Profit jumps for Suburban Propane (NYSE: SPH) as cash flow turns negative

Rhea-AI Filing Summary

Suburban Propane Partners, L.P. reported stronger quarterly profitability despite flat sales. Revenue for the quarter ended December 27, 2025 was $370.4 million, slightly below $373.3 million a year earlier, but net income rose to $45.8 million from $19.4 million, lifting basic earnings to $0.69 per common unit versus $0.30.

Operating income increased to $67.7 million, while cash flow from operations swung to a $47.7 million outflow, primarily reflecting higher accounts receivable and lower customer deposits and other liabilities. The partnership continued to invest, with $19.8 million of capital spending and $22.2 million for business investments and acquisitions.

Long‑term borrowings rose to $1.32 billion, including a new $350 million 6.50% senior note due 2035 and higher revolver borrowings of $264.6 million, used in part to redeem its 2027 notes. The partnership issued common units under its at‑the‑market program and maintained quarterly cash distributions of $0.325 per unit.

Positive

• Profitability surge: Net income rose to $45.8 million from $19.4 million year-over-year, with earnings per common unit more than doubling from $0.30 to $0.69 despite relatively flat revenue.
• Terming-out debt: The partnership issued $350 million of 6.50% senior notes due 2035 and used proceeds, along with revolver borrowings, to redeem its 2027 notes, extending its debt maturity profile.

Negative

• Weak operating cash flow: Cash flow from operating activities declined to a $47.7 million outflow, driven by adverse working capital movements, meaning reported earnings did not convert into cash this quarter.
• Higher leverage: Long-term borrowings increased to $1.32 billion, including higher revolving credit facility usage of $264.6 million, raising balance sheet risk if operating conditions soften.

Insights

Energy MLP and credit analyst

Profit jumped and debt was refinanced, but cash generation was weak this quarter.

Suburban Propane Partners delivered much higher profitability: net income of $45.8M versus $19.4M a year earlier, on essentially flat revenue around $370M. Operating income improved, suggesting better margins on propane and related energy sales.

However, operating cash flow was negative $47.7M, driven by working capital movements including higher accounts receivable and lower customer deposits and other liabilities. This underscores the seasonal and cash‑intensive nature of the business and means earnings did not translate into cash this quarter.

On the balance sheet, long‑term borrowings increased to $1.32B. The partnership issued $350M of 6.50% notes due 2035 and drew more on its revolver, using proceeds to redeem its 5.875% notes due 2027. It also continued acquisitions and paid distributions of $0.325 per unit, so future filings will be important to see whether stronger earnings persist and cash flow normalizes.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended December 27, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 1-14222

SUBURBAN PROPANE PARTNERS, L.P.

(Exact name of registrant as specified in its charter)

Delaware	22-3410353
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

240 Route 10 West

Whippany, NJ 07981

(973) 887-5300

(Address, including zip code, and telephone number,

including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of exchange on which registered
Common Units		SPH		New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒		Accelerated filer	☐
Non-accelerated filer	☐		Smaller reporting company	☐
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At February 2, 2026, there were 66,331,481 Common Units of Suburban Propane Partners, L.P. outstanding.

Table of Contents

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

INDEX TO FORM 10-Q

				Page
		PART I. FINANCIAL INFORMATION		1
ITEM 1.		FINANCIAL STATEMENTS (UNAUDITED)		1
		Condensed Consolidated Balance Sheets as of December 27, 2025 and September 27, 2025		1
		Condensed Consolidated Statements of Operations for the three months ended December 27, 2025 and December 28, 2024		2
		Condensed Consolidated Statements of Comprehensive Income for the three months ended December 27, 2025 and December 28, 2024		3
		Condensed Consolidated Statements of Cash Flows for the three months ended December 27, 2025 and December 28, 2024		4
		Condensed Consolidated Statements of Partners’ Capital for the three months ended December 27, 2025 and December 28, 2024		5
		Notes to Condensed Consolidated Financial Statements		6
ITEM 2.		MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		26
ITEM 3.		QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		35
ITEM 4.		CONTROLS AND PROCEDURES		37
		PART II. OTHER INFORMATION		38
ITEM 1.		LEGAL PROCEEDINGS		38
ITEM 1A.		RISK FACTORS		38
ITEM 2.		UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		38
ITEM 3.		DEFAULTS UPON SENIOR SECURITIES		38
ITEM 4.		MINE SAFETY DISCLOSURES		38
ITEM 5.		OTHER INFORMATION		38
ITEM 6.		EXHIBITS		39
SIGNATURES				40

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DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements (“Forward-Looking Statements”) as defined in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to future business expectations and predictions, capital expenditures, strategic alternatives, project developments, and financial condition and results of operations of Suburban Propane Partners, L.P. (the “Partnership”). Some of these statements can be identified by the use of forward-looking terminology such as “prospects,” “outlook,” “believes,” “estimates,” “intends,” “may,” “will,” “should,” “could,” “anticipates,” “expects” or “plans” or the negative or other variation of these or similar words, or by discussion of trends and conditions, strategies or risks and uncertainties. These Forward-Looking Statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed or implied in such Forward-Looking Statements (statements contained in this Quarterly Report identifying such risks and uncertainties are referred to as “Cautionary Statements”). The risks and uncertainties that could impact the Partnership’s results include, but are not limited to, the following:

•The impact of weather conditions on the demand for propane, renewable propane, fuel oil and other refined fuels, natural gas, renewable natural gas (“RNG”) and electricity;

•The impact of climate change and potential climate change legislation on the Partnership and demand for propane, renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity;

•Volatility in the unit cost of propane, renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity, the impact of the Partnership’s hedging and risk management activities, and the adverse impact of price increases on volumes sold as a result of customer conservation;

•The ability of the Partnership to compete with other suppliers of propane, renewable propane, fuel oil, RNG and other energy sources;

•The impact on the price and supply of propane, renewable propane, fuel oil and other refined fuels from the political, military or economic instability of the oil producing nations, including hostilities in the Middle East, Russian military action in Ukraine, global terrorism and other general economic conditions, including the economic instability resulting from natural disasters;

•Economic volatility and downturns, including as a result of tariffs and trade conflict and uncertainty;

•The ability of the Partnership to acquire and maintain sufficient volumes of, and the costs to the Partnership of acquiring, reliably transporting and storing, propane, renewable propane, fuel oil and other refined fuels;

•The ability of the Partnership to attract and retain employees and key personnel to support the growth of our business;

•The ability of the Partnership to retain customers or acquire new customers;

•The impact of customer conservation, energy efficiency, general economic conditions and technology advances on the demand for propane, renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity;

•The ability of management to continue to control expenses and manage inflationary increases in fuel, labor and other operating costs;

•Risks related to the Partnership’s renewable fuel projects and investments, including the willingness of customers to purchase fuels generated by the projects, the permitting, financing, construction, development and operation of supporting facilities, the Partnership’s ability to generate a sufficient return on its renewable fuel projects, the Partnership’s dependence on third-party partners to help manage and operate renewable fuel investment projects, and increased regulation and dependence on government funding for commercial viability of renewable fuel investment projects;

•The generation and monetization of environmental attributes produced by the Partnership’s renewable fuel projects, changes to legislation or regulations concerning the generation and monetization of environmental attributes and pricing volatility in the open markets where environmental attributes are traded;

•The impact of changes in applicable laws and government regulations, or their interpretations, including those relating to the environment and climate change, permitting, human health and safety, derivative instruments, the sale or marketing of propane and renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity, including the impact of recently adopted and proposed changes to New York law and changed priorities of the U.S. presidential administration, and other regulatory developments that could impose costs and liabilities on the Partnership’s business;

•The impact of changes in tax laws that could adversely affect the tax treatment of the Partnership for income tax purposes;

•The impact of legal risks and proceedings on the Partnership’s business;

•The impact of operating hazards that could adversely affect the Partnership’s reputation and its operating results to the extent not covered by insurance;

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•The Partnership’s ability to make strategic acquisitions, successfully integrate them and realize the expected benefits of those acquisitions;

•The ability of the Partnership and any third-party service providers on which it may rely for support or services to continue to combat cybersecurity threats to their respective and shared networks and information technology;

•Risks relating to the Partnership’s plans to diversify its business;

•Risks related to the Partnership’s current and future debt obligations that may limit its ability to make distributions to Unitholders, as well as its financial flexibility;

•The impact of current conditions in the global capital, credit and environmental attribute markets, and general economic pressures; and

•Other risks referenced from time to time in filings with the Securities and Exchange Commission (“SEC”) and those factors listed or incorporated by reference into the Partnership’s most recent Annual Report under “Risk Factors.”

Some of these Forward-Looking Statements are discussed in more detail in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report. Reference is also made to the risk factors discussed in Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 27, 2025. On different occasions, the Partnership or its representatives have made or may make Forward-Looking Statements in other filings with the SEC, press releases or oral statements made by or with the approval of one of the Partnership’s authorized executive officers. Readers are cautioned not to place undue reliance on Forward-Looking Statements, which reflect management’s view only as of the date made. The Partnership undertakes no obligation to update any Forward-Looking Statement or Cautionary Statement, except as required by law. All subsequent written and oral Forward-Looking Statements attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements in this Quarterly Report and in future SEC reports. For a more complete discussion of specific factors which could cause actual results to differ from those in the Forward-Looking Statements or Cautionary Statements, see “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025, our Quarterly Reports on Form 10-Q, and our other filings with the SEC.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

		December 27,				September 27,
		2025				2025
ASSETS
Current assets:
Cash and cash equivalents		$	1,284			$	405
Accounts receivable, less allowance for doubtful accounts of $5,907 and    $5,107, respectively			129,295				69,479
Inventories			69,281				73,726
Other current assets			36,168				22,664
Total current assets			236,028				166,274
Property, plant and equipment, net			711,228				691,275
Operating lease right-of-use assets			113,410				118,997
Goodwill			1,165,016				1,157,827
Other intangible assets, net			90,746				84,777
Other assets			79,352				77,124
Total assets		$	2,395,780			$	2,296,274
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accounts payable		$	47,864			$	45,042
Accrued employment and benefit costs			37,946				47,066
Customer deposits and advances			104,736				121,737
Operating lease liabilities			32,776				34,329
Other current liabilities			49,317				54,646
Total current liabilities			272,639				302,820
Long-term borrowings			1,322,505				1,211,745
Accrued insurance			44,645				46,225
Operating lease liabilities			79,664				83,684
Other liabilities			50,108				53,229
Total liabilities			1,769,561				1,697,703
Commitments and contingencies
Partners’ capital:
Common Unitholders (66,329 and 65,845 units issued and outstanding at    December 27, 2025 and September 27, 2025, respectively)			631,812				604,054
Accumulated other comprehensive loss			(5,593	)			(5,483	)
Total partners’ capital			626,219				598,571
Total liabilities and partners’ capital		$	2,395,780			$	2,296,274

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit amounts)

(unaudited)

		Three Months Ended
		December 27,				December 28,
		2025				2024
Revenues
Propane		$	326,390			$	330,283
Fuel oil and refined fuels			18,167				17,661
Natural gas and electricity			5,899				6,053
All other			19,930				19,332
			370,386				373,329
Costs and expenses
Cost of products sold			130,839				147,162
Operating			127,159				123,153
General and administrative			27,873				26,853
Depreciation and amortization			16,864				17,099
			302,735				314,267
Operating income			67,651				59,062
Loss on debt extinguishment			1,183				—
Interest expense, net			19,756				19,612
Other, net			701				19,467
Income before provision for income taxes			46,011				19,983
Provision for income taxes			231				563
Net income		$	45,780			$	19,420
Net income per Common Unit - basic		$	0.69			$	0.30
Weighted average number of Common Units outstanding - basic			66,259				64,497
Net income per Common Unit - diluted		$	0.69			$	0.30
Weighted average number of Common Units outstanding - diluted			66,470				64,756

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

		Three Months Ended
		December 27,				December 28,
		2025				2024
Net income		$	45,780			$	19,420
Other comprehensive (loss):
Amortization of net actuarial (gains) and prior service    credits into earnings			(110	)			(116	)
Other comprehensive (loss)			(110	)			(116	)
Total comprehensive income		$	45,670			$	19,304

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES
 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

		Three Months Ended
		December 27,				December 28,
		2025				2024
Cash flows from operating activities:
Net income		$	45,780			$	19,420
Adjustments to reconcile net income to net cash (used in) provided by operations:
Depreciation and amortization			16,864				17,099
Equity in losses and impairment charges for investments in unconsolidated affiliates			521				22,241
Compensation costs recognized under Restricted Unit Plan			2,313				2,379
Loss on debt extinguishment			1,183				—
Other, net			1,060				1,394
Changes in assets and liabilities:
Accounts receivable			(59,634	)			(58,665	)
Inventories			4,591				(5,136	)
Other current and noncurrent assets			(12,521	)			(5,995	)
Accounts payable			(3,616	)			46,354
Accrued employment and benefit costs			(9,291	)			(5,479	)
Customer deposits and advances			(17,001	)			(15,080	)
Other current and noncurrent liabilities			(17,915	)			(9,750	)
Net cash (used in) provided by operating activities			(47,666	)			8,782
Cash flows from investing activities:
Capital expenditures			(19,805	)			(23,843	)
Investments in and acquisitions of businesses			(22,173	)			(51,074	)
Proceeds from sale of property, plant and equipment			683				402
Net cash (used in) investing activities			(41,295	)			(74,515	)
Cash flows from financing activities:
Proceeds from long-term borrowings			350,000				—
Repayments of long-term borrowings			(350,000	)			—
Proceeds from borrowings under revolving credit facility			183,732				181,800
Repayments of borrowings under revolving credit facility			(68,332	)			(90,100	)
Issuance costs associated with long-term borrowings			(5,250	)			—
Proceeds from the issuance of Common Units under an at-the-market equity program, net of commissions and offering costs			3,148				—
Partnership distributions			(21,400	)			(20,823	)
Other, net			(3,133	)			(3,232	)
Net cash provided by financing activities			88,765				67,645
Net (decrease) increase in cash, cash equivalents and restricted cash			(196	)			1,912
Cash, cash equivalents and restricted cash at beginning of period			11,771				20,514
Cash, cash equivalents and restricted cash at end of period		$	11,575			$	22,426
Less: restricted cash			10,291				17,985
Cash and cash equivalents, end of period		$	1,284			$	4,441

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(in thousands)

(unaudited)

		Three Months Ended December 27, 2025
										Accumulated
										Other				Total
		Number of				Common				Comprehensive				Partners’
		Common Units				Unitholders				(Loss)				Capital
Balance, beginning of period			65,845			$	604,054			$	(5,483	)		$	598,571
Net income							45,780				—				45,780
Other comprehensive (loss)							—				(110	)			(110	)
Partnership distributions							(21,400	)			—				(21,400	)
Common Units issued under Restricted Unit Plan, net of units withheld for income tax withholding purposes			312				(2,083	)			—				(2,083	)
Net proceeds from the issuance of Common Units    under an at-the-market equity program			172				3,148				—				3,148
Compensation costs recognized under Restricted Unit Plan							2,313				—				2,313
Balance, end of period			66,329			$	631,812			$	(5,593	)		$	626,219

		Three Months Ended December 28, 2024
										Accumulated
										Other				Total
		Number of				Common				Comprehensive				Partners’
		Common Units				Unitholders				(Loss)				Capital
Balance, beginning of period			64,072			$	553,207			$	(6,147	)		$	547,060
Net income							19,420				—				19,420
Other comprehensive (loss)							—				(116	)			(116	)
Partnership distributions							(20,823	)			—				(20,823	)
Common Units issued under Restricted Unit Plan, net of units withheld for income tax withholding purposes			418				(2,782	)			—				(2,782	)
Compensation costs recognized under Restricted Unit Plan							2,379				—				2,379
Balance, end of period			64,490			$	551,401			$	(6,263	)		$	545,138

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except unit and per unit amounts)

(unaudited)

1.Partnership Organization and Formation

Suburban Propane Partners, L.P. (the “Partnership”) is a publicly traded Delaware limited partnership principally engaged, through its operating partnership and subsidiaries, in the retail marketing and 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 producer of and investor in low-carbon fuel alternatives. In addition, to complement its core marketing and distribution businesses, the Partnership services a wide variety of home comfort equipment, particularly for heating and ventilation. The publicly traded limited partner interests in the Partnership are evidenced by common units traded on the New York Stock Exchange (“Common Units”), with 66,329,055 Common Units outstanding at December 27, 2025. The holders of Common Units are entitled to participate in distributions and exercise the rights and privileges available to limited partners under the Third Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”), as amended. Rights and privileges under the Partnership Agreement include, among other things, the election of all members of the Board of Supervisors and voting on the removal of the general partner.

Suburban Propane, L.P. (the “Operating Partnership”), a Delaware limited partnership, is the Partnership’s operating subsidiary formed to operate the propane business and assets. In addition, Suburban Sales & Service, Inc. (the “Service Company”), a subsidiary of the Operating Partnership, was formed to operate the service work and appliance and parts businesses of the Partnership. The Operating Partnership, together with its direct and indirect subsidiaries, accounts for substantially all of the Partnership’s assets, revenues and earnings. The Partnership, the Operating Partnership and the Service Company commenced operations in March 1996 in connection with the Partnership’s initial public offering.

Suburban Renewable Energy, LLC (“Suburban Renewable Energy”) is a wholly owned subsidiary of the Operating Partnership that was formed in January 2022. Suburban Renewable Energy serves as the platform for the Partnership’s investments in innovative, renewable energy technologies and businesses.

The general partner of both the Partnership and the Operating Partnership is Suburban Energy Services Group LLC (the “General Partner”), a Delaware limited liability company, the sole member of which is the Partnership’s Chief Executive Officer. Other than as a holder of 784 Common Units that will remain in the General Partner, the General Partner does not have any economic interest in the Partnership or the Operating Partnership.

The Partnership’s fuel oil and refined fuels, natural gas and electricity, services, and renewable energy businesses are structured as either limited liability companies that are treated as corporations or corporate entities (collectively referred to as the “Corporate Entities”) and, as such, are subject to corporate level U.S. income tax.

Suburban Energy Finance Corp., a direct 100%-owned subsidiary of the Partnership, was formed on November 26, 2003 to serve as co-issuer, jointly and severally with the Partnership, of the Partnership’s senior notes.

2.Basis of Presentation

Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All significant intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100% limited partner interest in the Operating Partnership.

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). They include all adjustments that the Partnership considers necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed. These financial statements should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 27, 2025. Due to the seasonal nature of the Partnership’s operations, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year.

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Fiscal Period. The Partnership uses a 52/53-week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally thirteen weeks in duration. When the Partnership’s fiscal year is 53 weeks long, the corresponding fourth quarter is fourteen weeks in duration.

Revenue Recognition. The Partnership recognizes revenue pursuant to the requirements of Financial Accounting Standards Board (“FASB”) Topic 606 – Revenue from Contracts with Customers (“Topic 606”) and all related amendments. Topic 606 provides a five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when each performance obligation is satisfied.

Revenue is recognized by the Partnership when goods or services promised in a contract with a customer have been transferred, and no further performance obligation on that transfer is required, in an amount that reflects the consideration expected to be received. Performance obligations are determined and evaluated based on the specific terms of the arrangements and the distinct products and services offered. Due to the nature of the retail business of the Partnership, there are no remaining or unsatisfied performance obligations as of the end of the reporting period, except for tank rental agreements, maintenance service contracts, fixed price contracts and budgetary programs, as described below. The performance obligation associated with sales of propane, fuel oil and refined fuels is met at the time product is delivered to the customer. Revenue from the sale of appliances and equipment is recognized at the time of sale or when installation is complete, as defined by the performance obligations included within the related customer contract. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from the sale of natural gas and electricity is recognized based on customer usage as determined by meter readings for amounts delivered, an immaterial amount of which may be unbilled at the end of each accounting period.

The Partnership defers the recognition of revenue for annually billed tank rent, maintenance service contracts, fixed price contracts and budgetary programs where customer consideration is received at the start of the contract period, establishing contract liabilities which are disclosed as customer deposits and advances on the condensed consolidated balance sheets. Deliveries to customers enrolled in budgetary programs that exceed billings to those customers establish contract assets which are included in accounts receivable on the condensed consolidated balance sheets. The Partnership ratably recognizes revenue over the applicable term for tank rent and maintenance service agreements, which is generally one year, and at the time of delivery for fixed price contracts and budgetary programs.

The Partnership incurs incremental direct costs, such as commissions to its sales force, to obtain certain contracts. These costs are expensed as incurred, consistent with the practical expedients issued by the FASB, since the expected amortization period is one year or less. The Partnership generally determines selling prices based on, among other things, the current weighted average cost and the current replacement cost of the product at the time of delivery, plus an applicable margin. Except for tank rental agreements, maintenance service contracts, fixed price contracts and budgetary programs, customer payments for the satisfaction of a performance obligation are due upon receipt.

Revenues from the Partnership’s renewable energy platform, as described further in Note 4, “Investments in and Acquisitions of Businesses,” consist of in-take and off-take revenues. In-take revenues are generated from tipping fees charged to third parties who deliver feedstocks, including food and beverage waste, to the Partnership’s facilities. These feedstocks, as well as manure from dairy cattle, are then anaerobically digested and converted into RNG and fertilizer. Off-take revenues are generated through the sale of RNG and the related environmental attributes, including renewable identification numbers (“RINs”) and low carbon fuel standard (“LCFS”) credits that are generated from the production and distribution of RNG, and revenues generated from the sales of fertilizers and other byproducts produced in the RNG production process. Revenues from the Partnership’s renewable energy platform are reported within the “all other” segment (refer to Note 19, “Segment Information” for more information).

In-take revenues are recognized at the point in time when the feedstocks are delivered to the Partnership because that is when the performance obligations have been satisfied. Off-take revenues are recognized at the point in time when the Partnership delivers the RNG to the customer because that is when the performance obligations have been satisfied.

Fair Value Measurements. The Partnership measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability.

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The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest.

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

•Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Business Combinations. The Partnership accounts for business combinations using the acquisition method and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. The primary drivers that generate goodwill are the value of synergies between the acquired entities and the Partnership, and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Identifiable intangible assets with finite lives are amortized over their useful lives. The results of operations of acquired businesses are included in the condensed consolidated financial statements from the acquisition date. The Partnership expenses all acquisition-related costs as incurred.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been made by management in the areas of RNG revenue recognition, self-insurance and litigation reserves, pension and other postretirement benefit liabilities and costs, valuation of derivative instruments, depreciation and amortization of long-lived assets, asset impairment assessments, tax valuation allowances, allowances for doubtful accounts, and purchase price allocation for acquired businesses. The Partnership uses Society of Actuaries life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term.

Recently Issued Accounting Pronouncements. In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes: Improvements to Income Tax Disclosures” (“Topic 740”). This update requires disclosure of specific categories and disaggregation of information in the income tax rate reconciliation table. Topic 740 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of Topic 740 are effective for annual periods beginning after December 15, 2024, which will be the Partnership’s fiscal 2026 annual report. Early adoption is permitted and the amendments should be applied on a prospective basis with retrospective application also being permitted. The Partnership is assessing the effect of this update on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses” (“Subtopic 220-40”) and in January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” This update requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. Subtopic 220-40 may be applied either prospectively or retrospectively and, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Subtopic 220-40 will first be effective for the Partnership’s 2028 annual report. The Partnership is assessing the effect of this update on its consolidated financial statements and related disclosures.

Recently Adopted Accounting Pronouncements. On the first day of fiscal 2025, the Partnership adopted the guidance under ASU 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures” (“Topic 280”). This update required public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. Beginning with the Annual Report for fiscal 2025, the adoption of Topic 280 resulted in incremental segment reporting disclosures, most notably disclosure of cost of products sold and operating expenses for each reportable segment. See Note 19, "Segment Information" for more information.

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3.Disaggregation of Revenue

The following table disaggregates revenue for each customer type. See Note 19, “Segment Information” for more information on segment reporting wherein it is disclosed that the Partnership’s Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity reportable segments generated approximately 88%, 5% and 2%, respectively, of the Partnership’s revenue for all periods presented. The propane segment contributes the majority of the Partnership’s revenue and the concentration of revenue by customer type for the propane segment is not materially different from the consolidated revenue.

	Three Months Ended
	December 27,				December 28,
	2025				2024
Retail
Residential	$	203,742			$	197,114
Commercial		103,857				104,742
Industrial		30,617				30,144
Government		17,725				17,449
Agricultural		10,355				9,660
Wholesale		4,090				14,220
Total revenues	$	370,386			$	373,329

The Partnership recognized $41,250 and $36,122 of revenue during the three months ended December 27, 2025 and December 28, 2024, respectively, for annually billed tank rent, maintenance service contracts, fixed price contracts and budgetary programs where customer consideration was received at the start of the contract period, and which was included in contract liabilities as of the beginning of each respective period. Contract assets of $7,306 and $5,806 relating to deliveries to customers enrolled in budgetary programs that exceeded billings to those customers were included in accounts receivable as of December 27, 2025 and September 27, 2025, respectively.

4.Investments in and Acquisitions of Businesses

On December 28, 2022, Suburban Renewable Energy acquired a platform of RNG production assets (the “RNG Acquisition”) from Equilibrium Capital Group (“Equilibrium”), a leading sustainability-driven asset management firm. The purchase price was $190,000 for two operating facilities located in Stanfield, AZ and Columbus, OH, along with potential contingent consideration with an initial fair value of $6,194 that Equilibrium could earn based upon the future economic performance of the acquired RNG assets, and a percentage of the monetization of production tax credits earned during calendar years 2025 through 2027 if the acquired RNG assets meet a specified annual EBITDA threshold during the same three-year period. The Partnership determined that the fair value of the contingent consideration to Equilibrium as of September 27, 2025 was $0, resulting in income of $6,194 in fiscal 2025, which was recorded in “Other, net” within the consolidated statement of operations. There was no change in the fair value as of December 27, 2025.

The purchase agreement also included potential contingent consideration payable by Equilibrium to Suburban Renewable Energy based on the costs to construct a gas upgrade system at the Columbus, OH facility. According to the purchase agreement, expenditures for the gas upgrade equipment project that exceeded a certain amount would be funded by Equilibrium, up to a total of $3,000, if the Partnership incurred those costs prior to December 31, 2024. During the first quarter of fiscal 2025, the Partnership recorded a $3,000 increase in the fair value of this contingent consideration, which was recognized as income within “Other, net” on the Partnership’s consolidated statement of operations for fiscal 2025.

Suburban Renewable Energy owns a 19% equity stake in Independence Hydrogen, Inc. (“IH”) based in Ashburn, VA and has also purchased certain secured convertible notes issued by IH. IH is a veteran-owned and operated, privately held company developing a gaseous hydrogen ecosystem to deliver locally sourced hydrogen to local markets, with a primary focus on material handling and backup power applications. During the first quarter of fiscal 2025, the Partnership recorded an other-than-temporary impairment charge of $9,595, recognized in “Other, net” on the condensed consolidated statement of operations, to write down the carrying value of its investment in IH to its estimated fair value of $21,589 based on third-party investment discussions. The Partnership will continue to monitor IH’s financial condition and other available information to determine if future adjustments are necessary.

The Operating Partnership owns a 38% equity stake in Oberon Fuels, Inc. (“Oberon”) based in San Diego, California and has also purchased certain secured convertible notes issued by Oberon. Oberon is a development-stage producer of low-carbon, renewable dimethyl ether (“rDME”) which can be used in multiple applications as a renewable alternative; including as a replacement for diesel and as a blend with propane for use in the transportation sector. As a development-stage entity, Oberon is reliant on raising capital to fund its operations and strategic growth initiatives. Due to Oberon’s financial condition, which raised substantial doubts about its ability to continue as a going concern, as well as the uncertainty about potential third-party capital infusion, the Partnership determined

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that its investment in Oberon was fully impaired as of December 28, 2024. During the first quarter of fiscal 2025, the Partnership recorded an other-than-temporary impairment charge of $10,213, recognized in “Other, net” on the condensed consolidated statement of operations, to write down the carrying value of its investment in Oberon to $0.

Suburban Renewable Energy owns a minority equity stake in another privately-held, development-stage entity. Due to this entity’s financial condition, which raised substantial doubts about its ability to continue as a going concern, as well as the uncertainty about potential third-party capital infusion, the Partnership determined that its investment in this entity was fully impaired as of September 27, 2025. During the fourth quarter of fiscal 2025, the Partnership recorded an other-than-temporary impairment charge of $6,095, recognized in “Other, net” on the condensed consolidated statement of operations, to write down the carrying value of its investment to $0.

The investments in IH and Oberon are being accounted for under the equity method of accounting and were included in “Other assets” within the condensed consolidated balance sheets, and the Partnership’s equity in their losses were included in “Other, net” within the condensed consolidated statements of operations. The investment in the other development-stage entity is being accounted for under the cost method of accounting and was included in “Other assets” within the condensed consolidated balance sheets.

On October 14, 2025, the Partnership acquired the propane assets and operations of a propane retailer headquartered in California for $14,000, including $500 for non-compete consideration, plus working capital acquired. As of December 27, 2025, $13,269 was paid, including working capital, and the remainder of the purchase price will be funded in accordance with the terms of the asset purchase and non-compete agreements.

On October 16, 2025, the Partnership acquired the propane assets and operations of another propane retailer headquartered in California for $10,000, including $1,000 for non-compete consideration, plus working capital acquired. As of December 27, 2025, $8,704 was paid, including working capital, and the remainder of the purchase price will be funded in accordance with the terms of the asset purchase and non-compete agreements.

These acquisitions were consummated pursuant to the Partnership’s strategic growth initiatives for the core propane business. The preliminary purchase price allocations and results of operations of the acquired businesses were not material to the Partnership’s condensed consolidated financial position and statement of operations.

5.Financial Instruments and Risk Management

Cash, Cash Equivalents and Restricted Cash. The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. In accordance with the indenture, as amended, and loan agreement, as amended, governing the Green Bonds assumed in the RNG Acquisition (see Notes 4 and 10), the Partnership is required to maintain certain funds in various accounts that are held with a third-party trustee for debt service and other purposes. The amounts deposited in those accounts are considered Restricted Cash and are reported within other current assets (or other assets, as applicable). The balance classified as short-term included accounts for which the cash will be used within one year, and are related to interest payments as well as operating and maintenance activities for the RNG facility in Arizona. The balance classified as long-term represented cash held in a debt service fund for future debt repayments on the Green Bonds for which the first debt redemption payment is due on October 1, 2028. Refer to Note 6, “Selected Balance Sheet and Statement of Operations Information” for a reconciliation of cash, cash equivalents, and restricted cash. The carrying amount approximates fair value because of the short-term maturity of these instruments.

Derivative Instruments and Hedging Activities

Commodity Price Risk. Given the retail nature of its operations, the Partnership maintains a certain level of priced physical inventory to help ensure its field operations have adequate supply commensurate with the time of year. The Partnership’s strategy is to keep its physical inventory priced relatively close to market for its field operations. The Partnership enters into a combination of exchange-traded futures and option contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to hedge price risk associated with propane and fuel oil physical inventories, as well as future purchases of propane or fuel oil used in its operations, and to help ensure adequate supply during periods of high demand. In addition, the Partnership sells propane, fuel oil, electricity and natural gas to customers at fixed prices, and enters into derivative instruments to hedge a portion of its exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Under this risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts. All of the Partnership’s derivative instruments are reported on the condensed consolidated balance sheet at their fair values. In addition, in the course of normal operations, the Partnership routinely enters into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Partnership does not use derivative instruments for speculative trading purposes. Market risks associated with derivative instruments are monitored daily for compliance with the Partnership’s

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Hedging and Risk Management Policy which includes volume limits for open positions. Priced on-hand inventory is also reviewed and managed daily as to exposures to changing market prices.

On the date that derivative instruments are entered into, other than those designated as normal purchases or normal sales, the Partnership makes a determination as to whether the derivative instrument qualifies for designation as a hedge. Changes in the fair value of derivative instruments are recorded each period in current period earnings or other comprehensive income (“OCI”), depending on whether the derivative instrument is designated as a hedge and, if so, the type of hedge. For derivative instruments designated as cash flow hedges, the Partnership formally assesses, both at the hedge contract’s inception and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of derivative instruments designated as cash flow hedges are reported in OCI to the extent effective and reclassified into earnings during the same period in which the hedged item affects earnings. The mark-to-market gains or losses on ineffective portions of cash flow hedges are recognized in earnings immediately. Changes in the fair value of derivative instruments that are not designated as cash flow hedges, and that do not meet the normal purchase and normal sale exemption, are recorded within earnings as they occur. Cash flows associated with derivative instruments are reported as operating activities within the condensed consolidated statement of cash flows.

Interest Rate Risk. A portion of the Partnership’s borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, Secured Overnight Financing Rate (“SOFR”) plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1% or the agent bank’s prime rate, or SOFR plus 1%, plus the applicable margin. The applicable margin is dependent on the level of the Partnership’s total leverage (the ratio of total debt to income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”), as adjusted pursuant to the Credit Agreement). Therefore, the Partnership is subject to interest rate risk on the variable component of the interest rate. From time to time, the Partnership manages part of its variable interest rate risk by entering into interest rate swap agreements. The Partnership did not enter into any interest rate swap agreements during the first quarter of fiscal 2026 or in fiscal 2025.

Valuation of Derivative Instruments. The Partnership measures the fair value of its exchange-traded options and futures contracts using quoted market prices found on the New York Mercantile Exchange (“NYMEX”) (Level 1 inputs); the fair value of its swap contracts using quoted forward prices and the fair value of its interest rate swaps using model-derived valuations driven by observable projected movements of the 3-month SOFR (Level 2 inputs); and the fair value of its over-the-counter options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information as well as broker quotes. The significant unobservable inputs used in the fair value measurements of the Partnership’s over-the-counter options contracts are interest rate and market volatility.

The following summarizes the fair value of the Partnership’s derivative instruments and their location in the condensed consolidated balance sheets as of December 27, 2025 and September 27, 2025, respectively:

		As of December 27, 2025						As of September 27, 2025
Asset Derivatives		Location		Fair Value				Location		Fair Value
Derivatives not designated as    hedging instruments:
Commodity-related derivatives		Other current assets		$	1,944			Other current assets		$	1,504
		Other assets			12			Other assets			102
				$	1,956					$	1,606
Liability Derivatives		Location		Fair Value				Location		Fair Value
Derivatives not designated as    hedging instruments:
Commodity-related derivatives		Other current liabilities		$	1,586			Other current liabilities		$	1,883
		Other liabilities			—			Other liabilities			53
				$	1,586					$	1,936

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The following summarizes the reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs:

		Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
		Three Months Ended								Three Months Ended
		December 27, 2025								December 28, 2024
		Assets				Liabilities				Assets				Liabilities
Beginning balance of over-the-counter options		$	572			$	250			$	1,475			$	193
Beginning balance realized during the period			(63	)			(18	)			(390	)			(9	)
Contracts purchased during the period			—				—				255				—
Change in the fair value of outstanding contracts			(452	)			(134	)			(674	)			(155	)
Ending balance of over-the-counter options		$	57			$	98			$	666			$	29

As of December 27, 2025 and September 27, 2025, the Partnership’s outstanding commodity-related derivatives had a weighted average maturity of approximately five and seven months, respectively.

The effect of the Partnership’s derivative instruments on the condensed consolidated statements of operations for the three months ended December 27, 2025 and December 28, 2024 are as follows:

Three Months Ended December 27, 2025

Three Months Ended December 28, 2024

Derivatives Not Designated as Hedging Instruments

Unrealized Gains (Losses)  Recognized in Income

Unrealized Gains (Losses) Recognized in Income

Location

Amount

Location

Amount

Commodity-related derivatives

Cost of products sold

$

930

Cost of products sold

$

3,634

The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the condensed consolidated balance sheets subject to enforceable master netting arrangements or similar agreements:

		As of December 27, 2025												As of September 27, 2025
										Net amounts												Net amounts
										presented in the												presented in the
		Gross amounts				Effects of netting				balance sheet				Gross amounts				Effects of netting				balance sheet
Asset Derivatives
Commodity-related derivatives		$	2,851			$	(895	)		$	1,956			$	4,213			$	(2,607	)		$	1,606
Liability Derivatives
Commodity-related derivatives		$	2,481			$	(895	)		$	1,586			$	4,543			$	(2,607	)		$	1,936

The Partnership had $2,270 and $2,813 of posted cash collateral as of December 27, 2025 and September 27, 2025, respectively, with its brokers for outstanding commodity-related derivatives.

Bank Debt, Green Bonds and Senior Notes. The fair value of the Revolving Credit Facility approximates the carrying value since the interest rates are adjusted quarterly to reflect market conditions. The fair values of the Senior Notes are based upon quoted market prices (a Level 1 input) and the fair value of the Green Bonds is based upon a valuation model (a Level 3 input). “Senior Notes,” “Revolving Credit Facility” and “Green Bonds” are defined below in Note 10, “Long-Term Borrowings.” The fair values of the Senior Notes and Green Bonds are as follows:

		As of
		December 27,				September 27,
		2025				2025
5.875% Senior Notes due March 1, 2027		$	—			$	349,125
5.00% Senior Notes due June 1, 2031			624,000				617,500
6.50% Senior Notes due December 15, 2035			350,875				—
5.50% Green Bonds due October 1, 2028 through October 1, 2033			71,250				71,090
		$	1,046,125			$	1,037,715

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6.Selected Balance Sheet and Statement of Operations Information

Cash, Cash Equivalents and Restricted Cash. Restricted cash consists of amounts deposited in various bank accounts held by a trustee, as required for operating, maintenance and debt service purposes, all of which is stipulated in the loan agreement under the indenture to the Green Bonds. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that aggregate to the total shown on the condensed consolidated statements of cash flows:

		As of
		December 27,				September 27,
		2025				2025
Cash and cash equivalents		$	1,284			$	405
Restricted cash included in other current assets			2,227				3,302
Restricted cash included in other assets (noncurrent)			8,064				8,064
Total cash, cash equivalents, and restricted cash shown on the    condensed consolidated statements of cash flows		$	11,575			$	11,771

Inventories. Inventories are stated at the lower of cost or market. Cost is determined using a weighted average method for propane, fuel oil and refined fuels and natural gas, and a standard cost basis for appliances, which approximates average cost. Inventories consist of the following:

		As of
		December 27,				September 27,
		2025				2025
Propane, fuel oil and refined fuels and natural gas		$	65,453			$	69,694
Appliances			3,828				4,032
		$	69,281			$	73,726

Other, Net. Other, Net consists of the following:

		Three Months Ended
		December 27,				December 28,
		2025				2024
Equity in losses of IH (1)		$	321			$	10,043
Equity in losses of Oberon (2)			-				12,198
Contingent consideration from Equilibrium			-				(3,000	)
Other (3)			380				226
Other, net		$	701			$	19,467

(1)Three months ended December 28, 2024 included an other-than-temporary impairment charge of $9,595 (see Note 4 above).

(2)Three months ended December 28, 2024 included an other-than-temporary impairment charge of $10,213 (see Note 4 above).

(3)Both periods included net periodic benefits costs for the Partnership’s pension and other post-retirement benefit plans (see Note 15 below). Three months ended December 27, 2025 included an other-than-temporary impairment charge of $200 related to a cost-method investee.

7.Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of fiscal July of each year, or when an event occurs or circumstances change that would indicate potential impairment.

The Partnership has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing an impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform an impairment test.

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Under an impairment test, the Partnership assesses the carrying value of goodwill at a reporting unit level based on an estimate of the fair value of the respective reporting unit. Fair value of the reporting unit is estimated using discounted cash flow analyses taking into consideration estimated cash flows in a ten-year projection period and a terminal value calculation at the end of the projection period. If the fair value of the reporting unit exceeds its carrying value, the goodwill associated with the reporting unit is not considered to be impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized to the extent that the carrying amount of the associated goodwill, if any, exceeds the implied fair value of the goodwill.

The carrying values of goodwill assigned to the Partnership’s operating segments are as follows:

						Fuel oil and				Natural gas
		Propane				refined fuels				and electricity				All other				Total
Balance as of September 27, 2025
Goodwill		$	1,114,230			$	10,900			$	7,900			$	31,259			$	1,164,289
Accumulated adjustments			—				(6,462	)			—				—				(6,462	)
		$	1,114,230			$	4,438			$	7,900			$	31,259			$	1,157,827
Fiscal 2026 Activity
Goodwill acquired (1)		$	7,189			$	—			$	—			$	—			$	7,189
Balance as of December 27, 2025
Goodwill		$	1,121,419			$	10,900			$	7,900			$	31,259			$	1,171,478
Accumulated adjustments			—				(6,462	)			—				—				(6,462	)
		$	1,121,419			$	4,438			$	7,900			$	31,259			$	1,165,016

Other intangible assets consist of the following:

		As of
		December 27,				September 27,
		2025				2025
Customer relationships (1)		$	604,195			$	596,429
Non-compete agreements (1)			47,455				45,955
Other			5,100				5,100
			656,750				647,484
Less: accumulated amortization
Customer relationships			(526,344	)			(523,636	)
Non-compete agreements			(37,870	)			(37,430	)
Other			(1,790	)			(1,641	)
			(566,004	)			(562,707	)
		$	90,746			$	84,777

(1) Reflects the impact from acquisitions (See Note 4).

8.Leases

The Partnership leases certain property, plant and equipment, including portions of its vehicle fleet, for various periods under noncancelable leases, all of which were determined to be operating leases. The Partnership determines if an agreement contains a lease at inception based on the Partnership’s right to the economic benefits of the leased assets and its right to direct the use of the leased asset. Right-of-use assets represent the Partnership’s right to use an underlying asset, and right-of-use liabilities represent the Partnership’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. As most of the Partnership’s leases do not provide an implicit rate, the Partnership uses its estimated incremental borrowing rate based on the information available at the commencement date, adjusted for the lease term, to determine the present value of the lease payments. This rate is calculated based on a collateralized rate for the specific leasing activities of the Partnership.

Some leases include one or more options to renew at the Partnership’s discretion, with renewal terms that can extend the lease from one to fifteen additional years. The renewal options are included in the measurement of the right-of-use assets and lease liabilities if the Partnership is reasonably certain to exercise the renewal options. Short-term leases are leases having an initial term of twelve months or less. The Partnership recognizes expenses for short-term leases on a straight-line basis and does not record a lease asset or lease liability for such leases.

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The Partnership has residual value guarantees associated with certain of its operating leases, related primarily to transportation equipment. See Note 14, “Guarantees” for more information.

The Partnership does not have any material lease obligations that were signed, but not yet commenced, as of December 27, 2025.

Quantitative information on the Partnership’s lease population is as follows:

		Three Months Ended
		December 27,				December 28,
		2025				2024
Lease expense		$	11,221			$	11,207
Other information:
Cash payments for operating leases			11,233				11,243
Right-of-use assets obtained in exchange for new    operating lease liabilities			3,427				6,561
Weighted-average remaining lease term		5.5 years				5.6 years
Weighted-average discount rate			6.3	%			6.2	%

The following table summarizes future minimum lease payments under noncancelable operating leases as of December 27, 2025:

Fiscal Year		Operating Leases
2026 (remaining)		$	30,260
2027			30,676
2028			24,830
2029			18,000
2030			11,036
2031 and thereafter			19,679
Total future minimum lease payments		$	134,481
Less: interest			(22,041	)
Total lease obligations		$	112,440

9.Net Income Per Common Unit

Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units and vested (and unissued) restricted units granted under the Partnership’s Restricted Unit Plan, as defined below, to retirement-eligible grantees. Computations of diluted income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units and unvested restricted units granted under the Restricted Unit Plan. In computing diluted net income per Common Unit, weighted average units outstanding used to compute basic net income per Common Unit were increased by 211,074 and 259,196 units for the three months ended December 27, 2025 and December 28, 2024, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method.

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10.Long-Term Borrowings

Long-term borrowings consist of the following:

		As of
		December 27,				September 27,
		2025				2025
5.875% senior notes, due March 1, 2027		$	—			$	350,000
5.00% senior notes, due June 1, 2031			650,000				650,000
6.50% senior notes, due December 15, 2035			350,000				—
5.50% Green Bonds, due October 1, 2028 through October 1, 2033, net of unaccreted fair value adjustment of $10,551 and $10,953			70,094				69,692
Revolving Credit Facility, due March 15, 2029			264,600				149,200
Subtotal			1,334,694				1,218,892
Less: unamortized debt issuance costs			(12,189	)			(7,147	)
		$	1,322,505			$	1,211,745

Senior Notes

2027 Senior Notes. On February 14, 2017, the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., completed a public offering of $350,000 in aggregate principal amount of 5.875% senior notes due March 1, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at 100% of the principal amount and required semi-annual interest payments in March and September. The net proceeds from the issuance of the 2027 Senior Notes, along with borrowings under the Revolving Credit Facility, were used to repurchase, satisfy and discharge all of the Partnership’s then-outstanding 7.375% senior notes due in 2021.

On December 22, 2025, the Partnership redeemed, satisfied and discharged all of its previously outstanding 2027 Senior Notes with net proceeds from the issuance of the 2035 Senior Notes, as defined below, and borrowings under the Revolving Credit Facility, also as defined below. In connection with this redemption, satisfaction and discharge, the Partnership recognized a $1,183 loss on debt extinguishment consisting of the write-off of unamortized debt origination costs for the 2027 Senior Notes, as well as other fees and expenses.

2031 Senior Notes. On May 24, 2021, the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., completed a private offering of $650,000 in aggregate principal amount of 5.0% senior notes due June 1, 2031 (the “2031 Senior Notes”) to “qualified institutional buyers,” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and non-U.S. persons outside the United States under Regulation S under the Securities Act. The 2031 Senior Notes were issued at 100% of the principal amount and require semi-annual interest payments in June and December. The net proceeds from the issuance of the 2031 Senior Notes, along with borrowings under the Revolving Credit Facility, were used to repurchase, satisfy and discharge all of the Partnership’s then-outstanding 5.50% senior notes due in 2024 and 5.75% senior notes due in 2025.

2035 Senior Notes. On December 22, 2025, the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., completed a private offering of $350,000 in aggregate principal amount of 6.50% senior notes due December 15, 2035 (the “2035 Senior Notes”) to “qualified institutional buyers,” as defined in Rule 144A under the Securities Act, and non-U.S. persons outside the United States under Regulation S under the Securities Act. The 2035 Senior Notes were issued at 100% of the principal amount and require semi-annual interest payments in June and December. The net proceeds from the issuance of the 2035 Senior Notes, along with borrowings under the Revolving Credit Facility, were used to redeem, satisfy and discharge all of the 2027 Senior Notes.

At any time prior to December 15, 2028, the Partnership may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2035 Senior Notes at a redemption price of 106.500% of the principal amount thereof, plus accrued and unpaid interest, if any, with the net cash proceeds of one or more equity offerings, subject to the conditions described more fully in the indenture for the 2035 Senior Notes. The 2035 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after December 15, 2030, in each case at the redemption prices described below, together with any accrued and unpaid interest to the date of the redemption.

Year		Percentage
2030		103.250%
2031		102.167%
2032		101.083%
2033 and thereafter		100.000%

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The Partnership’s obligations under the 2031 Senior Notes and 2035 Senior Notes (collectively, the “Senior Notes”) are unsecured and rank senior in right of payment to any future subordinated indebtedness and equally in right of payment with any future senior indebtedness. The Senior Notes are structurally subordinated to, which means they rank effectively behind, any debt and other liabilities of the Operating Partnership. The Partnership is permitted to redeem some or all of the Senior Notes at redemption prices and times as specified in the indentures governing the Senior Notes. The Senior Notes each have a change of control provision that would require the Partnership to offer to repurchase the notes at 101% of the principal amount repurchased, if a change of control, as defined in the indentures governing the terms of the Senior Notes, occurs and is followed by a rating decline (a decrease in the rating of the notes by either Moody’s Investors Service or Standard and Poor’s Rating Group by one or more gradations) within 90 days of the consummation of the change of control.

Green Bonds. On December 28, 2022, the Partnership assumed the loan agreement under the Indentures of Trust, issued by The Industrial Development Authority of the County of Pinal (“Green Bonds”) from Equilibrium in connection with the RNG Acquisition. The proceeds of the Green Bonds, which bear interest at 5.5%, were loaned to and used by Equilibrium to construct the RNG production facility in Stanfield, Arizona (“SuburbanRNG–Stanfield”) and are secured by all of the assets at that location. The Green Bonds have a par value of $80,645 and require semi-annual interest payments in April and October. Principal payments begin on October 1, 2028 and continue annually through October 1, 2033. The Green Bonds were initially recorded at fair value at the time of the RNG Acquisition and are being accreted to par value over the term of the bonds using the effective interest method.

The Green Bonds contain various restrictive and affirmative covenants, and previously included a financial covenant requiring SuburbanRNG–Stanfield’s debt service coverage ratio, as defined therein, to be not less than 1.00 to 1.00 for three consecutive fiscal quarters. Effective May 2, 2025, the Operating Partnership entered into a guaranty agreement with the trustee under the Indentures of Trust whereby it guarantees all payments due under the Green Bonds, and amended the indenture governing the Green Bonds to eliminate the debt service coverage ratio covenant.

Credit Agreement. On March 15, 2024, the Partnership and the Operating Partnership entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) that provides for a $500,000 revolving credit facility (the “Revolving Credit Facility”), of which $264,600 and $149,200 was outstanding as of December 27, 2025 and September 27, 2025, respectively. The Revolving Credit Facility matures on March 15, 2029. Borrowings under the Revolving Credit Facility may be used for general corporate purposes, including working capital, capital expenditures and acquisitions. The Operating Partnership has the right to prepay any borrowings under the Revolving Credit Facility, in whole or in part, without penalty at any time prior to maturity.

The Credit Agreement contains certain restrictive and affirmative covenants applicable to the Operating Partnership, its subsidiaries and the Partnership, as well as certain financial covenants, including (a) requiring the Partnership’s Consolidated Interest Coverage Ratio, as defined in the Credit Agreement, to be not less than 2.5 to 1.0 as of the end of any fiscal quarter, (b) prohibiting the Total Consolidated Leverage Ratio, as defined in the Credit Agreement, of the Partnership from being greater than 5.75 to 1.0, and (c) prohibiting the Senior Secured Consolidated Leverage Ratio, as defined in the Credit Agreement, of the Operating Partnership from being greater than 3.25 to 1.0 as of the end of any fiscal quarter.

The Partnership and certain subsidiaries of the Operating Partnership act as guarantors with respect to the obligations of the Operating Partnership under the Credit Agreement pursuant to the terms and conditions set forth therein. The obligations under the Credit Agreement are secured by liens on substantially all of the personal property of the Partnership, the Operating Partnership and their subsidiaries, as well as mortgages on certain real property.

As of December 27, 2025, borrowings under the Revolving Credit Facility bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, SOFR plus the Applicable Rate, or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1%, the administrative agent bank’s prime rate, or SOFR plus 1%, plus in each case the Applicable Rate. The Applicable Rate is dependent upon the Partnership’s Total Consolidated Leverage Ratio. As of December 27, 2025, the weighted average interest rate for borrowings under the Revolving Credit Facility was approximately 6.27%. The interest rate and the Applicable Rate will be reset following the end of each calendar quarter.

As of December 27, 2025, the Partnership had standby letters of credit issued under the Revolving Credit Facility of $23,886 which expire periodically through November 21, 2026.

The Credit Agreement and the Senior Notes both contain various restrictive and affirmative covenants applicable to the Operating Partnership, its subsidiaries and the Partnership, respectively, including (i) restrictions on the incurrence of additional indebtedness, and (ii) restrictions on certain liens, investments, guarantees, loans, advances, payments, mergers, consolidations, distributions, sales of assets and other transactions. Under the Credit Agreement and the indentures governing the Senior Notes, the Operating Partnership and the Partnership are generally permitted to make cash distributions equal to available cash, as defined, as of the end of the immediately preceding quarter, if no event of default exists or would exist upon making such distributions, and with respect to the indentures

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governing the Senior Notes, the Partnership’s Consolidated Fixed Charge Coverage Ratio, as defined, is greater than 1.75 to 1. The Partnership and the Operating Partnership were in compliance with all covenants and terms of the Senior Notes and the Credit Agreement as of December 27, 2025.

The aggregate amounts of long-term debt maturities subsequent to December 27, 2025 are as follows: fiscal 2026: $-0-; fiscal 2027: $-0-; fiscal 2028: $-0-; fiscal 2029: $276,307; fiscal 2030: $12,352; and thereafter: $1,056,586.

11.Distributions of Available Cash

The Partnership makes distributions to its partners no later than 45 days after the end of each fiscal quarter in an aggregate amount equal to its Available Cash for such quarter. Available Cash, as defined in the Partnership Agreement, generally means all cash on hand at the end of the respective fiscal quarter, less the amount of cash reserves established by the Board of Supervisors in its reasonable discretion for future cash requirements. These reserves are retained for the proper conduct of the Partnership’s business, the payment of debt principal and interest and for distributions during the next four quarters.

On January 22, 2026, the Partnership announced a quarterly distribution of $0.325 per Common Unit, or $1.30 per Common Unit on an annualized basis, in respect of the first quarter of fiscal 2026, payable on February 10, 2026 to holders of record on February 3, 2026.

12.Unit-Based Compensation Arrangements

The Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity, or equity-based compensation, based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied.

Restricted Unit Plan. At the Partnership’s Tri-Annual Meeting held on May 15, 2018, the Unitholders approved and the Partnership adopted the Suburban Propane Partners, L.P. 2018 Restricted Unit Plan (the “Restricted Unit Plan”) authorizing the issuance of up to 1,800,000 Common Units to executives, managers and other employees and members of the Board of Supervisors of the Partnership. The Restricted Unit Plan was amended and restated to authorize the issuance of an additional 1,725,000 and 2,650,000 Common Units by approval of the Unitholders at the Partnership’s Tri-Annual Meetings held on May 18, 2021 and May 21, 2024, respectively, for a total of 6,175,000 Common Units. Unless otherwise determined by the Compensation Committee of the Partnership’s Board of Supervisors (the “Compensation Committee”) on or before the grant date, one-third of all outstanding awards under the Restricted Unit Plan will vest on each of the first three anniversaries of the award grant date. Participants in the Restricted Unit Plan are not eligible to receive quarterly distributions on, or vote, their respective restricted units until vested. Restricted units cannot be sold or transferred prior to vesting. The value of each restricted unit is established by the market price of the Common Unit on the date of grant, net of estimated future distributions during the vesting period. Restricted units are subject to forfeiture in certain circumstances as defined in the Restricted Unit Plan. Compensation expense for the unvested awards is recognized ratably over the vesting periods and is net of estimated forfeitures.

During the three months ended December 27, 2025, the Partnership awarded 395,202 restricted units under the Restricted Unit Plan at an aggregate grant date fair value of $6,596. The following is a summary of activity for the Restricted Unit Plan for the three months ended December 27, 2025:

						Weighted Average
		Restricted				Grant Date Fair
		Units				Value Per Unit
Outstanding September 27, 2025			927,421			$	14.35
Awarded			395,202				16.69
Forfeited			—				—
Vested (1)			(423,304	)			(14.47	)
Outstanding December 27, 2025			899,319			$	15.32

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(1)During fiscal 2026, the Partnership withheld 110,638 Common Units from participants for income tax withholding purposes for those executive officers of the Partnership whose shares of restricted units vested during the period.

As of December 27, 2025, unrecognized compensation cost related to unvested restricted units awarded under the Restricted Unit Plan amounted to $7,324. Compensation cost associated with unvested awards is expected to be recognized over a weighted-average period of approximately 1.1 years. Compensation expense for the Restricted Unit Plan, net of forfeitures, for the three months ended December 27, 2025 and December 28, 2024 was $2,313 and $2,379, respectively.

Phantom Equity Plan. At its November 8, 2022 meeting, the Compensation Committee adopted the Phantom Equity Plan (the “PEP”) to incentivize behaviors that will lead to the creation of long-term value for the Partnership’s Unitholders by functioning as a cash-settled corollary plan to the Partnership’s Restricted Unit Plan. The executive officers of the Partnership, the members of the Board, and other employees of the Partnership are eligible for awards of phantom units under the PEP. Unless otherwise stipulated by the Compensation Committee, the standard vesting schedule for awards under the PEP will be one-third of each award on each of the first three anniversaries of the award grant date, subject to continuous employment or service from the grant date through the applicable payment date. Unvested awards are subject to forfeiture in certain circumstances, as defined in the PEP document and the applicable award agreements. Upon vesting, phantom units are automatically converted into cash equal to the average of the highest and lowest trading prices of the Partnership’s Common Units on the vesting date.

Compensation expense, which includes adjustments to previously recognized compensation expense for current period changes in the fair value of unvested awards, for the three months ended December 27, 2025 and December 28, 2024 was $1,976 and $1,574, respectively. As of December 27, 2025 and September 27, 2025, the Partnership had a liability included within accrued employment and benefit costs (or other liabilities, as applicable) of $7,178 and $11,561, respectively, related to the estimated future payments under the PEP.

Distribution Equivalent Rights Plan. On January 17, 2017, the Partnership adopted the Distribution Equivalent Rights Plan (the “DER Plan”), as amended on November 8, 2022, which gives the Compensation Committee discretion to award distribution equivalent rights (“DERs”) to executive officers of the Partnership. Once awarded, DERs entitle the grantee to a cash payment each time the Board of Supervisors declares a cash distribution on the Partnership’s Common Units, which cash payment will be equal to an amount calculated by multiplying the number of unvested restricted units and unvested phantom units which are held by the grantee on the record date of the distribution, by the amount of the declared distribution per Common Unit. Compensation expense recognized under the DER Plan for the three months ended December 27, 2025 and December 28, 2024 was $342 and $354, respectively.

Long-Term Incentive Plan. On November 10, 2020, the Partnership adopted the 2021 Long-Term Incentive Plan (“the LTIP”). The LTIP is a non-qualified, unfunded, long-term incentive plan for executive officers and key employees that provides for payment, in the form of cash, of an award of equity-based compensation at the end of a three-year performance period. The LTIP document governs the terms and conditions of the outstanding awards with the level of compensation earned being based on the Partnership’s average distributable cash flow over the three-year measurement period. The level of compensation earned under the fiscal 2022 and 2023 awards and the still unvested fiscal 2024 and 2025 awards is evaluated using two separate measurement components: (i) 50% weight based on the level of average distributable cash flow of the Partnership over the three-year measurement period; and (ii) 50% weight based on the achievement of certain operating and strategic objectives, set by the Compensation Committee for that award’s three-year measurement period.

At its November 11, 2025 meeting, the Partnership adopted amendments to the LTIP to incorporate a third measurement component for award cycles that began with the fiscal 2026 award cycle that commenced at the beginning of fiscal 2026 and will conclude at the end of fiscal 2028. Under the amended LTIP, performance will be evaluated using the following measurement components: (i) 50% weight based on the average distributable cash flow of the Partnership over the three-year measurement period; (ii) 25% weight based on the achievement of certain operating and strategic objectives, set by the Compensation Committee for that award’s three-year measurement period; and (iii) 25% weight based on the level of adjusted EBITDA generated by the Partnership’s RNG business, as defined in the LTIP, over the three-year measurement period.

As a result of the quarterly remeasurement of the liability for awards under the LTIP, compensation expense recognized for the three months ended December 27, 2025 and December 28, 2024 was $4,064 and $3,585, respectively. As of December 27, 2025 and September 27, 2025, the Partnership had a liability included within accrued employment and benefit costs (or other liabilities, as applicable) of $12,332 and $11,521, respectively, related to estimated future payments under the LTIP. In the first quarter of fiscal 2026 and 2025, cash payouts totaling $3,253 and $4,038 were made relating to the fiscal 2023 and 2022 awards, respectively.

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13.Commitments and Contingencies

Accrued Insurance. The Partnership is self-insured for general and product, workers’ compensation and automobile liabilities up to predetermined amounts above which third party insurance applies. As of December 27, 2025 and September 27, 2025, the Partnership had accrued liabilities of $56,925 and $56,685, respectively, representing the total estimated losses for known and anticipated or unasserted general and product, workers’ compensation and automobile claims. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset within other assets (or prepaid expenses and other current assets, as applicable) related to the amount of the liability expected to be covered by insurance which amounted to $15,654 as of December 27, 2025 and September 27, 2025.

Legal Matters. The Partnership’s operations are subject to operating hazards and risks normally incidental to handling, storing and delivering combustible liquids such as propane. The Partnership has been, and will continue to be, a defendant in various legal proceedings and litigation as a result of these operating hazards and risks, and as a result of other aspects of its business. Although any litigation is inherently uncertain, based on past experience, the information currently available to the Partnership, and the amount of its accrued insurance liabilities, the Partnership does not believe that currently pending or threatened litigation matters, or known claims or known contingent claims, will have a material adverse effect on its results of operations, financial condition or cash flow.

The State of New York amended Section 349-d of the New York General Business Law (“GBL”) effective on March 18, 2024, to require that energy service companies that operate in the state, such as AES in connection with its natural gas and electricity business, first obtain written consent from the customer before any change in commodity prices can be charged to the customer. To date, the amended statute has not had a material negative impact on AES, but the Partnership continues to assess the impact that the GBL amendment may have in the future on its natural gas and electricity business. In addition, the New York Public Service Commission (“NY PSC”) has amended its Uniform Business Practices (“UBP”), that apply to AES and other energy supply companies that operate in the state. The UBP amendments require AES to provide notice to its customers that includes a historical comparison between the rates charged by AES and what the customer would have paid had they remained with their existing utility. The business model for AES provides for a bundled product offering in which a customer is charged one price for the commodity, plus the inclusion of a home warranty offering called EnergyGuard. This value-added warranty plan is a differentiator when comparing AES pricing with that of the local utility. The Partnership is working to enhance its communication of its value-added component in order to reduce the potential negative effect that the additional notice requirements mandated by the NY PSC could have on customer retention for energy supply companies.

14.Guarantees

The Partnership has residual value guarantees associated with certain of its operating leases, related primarily to transportation equipment, with remaining lease periods scheduled to expire periodically through fiscal 2033. Upon completion of the lease period, the Partnership guarantees that the fair value of the equipment will equal or exceed the guaranteed amount, or the Partnership will pay the lessor the difference. Although the fair value of equipment at the end of its lease term has historically exceeded the guaranteed amounts, the maximum potential amount of aggregate future payments the Partnership could be required to make under these leasing arrangements, assuming the equipment is deemed worthless at the end of the lease term, was $43,427 as of December 27, 2025. The fair value of residual value guarantees for outstanding operating leases was de minimis as of December 27, 2025 and September 27, 2025.

15.Pension Plans and Other Postretirement Benefits

The following table provides the components of net periodic benefit costs:

		Pension Benefits
		Three Months Ended
		December 27,				December 28,
		2025				2024
Interest cost		$	619			$	646
Expected return on plan assets			(352	)			(329	)
Amortization of net loss			57				62
Net periodic benefit cost		$	324			$	379

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		Postretirement Benefits
		Three Months Ended
		December 27,				December 28,
		2025				2024
Interest cost		$	23			$	25
Amortization of prior service credits			(6	)			(6	)
Amortization of net (gain)			(161	)			(172	)
Net periodic benefit cost		$	(144	)		$	(153	)

The Partnership expects to contribute approximately $4,000 to the defined benefit pension plan during fiscal 2026. The projected annual contribution requirements related to the Partnership’s postretirement health care and life insurance benefit plan for fiscal 2026 is $289, of which $57 was contributed during the three months ended December 27, 2025. The components of net periodic benefit cost are included in the line item “Other, net” in the condensed consolidated statements of operations.

The Partnership contributes to multi-employer pension plans (“MEPPs”) in accordance with various collective bargaining agreements covering union employees. As one of the many participating employers in these MEPPs, the Partnership is responsible with the other participating employers for any plan underfunding. As of December 27, 2025 and September 27, 2025, the Partnership’s estimated obligation to these MEPPs was $18,188 and $18,559, respectively, as a result of its voluntary full withdrawal from certain MEPPs.

16.Amounts Reclassified Out of Accumulated Other Comprehensive Income

The following table summarizes amounts reclassified out of accumulated other comprehensive income (loss) for the three months ended December 27, 2025 and December 28, 2024:

		Three Months Ended
		December 27,				December 28,
		2025				2024
Pension Benefits
Balance, beginning of period		$	(8,697	)		$	(9,809	)
Reclassifications to earnings:
Amortization of net loss (1)			57				62
Other comprehensive income			57				62
Balance, end of period		$	(8,640	)		$	(9,747	)
Postretirement Benefits
Balance, beginning of period		$	3,214			$	3,662
Reclassifications to earnings:
Amortization of net gain and prior service credits (1)			(167	)			(178	)
Other comprehensive loss			(167	)			(178	)
Balance, end of period		$	3,047			$	3,484
Accumulated Other Comprehensive (Loss)
Balance, beginning of period		$	(5,483	)		$	(6,147	)
Reclassifications to earnings			(110	)			(116	)
Other comprehensive (loss)			(110	)			(116	)
Balance, end of period		$	(5,593	)		$	(6,263	)

(1)These amounts are included in the computation of net periodic benefit cost. See Note 15, “Pension Plans and Other Postretirement Benefits.”

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17.At-the-Market Equity Program

On February 20, 2025, the Partnership entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., and Evercore Group L.L.C., each acting as a sales agent and/or principal (each, an “Agent,” and collectively, the “Agents”). Pursuant to the terms of the Equity Distribution Agreement, the Partnership may issue and sell from time to time, through the Agents, the Partnership’s Common Units having an aggregate offering amount of up to $100,000.

The Agents use their commercially reasonable efforts, as the sales agents and subject to the terms of the Equity Distribution Agreement, to sell the Common Units offered. Sales of the Common Units are deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act, including sales made directly on or through the New York Stock Exchange. The Partnership may also agree to sell Common Units to the Agents as principal for their own account on terms agreed to by the Partnership and the Agents. Each Agent will be entitled to a commission from the Partnership on the gross sales price per Common Unit sold under the Equity Distribution Agreement by such Agent acting as the Partnership’s sales agent.

During the three months ended December 27, 2025, the Partnership issued 171,745 Common Units under the Equity Distribution Agreement for net proceeds of $3,148, after agent commissions and offering costs of $144. The net proceeds from the sales of Common Units were used for general limited partnership purposes, including debt reduction and to fund strategic growth initiatives.

18.Income Taxes

For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are not subject to income tax at the partnership level. With the exception of those states that impose an entity-level income tax on partnerships, the taxable income or loss attributable to the Partnership and to the Operating Partnership, which may vary substantially from the income (loss) before income taxes reported by the Partnership in the condensed consolidated statement of operations, are includable in the federal and state income tax returns of the Common Unitholders. The aggregate difference in the basis of the Partnership’s net assets for financial and tax reporting purposes cannot be readily determined as the Partnership does not have access to each Common Unitholder’s basis in the Partnership.

As described in Note 1, “Partnership Organization and Formation,” the earnings of the Corporate Entities are subject to U.S. corporate level income tax. However, based upon past performance, the Corporate Entities are currently reporting an income tax provision composed primarily of minimum state income taxes. A full valuation allowance has been provided against the deferred tax assets (with the exception of certain net operating loss carryforwards (“NOLs”) that arose after 2017) based upon an analysis of all available evidence, both negative and positive at the balance sheet date, which, taken as a whole, indicates that it is more likely than not that sufficient future taxable income will not be available to utilize the assets. Management’s periodic reviews include, among other things, the nature and amount of the taxable income and expense items, the expected timing of when assets will be used or liabilities will be required to be reported and the reliability of historical profitability of businesses that are expected to provide future earnings. Furthermore, management considered tax-planning strategies it could use to increase the likelihood that the deferred tax assets will be realized.

19.Segment Information

The Partnership manages and evaluates its operations in four operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity. The chief operating decision maker (“CODM”) is the Partnership’s President and Chief Executive Officer, who evaluates performance of the operating segments using segment operating income (loss), to evaluate performance and to assist in making capital resource allocation decisions.

Costs excluded from these profit measures are captured in Corporate and include corporate overhead expenses not allocated to the operating segments. Unallocated corporate overhead expenses include all costs of back-office support functions that are reported as general and administrative expenses within the condensed consolidated statements of operations. In addition, certain costs associated with field operations support that are reported in operating expenses within the condensed consolidated statements of operations, including purchasing, training and safety, are not allocated to the individual operating segments. Thus, operating profit for each operating segment includes only the costs that are directly attributable to the operations of the individual segment. The accounting policies of the operating segments are otherwise the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 27, 2025.

The propane segment is primarily engaged in the retail distribution of propane and renewable propane to residential, commercial, industrial, agricultural and government customers and, to a lesser extent, wholesale distribution to large industrial end users. In the residential, commercial and government markets, propane is used primarily for space heating, water heating, cooking and clothes drying. Industrial customers use propane generally as a motor fuel burned in internal combustion engines that power over-the-road vehicles, forklifts and stationary engines, to fire furnaces and as a cutting gas. In the agricultural markets, propane is primarily used for tobacco

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curing, crop drying, poultry brooding and weed control. In addition, the Partnership's equity investment in Oberon is included within the propane segment.

The fuel oil and refined fuels segment is primarily engaged in the retail distribution of fuel oil, diesel, kerosene and gasoline to residential and commercial customers for use primarily as a source of heat in homes and buildings.

The natural gas and electricity segment is engaged in the marketing of natural gas and electricity to residential and commercial customers in the deregulated energy markets of New York and Pennsylvania. Under this operating segment, the Partnership owns the relationship with the end consumer and has agreements with the local distribution companies to deliver the natural gas or electricity from the Partnership’s suppliers to the customer.

Activities in the “all other” operating segment include the Partnership’s service business, which is primarily engaged in the sale, installation and servicing of a wide variety of home comfort equipment, particularly in the areas of heating and ventilation. In addition, the Partnership's platform of RNG businesses and the equity investment in IH are included within “all other.”

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The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding condensed consolidated amounts for the periods presented:

		Three Months Ended
		December 27,				December 28,
		2025				2024
Revenues:
Propane		$	326,390			$	330,283
Fuel oil and refined fuels			18,167				17,661
Natural gas and electricity			5,899				6,053
Subtotal			350,456				353,997
All other			19,930				19,332
Total revenues		$	370,386			$	373,329
Cost of Products Sold: (1)
Propane		$	112,119			$	129,741
Fuel oil and refined fuels			11,300				10,551
Natural gas and electricity			3,170				2,556
Subtotal			126,589				142,848
All other			4,250				4,314
Total cost of products sold		$	130,839			$	147,162
Payroll & Payroll Benefit Expenses: (2)
Propane		$	44,205			$	41,855
Fuel oil and refined fuels			4,271				3,780
Natural gas and electricity			294				313
Subtotal			48,770				45,948
All other			16,106				15,947
Corporate			23,865				22,878
Total payroll & payroll benefit expenses		$	88,741			$	84,773
Vehicle: (3)
Propane		$	19,107			$	16,850
Fuel oil and refined fuels			694				767
Natural gas and electricity			—				—
Subtotal			19,801				17,617
All other			818				776
Corporate			2,862				4,135
Total vehicle expenses		$	23,481			$	22,528
Other Expenses: (4)
Propane		$	27,763			$	28,525
Fuel oil and refined fuels			1,149				898
Natural gas and electricity			925				1,119
Subtotal			29,837				30,542
All other			5,587				4,770
Corporate			7,386				7,393
Total other controllable expenses		$	42,810			$	42,705

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		Three Months Ended
		December 27,				December 28,
		2025				2024
Depreciation and amortization:
Propane		$	12,665			$	12,442
Fuel oil and refined fuels			265				269
Natural gas and electricity			—				—
Subtotal			12,930				12,711
All other			3,265				2,763
Corporate			669				1,625
Total depreciation and amortization		$	16,864			$	17,099
Operating income:
Propane		$	110,531			$	100,870
Fuel oil and refined fuels			488				1,396
Natural gas and electricity			1,510				2,065
Reportable segment operating income			112,529				104,331
Reconciliation to net income:
Corporate and all other operating (loss)			(44,878	)			(45,269	)
Loss on debt extinguishment			(1,183	)			—
Interest expense, net			(19,756	)			(19,612	)
Other, net			(701	)			(19,467	)
Provision for income taxes			(231	)			(563	)
Net income		$	45,780			$	19,420

The CODM uses the following expense categories to manage the resources of the Partnership. These expense categories and amounts align with the segment-level information that is regularly provided to the CODM:

(1)The cost of products sold reported in the condensed consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, and natural gas and electricity sold, including transportation costs to deliver products from the Partnership’s supply points to storage locations or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances and related parts sold or installed computed on a basis that approximates the average cost of the products. Cost of products sold does not include depreciation and amortization expense.

(2)Payroll and payroll benefits expenses represent the compensation and benefit costs for field and direct operating support personnel.

(3)Vehicle expenses represent the costs of operating and maintaining the Partnership’s vehicle fleet and include fuel, lease expenses and maintenance and repair costs.

(4)Other expenses include all other costs such as self-insurance, professional services and all other expenses not included within (1), (2) or (3) above.

		As of
		December 27,				September 27,
		2025				2025
Assets:
Propane		$	2,002,761			$	1,933,532
Fuel oil and refined fuels			44,597				41,078
Natural gas and electricity			12,812				9,973
Reportable segment assets			2,060,170				1,984,583
All other			267,632				260,393
Corporate			67,978				51,298
Total assets		$	2,395,780			$	2,296,274

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of the financial condition and results of operations of the Partnership as of and for the three months ended December 27, 2025, seen from our perspective. The discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the historical consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended September 27, 2025.

Executive Overview

The following are factors that regularly affect our operating results and financial condition. Our business is subject to the risks and uncertainties described in Item 1A included in the Annual Report on Form 10-K for the fiscal year ended September 27, 2025 and in this Quarterly Report. Management currently considers the following events, trends, and uncertainties to be most important to understanding our financial condition and operating performance:

Product Costs and Supply

The level of profitability in the retail propane, fuel oil, natural gas and electricity businesses is largely dependent on the difference between retail sales price and our costs to acquire and transport products. The unit cost of our products, particularly propane, fuel oil and natural gas, is subject to volatility as a result of supply and demand dynamics or other market conditions, including, but not limited to, economic and political factors impacting crude oil and natural gas supply or pricing. We enter into product supply contracts that are generally one-year agreements subject to annual renewal, and also purchase product on the open market. We attempt to reduce price risk by pricing product on a short-term basis. Our propane supply contracts typically provide for pricing based upon index formulas using the posted prices established at major supply points such as Mont Belvieu, Texas, or Conway, Kansas (plus transportation costs) at the time of delivery.

To supplement our annual purchase requirements, we may utilize forward fixed price purchase contracts to acquire a portion of the propane that we resell to our customers, which allows us to manage our exposure to unfavorable changes in commodity prices and to ensure adequate physical supply. The percentage of contract purchases, and the amount of supply contracted for under forward contracts at fixed prices, will vary from year to year based on market conditions.

Changes in our costs to acquire and transport products can occur rapidly over a short period of time and can impact profitability. There is no assurance that we will be able to pass on product acquisition and transportation cost increases fully or immediately, particularly when such costs increase rapidly. Therefore, average retail sales prices can vary significantly from year to year as our costs fluctuate with the propane, fuel oil, crude oil and natural gas commodity markets and infrastructure conditions. In addition, periods of sustained higher commodity and/or transportation prices can lead to customer conservation, resulting in reduced demand for our product.

According to the Energy Information Administration, U.S. propane inventory levels at the end of December 2025 were 100.3 million barrels, which was 18.0% higher than December 2024 levels and 19.7% higher than the five-year average for December. The increase in inventory levels contributed to a decrease in average posted propane prices (basis Mont Belvieu, Texas) for the first quarter of fiscal 2026 of 14.0% compared to the prior year first quarter.

Seasonality

The retail propane and fuel oil distribution businesses, as well as the retail natural gas marketing business, are seasonal because these fuels are primarily used for heating in residential and commercial buildings. Historically, approximately two‑thirds of our retail propane volume is sold during the six-month peak heating season from October through March. The fuel oil business tends to experience greater seasonality given its more limited use for space heating and approximately three-fourths of our fuel oil volumes are sold between October and March. Consequently, sales and operating profits are concentrated in our first and second fiscal quarters. Cash flows from operations, therefore, are greatest during the second and third fiscal quarters when customers pay for product purchased during the winter heating season. We expect lower operating profits and either net losses or lower net income during the period from April through September (our third and fourth fiscal quarters). To the extent necessary, we will reserve cash from the second and third quarters for distribution to holders of our Common Units in the fourth quarter and the following fiscal year first quarter.

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Weather

Weather conditions have a significant impact on the demand for our products, in particular propane, fuel oil and natural gas, for both heating and agricultural purposes. Many of our customers rely heavily on propane, fuel oil or natural gas as a heating source. Accordingly, the volume sold is directly affected by the severity of the winter weather in our service areas, which can vary substantially from year to year. In any given area, sustained warmer than normal temperatures will tend to result in reduced propane, fuel oil and natural gas consumption, while sustained colder than normal temperatures will tend to result in greater consumption.

Hedging and Risk Management Activities

We engage in hedging and risk management activities to reduce the effect of price volatility on our product costs and to ensure the availability of product during periods of short supply. We enter into propane forward, options and swap agreements with third parties, and use futures and options contracts traded on the New York Mercantile Exchange (“NYMEX”) to purchase and sell propane, fuel oil, crude oil, natural gas and electricity at fixed prices in the future. The majority of the futures, forward and options agreements are used to hedge price risk associated with propane and fuel oil physical inventory, as well as, in certain instances, forecasted purchases of propane or fuel oil. In addition, we sell propane, fuel oil, natural gas and electricity to customers at fixed prices, and enter into derivative instruments to hedge a portion of our exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Forward contracts are generally settled physically at the expiration of the contract whereas futures, options and swap contracts are generally settled at the expiration of the contract through a net settlement mechanism. Although we use derivative instruments to reduce the effect of price volatility associated with priced physical inventory and forecasted transactions, we do not use derivative instruments for speculative trading purposes. Risk management activities are monitored by an internal Commodity Risk Management Committee, made up of six members of management and reporting to our Audit Committee, through enforcement of our Hedging and Risk Management Policy.

Inflation and Other Cost Increases

We are experiencing inflationary pressures in the costs of various goods and services we use to operate our business, including volatile wholesale costs for the products we distribute. Although we have not experienced significant disruptions with securing the products we sell, inflationary factors and competition for resources across the supply chain have resulted in increased costs in a wide variety of areas, including labor, transportation costs, operating costs and the cost of capital expansion projects, tanks and other equipment. These and other factors, including the impact of tariffs and trade conflicts, may continue to impact our product costs, expenses, and capital expenditures, and could continue to have an impact on consumer demand as consumers manage the impact of inflation and tariffs on their resources.

At-the-Market Equity Program

On February 20, 2025, we entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., and Evercore Group L.L.C., each acting as a sales agent and/or principal (each, an “Agent,” and collectively, the “Agents”). Pursuant to the terms of the Equity Distribution Agreement, we may issue and sell from time to time, through the Agents, our Common Units representing limited partner interests in the Partnership having an aggregate offering amount of up to $100.0 million (the “ATM equity program”).

The Agents use their commercially reasonable efforts, as the sales agents and subject to the terms of the Equity Distribution Agreement, to sell the Common Units offered. Sales of the Common Units are deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act, including sales made directly on or through the New York Stock Exchange. We may also agree to sell Common Units to the Agents as principal for their own account on terms agreed to by us and the Agents. Each Agent will be entitled to a commission from us on the gross sales price per Common Unit sold under the Equity Distribution Agreement by such Agent acting as our sales agent. During the three months ended December 27, 2025, we issued 171,745 Common Units under the Equity Distribution Agreement for net proceeds of $3.1 million, after agent commissions and offering costs of $0.1 million.

We use the net proceeds from the sales of Common Units pursuant to the Equity Distribution Agreement for general limited partnership purposes, including debt reduction and funding strategic growth initiatives.

Critical Accounting Policies and Estimates

Our significant accounting policies are summarized in Note 2, “Summary of Significant Accounting Policies,” included within the Notes to Consolidated Financial Statements section of our Annual Report on Form 10-K for the fiscal year ended September 27, 2025.

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Certain amounts included in or affecting our consolidated financial statements and related disclosures must be estimated, requiring management to make certain assumptions with respect to values or conditions that cannot be known with certainty at the time the financial statements are prepared. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We are also subject to risks and uncertainties that may cause actual results to differ from estimated results. Estimates are used when accounting for depreciation and amortization of long-lived assets, employee benefit plans, self-insurance and litigation reserves, environmental reserves, allowances for doubtful accounts, asset valuation assessments and valuation of derivative instruments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any effects on our business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known to us. Management has reviewed these critical accounting estimates and related disclosures with the Audit Committee of our Board of Supervisors.

Results of Operations and Financial Condition

Net income for the first quarter of fiscal 2026 was $45.8 million, or $0.69 per Common Unit, compared to net income of $19.4 million, or $0.30 per Common Unit, for the first quarter of fiscal 2025. Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA, as defined and reconciled below) for the first quarter of fiscal 2026 improved $8.1 million, or 10.8%, to $83.4 million, compared to the prior year first quarter.

Retail propane gallons sold in the first quarter of fiscal 2026 of 110.2 million gallons increased 4.2% compared to the prior year, primarily due to the impact of colder temperatures across much of the eastern half of the United States on heat-related demand and contributions from our recent acquisitions, which more than offset considerably warmer temperatures in the West and incremental volumes in the prior year first quarter in the aftermath of Hurricanes Helene and Milton in the Southeast. Average temperatures (as measured by the number of heating degree days reported by the National Oceanic and Atmospheric Administration) across all of our service territories during the first quarter of fiscal 2026 were 6% warmer than normal and 6% cooler than the prior year first quarter. Notably, average temperatures in the East were in line with normal and 12% cooler than the prior year first quarter, whereas average temperatures in the West were 24% warmer than normal and 11% warmer than the prior year first quarter.

Average propane prices (basis Mont Belvieu, Texas) for the first quarter of fiscal 2026 decreased 14.0% compared to the prior year first quarter. Total gross margin of $239.5 million for the fiscal 2026 first quarter increased $13.4 million, or 5.9%, compared to the prior year first quarter. Gross margin for the first quarter of fiscal 2026 included a $0.9 million unrealized gain attributable to the mark-to-market adjustment for derivative instruments used in risk management activities, compared to a $3.6 million unrealized gain in the prior year first quarter. These non-cash adjustments, which were reported in cost of products sold, were excluded from Adjusted EBITDA for both periods. Excluding the impact of the mark-to-market adjustments, total gross margin increased $16.1 million, or 7.2%, compared to the prior year first quarter, primarily due to higher propane volumes sold, and an increase in propane unit margins of $0.08 per gallon, or 4.1%.

Combined operating and general and administrative expenses of $155.0 million for the first quarter of fiscal 2026 increased $5.0 million, or 3.4%, compared to the prior year first quarter, primarily due to higher payroll and benefit-related expenses, overtime and other variable operating costs to support the increase in customer demand, as well as higher variable compensation expense associated with the increase in earnings.

In December 2025, we strategically refinanced our previously outstanding $350.0 million of 5.875% senior notes due 2027 (“2027 Senior Notes”) with net proceeds from the issuance of new 6.50% senior notes due 2035 (“2035 Senior Notes”) totaling $350.0 million and borrowings under our Revolving Credit Facility. The refinancing extends weighted average debt maturities by nearly three years and provides additional financial flexibility.

During the first quarter of fiscal 2026, we acquired two well-run propane businesses in strategic markets in California for total consideration of $24.0 million, inclusive of non-compete payments. The acquisitions, along with seasonal working capital, growth capital expenditures for the RNG facilities, and costs associated with the refinancing of our 2027 Senior Notes were funded with net borrowings of $115.4 million under the Revolving Credit Facility and net proceeds of $3.1 million from the issuance of Common Units under the At-the-Market equity program. The Consolidated Leverage Ratio, as defined in our Credit Agreement, for the twelve-month period ended December 27, 2025 was 4.57x, compared to 4.99x for the twelve-month period ended December 28, 2024.

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As previously announced on January 22, 2026, our Board of Supervisors declared a quarterly distribution of $0.325 per Common Unit for the three months ended December 27, 2025. On an annualized basis, this distribution rate equates to $1.30 per Common Unit. The distribution is payable on February 10, 2026 to Common Unitholders of record as of February 3, 2026.

Our anticipated cash requirements for the remainder of fiscal 2026 include: (i) maintenance and growth capital expenditures of approximately $32.0 million for the propane segment; (ii) capital expenditures of approximately $29.7 million to support the construction and development efforts for our renewable energy platform; (iii) interest and income tax payments of approximately $42.6 million; and (iv) distributions of approximately $65.1 million to our Common Unitholders, based on the quarterly distribution rate of $0.325 per Common Unit. Based on our liquidity position, which includes availability of funds under the Revolving Credit Facility and expected cash flow from operating activities and our ATM equity program, we expect to have sufficient funds to meet our current and future obligations.

Our long-term strategic growth plan is to foster the growth of our core propane business, while making strategic investments in lower carbon renewable energy alternatives that allows us to leverage our core competencies in safety, logistics expertise and customer service. Suburban Propane has a proud legacy of being a trusted provider of energy to local communities for almost 100 years. We are leveraging the strength and stability of our core propane business to position Suburban Propane for sustainable, long-term growth by helping to identify and invest in solutions to support the ongoing energy evolution to a lower-carbon energy economy. That innovation includes our advancements in delivering renewable propane and renewable natural gas as direct drop-in replacements for their traditional energy equivalents.

Three Months Ended December 27, 2025 Compared to Three Months Ended December 28, 2024

Revenues

(Dollars and gallons in thousands)		Three Months Ended												Percent
		December 27,				December 28,				Increase				Increase
		2025				2024				(Decrease)				(Decrease)
Revenues
Propane		$	326,390			$	330,283			$	(3,893	)			(1.2	)%
Fuel oil and refined fuels			18,167				17,661				506				2.9	%
Natural gas and electricity			5,899				6,053				(154	)			(2.5	)%
All other			19,930				19,332				598				3.1	%
Total revenues		$	370,386			$	373,329			$	(2,943	)			(0.8	)%
Retail gallons sold
Propane			110,165				105,739				4,426				4.2	%
Fuel oil and refined fuels			4,537				4,367				170				3.9	%

As discussed above, average temperatures (as measured in heating degree days) across all of our service territories during the first quarter of fiscal 2026 were 6% warmer than normal and 6% cooler than the prior year first quarter. The cooler weather was primarily experienced in the Northeast, Mid-Atlantic and Midwest regions of our operating footprint, whereas average temperatures in the western parts of our footprint were considerably warmer than the prior year. Notably, average temperatures in the East were in line with normal and 12% cooler than the prior year first quarter, whereas average temperatures in the West were 24% warmer than normal and 11% warmer than the prior year first quarter.

Revenues from the distribution of propane and related activities of $326.4 million decreased $3.9 million, or 1.2%, compared to the prior year, due to lower average retail selling prices, partially offset by higher volumes sold. Average propane selling prices decreased 1.8% compared to the prior year first quarter, reflecting lower average wholesale costs, resulting in a $6.1 million decrease in revenues. Retail propane gallons sold increased 4.4 million gallons, or 4.2%, compared to the prior year first quarter, resulting in a $13.3 million increase in revenues. The increase in propane volumes sold was primarily due to the impact of colder temperatures across much of the eastern half of the United States on heat-related demand and contributions from our recent acquisitions, which more than offset considerably warmer temperatures in the West and incremental volumes in the prior year first quarter in the aftermath of Hurricanes Helene and Milton in the Southeast. Included within the propane segment are revenues from risk management activities, which decreased $11.1 million, primarily due to a lower notional amount of hedging contracts used in risk management activities that were settled physically.

Revenues from the distribution of fuel oil and refined fuels of $18.2 million were $0.5 million, or 2.9%, higher than the prior year first quarter, primarily due to an increase in volumes sold, offset to an extent by lower average retail selling prices. Fuel oil and refined

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fuels gallons sold increased 0.2 million gallons, or 3.9%, resulting in a $0.7 million increase in revenues. Average fuel oil and refined fuels selling prices decreased 1.0% compared to the prior year, resulting in a $0.2 million decrease in revenues.

Revenues in our natural gas and electricity segment of $5.9 million were $0.2 million, or 2.5%, lower than the prior year, resulting from lower electricity sales, primarily due to the impact of a lower customer base.

Revenues in our all other segment of $19.9 million were $0.6 million, or 3.1%, higher than the prior year, primarily due to an increase in renewable natural gas (“RNG”) injections at our facility in Stanfield, Arizona. This was offset to an extent by a decrease in environmental attribute and RNG commodity prices compared to the prior year first quarter.

Cost of Products Sold

(Dollars in thousands)		Three Months Ended												Percent
		December 27,				December 28,				Increase				Increase
		2025				2024				(Decrease)				(Decrease)
Cost of products sold
Propane		$	112,119			$	129,741			$	(17,622	)			(13.6	)%
Fuel oil and refined fuels			11,300				10,551				749				7.1	%
Natural gas and electricity			3,170				2,556				614				24.0	%
All other			4,250				4,314				(64	)			(1.5	)%
Total cost of products sold		$	130,839			$	147,162			$	(16,323	)			(11.1	)%
As a percent of total revenues			35.3	%			39.4	%

The cost of products sold reported in the condensed consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, and natural gas and electricity sold, including transportation costs to deliver product from our supply points to storage or to our customer service centers. Cost of products sold also includes the cost of appliances and related parts sold or installed by our customer service centers computed on a basis that approximates the average cost of the products.

Given the retail nature of our operations, we maintain a certain level of priced physical inventory to help ensure that our field operations have adequate supply commensurate with the time of year. Our strategy has been, and will continue to be, to keep our physical inventory priced relatively close to market for our field operations. Consistent with past practices, we principally utilize futures and/or options contracts traded on the NYMEX to mitigate the price risk associated with our priced physical inventory, as well as, in certain instances, forecasted purchases of propane, fuel oil, natural gas and electricity. In addition, we sell propane, fuel oil, natural gas and electricity to customers at fixed prices, and enter into derivative instruments to hedge a portion of our exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. At expiration, the derivative contracts are settled by the delivery of the product to the respective party or are settled by the payment to the respective party of a net amount equal to the difference between the then market price and the fixed contract price or option exercise price. Under this risk management strategy, realized gains or losses on futures or options contracts, which are reported in cost of products sold, will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts (which may or may not occur in the same accounting period). We do not use futures or options contracts, or other derivative instruments, for speculative trading purposes. Unrealized non-cash gains or losses from changes in the fair value of derivative instruments that are not designated as cash flow hedges are recorded within cost of products sold. Cost of products sold excludes depreciation and amortization; these amounts are reported separately within the condensed consolidated statements of operations.

In the commodities markets, average posted propane prices (basis Mont Belvieu, Texas) were 14.0% lower than the prior year first quarter, and average fuel oil prices were 4.4% higher than the prior year first quarter. The net change in the fair value of derivative instruments resulted in unrealized non-cash gains of $0.9 million and $3.6 million in the first quarter of fiscal 2026 and 2025, respectively. This led to a year-over-year net increase of $2.7 million in cost of products sold, with a $2.8 million increase reported within the propane segment, and a $0.1 million decrease reported within the natural gas and electricity segment. These unrealized mark-to-market adjustments were excluded from Adjusted EBITDA for both periods.

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Cost of products sold associated with the distribution of propane and related activities of $112.1 million decreased $17.6 million, or 13.6%, compared to the prior year first quarter. Lower average wholesale costs contributed to a $13.1 million decrease in cost of products sold, while higher volumes sold contributed to a $4.8 million increase. Included within the propane segment are costs from other propane activities, which decreased $12.1 million compared to the prior year primarily due to a lower notional amount of hedging contracts used in risk management that were settled physically. This was offset to an extent by the net increase in costs of products sold of $2.8 million resulting from the change in mark-to-market adjustments on derivative instruments in both periods discussed above.

Cost of products sold associated with our fuel oil and refined fuels segment of $11.3 million increased $0.7 million, or 7.1%, compared to the prior year first quarter. Higher volumes sold and higher average wholesale costs led to increases of $0.4 million and $0.3 million, respectively.

Cost of products sold in our natural gas and electricity segment of $3.2 million increased $0.6 million, or 24.0%, compared to the prior year primarily due to higher natural gas and electricity wholesale costs, partially offset by lower usage and the net decrease of $0.1 million resulting from the change in mark-to-market adjustments on derivative instruments used in both periods discussed above.

Operating Expenses

(Dollars in thousands)		Three Months Ended
		December 27,				December 28,								Percent
		2025				2024				Increase				Increase
Operating expenses		$	127,159			$	123,153			$	4,006				3.3	%
As a percent of total revenues			34.3	%			33.0	%

All costs of operating our retail distribution and appliance sales and service operations, as well as the RNG production facilities, are reported within operating expenses in the condensed consolidated statements of operations. These operating expenses include the compensation and benefits of field and direct operating support personnel, costs of operating and maintaining our vehicle fleet, overhead and other costs of our purchasing, training and safety departments and other direct and indirect costs of operating our customer service centers and RNG production facilities.

Operating expenses of $127.2 million for the first quarter of fiscal 2026 increased $4.0 million, or 3.3%, compared to the prior year first quarter, primarily due to higher payroll and benefit-related costs, overtime and other variable operating costs to support the increase in customer demand, as well as higher variable compensation costs associated with the increase in earnings.

General and Administrative Expenses

(Dollars in thousands)		Three Months Ended
		December 27,				December 28,								Percent
		2025				2024				Increase				Increase
General and administrative expenses		$	27,873			$	26,853			$	1,020				3.8	%
As a percent of total revenues			7.5	%			7.2	%

All costs of our back office support functions, including compensation and benefits for executives and other support functions, as well as other costs and expenses to maintain finance and accounting, treasury, legal, human resources, corporate development and the information systems functions are reported within general and administrative expenses in the condensed consolidated statements of operations.

General and administrative expenses of $27.9 million for the first quarter of fiscal 2026 increased $1.0 million, or 3.8%, compared to the prior year first quarter, primarily due to higher variable compensation costs associated with the increase in earnings.

Depreciation and Amortization

(Dollars in thousands)		Three Months Ended
		December 27,				December 28,								Percent
		2025				2024				(Decrease)				(Decrease)
Depreciation and amortization		$	16,864			$	17,099			$	(235	)			(1.4	)%
As a percent of total revenues			4.6	%			4.6	%

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Depreciation and amortization expense of $16.9 million for the first quarter of fiscal 2026 decreased $0.2 million, or 1.4%, compared to the prior year first quarter, primarily as a result of accelerated depreciation in the prior year for assets taken out of service.

Loss on Debt Extinguishment

On December 22, 2025, we redeemed, satisfied and discharged all of our previously outstanding 2027 Senior Notes with net proceeds from the issuance of the 2035 Senior Notes and borrowings under the Revolving Credit Facility. In connection with this transaction, during the first quarter of fiscal 2026, we recognized a loss on debt extinguishment of $1.2 million, consisting of the write-off of unamortized debt origination costs and other fees and expenses.

Interest Expense, net

(Dollars in thousands)		Three Months Ended
		December 27,				December 28,								Percent
		2025				2024				Increase				Increase
Interest expense, net		$	19,756			$	19,612			$	144				0.7	%
As a percent of total revenues			5.3	%			5.3	%

Net interest expense of $19.8 million increased $0.1 million, or 0.7%, compared to the prior year first quarter, primarily due to a higher level of average outstanding borrowings under our Revolving Credit Facility, substantially offset by lower benchmark interest rates on those borrowings. See Liquidity and Capital Resources below for additional discussion.

Other, net

(Dollars in thousands)		Three Months Ended												Percent
		December 27,				December 28,				Increase				Increase
		2025				2024				(Decrease)				(Decrease)
Equity in losses of IH (1)		$	321			$	10,043			$	(9,722	)			(96.8	)%
Equity in losses of Oberon (2)			—				12,198				(12,198	)			—
Contingent consideration from Equilibrium			—				(3,000	)			3,000				—
Other (3)			380				226				154				68.1	%
Other, net		$	701			$	19,467			$	(18,766	)			(96.4	)%
As a percent of total revenues			0.2	%			5.2	%

(1)Three months ended December 28, 2024 included an other-than-temporary impairment charge of $9.6 million (see Item 1, Note 4 of this Quarterly Report).

(2)Three months ended December 28, 2024 included an other-than-temporary impairment charge of $10.2 million (see Item 1, Note 4 of this Quarterly Report).

(3)Both periods included net periodic benefits costs for the Partnership’s pension and other postretirement benefit plans (see Item 1, Note 15 of this Quarterly Report). Three months ended December 27, 2025 included an other-than-temporary impairment charge of $0.2 million related to a cost-method investee.

EBITDA and Adjusted EBITDA

EBITDA represents net income before deducting interest expense, income taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA excluding the unrealized net gain or loss on mark-to-market activity for derivative instruments and other items, as applicable, as provided in the table below. Our management uses EBITDA and Adjusted EBITDA as supplemental measures of operating performance and we are including them because we believe that they provide our investors and industry analysts with additional information that we determined is useful to evaluate our operating results. EBITDA and Adjusted EBITDA are not recognized terms under US GAAP and should not be considered as an alternative to net income or net cash provided by operating activities determined in accordance with US GAAP. Because EBITDA and Adjusted EBITDA as determined by us excludes some, but not all, items that affect net income, they may not be comparable to EBITDA and Adjusted EBITDA or similarly titled measures used by other companies.

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The following table sets forth our calculations of EBITDA and Adjusted EBITDA:

(Dollars in thousands)		Three Months Ended
		December 27,				December 28,
		2025				2024
Net income		$	45,780			$	19,420
Add:
Provision for income taxes			231				563
Interest expense, net			19,756				19,612
Depreciation and amortization			16,864				17,099
EBITDA			82,631				56,694
Unrealized non-cash (gains) on changes in fair value of derivatives			(930	)			(3,634	)
Equity in losses and impairment charges for investments in unconsolidated affiliates			521				22,241
Loss on debt extinguishment			1,183				—
Adjusted EBITDA		$	83,405			$	75,301

We also reference gross margins, computed as revenues less cost of products sold as those amounts are reported on the condensed consolidated financial statements. Our management uses gross margin as a supplemental measure of operating performance and we are including it as we believe that it provides our investors and industry analysts with additional information that we determined is useful to evaluate our operating results. As cost of products sold does not include depreciation and amortization expense, the gross margin we reference is considered a non-GAAP financial measure.

Liquidity and Capital Resources

Analysis of Cash Flows

Operating Activities. Net cash used in operating activities for the first quarter of fiscal 2026 was $47.7 million, compared to net cash provided by operating activities of $8.8 million in the prior year first quarter. The change was primarily due to the timing of payments for propane purchases and other working capital-related items, partially offset by higher earnings in the current period.

Investing Activities. Net cash used in investing activities of $41.3 million for the first quarter of fiscal 2026 consisted of $22.0 million used to fund the acquisitions of two propane businesses, capital expenditures of $19.8 million (including approximately $13.7 million to support the growth of operations and $6.1 million for maintenance expenditures), and $0.2 million used to fund additional investments in an unconsolidated affiliate. This was partially offset by $0.7 million in proceeds from the sale of property, plant and equipment. See Item 1, Note 4 of this Quarterly Report.

Net cash used in investing activities of $74.5 million for the first quarter of fiscal 2025 consisted of capital expenditures of $23.8 million (including approximately $19.2 million to support the growth of operations and $4.6 million for maintenance expenditures), $46.8 million used to fund the acquisitions of retail propane businesses, and $4.3 million used to fund additional investments in unconsolidated affiliates. This was partially offset by $0.4 million in proceeds from the sale of property, plant and equipment.

Financing Activities. Net cash provided by financing activities of $88.8 million for the first quarter of fiscal 2026 reflected $115.4 million in net borrowings under our Revolving Credit Facility and $3.1 million in net proceeds raised from the issuance of Common Units under our ATM equity program (see below) , which were used to fund a portion of our seasonal working capital needs and the capital expenditures, acquisitions and investments noted above. Financing activities also reflected $21.4 million paid for the quarterly distributions to Common Unitholders at a rate of $0.325 per Common Unit paid in respect of the fourth quarter of fiscal 2025, $5.3 million of issuance costs related to the issuance of our 2035 Senior Notes, as well as other financing activities of $3.0 million. As described in Item 1, Note 10 of this Quarterly Report, during the first quarter of fiscal 2026, we completed the private offering of $350.0 million in aggregate principal amount of our 2035 Senior Notes. The net proceeds from the offering of the 2035 Senior Notes, along with borrowings under the Revolving Credit Facility, were used to redeem, satisfy and discharge all of the then outstanding 2027 Senior Notes.

Net cash provided by financing activities of $67.6 million for the first quarter of fiscal 2025 reflected $91.7 million in net borrowings under our Revolving Credit Facility, which were used to fund a portion of our seasonal working capital needs and the capital expenditures, acquisitions and investments noted above, offset to an extent by $20.8 million paid for the quarterly distributions to Common Unitholders at a rate of $0.325 per Common Unit paid in respect of the fourth quarter of fiscal 2024 and other financing activities of $3.3 million.

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Summary of Long-Term Debt Obligations and Revolving Credit Facility

As of December 27, 2025, our long-term debt consisted of $650.0 million in aggregate principal amount of 5.0% Senior Notes due June 1, 2031, $350.0 million in aggregate principal amount of 6.5% Senior Notes due December 15, 2035, $80.6 million in aggregate principal amount of 5.5% Green Bonds due October 1, 2028 through October 1, 2033 (“Green Bonds”) and $264.6 million outstanding under our $500.0 million senior secured revolving credit facility (“Revolving Credit Facility”) provided by our Fourth Amended and Restated Credit Agreement (the “Credit Agreement”). Total long-term borrowings as of December 27, 2025 and December 28, 2024 were $1,345.2 million and $1,323.3 million, respectively. See Item 1, Note 10 of this Quarterly Report.

The Green Bonds contain various restrictive and affirmative covenants, and previously required SuburbanRNG–Stanfield’s debt service coverage ratio, as defined therein, to be not less than 1.00 to 1.00 for three consecutive fiscal quarters. Effective May 2, 2025, the Operating Partnership entered into a Guaranty Agreement whereby it guaranteed all payments due under the Green Bonds, and amended the indenture governing the Green Bonds to eliminate the debt service coverage ratio covenant.

The aggregate amounts of long-term debt maturities subsequent to December 27, 2025 are as follows: fiscal 2026: $-0-; fiscal 2027: $-0-; fiscal 2028: $-0-; fiscal 2029: $276.3 million; fiscal 2030: $12.4 million; and thereafter: $1,056.6 million.

Total Consolidated Leverage Ratio. Total Consolidated Leverage Ratio, as defined by our Credit Agreement, represents total indebtedness as of the balance sheet date minus unrestricted cash and cash equivalents in an amount not to exceed $25.0 million, divided by Adjusted EBITDA calculated on a trailing twelve-month basis plus non-cash compensation costs recognized under our Restricted Unit Plans for the same period, and other items. The measurement of the Total Consolidated Leverage Ratio for the trailing twelve-month periods ended December 27, 2025 and September 27, 2025 was as follows:

(Dollars in thousands)		As of and for the Twelve Months Ended
		December 27,				September 27,
		2025				2025
Total debt		$	1,345,245			$	1,229,845
Less: cash and cash equivalents (1)			(1,284	)			(405	)
Total debt, less cash and cash equivalents		$	1,343,961			$	1,229,440
Adjusted EBITDA		$	286,132			$	278,028
Compensation costs recognized under Restricted Unit Plan			7,708				7,775
Other (2)			—				542
Adjusted EBITDA for use in calculation		$	293,840			$	286,345
Total Consolidated Leverage Ratio		4.57 x				4.29 x

(1)Effective with the execution of the Credit Agreement on March 15, 2024, total debt for the Total Consolidated Leverage Ratio covenant is net of unrestricted cash and cash equivalents in an amount not to exceed $25.0 million.

(2)Represents pro forma adjustments for acquisitions completed during the reporting period, as provided for under the Credit Agreement.

Partnership Distributions

We are required to make distributions in an amount equal to all of our Available Cash, as defined in our Third Amended and Restated Partnership Agreement, as amended (the “Partnership Agreement”), no more than 45 days after the end of each fiscal quarter to holders of record on the applicable record dates. Available Cash, as defined in the Partnership Agreement, generally means all cash on hand at the end of the respective fiscal quarter less the amount of cash reserves established by the Board of Supervisors in its reasonable discretion for future cash requirements. These reserves are retained for the proper conduct of our business, the payment of debt principal and interest and for distributions during the next four quarters. The Board of Supervisors reviews the level of Available Cash on a quarterly basis based upon information provided by management.

On January 22, 2026, we announced a quarterly distribution of $0.325 per Common Unit, or $1.30 on an annualized basis, in respect of the first quarter of fiscal 2026, payable on February 10, 2026 to holders of record on February 3, 2026.

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Other Commitments

We have a noncontributory, cash balance format, defined benefit pension plan which was frozen to new participants effective January 1, 2000. Effective January 1, 2003, the defined benefit pension plan was amended such that future service credits ceased and eligible employees would receive interest credits only toward their ultimate retirement benefit. We also provide postretirement health care and life insurance benefits for certain retired employees under a plan that was frozen to new participants effective March 31, 1998. At December 27, 2025, we had a liability for the defined benefit pension plan and accrued retiree health and life benefits of $9.9 million and $3.9 million, respectively.

We are self-insured for general and product, workers’ compensation and automobile liabilities up to predetermined thresholds above which third party insurance applies. At December 27, 2025, we had accrued insurance liabilities of $56.9 million, and a receivable of $15.7 million related to the amount of the liability expected to be covered by insurance.

Legal Matters

See Item 1, Note 13, “Commitments and Contingencies,” Legal Matters subsection of this Quarterly Report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Commodity Price Risk

We enter into product supply contracts that are generally one-year agreements subject to annual renewal, and also purchase product on the open market. Our propane supply contracts typically provide for pricing based upon index formulas using the posted prices established at major supply points such as Mont Belvieu, Texas, or Conway, Kansas (plus transportation costs) at the time of delivery. In addition, to supplement our annual purchase requirements, we may utilize forward fixed price purchase contracts to acquire a portion of the propane that we resell to our customers, which allows us to manage our exposure to unfavorable changes in commodity prices and to ensure adequate physical supply. The percentage of contract purchases, and the amount of supply contracted for under forward contracts at fixed prices, will vary from year to year based on market conditions. In certain instances, and when market conditions are favorable, we are able to purchase product under our supply arrangements at a discount to the market.

Product cost changes can occur rapidly over a short period of time and can impact profitability. We attempt to reduce commodity price risk by pricing product on a short-term basis. The level of priced, physical product maintained in storage facilities and at our customer service centers for immediate sale to our customers will vary depending on several factors, including, but not limited to, price, supply and demand dynamics for a given time of the year. Typically, our on hand priced position does not exceed more than four to eight weeks of our supply needs, depending on the time of the year. In the course of normal operations, we routinely enter into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that, under accounting rules for derivative instruments and hedging activities, qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from fair value accounting and are accounted for at the time product is purchased or sold under the related contract.

Under our hedging and risk management strategies, we enter into a combination of exchange-traded futures and options contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to manage the price risk associated with physical product and with future purchases of the commodities used in our operations, principally propane and fuel oil, as well as to help ensure the availability of product during periods of high demand. In addition, we sell propane, fuel oil, natural gas and electricity to customers at fixed prices, and enter into derivative instruments to hedge a portion of our exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. We do not use derivative instruments for speculative or trading purposes. Futures and swap contracts require that we sell or acquire propane or fuel oil at a fixed price for delivery at fixed future dates. An option contract allows, but does not require, its holder to buy or sell propane or fuel oil at a specified price during a specified time period. However, the writer of an option contract must fulfill the obligation of the option contract, should the holder choose to exercise the option. At expiration, the contracts are settled by the delivery of the product to the respective party or are settled by the payment of a net amount equal to the difference between the then market price and the fixed contract price or option exercise price. To the extent that we utilize derivative instruments to manage exposure to commodity price risk and commodity prices move adversely in relation to the contracts, we could suffer losses on those derivative instruments when settled. Conversely, if prices move favorably, we could realize gains. Under our hedging and risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold to customers at market prices, or delivered to customers as it pertains to fixed price contracts.

Futures are traded with brokers of the NYMEX and require daily cash settlements in margin accounts. Forward contracts are generally settled at the expiration of the contract term by physical delivery, and swap and options contracts are generally settled at expiration through a net settlement mechanism. Market risks associated with our derivative instruments are monitored daily for compliance with our Hedging and Risk Management Policy which includes volume limits for open positions. Open inventory positions are reviewed and managed daily as to exposures to changing market prices.

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Credit Risk

Exchange-traded futures and options contracts are guaranteed by the NYMEX and, as a result, have minimal credit risk. We are subject to credit risk with over-the-counter forward, swap and options contracts to the extent the counterparties do not perform. We evaluate the financial condition of each counterparty with which we conduct business and establish credit limits to reduce exposure to the risk of non-performance by our counterparties.

Interest Rate Risk

A portion of our borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, SOFR, plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1% or the agent bank’s prime rate, or SOFR plus 1%, plus the applicable margin. The applicable margin is dependent on the level of our total consolidated leverage (the total ratio of debt to consolidated EBITDA). Therefore, we are subject to interest rate risk on the variable component of the interest rate. From time to time, we enter into interest rate swap agreements to manage a part of our variable interest rate risk. The interest rate swaps are designated as cash flow hedges. Changes in the fair value of the interest rate swaps are recognized in other comprehensive income (“OCI”) until the hedged item is recognized in earnings. At December 27, 2025, we were not party to an interest rate swap agreement.

Derivative Instruments and Hedging Activities

All of our derivative instruments are reported on the balance sheet at their fair values. On the date that derivative instruments are entered into, we make a determination as to whether the derivative instrument qualifies for designation as a hedge. Changes in the fair value of derivative instruments are recorded each period in current period earnings or OCI, depending on whether a derivative instrument is designated as a hedge and, if so, the type of hedge. For derivative instruments designated as cash flow hedges, we formally assess, both at the hedge contract’s inception and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of derivative instruments designated as cash flow hedges are reported in OCI to the extent effective and reclassified into earnings during the same period in which the hedged item affects earnings. The mark-to-market gains or losses on ineffective portions of cash flow hedges are immediately recognized in earnings. Changes in the fair value of derivative instruments that are not designated as cash flow hedges, and that do not meet the normal purchase and normal sale exemption, are recorded in earnings as they occur. Cash flows associated with derivative instruments are reported as operating activities within the condensed consolidated statement of cash flows.

Sensitivity Analysis

In an effort to estimate our exposure to unfavorable market price changes in commodities related to our open positions under derivative instruments, we developed a model that incorporates the following data and assumptions:

A.The fair value of open positions as of December 27, 2025.

B.The market prices for the underlying commodities used to determine A. above were adjusted adversely by a hypothetical 10% change and compared to the fair value amounts in A. above to project the potential negative impact on earnings that would be recognized for the respective scenario.

Based on the sensitivity analysis described above, the hypothetical 10% adverse change in market prices for open derivative instruments as of December 27, 2025 indicates an increase in potential future net losses of $0.7 million. See also Item 7A of our Annual Report on Form 10-K for the fiscal year ended September 27, 2025. The above hypothetical change does not reflect the worst-case scenario. Actual results may be significantly different depending on market conditions and the composition of the open position portfolio.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Partnership maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to provide reasonable assurance that information required to be disclosed in the Partnership’s filings and submissions under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to the Partnership’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

The Partnership completed an evaluation under the supervision and with participation of the Partnership’s management, including the Partnership’s principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Partnership’s disclosure controls and procedures as of December 27, 2025. Based on this evaluation, the Partnership’s principal executive officer and principal financial officer have concluded that, as of December 27, 2025, such disclosure controls and procedures were effective to provide the reasonable assurance described above.

Changes in Internal Control Over Financial Reporting

There have not been any changes in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended December 27, 2025 that have materially affected or are reasonably likely to materially affect its internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. “Risk Factors” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 27, 2025.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(c) The following table provides information about deemed purchases by the Partnership during the three months ended December 27, 2025 of its Common Units:

Number of Shares

Approximate Dollar Value

Total Number

Average

Purchased as Part of

of Shares that May

of Shares

Price Paid

Publicly Announced

Yet be Purchased

Period

Purchased (1)

per Share

Program

under the Program

September 28, 2025 through October 25, 2025

—

$

—

N/A

N/A

October 26, 2025 through November 22, 2025

110,638

18.83

N/A

N/A

November 23, 2025 through December 27, 2025

—

—

N/A

N/A

Total

110,638

$

18.83

N/A

N/A

(1) This represents the number of Common Units withheld from participants for income tax withholding purposes for those executive officers of the Partnership whose shares of restricted units vested during the period. Such restricted units were issued to participants pursuant to the Suburban Propane Partners, L.P. 2018 Restricted Unit Plan.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the fiscal quarter ended December 27, 2025, our supervisors and executive officers (as defined in Rule 16a-1 under the Securities Exchange Act of 1934, as amended), did not adopt or terminate any Rule 10b5-1 trading arrangement or any non-Rule10b5-1 trading arrangement (each as defined in Item 408(a) and (c) of Regulation S-K).

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ITEM 6. EXHIBITS

(a)Exhibits

INDEX TO EXHIBITS

The exhibits listed on this Exhibit Index are filed as part of this Quarterly Report. Exhibits required to be filed by Item 601 of Regulation S-K, which are not listed below, are not applicable.

Exhibit Number		Description
4.1		Indenture, dated as of December 22, 2025, relating to the 6.500% Senior Notes due 2035, among Suburban Propane Partners, L.P., Suburban Energy Finance Corp. and The Bank of New York Mellon, as Trustee. (Incorporated by reference to Exhibit 4.1 to the Partnership’s Current Report on Form 8-K filed December 22, 2025)
31.1		Certification of the President and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith)
31.2		Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith)
32.1		Certification of the President and Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith)
32.2		Certification of the Chief Financial Officer and Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith)
101.INS		XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbases Document.
104		Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SUBURBAN PROPANE PARTNERS, L.P.
February 5, 2026	By:		/s/ MICHAEL A. KUGLIN
Date			Michael A. Kuglin
			Chief Financial Officer
February 5, 2026	By:		/s/ DANIEL S. BLOOMSTEIN
Date			Daniel S. Bloomstein
			Vice President, Controller and Chief Accounting Officer

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FAQ

How did Suburban Propane Partners (SPH) perform financially this quarter?

Suburban Propane posted much higher profit on roughly flat sales. Revenue was $370.4 million versus $373.3 million a year earlier, while net income jumped to $45.8 million from $19.4 million, lifting basic earnings to $0.69 per common unit from $0.30.

What happened to Suburban Propane Partners' operating cash flow in the latest quarter?

Operating cash flow turned negative despite higher earnings. Cash flow from operating activities was a $47.7 million outflow, mainly due to higher accounts receivable, lower customer deposits and other liability changes, highlighting seasonal and working-capital pressures in the business.

How much debt does Suburban Propane Partners (SPH) have outstanding?

Long-term borrowings increased to about $1.32 billion. This includes $650 million of 5.00% notes due 2031, $350 million of new 6.50% notes due 2035, $70.1 million of 5.50% Green Bonds, and $264.6 million drawn on the revolving credit facility.

Did Suburban Propane Partners change its quarterly distribution to unitholders?

The partnership maintained its quarterly cash distribution. It declared a distribution of $0.325 per common unit, or $1.30 on an annualized basis, for the first quarter of fiscal 2026, payable February 10, 2026 to unitholders of record on February 3, 2026.

What major financing actions did Suburban Propane Partners take this quarter?

The partnership refinanced near-term debt and used its credit facility. It issued $350 million of 6.50% senior notes due 2035 and, together with additional revolver borrowings, redeemed its 5.875% notes due 2027, extending maturities while increasing total borrowings.

Is Suburban Propane Partners investing in growth or acquisitions?

Yes, the partnership continued capital and acquisition spending. It recorded $19.8 million of capital expenditures and $22.2 million for investments in and acquisitions of businesses, including recently acquired propane retailers in California, as part of its strategic growth initiatives.

How many common units of Suburban Propane Partners are outstanding?

Common units outstanding increased modestly. There were 66,331,481 common units outstanding as of February 2, 2026, reflecting issuances under the restricted unit plan and the at-the-market equity program, which raised $3.1 million in net proceeds during the quarter.