Sunoco LP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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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 Feb 19, 2026
SUN$62.70+1.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
ANNUAL REPORT ON FORM 10-K
TABLE OF CONTENTS
| PART I | |
|---|---|
| Item 1. Business | 5 |
| Item 1A. Risk Factors | 21 |
| Item 1B. Unresolved Staff Comments | 51 |
| Item 1C. Cybersecurity | 51 |
| Item 2. Properties | 53 |
| Item 3. Legal Proceedings | 53 |
| Item 4. Mine Safety Disclosures | 53 |
| PART II | |
| Item 5. Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities | 54 |
| Item 6. [Reserved] | 55 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 55 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk | 69 |
| Item 8. Financial Statements and Supplementary Data | 70 |
| Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | 70 |
| Item 9A. Controls and Procedures | 70 |
| Item 9B. Other Information | 73 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 73 |
| PART III | |
| Item 10. Directors, Executive Officers and Corporate Governance | 73 |
| Item 11. Executive Compensation | 78 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters | 91 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence | 94 |
| Item 14. Principal Accountant Fees and Services | 96 |
| PART IV | |
| Item 15. Exhibits and Financial Statement Schedules | 97 |
| SIGNATURES | 104 |
Definitions
References to the “Partnership,” “Sunoco,” “we,” “us” and “our” refer to Sunoco LP and its consolidated subsidiaries. In addition, the following is a list of certain acronyms and terms used throughout this document:
| AOCI | accumulated other comprehensive income (loss) |
|---|---|
| Burnaby Refinery | refinery located in Burnaby, British Columbia owned and operated by the Partnership, which was acquired in the Parkland Acquisition |
| Credit Facility | Sunoco LP's $2.50 billion revolving credit facility, which matures in June 2030 |
| Energy Transfer | Energy Transfer LP (NYSE: ET) |
| EPA | United States Environmental Protection Agency |
| ET-S Permian | ET-S Permian Holdings Company LP, a joint venture between Sunoco LP and Energy Transfer, which owns crude oil and water gathering pipelines and storage assets in the Permian Basin |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FERC | United States Federal Energy Regulatory Commission |
| FIFO | first-in, first-out |
| GAAP | accounting principles generally accepted in the United States of America |
| General Partner | Sunoco GP LLC, the general partner of Sunoco LP |
| IDRs | incentive distribution rights |
| IRS | United States Internal Revenue Service |
| Isla | Isla Dominicana de Petroleo Corporation |
| J.C. Nolan | collectively, J.C. Nolan Terminal Co., LLC and J.C. Nolan Pipeline Co., LLC, both of which are joint ventures between Sunoco LP and Energy Transfer, which own a diesel fuel storage terminal in Midland, Texas and a 500-mile diesel fuel pipeline |
| LIFO | last-in, first-out |
| NuStar | NuStar Energy L.P. |
| NuStar Acquisition | acquisition of NuStar completed on May 3, 2024 |
| NuStar Logistics | NuStar Logistics L.P., a wholly owned subsidiary acquired in the NuStar Acquisition |
| NYSE | New York Stock Exchange |
| Parkland | Parkland Corporation |
| Parkland Acquisition | acquisition of Parkland completed on October 31, 2025 |
| Partnership Agreement | Sunoco’s Third Amended and Restated Agreement of Limited Partnership, as amended to date |
| SARA | Societe Anonyme de la Raffinerie des Antilles refinery |
| SEC | United States Securities and Exchange Commission |
| Series A Preferred Units | 7.875% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units |
| Sunoco Retail | Sunoco Retail LLC, a wholly owned corporate subsidiary of Sunoco LP |
| SunocoCorp | SunocoCorp LLC, a Delaware limited liability company (NYSE: SUNC), an affiliate which owns all of the Partnership's outstanding Class D Units |
| TanQuid | TanQuid GmbH & Co. KG, a subsidiary of the Partnership acquired on January 16, 2026 |
| West Texas Sale | sale of 204 convenience stores in West Texas, New Mexico and Oklahoma completed on April 16, 2024 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.