SPHNYSERetail-Miscellaneous RetailUS GAAP · USD

Suburban Propane Partners, L.P

Suburban Propane Partners, L.P. is a U.S.-based master limited partnership that markets and distributes propane and related energy products through a nationwide network of local service locations. Its business also includes fuel oil, refined fuels, natural gas and electricity marketing in deregulated markets, along with installation and servicing of home comfort equipment.

Revenue1,433m USD
+7.9 %y/y
Operating profit (EBIT)206m USD
+20.5 %y/y
EBIT margin14.4%
+1.5 ppy/y
Net income107m USD
+43.7 %y/y
Free cash flow114m USD
+13.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,5002,000m USD2020: 1,108 m USD2020: EBIT 140 m USD20202021: 1,289 m USD2021: EBIT 213 m USD20212022: 1,501 m USD2022: EBIT 206 m USD20222023: 1,429 m USD2023: EBIT 207 m USD20232024: 1,327 m USD2024: EBIT 171 m USD20242025: 1,433 m USD2025: EBIT 206 m USD20251,433206
RevenueOperating profit (EBIT)

Business

Share of revenue
Propane88 %

Retail propane and renewable propane sold to residential, commercial, industrial, government and agricultural customers.

Fuel Oil and Refined Fuels5 %

Delivery of heating oil and other refined fuels to retail customers and related service accounts.

Natural Gas and Electricity2 %

Commodity marketing in deregulated markets, primarily to residential and small commercial customers.

Equipment Sales and Service3 %

Installation, repair and servicing of heating, ventilation and cooking equipment tied to energy delivery.

Other and Renewable Energy Activities2 %

Renewable natural gas, renewable propane and other low-carbon fuel investments and related activities.

Products

Reported · share of revenue
88.3%FY2025100 %
  • Propane88.3 %
  • Other Sales Revenue Net5.2 %
  • Fuel Oil and Refined Fuels4.7 %
  • Natural Gas and Electricity1.7 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves roughly 1.0 million customers across residential, commercial, industrial, government and agricultural end markets. Many customers are located in suburban and rural areas where pipeline natural gas is not readily available, making delivered propane and heating fuels a practical energy source. It also sells natural gas and electricity to residential and small commercial customers in deregulated markets through its energy services subsidiary.

Residential propane customers

Households that buy delivered propane for space heating, water heating, cooking and appliance use, often in areas without pipeline gas.

Commercial propane customers

Businesses that use propane for building heat, hot water and operational energy needs, often with service and equipment support.

Industrial and engine fuel customers

Industrial users and fleet operators that buy propane for forklifts, engines, process heat and other fuel applications.

Agricultural customers

Farm and agribusiness customers that use propane for crop drying, poultry brooding, tobacco curing and weed control.

Natural gas and electricity customers

Residential and small commercial customers in deregulated markets who buy commodity supply rather than utility service.

Strategy

The company’s strategy is to defend and grow its core propane franchise while using its logistics, safety and customer-service capabilities to expand into lower-carbon energy products. It is also extending its reach through acquisitions, renewable fuel investments and selective growth in deregulated natural gas and electricity markets.

Protect and expand the propane franchiseShort term

Propane remains the core cash-generating platform and the base for cross-selling equipment and service.

Build a lower-carbon energy platformMedium term

Renewable propane and RNG can extend the business into energy transition markets while using existing distribution capabilities.

Pursue selective acquisitions and market expansionMedium term

Acquisitions add customer density and route efficiency, while deregulated markets offer incremental growth opportunities.

Geography

Suburban Propane operates in 42 states through about 750 locations, with activity concentrated on the East Coast, West Coast, parts of the Midwest and Alaska. Its local service-center model is designed for suburban and rural territories where delivered fuels are needed because natural gas infrastructure is limited or unavailable.

Risks

Demand is highly weather-sensitive, so warmer winters or milder heating seasons can reduce volumes across propane and fuel oil. The business also faces commodity price volatility, supply-chain disruption, competition from other fuels and regulatory pressure tied to climate policy, environmental compliance and energy transition trends.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Weather-driven demand volatility1Commodity and transportation cost swings2Supply chain disruption3Energy transition and regulation4Acquisition integration and capital access5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Weather-driven demand volatilityImpact: HighLikelihood: High

    A large share of revenue comes from heating-related fuel delivery, so warmer temperatures reduce consumption.

    Exposure: Propane and fuel oil retail volumes

  2. Commodity and transportation cost swingsImpact: HighLikelihood: High

    The company buys and delivers fuels whose input costs can change quickly, affecting pricing and customer demand.

    ExposurePropaneFuel oilRefined fuels
  3. Supply chain disruptionImpact: HighLikelihood: High

    The business depends on third-party production, storage and transport infrastructure to source and move fuel.

    Exposure: Fuel procurement and delivery network

  4. Energy transition and regulationImpact: MediumLikelihood: High

    Climate policy, electrification and efficiency improvements can reduce long-term demand for delivered fuels.

    ExposurePropaneFuel oilHeating markets
  5. Acquisition integration and capital accessImpact: MediumLikelihood: Medium

    Growth depends partly on acquisitions and financing, which can be harder to execute in tight credit markets.

    Exposure: M&A and refinancing

Accounting

Judgemental items
Derivative instruments

Fuel-price hedges can create earnings volatility depending on mark-to-market changes and settlement timing.

Impact: Risk-management gains and losses

Environmental and legal reserves

Fuel distribution businesses face cleanup, compliance and litigation exposures that require accrual estimates.

Impact: Operating expenses and liabilities

Acquisition accounting

Business combinations require fair-value estimates for acquired assets, liabilities, goodwill and intangibles.

Impact: Balance sheet and future impairment risk

Allowance for doubtful accounts

Retail energy billing across many small customers requires judgment on collectability.

Impact: Revenue realization and bad debt expense

Seasonality

Heating demand is seasonal, so quarterly results can vary sharply with weather and inventory timing.

Impact: Revenue, operating income and cash flow comparability

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026