reported Q3 2026 results with revenue of $18.029B (vs. $6.032B YoY), net income of $499M, and diluted EPS of $2.07. Adjusted EBITDA excluding transaction-related expenses was $1.060B, and management expects to exceed its 2026 Adjusted EBITDA guidance range of $3.5B–$3.7B. Distributable Cash Flow, as adjusted, reached $588M, and the quarterly distribution was raised to $1.0148 per unit.
- Revenue surged to $18.029B in Q3 2026 from $6.032B in Q3 2025, driven by the Parkland acquisition.
- Net income reached $499M vs. $137M YoY; diluted EPS of $2.07 vs. $0.64.
- Adjusted EBITDA (excl. transaction expenses) was $1.060B; management expects to exceed 2026 guidance of $3.5B–$3.7B.
- Distributable Cash Flow, as adjusted, hit $588M, up from $326M YoY — ~25% growth per common unit.
- Quarterly distribution raised 1.25% to $1.0148/unit, the eighth consecutive increase, up over 10% vs. Q3 2025.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Sunoco's Parkland acquisition has transformed the business: revenue tripled, DCF per unit grew ~25%, and leverage returned to target in under a year — a rare combination of scale and discipline.
Sunoco's revenue tripling reflects the transformative Parkland acquisition, positioning it as a dominant fuel distributor with 4.2B gallons sold in Q3 and a 16.8-cent fuel margin across 33 countries.
Leverage ratio of 3.5x net debt to Adjusted EBITDA and $13.2B in long-term debt; integration risk from the just-closed Offen Petroleum acquisition (October 27, 2026) and Parkland acquisition.