Sunoco LP Reports Strong Q3 2026 Results, Raises Distribution & Updates Guidance

Sunoco LP (NYSE/TXSE: SUN) Q3 2026 Earnings & Operating Overview

Sunoco LP filed Form 8-K on November 3, 2026, furnishing its financial and operating results for the third quarter ended September 30, 2026.

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Key Financial Highlights

• Net Income: Reached $499 million, compared to $137 million in Q3 2025.
• Adjusted EBITDA: Reported at $1.049 billion (or $1.060 billion excluding $11 million of one-time transaction expenses), more than doubling the $489 million recorded in Q3 2025.
• Distributable Cash Flow (DCF), as adjusted: Reached $588 million, up 80.4% from $326 million in Q3 2025, delivering approximately 25% growth in DCF per common unit.
• Guidance Update: Management disclosed that the Partnership expects to exceed its previously issued 2026 Adjusted EBITDA guidance range of $3.5 billion to $3.7 billion.

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Segment Performance

• Fuel Distribution: Adjusted EBITDA of $523 million (including $9 million of transaction expenses), up from $232 million in Q3 2025. Sold ~4.2 billion gallons at a fuel margin of 16.8 cents per gallon.
• Pipeline Systems: Adjusted EBITDA of $166 million compared to $182 million in Q3 2025; throughput averaged ~1.3 million barrels per day.
• Terminals: Adjusted EBITDA of $122 million (including $2 million in transaction expenses) vs. $75 million in Q3 2025; throughput averaged ~1.0 million barrels per day.
• Refinery: Adjusted EBITDA of $238 million with throughput averaging ~57 thousand barrels per day.

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Capital Allocation & Balance Sheet

• Quarterly Distribution: Announced a Q3 distribution of $1.0148 per unit ($4.0592 annualized), marking a 1.25% sequential increase and an increase of >10% compared to Q3 2025. This marks the eighth consecutive quarterly distribution increase.
• Leverage & Liquidity: Long-term debt stood at approximately $13.2 billion with $2.3 billion of available revolving credit facility liquidity. Leverage ratio (net debt to Adjusted EBITDA) was approximately 3.5x, returning to target leverage within one year following the Parkland transaction.
• Capex: Q3 capital expenditures totaled $237 million ($121 million growth capital; $116 million maintenance capital).
• Recent M&A: Completed the acquisition of Offen Petroleum on October 27, 2026.