---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-061537"
form_type: "8-K"
ticker: "SPH"
cik: "0001005210"
company_name: "SUBURBAN PROPANE PARTNERS LP"
filed_at: "2023-11-09T23:59:59+00:00"
generated_at: "2026-06-08T05:59:48.736292+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Suburban Propane FY2023 net income falls to $1.94/unit; RNG capacity targets 850K MMBtus/year

## Summary
- Net income $123.8M ($1.94/unit) vs $139.7M ($2.21/unit) in FY2022; Adjusted EBITDA $275M vs $291M.
- Retail propane gallons down 1.2% to 396.4M; weather 8% warmer than normal with near-record warmth in Jan-Feb.
- Gross margins $839M, up 6.3% YoY; ex mark-to-market up 3.1% on higher unit margins and RNG contribution.
- Closed $190M RNG asset acquisition from Equilibrium in Dec 2022; run-rate capacity ~850K MMBtus/year expected by FY2025.
- Quarterly distribution $0.325/unit declared, unchanged annualized $1.30/unit; leverage ratio 4.28x.

## SEC filing metadata
- accession: 0000950170-23-061537
- form_type: 8-K
- ticker: SPH
- cik: 0001005210
- company_name: SUBURBAN PROPANE PARTNERS LP
- filed_at: 2023-11-09T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1005210/000095017023061537/0000950170-23-061537-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1005210/000095017023061537/sph-20231109.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-061537
- JSON: https://secwatch.observer/filing/0000950170-23-061537.json
- Plain text: https://secwatch.observer/filing/0000950170-23-061537.txt

## Key facts
- Earnings Releases
  SUBURBAN PROPANE PARTNERS LP reported Fiscal 2023 Full Year and Fourth Quarter results: net income $123.8 million, EPS $1.94 per Common Unit.
  - Period: Fiscal 2023 Full Year and Fourth Quarter
  - Net income: $123.8 million
  - EPS: $1.94 per Common Unit
  - Result: reported results
  source text: Net income for fiscal 2023 was $123.8 million, or $1.94 per Common Unit, compared to $139.7 million, or $2.21 per Common Unit, in fiscal 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1005210/000095017023061537/0000950170-23-061537-index.htm

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