Revenue growth reached 106.4% in 2026Q1, yet structural profitability remains elusive as gross margins have fluctuated significantly, peaking at 13.1% in the same period.
| 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 |
|---|
| Sales/Revenue | 30.71B | 25.2B | 22.69B | 23.07B | 25.73B | 17.6B | 10.71B | 16.6B | 16.99B | 11.72B | 9.99B | 12.43B | 5.38B | 4.49B | 4.32B | 3.82B | 2.68B |
| Revenue Growth % | 37.27% | 11.05% | -1.63% | -10.34% | 46.22% | 64.3% | -35.47% | -2.34% | 44.96% | 17.39% | -19.66% | 130.95% | 19.8% | 3.96% | 13.11% | 42.35% | - |
| Cost of Goods Sold | 27.56B | 23.1B | 20.96B | 21.89B | 24.54B | 16.42B | 9.84B | 15.56B | 16.05B | 10.78B | 13.8B | 16.75B | 5.23B | 4.43B | 4.23B | 3.78B | 2.65B |
| COGS % of Revenue | - | 91.65% | 92.38% | 94.89% | 95.39% | 93.33% | 91.9% | 93.78% | 94.47% | 91.99% | 138.17% | 134.79% | 97.23% | 98.61% | 97.95% | 98.87% | 98.83% |
| Gross Profit | 3.15B | 2.1B | 1.73B | 1.18B | 1.19B | 1.17B | 867M | 1.03B | 940M | 939M | 980M | 1.71B | 148.97M | 62.28M | 44.47M | 36.93M | 31.33M |
| Gross Margin % | 10.26% | 8.35% | 7.62% | 5.11% | 4.61% | 6.67% | 8.1% | 6.22% | 5.53% | 8.01% | 9.81% | 13.72% | 2.77% | 1.39% | 1.03% | 0.97% | 1.17% |
| Gross Profit Growth % | - | 21.62% | 46.86% | -0.67% | 1.11% | 35.29% | -16.07% | 9.89% | 0.11% | -4.18% | -42.54% | 1044.92% | 139.21% | 40.04% | 20.41% | 17.89% | - |
| Operating Expenses | 1.66B | 1.18B | 939M | 543M | 508M | 424M | 450M | 569M | 595M | 710M | 835M | 1.37B | 71.87M | 21.02M | 20.72M | 25.84M | 16.51M |
| OpEx % of Revenue | - | 4.66% | 4.14% | 2.35% | 1.97% | 2.41% | 4.2% | 3.43% | 3.5% | 6.06% | 8.36% | 11.05% | 1.34% | 0.47% | 0.48% | 0.68% | 0.61% |
| Selling, General & Admin | 431M | 296M | 277M | 194M | 183M | 168M | 173M | 197M | 213M | 221M | 409M | 205M | 37.62M | 17.83M | 15.54M | 14.88M | 12.28M |
| SG&A % of Revenue | - | 1.17% | 1.22% | 0.84% | 0.71% | 0.95% | 1.62% | 1.19% | 1.25% | 1.89% | 4.1% | 1.65% | 0.7% | 0.4% | 0.36% | 0.39% | 0.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 879M | 662M | 349M | 325M | 256M | 277M | 372M | 382M | 489M | 426M | 1.17B | 34.25M | 3.19M | 5.18M | 10.96M | 4.23M |
| Operating Income | 1.5B | 929M | 791M | 635M | 678M | 749M | 417M | 464M | 345M | 229M | 145M | 252M | 77.1M | 41.26M | 23.75M | 17.18M | 14.74M |
| Operating Margin % | 4.87% | 3.69% | 3.49% | 2.75% | 2.64% | 4.26% | 3.89% | 2.8% | 2.03% | 1.95% | 1.45% | 2.03% | 1.43% | 0.92% | 0.55% | 0.45% | 0.55% |
| Operating Income Growth % | - | 17.45% | 24.57% | -6.34% | -9.48% | 79.62% | -10.13% | 34.49% | 50.65% | 57.93% | -42.46% | 226.86% | 86.85% | 73.71% | 38.24% | 16.6% | - |
| EBITDA | 2.31B | 1.62B | 1.16B | 822M | 871M | 926M | 606M | 647M | 527M | 398M | 321M | 402M | 104.05M | 49.95M | 30.78M | 23.27M | 19.51M |
| EBITDA Margin % | 7.51% | 6.42% | 5.11% | 3.56% | 3.39% | 5.26% | 5.66% | 3.9% | 3.1% | 3.4% | 3.21% | 3.23% | 1.93% | 1.11% | 0.71% | 0.61% | 0.73% |
| EBITDA Growth % | 81.59% | 39.52% | 41% | -5.63% | -5.94% | 52.81% | -6.34% | 22.77% | 32.41% | 23.99% | -20.15% | 286.34% | 108.32% | 62.26% | 32.28% | 19.3% | - |
| D&A (Non-Cash Add-back) | 813M | 688M | 368M | 187M | 193M | 177M | 189M | 183M | 182M | 169M | 176M | 150M | 26.95M | 8.69M | 7.03M | 6.09M | 4.77M |
| EBIT | 1.67B | 1.13B | 658M | 642M | 677M | 710M | 406M | 464M | 239M | 230M | -544M | 253M | 74.61M | 40.82M | 23.54M | 17.05M | 14.78M |
| Net Interest Income | -621M | -541M | -391M | -217M | -182M | -156M | -175M | -173M | -144M | -209M | -161M | -67M | -14.33M | -3.47M | -809K | -324K | -284K |
| Interest Income | 0 | 0 | 13M | 3M | 1M | 0 | 2M | 2M | 3M | 0 | 3M | 2M | 139K | 0 | 233K | 88K | 48K |
| Interest Expense | 621M | 541M | 404M | 220M | 183M | 156M | 177M | 175M | 147M | 209M | 164M | 65M | 14.47M | 3.47M | 1.04M | 412K | 332K |
| Other Income/Expense | -431M | -340M | 258M | -205M | -177M | -195M | -181M | -168M | -253M | -209M | -161M | -170M | -16.96M | -3.79M | -1.15M | -545K | -284K |
| Pretax Income | 1.06B | 589M | 1.05B | 430M | 501M | 554M | 236M | 296M | 92M | 20M | -16M | 82M | 60.14M | 37.47M | 22.6M | 16.64M | 14.45M |
| Pretax Margin % | 3.46% | 2.34% | 4.62% | 1.86% | 1.95% | 3.15% | 2.2% | 1.78% | 0.54% | 0.17% | -0.16% | 0.66% | 1.12% | 0.83% | 0.52% | 0.44% | 0.54% |
| Income Tax | 138M | 62M | 175M | 36M | 26M | 30M | 24M | -17M | 34M | -306M | -72M | 29M | 2.35M | 440K | 5.03M | 6.04M | 5.24M |
| Effective Tax Rate % | 12.98% | 10.53% | 16.68% | 8.37% | 5.19% | 5.42% | 10.17% | -5.74% | 36.96% | -1530% | 450% | 35.37% | 3.91% | 1.17% | 22.27% | 36.3% | 36.23% |
| Net Income | 835M | 527M | 716M | 311M | 397M | 446M | 135M | 235M | -207M | 149M | -406M | 190.25M | 56.74M | 37.03M | 17.57M | 10.6M | 9.22M |
| Net Margin % | 2.72% | 2.09% | 3.16% | 1.35% | 1.54% | 2.53% | 1.26% | 1.42% | -1.22% | 1.27% | -4.07% | 1.53% | 1.05% | 0.82% | 0.41% | 0.28% | 0.34% |
| Net Income Growth % | 21.19% | -26.4% | 130.23% | -21.66% | -10.99% | 230.37% | -42.55% | 213.53% | -238.93% | 136.7% | -313.4% | 235.29% | 53.25% | 110.74% | 65.79% | 15% | - |
| Net Income (Continuing) | 925M | 527M | 874M | 394M | 475M | 524M | 212M | 313M | 58M | 326M | 56M | 53M | 57.79M | 37.03M | 17.57M | 10.6M | 9.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -265M | -177M | -462M | 38M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.72B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.18M | -5.64M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.07 | 3.66 | 6.00 | 3.65 | 4.68 | 5.28 | 1.61 | 2.81 | -2.44 | 0.35 | -4.34 | 1.09 | 1.41 | 1.69 | 0.80 | 0.48 | 0.42 |
| EPS Growth % | -20% | -39% | 64.38% | -22.01% | -11.36% | 227.95% | -42.7% | 215.16% | -797.14% | 108.06% | -498.17% | -22.7% | -16.57% | 111.25% | 66.67% | 14.29% | - |
| EPS (Basic) | - | 3.68 | 6.04 | 3.70 | 4.74 | 5.35 | 1.63 | 2.84 | -2.46 | 1.50 | -4.34 | 1.09 | 1.41 | 1.69 | 0.80 | 0.48 | 0.42 |
| Diluted Shares Outstanding | 137.55M | 137.2M | 119.34M | 85.09M | 84.8M | 84.44M | 83.72M | 83.55M | 84.82M | 99.73M | 93.6M | 50.29M | 35.04M | 21.9M | 21.88M | 21.88M | 21.88M |
| Basic Shares Outstanding | 136.89M | 136.49M | 118.53M | 84.08M | 83.76M | 83.37M | 83.06M | 82.76M | 84.3M | 99.27M | 93.58M | 50.26M | 35.04M | 21.9M | 21.88M | 21.88M | 21.88M |
| Dividend Payout Ratio | - | 124.67% | 79.05% | 119.29% | 90.43% | 80.04% | 262.22% | 150.21% | - | 289.26% | - | 170.3% | 91.55% | 106.95% | 1176.17% | - | - |
Commodity Price Volatility Exposure
According to the most recent quarterly financial data, Sunoco LP experienced a significant revenue acceleration, with top-line figures reaching $10.7 billion in 2026Q1, representing a 106.4% year-over-year increase that warrants careful scrutiny regarding the sustainability of such rapid, non-linear growth in fuel distribution volumes.
The dramatic revenue spike in 2026Q1 appears to be an outlier compared to the preceding quarters, which showed significant contraction and volatility. Investors should investigate whether this growth is driven by organic volume expansion or temporary pricing anomalies, as the partnership's historical performance suggests a high sensitivity to commodity price cycles.
As reported in the partnership's income statements, gross margins have fluctuated significantly, peaking at 13.1% in 2026Q1, yet the historical trend suggests that Sunoco LP struggles to maintain consistent profitability due to the pass-through nature of its wholesale fuel distribution business model.
The variability in gross margins indicates that the partnership remains highly susceptible to the timing of fuel price adjustments relative to procurement costs. While the 2026Q1 margin expansion is notable, it may not represent a permanent shift in pricing power, but rather a favorable short-term environment for fuel spreads.
Based on the provided income statement data, operating income reached $866 million in 2026Q1, yet the erratic nature of SG&A expenses, which spiked to $155 million in the same period, suggests that Sunoco LP has yet to achieve a stable, scalable operating leverage profile.
The lack of a consistent relationship between gross profit growth and operating income suggests that overhead costs are not scaling efficiently with revenue. This inconsistency implies that management may be facing integration challenges or rising operational costs that could constrain future profitability if not effectively managed.
Financial filings indicate that net income has been highly erratic, swinging from a $126 million loss in 2023Q4 to a $605 million profit in 2026Q1, which suggests that headline earnings are heavily influenced by non-operating items and commodity hedging activities rather than core operational performance.
The significant variance in EPS, ranging from a loss of $1.50 to a gain of $3.38, highlights the difficulty in relying on GAAP net income to assess the partnership's true earning power. Analysts should prioritize adjusted metrics that strip out the impact of derivative instruments to better understand the underlying cash-generating capability.
While 2026Q1 results show strong profitability, a critical review of the income statement history reveals that Sunoco LP's performance is prone to sharp reversals, suggesting that the current earnings profile may be unsustainable if fuel spreads compress or if volume growth fails to materialize.
Short-term spikes in profitability often coincide with periods of high commodity price volatility, which may not be repeatable. Investors should remain cautious, as the partnership's reliance on wholesale fuel distribution leaves it vulnerable to structural demand declines and the potential for margin compression in a less favorable pricing environment.
Quick answers to the most common questions about buying SUN stock.
For fiscal year 2025, Sunoco LP (SUN) reported total revenue of $25.20B. This represents a 839.0% increase compared to $2.68B in 2010.
Sunoco LP (SUN) is profitable, generating $527.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.1%.
Sunoco LP (SUN) reported an operating income of $929.0M, resulting in an operating profit margin of 3.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Sunoco LP (SUN) generated $2.10B in gross profit for the year, representing a gross profit margin of 8.3%. This demonstrates the company's core pricing power and production efficiency.