---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-017478"
form_type: "8-K"
ticker: "SPH"
cik: "0001005210"
company_name: "SUBURBAN PROPANE PARTNERS LP"
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T19:09:41.914154+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Q2 net income drops 40% to $104.5M; RNG platform acquired for $190M

## Summary
- Net income $104.5M ($1.63/unit) vs $175.1M ($2.77/unit) in prior year; adjusted EBITDA $149.0M vs $172.5M.
- Retail propane gallons down 9.4% to 144.1M; temperatures 12% warmer than normal driving lower demand.
- Acquired RNG assets from Equilibrium Capital for $190M, including facilities in AZ and OH and $155M JV.
- Consolidated leverage ratio increased to 4.43x; quarterly distribution maintained at $0.325/unit ($1.30 annualized).
- Operating expenses up 7.1% due to payroll, vehicle fuel, and acquisition costs; gross margin down 5.3% ex-MTM.

## SEC filing metadata
- accession: 0000950170-23-017478
- form_type: 8-K
- ticker: SPH
- cik: 0001005210
- company_name: SUBURBAN PROPANE PARTNERS LP
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1005210/000095017023017478/0000950170-23-017478-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1005210/000095017023017478/sph-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-017478
- JSON: https://secwatch.observer/filing/0000950170-23-017478.json
- Plain text: https://secwatch.observer/filing/0000950170-23-017478.txt

## Key facts
- Earnings Releases
  SUBURBAN PROPANE PARTNERS LP reported second quarter ended March 25, 2023 results: net income $104.5 million, EPS $1.63 per Common Unit.
  - Period: second quarter ended March 25, 2023
  - Net income: $104.5 million
  - EPS: $1.63 per Common Unit
  - Result: reported results
  source text: Net income for the second quarter of fiscal 2023 was $104.5 million, or $1.63 per Common Unit, compared to $175.1 million, or $2.77 per Common Unit, in the fiscal 2022 second quarter.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1005210/000095017023017478/0000950170-23-017478-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.