Sunoco Posts Record Q4 EBITDA of $706M but EPS Falls Short
Sunoco reported Q4 adjusted EBITDA of $706 million (excluding ~$60 million of one-time costs) and full-year adjusted EBITDA of $2.12 billion, up 36%, while net income of $97 million and adjusted EPS of $0.09 fell short of forecasts. The company raised its distribution 1.25% to $0.9317 per unit and reiterated 2026 adjusted EBITDA guidance of $3.1–$3.3 billion.
1. Q4 Financial Performance
Sunoco reported Q4 adjusted EBITDA of $706 million excluding approximately $60 million of one-time transaction costs. Revenue reached $8.6 billion, net income totaled $97 million and adjusted EPS came in at $0.09, missing consensus forecasts.
2. Full-Year Results and Leverage
For full-year 2025, Sunoco delivered record adjusted EBITDA of $2.12 billion, a 36% increase driven by Parkland integration and base business growth. The partnership ended the year with leverage around 4x and $2.5 billion available under its revolving credit facility.
3. Distribution Growth and Coverage
The board declared a quarterly distribution of $0.9317 per common unit, a 1.25% increase and the fifth consecutive raise. The trailing 12-month distribution coverage ratio stood at 1.9x, underpinning management’s multi-year target of at least 5% annual distribution growth.
4. 2026 Outlook and Integration
Sunoco reaffirmed 2026 adjusted EBITDA guidance of $3.1–$3.3 billion, expects to capture at least $125 million of its $250 million synergy target, allocate $400–$450 million to maintenance capex and pursue $600 million in quick-return projects. The company added a new refining segment and consolidated SunocoCorp LLC reporting following the Parkland acquisition.