Sunoco LP (NYSE: SUN) filed its 2025 Form 10‑K on February 19, 2026, delivering audited financial statements and a full‑year management discussion for the year ended December 31, 2025.
The filing shows net income attributable to SUN of $527 million, a decline from $866 million in 2024, while revenue reached $8.6 billion, surpassing the consensus forecast of $5.93 billion. Earnings per share were $0.09, far below the $1.52 expected by analysts, reflecting higher cost inflation and margin compression that outweighed the revenue growth.
Adjusted EBITDA for the year was $2.12 billion, up 36% from the prior year, and management projected full‑year 2026 adjusted EBITDA of $3.1 billion to $3.3 billion, signaling confidence in continued operational leverage and cost discipline.
The 10‑K highlights the completion of the $9.1 billion Parkland Corporation acquisition in October 2025, which has positioned Sunoco as the largest independent fuel distributor in the Americas. Management targets over $250 million in synergies from the deal by 2028, with $125 million expected in 2026. The company also completed the acquisition of TanQuid, a fuel terminal operator in Germany and Poland, in January 2026, expanding its international footprint.
Sunoco’s management emphasized a commitment to dividend growth, raising the quarterly distribution by 1.25% in the fourth quarter of 2025 and targeting at least 5% annual growth for 2026. The company ended 2025 with a net debt to adjusted EBITDA ratio of approximately 4×, meeting its long‑term leverage target and maintaining strong liquidity of $2.5 billion on its revolving credit facility.
Investors responded to the filing with a mixed initial reaction due to the EPS miss, but the overall sentiment turned positive as the revenue beat, record adjusted EBITDA, strategic acquisitions, and forward guidance underscored Sunoco’s long‑term growth prospects and operational strength.
The filing also includes a detailed segment breakdown, showing that the fuel distribution and terminal operations contributed the majority of revenue, while the pipeline and refinery segments provided stable cash flow. Management noted that the integration of Parkland and TanQuid is expected to enhance market share and create cost synergies that will support future profitability.
The 10‑K confirms Sunoco’s compliance with SEC reporting obligations and provides investors with the comprehensive data needed to assess the company’s financial performance, liquidity, and capital structure for the most recent fiscal year.
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