Suburban Propane (NYSE: SPH) details Fiscal 2026 Q1 results and non-GAAP metrics

Rhea-AI Filing Summary

Suburban Propane Partners, L.P. furnished an update on its business by issuing a press release describing its Fiscal 2026 first quarter financial results. The partnership furnished this press release as Exhibit 99.1 to the current report.

The company highlights several non-GAAP performance measures in that press release, including EBITDA, Adjusted EBITDA, and gross margin. Management explains that these metrics are intended to give investors and industry analysts additional insight into operating performance and how commodity prices affect profitability in its retail propane, fuel oil, and natural gas and electricity businesses.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

February 5, 2026

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		(IRS Employer
of Incorporation)		Identification No.)

240 Route 10 West

Whippany, New Jersey 07981

(973) 887-5300

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following information, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On February 5, 2026, the Partnership issued a press release (the “Press Release”) describing its Fiscal 2026 First Quarter Financial Results. A copy of the Press Release has been furnished as Exhibit 99.1 to this Current Report.

Within the Press Release, we reference net income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”) which is considered a non-GAAP financial measure. Additionally, we discuss EBITDA excluding the unrealized net gain or loss from mark-to-market activity for derivative instruments and certain other items (“Adjusted EBITDA”). Our calculations of EBITDA and Adjusted EBITDA are presented in the Press Release furnished as Exhibit 99.1 to this Current Report.

We provide these non-GAAP financial measures because we believe that they provide the investment community with supplemental measures of operating performance. In addition, we believe that these non-GAAP financial measures provide useful information to investors and industry analysts to evaluate our operating results.

We also reference gross margins, computed as revenues less cost of products sold as those amounts are reported on the consolidated financial statements. Since cost of products sold does not include depreciation and amortization expense, the gross margin we reference is considered a non-GAAP financial measure. Given the nature of our business, the level of profitability in the retail propane, fuel oil, and natural gas and electricity businesses is largely dependent on the difference between retail sales price and product cost. Therefore, we discuss gross margins in order to provide investors and industry analysts with useful information to facilitate their understanding of the impact of the commodity prices on profitability.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1		Press Release of Suburban Propane Partners, L.P. dated February 5, 2026, describing the Fiscal 2026 First Quarter Financial Results.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 hereunto duly authorized.

February 5, 2026		SUBURBAN PROPANE PARTNERS, L.P.
		By:		/s/ MICHAEL A. KUGLIN
		Name:		Michael A. Kuglin
		Title:		Chief Financial Officer

FAQ

What did Suburban Propane Partners (SPH) disclose in this 8-K filing?

Suburban Propane Partners disclosed that it issued a press release describing its Fiscal 2026 first quarter financial results. The press release is furnished as Exhibit 99.1 and includes both GAAP and non-GAAP performance measures used by management to explain operating performance.

Which non-GAAP metrics does Suburban Propane (SPH) emphasize in its Q1 2026 update?

The partnership emphasizes EBITDA, Adjusted EBITDA, and gross margin as non-GAAP metrics. Management states these measures help investors and industry analysts better understand operating performance and the impact of commodity price movements on profitability across propane, fuel oil, natural gas, and electricity operations.

How does Suburban Propane (SPH) define Adjusted EBITDA in this disclosure?

Adjusted EBITDA is defined as EBITDA excluding unrealized net gains or losses from mark-to-market activity for derivative instruments and certain other items. The detailed calculations are presented in the press release furnished as Exhibit 99.1, which accompanies the Fiscal 2026 first quarter financial discussion.

Why does Suburban Propane (SPH) discuss gross margin as a non-GAAP measure?

Gross margin is calculated as revenues minus cost of products sold, which excludes depreciation and amortization. Because it focuses on the spread between product cost and retail selling price, management believes it helps investors understand how commodity price changes affect profitability in the company’s energy distribution businesses.

Is the Suburban Propane (SPH) Q1 2026 press release considered filed with the SEC?

The company states that the information, including Exhibit 99.1, is furnished rather than filed for purposes of Section 18 of the Exchange Act. It will only be incorporated by reference into other SEC documents if specifically referenced in a future registration or reporting statement.

Who signed the Suburban Propane (SPH) Form 8-K for the Q1 2026 results?

The Form 8-K was signed on behalf of Suburban Propane Partners, L.P. by Michael A. Kuglin, the company’s Chief Financial Officer. His signature confirms the partnership’s authorization of the furnished information regarding Fiscal 2026 first quarter financial results and related non-GAAP performance measures.