---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-279017"
form_type: "8-K"
ticker: "SPH"
cik: "0001005210"
company_name: "SUBURBAN PROPANE PARTNERS LP"
filed_at: "2025-11-13T23:59:59+00:00"
generated_at: "2026-05-16T20:05:35.954797+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Suburban Propane FY2025 net income $106.6M ($1.64/unit); Adjusted EBITDA up 11.2% to $278M

## Summary
- Net income $106.6M ($1.64/unit) vs $74.2M ($1.15/unit) prior year; Q4 net loss $35.1M ($0.53/unit) vs $44.6M loss prior year.
- Adjusted EBITDA $278M (+11.2%); retail propane gallons sold 400.5M (+5.9%).
- Acquired propane businesses in NM/AZ for ~$53M; post-year-end CA acquisitions for $24M.
- Leverage ratio improved to 4.29x from 4.76x; quarterly distribution $0.325/unit ($1.30 annualized).
- Launched ATM equity program raising $23.5M net proceeds from 1.3M units; RNG expansion continues.

## SEC filing metadata
- accession: 0001193125-25-279017
- form_type: 8-K
- ticker: SPH
- cik: 0001005210
- company_name: SUBURBAN PROPANE PARTNERS LP
- filed_at: 2025-11-13T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- 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/1005210/000119312525279017/0001193125-25-279017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1005210/000119312525279017/sph-20251113.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-279017
- JSON: https://secwatch.observer/filing/0001193125-25-279017.json
- Plain text: https://secwatch.observer/filing/0001193125-25-279017.txt

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