Suburban Propane (SPH) announces Fiscal 2025 and Q4 results

Suburban Propane Partners, L.P.

Rhea-AI Filing Summary

Suburban Propane Partners, L.P. (SPH) furnished an 8-K announcing its Fiscal 2025 full year and fourth quarter results via press release. The company highlights non-GAAP metrics, including EBITDA and Adjusted EBITDA, and discusses gross margin (revenues less cost of products sold, excluding depreciation and amortization). The detailed calculations and reconciliations are provided in Exhibit 99.1. The information is furnished and not deemed filed under the Exchange Act.

Insights

Equity research analyst

Routine earnings 8-K furnishing with non-GAAP highlights; neutral.

Suburban Propane Partners furnished a press release summarizing Fiscal 2025 and Q4 results. The disclosure emphasizes non-GAAP measures—EBITDA, Adjusted EBITDA, and gross margin—to frame operating performance, with reconciliations contained in Exhibit 99.1.

This is an administrative step typical for earnings communications. Actual investment impact depends on the specific figures and reconciliations in the press release, which govern trends in profitability and cost dynamics.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SPH announce in this 8-K?

SPH furnished a press release describing its Fiscal 2025 full year and fourth quarter financial results (Exhibit 99.1).

Which non-GAAP metrics does SPH reference?

SPH references EBITDA, Adjusted EBITDA (excluding mark-to-market and certain items), and gross margin.

Where can I find the detailed figures and reconciliations?

They are included in the press release furnished as Exhibit 99.1.

Is the information considered filed with the SEC?

No. The information is furnished, not deemed filed under the Exchange Act.

What is SPH’s trading symbol and exchange?

Common Units trade under the symbol SPH on the New York Stock Exchange.

Why does SPH present non-GAAP measures like Adjusted EBITDA?

SPH states these provide supplemental views of operating performance for investors and industry analysts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/13/2025 - 07:54 AM EST Learn about SEC filing dates

false0001005210SUBURBAN PROPANE PARTNERS LP00010052102025-11-132025-11-13

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)

November 13, 2025

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 November 13, 2025, the Partnership issued a press release (the “Press Release”) describing its Fiscal 2025 Full Year and Fourth 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 November 13, 2025, describing the Fiscal 2025 Full Year and Fourth 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.

November 13, 2025		SUBURBAN PROPANE PARTNERS, L.P.
		By:		/s/ MICHAEL A. KUGLIN
		Name:		Michael A. Kuglin
		Title:		Chief Financial Officer