Suburban Propane (NYSE: SPH) Q2 2026 results, flat EBITDA and lower debt

Rhea-AI Filing Summary

Suburban Propane Partners, L.P. reported fiscal 2026 second-quarter net income of $137.5 million, or $2.07 per Common Unit, essentially unchanged from the prior-year quarter. Revenues were $551.2 million, with retail propane volumes flat at 161.6 million gallons amid mixed weather across regions.

Adjusted EBITDA for the quarter was $175.3 million, flat year over year, while first-half Adjusted EBITDA rose $8.4 million, or 3.4%. The company continued developing its renewable natural gas platform, recognized $3.5 million of production tax credits, and used operating cash flow to reduce debt by $64.3 million, improving its Consolidated Leverage Ratio to 4.34x. The Board declared a quarterly cash distribution of $0.325 per Common Unit, or $1.30 annualized.

Insights

Energy MLP analyst

Results are broadly stable, with modest leverage improvement and continued RNG build-out.

Suburban Propane delivered second-quarter net income of $137.5 million and Adjusted EBITDA of $175.3 million, both essentially flat versus the prior year. Revenue of $551.2 million reflected lower propane prices and mixed weather, while propane volumes of 161.6 million gallons were steady.

Management highlighted progress in renewable natural gas (RNG), including process improvements at the Stanfield facility and construction of new anaerobic digestion and gas upgrading projects expected in the second half of fiscal 2026. Recognition of $3.5 million in production tax credits supported operating results.

The partnership used strong seasonal cash flows to repay $64.3 million on its revolving credit facility, improving its Consolidated Leverage Ratio to 4.34x. It maintained a quarterly cash distribution of $0.325 per Common Unit, or $1.30 annualized, balancing capital allocation between debt reduction, core propane operations, and RNG investments.

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, and exhibit attachments filed with this report.

Key Figures

Q2 2026 revenue: $551.2 million Q2 2026 net income: $137.5 million Q2 2026 EPS basic: $2.07 per Common Unit +5 more

8 metrics

Q2 2026 revenue $551.2 million Total revenues for the three months ended March 28, 2026

Q2 2026 net income $137.5 million Net income for the three months ended March 28, 2026

Q2 2026 EPS basic $2.07 per Common Unit Net income per Common Unit – basic for Q2 2026

Q2 2026 Adjusted EBITDA $175.3 million Adjusted EBITDA for the second quarter of fiscal 2026

First-half Adjusted EBITDA increase $8.4 million, 3.4% Increase in Adjusted EBITDA for first half fiscal 2026 vs prior year

Debt repaid in Q2 2026 $64.3 million Borrowings repaid under revolving credit facility during Q2 2026

Consolidated Leverage Ratio 4.34x Leverage ratio for the twelve months ended March 28, 2026

Quarterly distribution $0.325 per Common Unit Cash distribution for quarter ended March 28, 2026 ($1.30 annualized)

Key Terms

Adjusted EBITDA, Consolidated Leverage Ratio, production tax credits, renewable natural gas, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA (as defined and reconciled below) for the second quarter of fiscal 2026 was $175.3 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Consolidated Leverage Ratio financial

"The Consolidated Leverage Ratio, as defined in the Partnership’s credit agreement, for the twelve-month period ended March 28, 2026 improved to 4.34x."

A consolidated leverage ratio measures a business group's total debt compared with its ability to pay, by using combined figures for the parent company and its subsidiaries. Think of it like comparing the total mortgage across all properties you own to your overall income or net worth; investors use it to judge how risky the company’s capital structure is and how vulnerable it may be to rising interest rates or income drops.

production tax credits financial

"we also recognized a benefit of $3.5 million from the recognition of production tax credits (“PTCs”)"

Production tax credits are financial incentives offered to support the development of certain energy projects, such as renewable power sources. They provide a dollar amount for each unit of energy produced, helping to reduce the project's overall costs. For investors, these credits can improve the project's profitability and attractiveness by making renewable energy investments more financially appealing.

renewable natural gas financial

"In our renewable natural gas (“RNG”) operations, with the capital investments and process improvements implemented since acquiring the Stanfield, Arizona facility"

Renewable natural gas is methane captured from organic waste—like landfills, farms, or wastewater—and cleaned to the same quality as conventional pipeline gas so it can be used for heating, electricity, or vehicle fuel. Investors care because it turns waste into a revenue-generating commodity, can qualify for carbon credits or government incentives, and can reduce a company's emissions profile, affecting long-term costs, regulatory risk, and market demand much like converting trash into sellable fuel.

heating degree days technical

"Average temperatures (as measured by the number of heating degree days reported by the National Oceanic and Atmospheric Administration)"

Heating degree days (HDD) measure how cold a location is over time by adding up how many degrees the daily average temperature falls below a set comfortable threshold (commonly 65°F/18°C); each degree below that threshold for one day counts as one HDD. Investors use HDD to gauge likely demand for heating fuels, utility revenues, and seasonal sales—think of it like counting “cold units” that predict how much heating activity and related spending to expect.

mark-to-market adjustment financial

"included a $1.4 million unrealized loss attributable to the mark-to-market adjustment for derivative instruments used in risk management activities"

A mark-to-market adjustment is an accounting change that updates the value of an asset or liability on a company’s books to what it would sell for at current market prices. Investors care because these adjustments can instantly change reported profits, losses and the company’s financial health — like reappraising a house and seeing your net worth rise or fall overnight — which affects valuation, risk assessment and investment decisions.

Earnings Snapshot

Revenue: $551.2 million

Q2 2026

Revenue $551.2 million

Net income $137.5 million essentially flat year over year

Net income per Common Unit (basic) $2.07 slightly below prior-year $2.11

Adjusted EBITDA (quarter) $175.3 million flat vs prior-year quarter

Adjusted EBITDA (first half) $258.7 million +$8.4 million, +3.4% vs prior-year period

Understanding 8-K Material Events →

0001005210falseSUBURBAN PROPANE PARTNERS LP00010052102026-05-072026-05-07

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)

May 7, 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 May 7, 2026, the Partnership issued a press release (the “Press Release”) describing its Fiscal 2026 Second 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 May 7, 2026, describing the Fiscal 2026 Second 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.

May 7, 2026		SUBURBAN PROPANE PARTNERS, L.P.
		By:		/s/ MICHAEL A. KUGLIN
		Name:		Michael A. Kuglin
		Title:		Chief Financial Officer

Exhibit 99.1

News Release Contact: Michael A. Kuglin Chief Financial Officer P.O. Box 206, Whippany, NJ 07981-0206 Phone: 973-503-9252

FOR IMMEDIATE RELEASE

Suburban Propane Partners, L.P.

Announces Second Quarter Results

Whippany, New Jersey, May 7, 2026 -- Suburban Propane Partners, L.P. (NYSE:SPH), today announced earnings for its second quarter ended March 28, 2026.

Net income for the second quarter of fiscal 2026 was $137.5 million, or $2.07 per Common Unit, compared to net income of $137.1 million, or $2.11 per Common Unit, for the second quarter of fiscal 2025. Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA, as defined and reconciled below) for the second quarter of fiscal 2026 was $175.3 million, flat compared to the prior year second quarter.

In announcing these results, President and Chief Executive Officer, Michael A. Stivala said, “The fiscal 2026 second quarter presented a vastly different weather pattern across our operating footprint, with sustained colder temperatures and several winter storms across the eastern half of the United States that drove strong heat-related demand, offset by record warm temperatures in the western half. Our operating personnel were well-prepared to safely and efficiently handle the surge in demand and, despite volatility in commodity markets resulting from the conflict in the Middle East, effectively managed selling prices and expenses. I am so proud of how our teams responded to meet the needs of our customers in some challenging conditions, while also maintaining their focus on our customer base growth and retention initiatives to expand our customer base. Adjusted EBITDA for the second quarter was essentially unchanged compared to the prior year and, for the first half of the fiscal year, increased $8.4 million, or 3.4%, compared to the comparable prior year period.”

Mr. Stivala continued, “In our renewable natural gas (“RNG”) operations, with the capital investments and process improvements implemented since acquiring the Stanfield, Arizona facility, we are continuing to stabilize production and grow RNG injection. Average daily D3 RNG injection for the second quarter of fiscal 2026 improved compared to the prior sequential quarter and the prior year second quarter due to an increase in facility uptime. Additionally, with the completion of our new anaerobic digester facility in Upstate New York and gas upgrading system in Columbus, Ohio, both of which are on schedule to be completed during the second half of this fiscal year, we expect to add approximately 200,000 MMBtu per annum to our RNG platform. During the second quarter, we also recognized a benefit of $3.5 million from the recognition of production tax credits (“PTCs”), pursuant to the release of draft regulations from the United States Treasury, related to D3 RNG injections at our Stanfield facility for the period from January 2025 through March 2026. As D3 production at our Upstate New York facility comes online, we expect to be eligible to earn PTCs for RNG injected from that facility.”

Concluding his remarks, Mr. Stivala commented, “With another quarter of strong operating performance, and our capital projects in the RNG platform winding down, we utilized excess cash flows generated during the second quarter to reduce total debt by more than $64.0 million. We continue to take a disciplined approach to the way we allocate capital in the execution of our long-term strategic growth plan – fostering the growth of our core propane business, investing in the future of renewable energy, while preserving balance sheet strength and flexibility.”

Retail propane gallons sold in the second quarter of fiscal 2026 of 161.6 million gallons were flat compared to the prior year second quarter, as the impact of cooler temperatures across much of the eastern half of the United States on heat-related demand and contributions from the Partnership’s recent acquisitions, were offset by considerably warmer temperatures in the West. Average temperatures (as measured by the number of heating degree days reported by the National Oceanic and

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Atmospheric Administration) across all the Partnership’s service territories during the second quarter of fiscal 2026 were 6% warmer than normal and 1% warmer than the prior year second quarter. Notably, average temperatures in the East were 2% warmer than normal and 3% colder than the prior year, whereas average temperatures in the West were 22% warmer than normal and 17% warmer than the prior year.

Average propane prices (basis Mont Belvieu, Texas) for the second quarter of fiscal 2026 decreased 23.1% compared to the prior year second quarter. Total gross margin of $343.7 million for the second quarter of fiscal 2026 decreased $1.6 million, or 0.5%, compared to the prior year second quarter. Gross margin for the second quarter of fiscal 2026 included a $1.4 million unrealized loss attributable to the mark-to-market adjustment for derivative instruments used in risk management activities, compared to a $0.7 million unrealized gain in the prior year second 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 $0.5 million compared to the prior year second quarter, primarily due to an increase in propane unit margins of $0.03 per gallon, or 1.7%.

Combined operating and general and administrative expenses of $169.5 million for the second quarter of fiscal 2026 were flat compared to the prior year second quarter, as higher payroll and benefit-related expenses, higher fuel and other vehicle costs, and an increase in accruals for self-insurance matters, were offset by a benefit of $3.5 million from the recognition of PTCs and an insurance recovery related to the partial settlement of certain claims associated with the Partnership’s acquisition of RNG production assets in December 2022.

During the second quarter of fiscal 2026, the Partnership utilized cash flows from operating activities to repay $64.3 million in borrowings under its revolving credit facility. The Consolidated Leverage Ratio, as defined in the Partnership’s credit agreement, for the twelve-month period ended March 28, 2026 improved to 4.34x.

As previously announced on April 23, 2026, the Partnership’s Board of Supervisors declared a quarterly distribution of $0.325 per Common Unit for the three months ended March 28, 2026. On an annualized basis, this distribution rate equates to $1.30 per Common Unit. The distribution is payable on May 12, 2026 to Common Unitholders of record as of May 5, 2026.

About Suburban Propane Partners, L.P.

Suburban Propane Partners, L.P. (“Suburban Propane”) is a publicly traded master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban Propane has been in the customer service business since 1928 and is a nationwide distributor of propane, renewable propane, renewable natural gas, fuel oil and related products and services, as well as a marketer of natural gas and electricity and producer of and investor in low carbon fuel alternatives, servicing the energy needs of approximately 1 million residential, commercial, governmental, industrial and agricultural customers through approximately 750 locations across 42 states.

Suburban Propane is supported by three core pillars: (1) Suburban Commitment to Excellence – showcasing Suburban Propane’s almost 100-year legacy, and ongoing commitment to the highest standards for dependability, flexibility, and reliability that underscores Suburban Propane’s commitment to excellence in customer service; (2) SuburbanCares – highlighting continued dedication to giving back to local communities across Suburban Propane’s national footprint; and (3) Go Green with Suburban Propane – promoting propane and renewable propane as versatile, low-carbon energy solutions and investing in the next generation of innovative, renewable energy alternatives.

For additional information on Suburban Propane, please visit www.suburbanpropane.com.

Forward-Looking Statements

This press release contains certain forward-looking statements relating to future business expectations and financial condition and results of operations of the Partnership, based on management’s current good faith expectations and beliefs concerning future developments. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed or implied in such forward-looking statements, including 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;

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•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, trade conflict and related 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 regulatory priorities, 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;

•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;

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•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 risks and uncertainties are discussed in more detail in the Partnership’s Annual Report on Form 10-K for its fiscal year ended September 27, 2025 and other periodic reports filed with the SEC. 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, except as otherwise required by law.

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Suburban Propane Partners, L.P. and Subsidiaries

Consolidated Statements of Operations

For the Three and Six Months Ended March 28, 2026 and March 29, 2025

(in thousands, except per unit amounts)

(unaudited)

	Three Months Ended								Six Months Ended
	March 28, 2026				March 29, 2025				March 28, 2026				March 29, 2025
Revenues
Propane	$	491,142			$	525,256			$	817,532			$	855,539
Fuel oil and refined fuels		32,354				33,364				50,521				51,025
Natural gas and electricity		8,778				9,025				14,677				15,078
All other		18,932				20,018				38,862				39,350
		551,206				587,663				921,592				960,992
Costs and expenses
Cost of products sold		207,500				242,362				338,339				389,524
Operating		139,500				139,377				266,659				262,530
General and administrative		30,044				29,911				57,917				56,764
Depreciation and amortization		16,251				17,600				33,115				34,699
		393,295				429,250				696,030				743,517
Operating income		157,911				158,413				225,562				217,475
Loss on debt extinguishment		—				—				1,183				—
Interest expense, net		19,694				20,567				39,450				40,179
Other, net		555				729				1,256				20,196
Income before provision for (benefit from) income taxes		137,662				137,117				183,673				157,100
Provision for (benefit from) income taxes		120				(4	)			351				559
Net income	$	137,542			$	137,121			$	183,322			$	156,541
Net income per Common Unit - basic	$	66,565			$	64,876			$	66,416			$	64,711
Weighted average number of Common Units outstanding - basic		2.07				2.11				2.76				2.42
Net income per Common Unit - diluted	$	66,904			$	65,262			$	66,712			$	65,034
Weighted average number of Common Units outstanding - diluted		2.06				2.10				2.75				2.41
Supplemental Information:
EBITDA (a)	$	173,607			$	175,284			$	256,238			$	231,978
Adjusted EBITDA (a)	$	175,340			$	175,044			$	258,745			$	250,345
Retail gallons sold:
Propane		161,593				162,027				271,758				267,766
Refined fuels		7,469				7,760				12,006				12,127
Capital expenditures:
Maintenance	$	7,203			$	8,041			$	13,316			$	12,659
Growth	$	17,527			$	11,268			$	31,219			$	30,493

(more)

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(a) 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 accounting principles generally accepted in the United States of America (“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.

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

	Three Months Ended								Six Months Ended
	March 28, 2026				March 29, 2025				March 28, 2026				March 29, 2025
Net income	$	137,542			$	137,121			$	183,322			$	156,541
Add:
Provision for (benefit from) income taxes		120				(4	)			351				559
Interest expense, net		19,694				20,567				39,450				40,179
Depreciation and amortization		16,251				17,600				33,115				34,699
EBITDA		173,607				175,284				256,238				231,978
Loss on debt extinguishment		—				—				1,183				—
Equity in losses and impairment charges for investments in unconsolidated affiliates		375				504				896				22,745
Unrealized non-cash losses (gains) on changes in fair value of derivatives		1,358				(744	)			428				(4,378	)
Adjusted EBITDA	$	175,340			$	175,044			$	258,745			$	250,345

We also reference gross margins, computed as revenues less cost of products sold as those amounts are reported on the 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.

The unaudited financial information included in this document is intended only as a summary provided for your convenience, and should be read in conjunction with the complete consolidated financial statements of the Partnership (including the Notes thereto, which set forth important information) contained in its Quarterly Report on Form 10-Q to be filed by the Partnership with the SEC. Such report, once filed, will be available on the public EDGAR electronic filing system maintained by the SEC.

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FAQ

How did Suburban Propane Partners (SPH) perform in Q2 fiscal 2026?

Suburban Propane reported Q2 fiscal 2026 net income of $137.5 million, or $2.07 per Common Unit, essentially flat versus the prior year. Adjusted EBITDA was $175.3 million, also flat, as steady propane volumes offset lower prices and regional weather differences.

What were Suburban Propane’s key revenue and volume figures for Q2 2026?

Quarterly revenues were $551.2 million across propane, refined fuels, natural gas, electricity and other segments. Retail propane volumes were 161.6 million gallons, roughly flat year over year, as cooler eastern U.S. weather was offset by significantly warmer conditions in western markets.

How did Adjusted EBITDA trend for Suburban Propane (SPH) in Q2 and first half 2026?

Adjusted EBITDA was $175.3 million for Q2 fiscal 2026, essentially unchanged from the prior-year quarter. For the first half of fiscal 2026, Adjusted EBITDA increased $8.4 million, or 3.4%, benefiting from margin management, RNG-related tax credits, and disciplined cost control.

What debt reduction and leverage metrics did Suburban Propane report?

During Q2 fiscal 2026, Suburban Propane used operating cash flow to repay $64.3 million under its revolving credit facility. As a result, its Consolidated Leverage Ratio, as defined in the credit agreement, improved to 4.34x for the twelve-month period ended March 28, 2026.

What cash distribution did Suburban Propane declare for Q2 fiscal 2026?

The Board declared a quarterly cash distribution of $0.325 per Common Unit for the three months ended March 28, 2026. On an annualized basis, this distribution equals $1.30 per Common Unit, payable May 12, 2026 to unitholders of record as of May 5, 2026.

How is Suburban Propane advancing its renewable natural gas (RNG) platform?

Suburban Propane is stabilizing and growing output at its Stanfield, Arizona RNG facility and building new anaerobic digestion and upgrading facilities in New York and Ohio. It expects to add about 200,000 MMBtu of annual RNG production and recognized $3.5 million of RNG-related production tax credits.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 331.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 30.2 KB