$SPH

SUBURBAN PROPANE PARTNERS LP

CIK:0001005210|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jun. 27, 2026

Jun. 28, 2025

Jun. 27, 2026

Jun. 28, 2025

Revenues

Total Revenues

$ 261,379

$ 260,150

$ 1,182,971

$ 1,221,142

Costs and expenses

Cost of products sold

^[1]

101,051

99,559

439,390

489,083

Operating

124,980

117,528

391,639

380,058

General and administrative

16,451

18,737

74,368

75,501

Depreciation and amortization

16,673

18,735

49,788

53,434

Total Expenses

259,155

254,559

955,185

998,076

Operating income

2,224

5,591

227,786

223,066

Loss on debt extinguishment

1,183

Interest expense, net

18,848

18,881

58,298

59,060

Other, net

721

1,303

1,977

21,499

Income before provision for income taxes

(17,345)

(14,593)

166,328

142,507

Provision for income taxes

182

242

533

801

Net income

$ (17,527)

$ (14,835)

$ 165,795

$ 141,706

Net income per Common Unit - basic

$ (0.26)

$ (0.23)

$ 2.49

$ 2.18

Weighted average number of Common Units outstanding - basic

66,680

65,381

66,506

64,936

Net income per Common Unit - diluted

$ (0.26)

$ (0.23)

$ 2.48

$ 2.17

Weighted average number of Common Units outstanding - diluted

66,680

65,381

66,856

65,330

Propane [Member]

Revenues

Total Revenues

$ 226,960

$ 226,890

$ 1,044,492

$ 1,082,429

Fuel Oil and Refined Fuels [Member]

Revenues

Total Revenues

11,723

9,721

62,244

60,746

Natural Gas and Electricity [Member]

Revenues

Total Revenues

4,522

4,838

19,199

19,916

All Other

Revenues

Total Revenues

$ 18,174

$ 18,701

$ 57,036

$ 58,051

[1]

The cost of products sold reported in the condensed consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, and natural gas and electricity sold, including transportation costs to deliver products from the Partnership’s supply points to storage locations or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances and related parts sold or installed computed on a basis that approximates the average cost of the products. Cost of products sold does not include depreciation and amortization expense.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Cash flows from operating activities:
Net income	$ 165,795	$ 141,706
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	49,788	53,434
Equity in losses and impairment charges for investments in unconsolidated affiliates	1,437	23,372
Compensation costs recognized under Restricted Unit Plan	5,880	6,055
Pension settlement charge	0	450
Loss on debt extinguishment	1,183	0
Other, net	1,459	3,291
Changes in assets and liabilities:
Accounts receivable	(15,074)	(14,511)
Inventories	7,947	(832)
Other current and noncurrent assets	(12,827)	6,621
Accounts payable	(6,354)	(13,479)
Accrued employment and benefit costs	891	6,035
Customer deposits and advances	(30,800)	(36,184)
Contributions to defined benefit pension plan	(3,000)	(3,000)
Other current and noncurrent liabilities	(26,743)	(28,531)
Net cash provided by operating activities	139,582	144,427
Cash flows from investing activities:
Capital expenditures	(65,991)	(57,832)
Investments in and acquisitions of businesses	(23,133)	(59,389)
Proceeds from sale of property, plant and equipment	2,499	2,300
Net cash (used in) investing activities	(86,625)	(114,921)
Cash flows from financing activities:
Proceeds from long-term borrowings	350,000	0
Repayments of long-term borrowings	(350,000)	0
Proceeds from borrowings under revolving credit facility	330,832	384,800
Repayments of borrowings under revolving credit facility	(315,932)	(372,200)
Issuance costs associated with long-term borrowings	(5,974)	0
Proceeds from the issuance of Common Units under an at-the-market equity program, net of commissions and offering costs	9,748	16,867
Partnership distributions	(64,524)	(62,896)
Other, net	(3,582)	(3,895)
Net cash provided by financing activities	(49,432)	(37,324)
Net increase (decrease) in cash, cash equivalents and restricted cash	3,525	(7,818)
Cash, cash equivalents and restricted cash at beginning of period	11,771	20,514
Cash, cash equivalents and restricted cash at end of period	15,296	12,696
Less: restricted cash	10,262	11,356
Cash and cash equivalents, end of period	$ 5,034	$ 1,340

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 27, 2026	Sep. 27, 2025
Current assets:
Cash and cash equivalents	$ 5,034	$ 405
Accounts receivable, less allowance for doubtful accounts of $6,807 and $5,107 respectively	84,735	69,479
Inventories	65,925	73,726
Other current assets	38,285	22,664
Total current assets	193,979	166,274
Property, plant and equipment, net	722,390	691,275
Operating lease right-of-use assets	104,771	118,997
Goodwill	1,165,016	1,157,827
Other intangible assets, net	84,180	84,777
Other assets	85,752	77,124
Total assets	2,356,088	2,296,274
Current liabilities:
Accounts payable	37,168	45,042
Accrued employment and benefit costs	48,470	47,066
Customer deposits and advances	90,937	121,737
Operating lease liabilities	29,856	34,329
Other current liabilities	41,458	54,646
Total current liabilities	247,889	302,820
Long-term borrowings	1,223,910	1,211,745
Accrued insurance	49,832	46,225
Operating lease liabilities	73,938	83,684
Other liabilities	47,497	53,229
Total liabilities	1,643,066	1,697,703
Commitments and contingencies
Partners’ capital:
Common Unitholders (66,712 and 65,485 units issued and outstanding at June 27, 2026 and September 27, 2025, respectively)	718,833	604,054
Accumulated other comprehensive loss	(5,811)	(5,483)
Total partners’ capital	713,022	598,571
Total liabilities and partners’ capital	$ 2,356,088	$ 2,296,274