Sunoco LP (NYSE: SUN) Q4 2025 earnings beat expectations. The company benefited from the Parkland acquisition completed in October 2025. Sunoco’s Q4 2025 earnings showed solid momentum across all business segments. The company delivered strong financial results. Also, it maintained its long-term leverage target. Plus, the company increased quarterly distributions for the fifth consecutive quarter.
Sunoco Q4 2025 Earnings: Key Financial Metrics
Revenue for the fourth quarter reached $8.6 billion. This was up 63.2% from $5.3 billion in Q4 2024. Full-year 2025 revenue totaled $25.2 billion, an increase of 11.1% from the prior year. So, adjusted EBITDA jumped significantly. Q4 2025 adjusted EBITDA was $706 million (excluding $60 million in transaction expenses). This rose 60.8% from Q4 2024. Also, full-year adjusted EBITDA reached $2.047 billion. Overall, this was up 40.5% year-over-year.
Sunoco LP Investor Relations for additional investor information.
Sunoco Q4 2025 Earnings: Financial Performance
Net income for Q4 2025 was $97 million. This is compared to $141 million in Q4 2024. Plus, for the full year 2025, net income totaled $527 million. This was versus $866 million in 2024. The company maintains disciplined capital allocation. Also, distributable cash flow, as adjusted, reached $442 million. This was in Q4 2025, up from $261 million in the prior year period. Full-year distributable cash flow as adjusted was $1.38 billion. This is compared to $1.08 billion in 2024. In fact, this marks the eighth consecutive year of growth in distributable cash flow per common unit.
Figure 1: Sunoco LP Q4 2025 Earnings – Quarterly Revenue Trend (Q1 2024-Q4 2025)
Sunoco Q4 2025 Earnings: Segment Performance
The fuel distribution segment led growth, generating $332 million in adjusted EBITDA. This segment sold approximately 3.3 billion gallons in Q4 2025, with fuel margins at 17.7 cents per gallon. Plus, the pipeline systems segment delivered $187 million in adjusted EBITDA, with throughput volumes averaging 1.4 million barrels per day. The terminals segment generated $87 million in adjusted EBITDA with throughput averaging 715,000 barrels per day. Finally, the refinery segment contributed $40 million in adjusted EBITDA with crude throughput of 49,000 barrels per day.
Figure 2: Sunoco LP Q4 2025 Earnings – Segment Adjusted EBITDA Performance
Strategic Acquisitions Expand Market Position
Sunoco LP completed the Parkland Corporation acquisition. This was on October 31, 2025, and represents a transformative deal for the company. The Q4 2025 results reflect this impact. Plus, the full-year 2025 results show the effect of this significant transaction. In fact, the company completed the TanQuid acquisition in January 2026. This further strengthens its market position. So, these strategic acquisitions position the company for sustained growth. Also, they offer improved operational efficiency.
Guidance and Distribution Growth
Sunoco LP ended 2025 at its long-term leverage target. This was approximately 4.0 times net debt to adjusted EBITDA. The company demonstrated disciplined financial management. On January 27, 2026, the company declared a quarterly distribution of $0.9317 per common unit. This represented an increase of 1.25% from the prior quarter. In fact, this marks the fifth consecutive quarterly increase in the distribution. So, management continues to target an annual distribution growth rate of at least 5% for 2026. Plus, the company maintains approximately $2.5 billion in liquidity on its revolving credit facility.
Operational Highlights and Infrastructure
Sunoco LP operates across 32 countries and territories. This includes North America, the Greater Caribbean, and Europe. The company maintains an extensive network. This includes approximately 14,000 miles of pipeline and over 160 terminals. In fact, the fuel distribution operations serve approximately 11,000 retail locations. These are Sunoco and partner-branded locations. Plus, the company distributes over 15 billion gallons annually. This goes to independent dealers and commercial customers. Also, Q4 2025 capital expenditures totaled $233 million. This included $130 million for growth projects.
Sunoco Q4 2025 Earnings: Key Takeaways
Sunoco LP delivered strong Q4 2025 results. This came on the back of the Parkland acquisition. Revenue nearly doubled year-over-year to $8.6 billion. Plus, adjusted EBITDA surged to $706 million. This was up 61% from the prior year quarter. All four business segments contributed positively. In fact, the company maintained its long-term leverage target. So, it increased distributions. Yet, management continues to prioritize capital allocation discipline. Also, management focuses on distribution growth and infrastructure investment.
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