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SUBURBAN PROPANE PARTNERS LP

For the period ended Sep 27, 2025. Filed Nov 26, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Nov 26, 2025

SPH$17.27+0.5%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Our Consolidated Financial Statements and the Report of Independent Registered Public Accounting Firm thereon listed on the accompanying Index to Financial Statements in Part IV, Item 15 (see page F-1) and the Supplemental Financial Information listed on the accompanying Index to Financial Statement Schedule in Part IV, Item 15 (see page S-1) are included herein.

Selected Quarterly Financial Data

Due to the seasonality of the retail propane, fuel oil and other refined fuel and natural gas businesses, our first and second quarter revenues and earnings are consistently greater than third and fourth quarter results. The following presents our selected quarterly financial data for the last two fiscal years (unaudited; in thousands, except per unit amounts).

FirstQuarterSecondQuarterThirdQuarterFourthQuarterTotalYear
Revenues$373,329$587,663$260,150$211,376$1,432,518
Costs of products sold147,162242,36299,55974,623563,706
Operating income (loss)59,062158,4135,591(16,755)206,311
Net income (loss)19,420137,121(14,835)(35,136)106,570
Net income (loss) per Common Unit - basic (a)$0.30$2.11$(0.23)$(0.53)$1.64
Net income (loss) per Common Unit - diluted (a)$0.30$2.10$(0.23)$(0.53)$1.62
Cash provided by (used in):
Operating activities8,78240,10295,54341,829186,256
Investing activities(74,515)(22,611)(17,795)(13,334)(128,255)
Financing activities67,645(22,523)(82,446)(29,420)(66,744)
EBITDA (b)$56,694$175,284$23,023$1,224$256,225
Adjusted EBITDA (b)$75,301$175,044$27,019$664$278,028
Retail gallons sold
Propane105,739162,02771,91360,817400,496
Fuel oil and refined fuels4,3677,7602,5221,84116,490
Revenues$365,834$498,087$254,610$208,641$1,327,172
Costs of products sold153,053190,12094,40084,623522,196
Operating income (loss)48,748136,8608,190(22,548)171,250
Net income (loss)24,454111,500(17,191)(44,589)74,174
Net income (loss) per Common Unit - basic (a)$0.38$1.73$(0.27)$(0.69)$1.15
Net income (loss) per Common Unit - diluted (a)$0.38$1.72$(0.27)$(0.69)$1.14
Cash provided by (used in):
Operating activities(12,775)75,14961,43336,778160,585
Investing activities(13,914)(16,820)(29,252)(21,658)(81,644)
Financing activities30,614(57,152)(31,806)(14,157)(72,501)
EBITDA (b)$59,288$148,176$17,860$(8,851)$216,473
Adjusted EBITDA (b)$75,232$147,022$27,035$754$250,043
Retail gallons sold
Propane106,545140,24371,73759,733378,258
Fuel oil and refined fuels5,2566,9922,6451,96816,861

(a)

Basic net income (loss) per Common Unit is computed by dividing net income (loss) by the weighted average number of outstanding Common Units, and restricted units granted under the Restricted Unit Plans to retirement-eligible grantees. Computations of diluted net 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 our Restricted Unit Plans. Diluted loss per Common Unit for the periods where a net loss was reported does not include unvested restricted units granted under our Restricted Unit Plans as their effect would be anti-dilutive.

(b)

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

FirstQuarterSecondQuarterThirdQuarterFourthQuarterTotalYear
Net income (loss)$19,420$137,121$(14,835)$(35,136)$106,570
Add:
Provision for (benefit from) income taxes563(4)2425471,348
Interest expense, net19,61220,56718,88117,20576,265
Depreciation and amortization17,09917,60018,73518,60872,042
EBITDA56,694175,28423,0231,224256,225
Equity in losses and impairment charges for investments in unconsolidated affiliates22,2415046276,51929,891
Pension settlement charge——45078528
Unrealized non-cash (gains) losses on changes in fair value of derivatives(3,634)(744)2,919(963)(2,422)
Reversal of the earnout reserve established in connection with the RNG Acquisition———(6,194)(6,194)
Adjusted EBITDA$75,301$175,044$27,019$664$278,028
Net income (loss)$24,454$111,500$(17,191)$(44,589)$74,174
Add:
Provision for income taxes24932243210734
Interest expense, net18,19219,91918,42918,05074,590
Depreciation and amortization16,39316,72516,37917,47866,975
EBITDA59,288148,17617,860(8,851)216,473
Unrealized non-cash losses (gains) on changes in fair value of derivatives10,786(5,868)3,1616,51914,598
Equity in losses of unconsolidated affiliates5,1584,4995,4642,99818,119
Pension settlement charge——55088638
Loss on debt extinguishment—215——215
Adjusted EBITDA$75,232$147,022$27,035$754$250,043
ContentsView on SEC.gov

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