Suburban Propane Partners LP (SPH) financial statements
Suburban Propane Partners LP reported revenue of $1.4B in fiscal 2025, up 3.6% a year over 9 years.
Net income was $107M and the operating margin 14.4%, against 8.6% in 2016.
Free cash flow was $114M.
The diluted share count rose 7% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Suburban Propane Partners LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.2B | $1.3B | $1.3B | $1.1B | $1.3B | $1.5B | $1.4B | $1.3B | $1.4B |
| Cost of revenue | $362M | $477M | $593M | $522M | $383M | $485M | $712M | $590M | $522M | $564M |
| Gross profit | $684M | $711M | $752M | $746M | $725M | $803M | $789M | $839M | $805M | $869M |
| Selling, general and admin | $61M | $57M | $66M | $71M | $66M | $74M | $82M | $92M | $90M | $96M |
| Operating income | $90M | $129M | $158M | $151M | $140M | $213M | $206M | $207M | $171M | $206M |
| Interest expense | $75M | $75M | $77M | $77M | $75M | $68M | $61M | $73M | $75M | $76M |
| Pre-tax income | $15M | $38M | $76M | $69M | $61M | $124M | $140M | $124M | $75M | $108M |
| Income tax | $588,000 | $459,000 | -$606,000 | $857,000 | -$146,000 | $1M | $429,000 | $668,000 | $734,000 | $1M |
| Net income | $14M | $38M | $77M | $69M | $61M | $123M | $140M | $124M | $74M | $107M |
| EPS (diluted) | $0.24 | $0.62 | $1.24 | $1.10 | $0.97 | $1.94 | $2.18 | $1.92 | $1.14 | $1.62 |
| Diluted shares | 61M | 62M | 62M | 62M | 63M | 63M | 64M | 64M | 65M | 66M |
| Gross margin | 65.4% | 59.9% | 55.9% | 58.8% | 65.4% | 62.3% | 52.6% | 58.7% | 60.7% | 60.6% |
| Operating margin | 8.6% | 10.8% | 11.8% | 11.9% | 12.7% | 16.5% | 13.7% | 14.5% | 12.9% | 14.4% |
| Net margin | 1.4% | 3.2% | 5.7% | 5.4% | 5.5% | 9.5% | 9.3% | 8.7% | 5.6% | 7.4% |
Balance sheet
Fiscal years, from Suburban Propane Partners LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $37M | $3M | $5M | $2M | $3M | $6M | $4M | $4M | $3M | $405,000 |
| Receivables | $54M | $66M | $71M | $59M | $55M | $71M | $79M | $68M | $66M | $69M |
| Inventory | $45M | $53M | $59M | $45M | $47M | $62M | $67M | $62M | $55M | $74M |
| Total current assets | $147M | $139M | $158M | $123M | $116M | $180M | $175M | $164M | $158M | $166M |
| Property, plant and equipment | $742M | $693M | $649M | $627M | $597M | $569M | $564M | $646M | $654M | $691M |
| Goodwill | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.2B |
| Total assets | $2.3B | $2.2B | $2.1B | $2.0B | $2.0B | $2.1B | $2.1B | $2.3B | $2.3B | $2.3B |
| Total current liabilities | $205M | $210M | $219M | $216M | $245M | $287M | $307M | $308M | $306M | $303M |
| Long-term debt | $1.2B | $1.3B | $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B |
| Total liabilities | $1.6B | $1.6B | $1.6B | $1.6B | $1.7B | $1.6B | $1.6B | $1.7B | $1.7B | $1.7B |
| Net debt | $1.2B | $1.3B | $1.2B | $1.2B | $1.2B | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B |
Cash flow
Fiscal years, from Suburban Propane Partners LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $157M | $164M | $210M | $227M | $209M | $227M | $221M | $225M | $161M | $186M |
| Capital spending | $38M | $28M | $33M | $35M | $32M | $30M | $44M | $45M | $59M | $72M |
| Free cash flow | $119M | $136M | $178M | $192M | $177M | $197M | $176M | $180M | $101M | $114M |
| Net borrowing | $0 | $350M | $0 | $0 | $0 | -$136M | $0 | $0 | — | — |
| Free cash flow margin | 11.4% | 11.4% | 13.2% | 15.1% | 16.0% | 15.3% | 11.7% | 12.6% | 7.6% | 8.0% |
Questions
What was Suburban Propane Partners LP's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Suburban Propane Partners LP generate?
$114M in fiscal 2025 (operating cash flow minus capital spending).
From Suburban Propane Partners LP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.