Sunoco Reports Higher Throughput, Strong Revenue But Lower Margins In Q3

Sunoco LP (NYSE:SUN) reported third-quarter revenues of $6.03 billion, which beat the consensus of $5.70 billion.

Details

EPS of 64 cents missed the consensus of $1.78.

Adjusted distributable cash flow of $326 million was lower than the $349 million a year ago.

Adjusted EBITDA rose to $489 million from $456 million a year ago.

Total capital expenditures were $157 million, including $115 million for growth capital and $42 million for maintenance capital.

Segment Performance

The Fuel Distribution segment sold around 2.3 billion gallons of fuel (vs. 2.1 billion gallons in the prior year quarter), with a fuel margin of 10.7 cents per gallon, down from 12.8 cents per gallon in the prior year quarter.

Adjusted EBITDA for the Fuel Distribution segment declined to $232 million from $253 million in the prior-year quarter.

The Pipeline Systems segment reported adjusted EBITDA rose to $182 million from $136 million a year earlier.

Throughput volumes averaged roughly 1.3 million barrels per day in the quarter.

The Terminals segment posted adjusted EBITDA of $75 million, compared to $67 million in the prior year quarter.

Average throughput volumes reached about 656,000 barrels per day in the quarter.

Distribution & Cash Position

As of September 30, the company had long-term debt of about $9.5 billion, and about $1.5 billion of liquidity remained on its revolving credit facility.

On October 20, 2025, Sunoco declared a distribution of $0.9202 per unit, an increase of approximately 1.25% sequentially, payable on November 19, to unitholders of record as of October 30, 2025.

Price Action: SUN shares are trading 0.40% lower at $52.18 at the last check on Wednesday.

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