STAR GROUP, L.P.

For the period ended Dec 31, 2025. Filed Feb 4, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2025 · Filed Feb 4, 2026

SGU$13.18+0.2%Stored close · as of Nov 6, 2026

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Contents

Condensed Consolidated Balance Sheets as of December 31, 2025 (unaudited) and September 30, 2025

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31,	September 30,
	2025	2025
(in thousands) · (unaudited)
ASSETS
Current assets
Cash and cash equivalents	$19,857	$24,683
Receivables, net of allowance of $7,164 and $7,196, respectively	198,210	102,119
Inventories	69,559	47,022
Fair asset value of derivative instruments	—	790
Prepaid expenses and other current assets	37,190	32,667
Total current assets	324,816	207,281
Property and equipment, net	127,729	128,605
Operating lease right-of-use assets	97,508	93,264
Goodwill	293,350	293,350
Intangibles, net	120,099	124,892
Restricted cash	250	250
Captive insurance collateral	78,997	78,189
Deferred charges and other assets, net	11,280	11,500
Total assets	$1,054,029	$937,331
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities
Accounts payable	$54,551	$33,667
Revolving credit facility borrowings	71,870	—
Fair liability value of derivative instruments	8,388	1,398
Current maturities of long-term debt	21,000	21,000
Current portion of operating lease liabilities	21,376	19,934
Accrued expenses and other current liabilities	127,283	119,497
Unearned service contract revenue	77,994	66,927
Customer credit balances	59,263	86,810
Total current liabilities	441,725	349,233
Long-term debt	161,938	167,118
Long-term operating lease liabilities	80,239	77,206
Deferred tax liabilities, net	32,064	30,823
Other long-term liabilities	16,216	16,171
Partners’ capital
Common unitholders	339,568	314,733
General partner	(6,660)	(6,605)
Accumulated other comprehensive loss, net of taxes	(11,061)	(11,348)
Total partners’ capital	321,847	296,780
Total liabilities and partners’ capital	$1,054,029	$937,331

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three MonthsEnded December 31,
(in thousands, except per unit data - unaudited)	2025	2024
Sales:
Product	$447,983	$399,459
Installations and services	91,273	88,604
Total sales	539,256	488,063
Cost and expenses:
Cost of product	268,538	248,699
Cost of installations and services	85,678	81,665
(Increase) decrease in the fair value of derivative instruments	5,395	(5,258)
Delivery and branch expenses	109,937	99,327
Depreciation and amortization expenses	8,755	7,903
General and administrative expenses	7,593	7,183
Finance charge income	(878)	(675)
Operating income	54,238	49,219
Interest expense, net	(3,819)	(3,011)
Amortization of debt issuance costs	(262)	(300)
Income before income taxes	50,157	45,908
Income tax expense	14,367	13,024
Net income	$35,790	$32,884
General Partner’s interest in net income	349	307
Limited Partners’ interest in net income	$35,441	$32,577
Basic and diluted income per Limited Partner Unit (1):	$0.89	$0.79
Weighted average number of Limited Partner units outstanding:
Basic and Diluted	33,084	34,587

(1)See Note 15 - Earnings Per Limited Partner Unit.

CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE INCOME (LOSS)

	Three MonthsEnded December 31,
(in thousands - unaudited)	2025	2024
Net income	$35,790	$32,884
Other comprehensive income:
Unrealized gain on pension plan obligation	350	432
Tax effect of unrealized gain on pension plan obligation	(93)	(195)
Unrealized gain on captive insurance collateral	67	46
Tax effect of unrealized gain on captive insurance collateral	(14)	(9)
Unrealized (loss) gain on interest rate hedges	(31)	633
Tax effect of unrealized (loss) gain on interest rate hedges	8	(167)
Total other comprehensive income	287	740
Total comprehensive income	$36,077	$33,624

CONDENSED CONSOLIDATED STAT EMENT OF PARTNERS’ CAPITAL

Number of Units · Accum. Other · Total
(in thousands - unaudited)	Common	GeneralPartner	Common	GeneralPartner	ComprehensiveIncome (Loss)	Partners’Capital
Balance as of September 30, 2025	33,278	326	$314,733	$(6,605)	$(11,348)	$296,780
Net income	—	—	35,441	349	—	35,790
Unrealized gain on pension plan obligation	—	—	—	—	350	350
Tax effect of unrealized gain on pension plan obligation	—	—	—	—	(93)	(93)
Unrealized gain on captive insurance collateral	—	—	—	—	67	67
Tax effect of unrealized gain on captive insurance collateral	—	—	—	—	(14)	(14)
Unrealized loss on interest rate hedges	—	—	—	—	(31)	(31)
Tax effect of unrealized loss on interest rate hedges	—	—	—	—	8	8
Distributions	—	—	(6,117)	(404)	—	(6,521)
Retirement of units	(378)	—	(4,489)	—	—	(4,489)
Balance as of December 31, 2025 (unaudited)	32,900	326	$339,568	$(6,660)	$(11,061)	$321,847
Number of Units · Accum. Other · Total
(in thousands - unaudited)	Common	GeneralPartner	Common	GeneralPartner	ComprehensiveIncome (Loss)	Partners’Capital
Balance as of September 30, 2024	34,587	326	$282,058	$(5,714)	$(12,451)	$263,893
Net income	—	—	32,577	307	—	32,884
Unrealized gain on pension plan obligation	—	—	—	—	432	432
Tax effect of unrealized gain on pension plan obligation	—	—	—	—	(195)	(195)
Unrealized gain on captive insurance collateral	—	—	—	—	46	46
Tax effect of unrealized gain on captive insurance collateral	—	—	—	—	(9)	(9)
Unrealized gain on interest rate hedges	—	—	—	—	633	633
Tax effect of unrealized gain on interest rate hedges	—	—	—	—	(167)	(167)
Distributions	—	—	(5,966)	(368)	—	(6,334)
Retirement of units	(13)	—	(141)	—	—	(141)
Balance as of December 31, 2024 (unaudited)	34,574	326	$308,528	$(5,775)	$(11,711)	$291,042

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three MonthsEnded December 31,
(in thousands - unaudited)	2025	2024
Cash flows provided by (used in) operating activities:
Net income	$35,790	$32,884
Adjustment to reconcile net income to net cash provided by (used in) operating activities:
(Increase) decrease in fair value of derivative instruments	5,395	(5,258)
Depreciation and amortization	9,017	8,203
(Recovery) provision for losses on accounts receivable	(267)	182
Change in deferred taxes	1,142	2,667
Change in weather hedge contracts	5,000	—
Changes in operating assets and liabilities:
Increase in receivables	(95,827)	(81,476)
Increase in inventories	(22,537)	(26,670)
Increase in other assets	(6,006)	(16,263)
Increase in accounts payable	22,159	17,193
Decrease in customer credit balances	(27,547)	(16,199)
Increase in other current and long-term liabilities	18,499	20,173
Net cash used in operating activities	(55,182)	(64,564)
Cash flows provided by (used in) investing activities:
Capital expenditures	(4,566)	(4,000)
Proceeds from sales of fixed assets	380	100
Proceeds from sale of certain assets	—	282
Purchase of investments	(773)	(366)
Acquisitions	—	(668)
Net cash used in investing activities	(4,959)	(4,652)
Cash flows provided by (used in) financing activities:
Revolving credit facility borrowings	71,870	7,825
Term loan repayments	(5,250)	—
Distributions	(6,521)	(6,334)
Unit repurchases	(4,489)	(141)
Customer retainage payments	(295)	(436)
Payments of debt issue costs	—	(241)
Net cash provided by financing activities	55,315	673
Net decrease in cash, cash equivalents, and restricted cash	(4,826)	(68,543)
Cash, cash equivalents, and restricted cash at beginning of period	24,933	117,585
Cash, cash equivalents, and restricted cash at end of period	$20,107	$49,042

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.