Cash flow conversion remains highly erratic, with the operating cash flow to net income ratio swinging from a negative 5.89 in 2024Q3 to a positive 5.40 in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | 1.5B | 1.19B | 549M | 600M | 561M | 543M | 502M | 435M | -37M | 439M | 561M | 438.62M | 50.68M | 50.68M | 16.49M | 14.26M | 17.06M |
| Operating CF Margin % | - | 4.73% | 2.42% | 2.6% | 2.18% | 3.09% | 4.69% | 2.62% | -0.22% | 3.74% | 5.62% | 3.53% | 0.94% | 1.13% | 0.38% | 0.37% | 0.64% |
| Operating CF Growth % | 962.1% | 117.12% | -8.5% | 6.95% | 3.31% | 8.17% | 15.4% | 1275.68% | -108.43% | -21.75% | 27.9% | 765.47% | 0% | 207.38% | 15.6% | -16.39% | - |
| Net Income | 835M | 527M | 874M | 394M | 475M | 524M | 212M | 313M | -207M | 149M | -406M | 194.07M | 57M | 37.03M | 17.57M | 10.6M | 9.22M |
| Depreciation & Amortization | 818M | 688M | 368M | 187M | 193M | 177M | 189M | 183M | 182M | 169M | 319M | 278.31M | 96M | 8.69M | 7.03M | 6.09M | 4.77M |
| Stock-Based Compensation | 16M | 19M | 17M | 17M | 14M | 16M | 14M | 13M | 12M | 24M | 13M | 7.98M | 10M | 1.94M | 101K | 0 | 0 |
| Deferred Taxes | 62M | 38M | -14M | 13M | 28M | 10M | 5M | 6M | 6M | -308M | -31M | 35.98M | -925K | 70K | 2.43M | 1.25M | -1.53M |
| Other Non-Cash Items | -111M | 301M | -496M | 110M | -15M | -165M | 99M | -9M | 0 | 418M | 691M | 2.83M | -123.59M | 705K | 443K | 221K | 86K |
| Working Capital Changes | -149M | -381M | -200M | -121M | -134M | -19M | -17M | -71M | -30M | -13M | -25M | -79M | 12.19M | 2.26M | -11.09M | -3.9M | 4.51M |
| Change in Receivables | 81M | 212M | -212M | 29M | -312M | -231M | 105M | -44M | 201M | -132M | -215M | -15M | 51.88M | -6.42M | -57.74M | -12.66M | 7.16M |
| Change in Inventory | -737M | -275M | 86M | -182M | -172M | 38M | -45M | 26M | -11M | 21M | -91M | -50M | -6.07M | -7.78M | -7.91M | -1.09M | 853K |
| Change in Payables | 199M | -126M | 357M | -40M | 440M | 276M | -156M | 26M | -138M | 53M | 291M | -23M | -48.3M | 9.69M | 93.19M | 18.47M | -4.11M |
| Cash from Investing | -3.15B | -2.81B | 477M | -288M | -464M | -387M | -120M | -164M | 2.74B | -170M | -3.02B | -2.45B | 6.36M | 6.36M | -190.95M | -19.15M | -13.9M |
| Capital Expenditures | -675M | -577M | -344M | -215M | -186M | -174M | -124M | -148M | -105M | -142M | -490M | -551.54M | -243M | -116.25M | -44.01M | -19.44M | -13.96M |
| CapEx % of Revenue | 2.2% | 2.29% | 1.52% | 0.93% | 0.72% | 0.99% | 1.16% | 0.89% | 0.62% | 1.21% | 4.91% | 4.44% | 4.52% | 2.59% | 1.02% | 0.51% | 0.52% |
| Acquisitions | -2.21B | -2B | 790M | -111M | -318M | -256M | -20M | -46M | -401M | 0 | -2.54B | -1.92B | -803M | 113.59M | 41.49M | 285K | 66K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -249M | -226M | 31M | 38M | 40M | 43M | 24M | 30M | 3.24B | -28M | 17M | 15.77M | 1.05B | -113.29M | -40.17M | 0 | 0 |
| Cash from Financing | 2.19B | 2.41B | -961M | -365M | -40M | -228M | -306M | -306M | -2.68B | -339M | 2.5B | 1.95B | -55.64M | -55.64M | 180.97M | 381K | 1.14M |
| Debt Issued (Net) | 1.42B | 1.6B | 416M | 11M | 319M | 129M | 48M | 53M | -1.31B | -240M | 2.58B | 1.18B | 491.77M | -16.82M | 183.73M | -21K | 1.14M |
| Equity Issued (Net) | 1.47B | 1.47B | -784M | 0 | 0 | 0 | 0 | 0 | -843M | 333M | 132M | 899M | 405.1M | 0 | 206.15M | 0 | 0 |
| Dividends Paid | -498M | -657M | -566M | -371M | -359M | -357M | -354M | -353M | -383M | -431M | -436M | -324M | -51.95M | -39.6M | -206.65M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -540M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -198M | 0 | -27M | -5M | 0 | 0 | 0 | -6M | -143M | -1M | 228M | 198M | -900.56M | 784K | -2.26M | 402K | 0 |
| Net Change in Cash | 546M | 797M | 65M | -53M | 57M | -72M | 76M | -35M | 28M | -75M | 46M | -63.95M | 1.4M | 1.4M | 6.51M | -4.51M | 4.3M |
| Free Cash Flow | 828M | 615M | 205M | 385M | 375M | 369M | 378M | 287M | -142M | 297M | 71M | -112.92M | 110M | -65.57M | -27.52M | -5.17M | 3.1M |
| FCF Margin % | 2.7% | 2.44% | 0.9% | 1.67% | 1.46% | 2.1% | 3.53% | 1.73% | -0.84% | 2.53% | 0.71% | -0.91% | 2.04% | -1.46% | -0.64% | -0.14% | 0.12% |
| FCF Growth % | 7427.27% | 200% | -46.75% | 2.67% | 1.63% | -2.38% | 31.71% | 302.11% | -147.81% | 318.31% | 162.88% | -202.65% | 267.76% | -138.28% | -431.75% | -267.21% | - |
| FCF per Share | 6.02 | 4.48 | 1.72 | 4.52 | 4.42 | 4.37 | 4.52 | 3.43 | -1.67 | 2.98 | 0.76 | -2.25 | 3.14 | -2.99 | -1.26 | -0.24 | 0.14 |
| FCF Conversion (FCF/Net Income) | 0.99x | 2.26x | 0.77x | 1.93x | 1.41x | 1.22x | 3.72x | 1.85x | 0.18x | 2.95x | -1.38x | 2.31x | 0.89x | 1.37x | 0.94x | 1.35x | 1.85x |
| Interest Paid | 0 | 0 | 339M | 202M | 176M | 174M | 0 | 161M | 140M | 0 | 0 | 60M | 0 | 3.36M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 135M | 29M | 30M | 14M | 0 | 38M | 501M | 0 | 0 | 51M | 0 | 18K | 0 | 0 | 0 |
Volatile Cash Flow Conversion
As reported in recent financial statements, Sunoco LP's operating cash flow to net income ratio has fluctuated wildly, ranging from a negative 5.89 in 2024Q3 to a positive 5.40 in 2025Q2, indicating that headline earnings are frequently decoupled from actual cash generation capabilities.
The extreme variance in the OCF/NI ratio suggests that non-cash items, particularly commodity hedging gains and losses, significantly distort the partnership's reported profitability. Investors should interpret these swings as a signal that net income is an unreliable proxy for the cash available to support distributions.
Based on the provided cash flow data, Sunoco LP's free cash flow trajectory remains inconsistent, with margins oscillating between a negative 2.3% in 2024Q2 and a peak of 4.5% in 2024Q1, reflecting the inherent instability of the partnership's cash-generating model across different quarters.
The inability to maintain a stable FCF margin suggests that the partnership's core operations are highly sensitive to external market conditions rather than internal efficiency gains. This volatility warrants further investigation into whether the current distribution levels are supported by sustainable cash flow or temporary working capital shifts.
According to the partnership's historical filings, capital expenditures have trended upward, reaching $199 million in 2026Q1, which appears to align with the firm's strategic transition toward acquiring midstream terminal assets to diversify its revenue base away from pure fuel distribution.
While increased spending on terminal assets may provide long-term fee-based stability, the current capital intensity relative to revenue suggests that the partnership is in a heavy investment phase. Analysts should monitor whether these capital outlays yield the expected returns on invested capital or merely serve to maintain aging infrastructure.
As indicated by the quarterly cash flow data, Sunoco LP experiences significant working capital volatility, including a notable $232 million outflow in 2025Q1, which suggests that the partnership's cash position is frequently impacted by the timing of fuel inventory purchases and dealer payment cycles.
These large, periodic swings in working capital indicate that the partnership's cash flow is highly susceptible to commodity price fluctuations and the resulting inventory valuation adjustments. This dynamic makes it difficult to forecast short-term liquidity, necessitating a focus on normalized cash flow metrics rather than quarterly snapshots.
Quick answers to the most common questions about buying SUN stock.
Sunoco LP (SUN) generated $1.19B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sunoco LP (SUN) generated $615.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Sunoco LP (SUN) spent $577.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Sunoco LP (SUN) returned $657.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.