Suburban Propane Partners, L.P.
suburbanpropane.comWhat Do They Do?
Distributes propane and other fuels, and installs and services home comfort equipment for residential, commercial and industrial customers.
10-K for FY2025, filed Nov 26, 2025Suburban Propane Partners, L.P. (the “Partnership”), a publicly traded Delaware limited partnership, is a nationwide marketer and…View ↗
We distribute propane and renewable propane through a nationwide retail distribution network consisting of approximately 750 locations in…View ↗
The propane segment is primarily engaged in the retail distribution of propane and renewable propane to residential, commercial…View ↗
The fuel oil and refined fuels segment is primarily engaged in the retail distribution of fuel oil, diesel, kerosene and gasoline to…View ↗
How Do They Make Money?
Customers generally pay for propane, fuel oil, and refined fuels when they receive delivery; appliance and equipment sales are paid at sale or after installation, and service work when completed. Tank rentals and maintenance contracts are paid over their term, while natural gas and electricity customers pay for the amount they use.
10-K for FY2025, filed Nov 26, 2025Revenue is recognized by the Partnership when goods or services promised in a contract with a customer have been transferred, and no…View ↗
The Partnership defers the recognition of revenue for annually billed tank rent, maintenance service contracts, fixed price contracts and…View ↗
The Partnership incurs incremental direct costs, such as commissions to its salesforce, to obtain certain contracts. These costs are…View ↗
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10-K for FY2025, filed Nov 26, 2025
FY2025 revenue by product or service ↗
$1.4B
-
10-K for FY2025, filed Nov 26, 2025
$1.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Propane
Sold outright
10-K for FY2025, filed Nov 26, 2025 |
88%
FY2022: 87%
|
Propane, FY2025
$1.3B Sources
|
Sold outright |
|
Fuel Oil and Refined Fuels
Sold outright
|
4.7%
FY2022: 6.3%
|
Fuel Oil and Refined Fuels, FY2025
$67.4M Sources
|
Sold outright |
|
Natural Gas and Electricity
Usage-based
|
1.7%
FY2022: 2.6%
|
Natural Gas and Electricity, FY2025
$24.6M Sources
|
Usage-based |
|
All Other
Sold outright
|
5.2%
FY2022: 3.6%
|
All Other, FY2025
$75.1M Sources
|
Sold outright |
Who Are Their Customers?
Residential, commercial, industrial, government, and agricultural customers buy propane through the Partnership’s retail network; residential and commercial customers also buy fuel oil and refined fuels. Natural gas and electricity are marketed to residential and commercial customers in deregulated markets.
10-K for FY2025, filed Nov 26, 2025We sell propane primarily to seven customer markets: residential, commercial, industrial (including engine fuel), government, agricultural…View ↗
The propane segment is primarily engaged in the retail distribution of propane and renewable propane to residential, commercial…View ↗
The fuel oil and refined fuels segment is primarily engaged in the retail distribution of fuel oil, diesel, kerosene and gasoline to…View ↗
The natural gas and electricity segment is engaged in the marketing of natural gas and electricity to residential and commercial customers…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.
10-K for FY2025, filed Nov 26, 2025
$206.3MView ↗
10-K for FY2025, filed Nov 26, 2025
$106.6MView ↗
10-K for FY2025, filed Nov 26, 2025
$114.3MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Aug 6, 2026
−$17.5MView ↗
- ▲ +18% (Loss)
- vs −$14.8M in Q3 FY2025
10-Q for Q3 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 6, 2026
Placed a new Upstate New York renewable natural gas facility into service
The company said it expects to bring its Columbus, Ohio facility into service during the fourth quarter.
Sources
8-K, filed Aug 6, 2026
Mr. Stivala continued, “In our renewable natural gas (“RNG”) operations, average daily RNG injection for the third quarter was flat…View ↗
Growing. Revenue grew 11% in 4 years, from $1.3B in FY2021 to $1.4B in FY2025, about 3% a year.
Renewable natural gas production
The latest report describes an acquired operating renewable natural gas platform, an operating food-waste facility, and a developing project to upgrade biogas for sale; the older report described investments in low-carbon fuels and an agreement to build a biodigester.
10-K for FY2022, filed Nov 23, 2022 10-K for FY2025, filed Nov 26, 2025
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