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SPH on NYSE

SUBURBAN PROPANE PARTNERS LP

American retail-miscellaneous retail company based in Whippany2

In its 2025 annual report the company says: “We specialize in the distribution of propane, renewable propane, renewable natural gas, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets and production of and investing in low-carbon fuel alternatives.”7 Its shares trade on NYSE under the symbol SPH.2

$17.14 up 0.12 (0.71%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

$1.4BRevenue, fiscal 20254
$106.6MNet income, fiscal 20254

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  • TickerSPH on NYSE2
  • IndustryRetail-Miscellaneous Retail2
  • HeadquartersWhippany, United States2
  • Incorporated inDE5
  • Business addressP O Box 206, 240 Route 10 West, Wippany, Nj 079815
  • Filer categoryLarge accelerated filer5
  • Legal formLimited Partnership2
  • Kind of organizationLimited partnership2
  • LEIJJAX4X60DE65EYFOTY732
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 25649882

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Suburban Propane Partners, L.P. (the “Partnership”), a publicly traded Delaware limited partnership, is a nationwide marketer and distributor of a diverse array of products meeting the energy needs of our customers. We specialize in the distribution of propane, renewable propane, renewable natural gas (“RNG”), fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets and production of and investing in low-carbon fuel alternatives. In support of our core marketing and distribution operations, we install and service a variety of home comfort equipment, particularly in the areas of heating and ventilation. We believe, based on LP/Gas Magazine dated February 2025, that we are the third-largest retail marketer of propane in the United States, measured by retail gallons sold in calendar year 2024. As of September 27, 2025, we were serving the en…7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

14.4%Operating margin4
7.4%Net margin4
7.9%Revenue growth, 20254
$114.3MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Propane brought in 86% of the revenue SUBURBAN PROPANE PARTNERS LP broke down this way in fiscal 2025.

  1. Propane$1.3B486%up 10% from 2024
  2. Other Sales Revenue Net$75.1M45%down 3% from 2024
  3. Fuel Oil And Refined Fuels$67.4M45%down 9% from 2024
  4. Wholesale$39.9M43%up 39% from 2024
  5. Natural Gas And Electricity$24.6M42%down 5% from 2024
Products and services by year
Products and services202320242025
Propane$1.2B$1.2B$1.3B
Other Sales Revenue Net$73.8M$77.5M$75.1M
Fuel Oil And Refined Fuels$92.1M$73.8M$67.4M
Wholesale$26.8M$28.6M$39.9M
Natural Gas And Electricity$31.2M$25.9M$24.6M

Business segments

Propane brought in 88% of the revenue SUBURBAN PROPANE PARTNERS LP broke down this way in fiscal 2025.

  1. Propane$1.3B488%up 10% from 2024
  2. Other Operating$75.1M45%down 3% from 2024
  3. Fuel Oil And Refined Fuels$67.4M45%down 9% from 2024
  4. Natural Gas And Electricity$24.6M42%down 5% from 2024
Business segments by year
Business segments202320242025
Propane$1.2B$1.2B$1.3B
Other Operating$73.8M$77.5M$75.1M
Fuel Oil And Refined Fuels$92.1M$73.8M$67.4M
Natural Gas And Electricity$31.2M$25.9M$24.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue39¢$563.7M
  • Other costs48¢$684.6M
  • Interest5¢$76.3M
  • Income tax0¢$1.3M
  • Profit7¢$106.6M

Out of $1.4B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending39¢$72.0M
  • Kept or used elsewhere61¢$114.3M

Out of $186.3M of cash from operations.4

Financial statements

Revenue891011124$1.4B in 2025+7% since 2018
0$500.0M$1.0B$1.5B$2.0B2018: $1.3B$1.3B20182019: $1.3B$1.3B2019−6%2020: $1.1B$1.1B2020−13%2021: $1.3B$1.3B2021+16%2022: $1.5B$1.5B2022+17%2023: $1.4B$1.4B2023−5%2024: $1.3B$1.3B2024−7%2025: $1.4B$1.4B2025+8%
Operating income891011124$206.3M in 2025+31% since 2018
0$100.0M$200.0M$300.0M2018: $158.0M$158.0M20182019: $150.9M$150.9M2019−5%2020: $140.3M$140.3M2020−7%2021: $213.2M$213.2M2021+52%2022: $206.3M$206.3M2022−3%2023: $206.8M$206.8M2023+0%2024: $171.2M$171.2M2024−17%2025: $206.3M$206.3M2025+20%
Net income891011124$106.6M in 2025+39% since 2018
0$50.0M$100.0M$150.0M2018: $76.5M$76.5M20182019: $68.6M$68.6M2019−10%2020: $60.8M$60.8M2020−11%2021: $122.8M$122.8M2021+102%2022: $139.7M$139.7M2022+14%2023: $123.8M$123.8M2023−11%2024: $74.2M$74.2M2024−40%2025: $106.6M$106.6M2025+44%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-09-302024-09-302023-09-30
Total Revenues$1.4B$1.3B$1.4B
Cost of products sold$563.7M$522.2M$590.1M
Operating$494.1M$476.9M$478.1M
General and administrative$96.4M$89.9M$91.6M
Depreciation and amortization$72.0M$67.0M$62.6M
Total Expenses$1.2B$1.2B$1.2B
Operating income$206.3M$171.2M$206.8M
Loss on debt extinguishment$0$215.0K$0
Interest expense, net$76.3M$74.6M$73.4M
Other, net$22.1M$21.5M$9.0M
Income before provision for income taxes$107.9M$74.9M$124.4M
Provision for income taxes$1.3M$734.0K$668.0K
Net income$106.6M$74.2M$123.8M
Net income per Common Unit - basic$1.64$1.15$1.94
Weighted average number of Common Units outstanding - basic65.1M shares64.3M shares63.8M shares
Net income per Common Unit - diluted$1.62$1.14$1.92
Weighted average number of Common Units outstanding - diluted65.6M shares64.8M shares64.4M shares

Compare SUBURBAN PROPANE PARTNERS LP with another company

Corporate structure

SUBURBAN PROPANE PARTNERS LP sits at the top of its group. 14 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SUBURBAN PROPANE PARTNERS LP

  • ALPS ADVISORS INC Filed SCHEDULE 13G/A on SUBURBAN PROPANE PARTNERS LP, latest Oct 7, 2026 (10 filings since Feb 5, 2024)
  • Global X Management CO LLC Filed SCHEDULE 13G/A on SUBURBAN PROPANE PARTNERS LP, latest May 15, 2025 (2 filings since Nov 14, 2024)
  • Invesco Filed SC 13G/A on SUBURBAN PROPANE PARTNERS LP, latest Feb 8, 2023 (2 filings since Feb 10, 2022)
  • SUBURBAN PROPANE PARTNERS LP Whippany, New Jersey, United States
    • AGWAY ENERGY SERVICES, LLC Wilmington, Delaware, United States
    • SUBURBAN RENEWABLE ENERGY, LLC Whippany, New Jersey, United States
    • GAS CONNECTION, LLC Subsidiary · Oregon, United States
    • SUBURBAN ADK RNG, LLC Subsidiary · Delaware, United States
    • SUBURBAN ENERGY FINANCE CORP. Subsidiary · Delaware, United States
    • SUBURBAN FRANCHISING, LLC Subsidiary · Nevada, United States
    • SUBURBAN HEATING OIL PARTNERS, LLC Subsidiary · Wilmington, Delaware, United States
    • SUBURBAN HYDROGEN LOGISTICS, LLC Subsidiary · Delaware, United States
    • SUBURBAN HYDROGEN, LLC Subsidiary · Delaware, United States
    • SUBURBAN LP HOLDING, INC. Subsidiary · Delaware, United States
    • SUBURBAN PROPANE, L.P. Subsidiary · Whippany, New Jersey, United States
    • SUBURBAN PROPERTY HOLDINGS, LLC Subsidiary · Delaware, United States
    • SUBURBAN SALES & SERVICE, INC. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SUBURBAN PROPANE PARTNERS LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.7B4 Sep 27, 2025$1.6B4 Sep 28, 2024+5.7%
Accumulated depreciation$1.0B4 Sep 27, 2025$952.1M4 Sep 28, 2024+5.7%
Property and equipment, net$691.3M4 Sep 27, 2025$654.0M4 Sep 28, 2024+5.7%
Operating-lease assets (leased space)$119.0M4 Sep 27, 2025$140.2M4 Sep 28, 2024−15.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$405.0K4 Sep 27, 2025$3.2M4 Sep 28, 2024−87.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.2B4 Sep 27, 2025$1.2B4 Sep 28, 2024+0.6%
Finite-lived intangibles, gross$647.5M4 Sep 27, 2025$626.5M4 Sep 28, 2024+3.3%
Accumulated amortization$562.7M4 Sep 27, 2025$552.0M4 Sep 28, 2024+1.9%
Finite-lived intangibles, net$84.8M4 Sep 27, 2025$74.5M4 Sep 28, 2024+13.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$73.7M4 Sep 27, 2025$55.4M4 Sep 28, 2024+33.0%

Properties, in its own words

As of September 27, 2025, we owned approximately 75% of our customer service center and satellite locations and leased the balance of our retail locations from third parties. We own and operate a 22 million gallon refrigerated, above ground propane storage facility in Elk Grove, California. Additionally, we own our principal executive offices located in Whippany, New Jersey.

The transportation of propane requires specialized equipment. The trucks and railroad tank cars utilized for this purpose carry specialized steel tanks that maintain the propane in a liquefied state. As of September 27, 2025, we had a fleet of 18 transport truck tractors, of which we owned 11, and 33 railroad tank cars, of which we owned none. In addition, as of September 27, 2025 we had 1,107 bobtail and rack trucks, of which we owned 10%, 93 fuel oil tankwagons, of which we owned 16%, and 1,249 other delivery and service vehicles, of which we owned 23%. We lease the vehicles we do not own. As of September 27, 2025, we also owned approximately 829,000 customer propane storage tanks with typical capacities of 100 to 500 gallons, 55,000 customer propane storage tanks with typical capacities of over 500 gallons and 254,000 portable propane cylinders with typical capacities of five to ten gallons.

Item 2 of the 10-K filed Nov 26, 2025.7

Leadership

Who has led SUBURBAN PROPANE PARTNERS LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mark A. Alexander2006–2008
  2. Michael A. Stivala2015–now

President

  1. Michael A. Stivala2014–now

Chief financial officer

  1. Robert M. Plante2006–2007
  2. Michael A. Stivala2007–2013
  3. Michael Kuglin2014–now

Chief operating officer

  1. Mark Wienberg2014–2015
2010201520202025
Board members and other officers (42)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • AGWAY ENERGY SERVICES, LLC Delaware6
  • GAS CONNECTION, LLC Oregon6
  • SUBURBAN ADK RNG, LLC Delaware6
  • SUBURBAN ENERGY FINANCE CORP. Delaware6
  • SUBURBAN FRANCHISING, LLC Nevada6
  • SUBURBAN HYDROGEN LOGISTICS, LLC Delaware6
  • SUBURBAN HYDROGEN, LLC Delaware6
  • SUBURBAN LP HOLDING, INC. Delaware6
  • SUBURBAN LP HOLDING, LLC Delaware6
  • SUBURBAN PROPANE, L. P. Delaware6
  • SUBURBAN PROPERTY HOLDINGS, LLC Delaware6
  • SUBURBAN RENEWABLE ENERGY, LLC Delaware6
  • SUBURBAN SALES & SERVICE, INC. Delaware6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 6, 20268-K Results of operations64
  2. Jul 23, 20268-K Regulation FD disclosure; Other events65
  3. Jul 22, 20268-K Regulation FD disclosure; Other events66
  4. May 7, 20268-K Results of operations67
  5. Apr 23, 20268-K Regulation FD disclosure; Other events68
  6. Apr 22, 20268-K Regulation FD disclosure; Other events69
  7. Feb 5, 20268-K Results of operations70
  8. Jan 22, 20268-K Regulation FD disclosure; Other events71
  9. Jan 21, 20268-K Regulation FD disclosure; Other events72
  10. Dec 22, 20258-K Entered a material agreement; New debt or obligation; Other events73
  11. Dec 8, 20258-K Regulation FD disclosure74
  12. Dec 8, 20258-K Regulation FD disclosure75
  13. Nov 16, 2015New chief executive Michael A. Stivala becomes CEO17
  14. Oct 20, 2006New chief executive Mark A. Alexander becomes CEO18
  15. Dec 17, 1995Founded SUBURBAN PROPANE PARTNERS LP is founded2

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.62) a share, on Nov 13, 2025.76

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results64
  2. May 7, 2026Reported quarterly or annual results67
  3. Feb 5, 2026Reported quarterly or annual results70
  4. Nov 13, 2025Reported quarterly or annual results77
  5. Aug 7, 2025Reported quarterly or annual results78
  6. May 8, 2025Reported quarterly or annual results79
  7. Feb 6, 2025Reported quarterly or annual results80
  8. Nov 14, 2024Reported quarterly or annual results81

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

321 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 73 major events, 175 insider forms, 14 large holders, 39 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13G/A EDGAR
  2. Sep 29, 2026144 EDGAR
  3. Sep 29, 20264 PRIMARY DOCUMENT EDGAR
  4. Sep 29, 20265 PRIMARY DOCUMENT EDGAR
  5. Sep 10, 2026SCHEDULE 13G/A EDGAR
  6. Sep 1, 20264 PRIMARY DOCUMENT EDGAR
  7. Aug 27, 2026144 EDGAR
  8. Aug 6, 202610-Q EDGAR
  9. Aug 6, 20268-K EDGAR
  10. Jul 23, 20268-K EDGAR
  11. Jul 22, 20268-K EDGAR
  12. May 11, 2026SCHEDULE 13G/A EDGAR
  13. May 7, 202610-Q EDGAR
  14. May 7, 20268-K EDGAR
  15. Apr 23, 20268-K EDGAR
  16. Apr 22, 20268-K EDGAR
  17. Feb 5, 202610-Q EDGAR
  18. Feb 5, 20268-K EDGAR
  19. Jan 22, 20268-K EDGAR
  20. Jan 21, 20268-K EDGAR

The 321 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

39 open-market trades by officers, directors and large owners since October 2021: 0 buys and 39 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 29, 2026Swift JaneDirectorSale148$16.39$2.4KForm 4
Sep 28, 2026Swift JaneDirectorSale364$16.53$6.0KForm 4
Sep 23, 2026Swift JaneDirectorSale224$16.74$3.8KForm 4
Sep 22, 2026Swift JaneDirectorSale521$16.91$8.8KForm 4
Aug 31, 2026Koepke Bryon LVP,General Counsel & SecretarySale2,848$17.65$50.3KForm 4
Dec 2, 2025Chanin Matthew JDirectorSale10,000$19.31$193.1KForm 4
Aug 13, 2025LOGAN HAROLD R JRDirectorSale7,500$18.66$139.9KForm 4
May 21, 2025LOGAN HAROLD R JRDirectorSale6,900$19.14$132.1KForm 4
Mar 12, 2025Brinkworth DouglasSVP- Prod.Sup,Purch.&LogisticsSale2,000$20.50$41.0KForm 4
Feb 18, 2025Palleschi CraigVP-Renewable Nat Gas OpersSale1,400$22.03$30.8KForm 4
Feb 11, 2025Schueler Michael ASale7,746$20.93$162.1KForm 4
Dec 5, 2024Brinkworth DouglasSVP- Prod.Sup,Purch.&LogisticsSale5,971$19.50$116.4KForm 4
Dec 4, 2024Schueler Michael ASale5,335$19.31$103.0KForm 4
Dec 3, 2024Connors Terence JDirectorSale1,500$19.62$29.4KForm 4
Dec 2, 2024Chanin Matthew JDirectorSale10,000$19.74$197.4KForm 4
Nov 27, 2024DAMBROSIO A DAVINVice President & TreasurerSale6,500$18.90$122.8KForm 4
Nov 26, 2024Swift JaneDirectorSale7,438$18.72$139.2KForm 4
Nov 25, 2024LOGAN HAROLD R JRDirectorSale3,000$18.26$54.8KForm 4
Nov 20, 2024Palleschi CraigVP-Renewable Nat Gas OpersSale2,800$17.72$49.6KForm 4
Sep 6, 2024LOGAN HAROLD R JRDirectorSale2,500$17.37$43.4KForm 4

All 39 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Alps Advisors Inc14,720,155$251.7M1.2%−655,419
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.4,528,873$77.4M0.1%+81,289
Goldman Sachs Group Inc1,578,662$27.0M0.0%+155,848
Jpmorgan Chase & Co1,431,306$25.0M0.0%+29,085
Bowen Hanes & Co Inc1,016,000$20.0M0.5%No change
Morgan Stanley636,887$10.9M0.0%−285,400
UBS Group AG514,190$8.8M0.0%+141,197
Blackstone Inc.421,332$7.2M0.0%−19,604
Jane Street Group, LLC269,539$4.6M0.0%New
Fractal Investments LLC214,864$3.7M0.4%No change
Raymond James Financial Inc212,633$3.6M0.0%−3,921
Commonwealth Equity Services, LLC205,071$3.5M0.0%+10,501
Lido Advisors, LLC202,235$3.5M0.0%+2,643
LPL Financial LLC151,620$2.6M0.0%+11,944
CIBC Bancorp USA Inc.150,869$2.6M0.0%New
Levin Capital Strategies, L.P.145,722$2.5M0.2%−4,101
Citadel Advisors LLC138,979$2.4M0.0%+107,483
Wells Fargo & Company/mn83,141$1.4M0.0%+16,161
Private Advisor Group, LLC82,358$1.4M0.0%+4,506
Federated Hermes, Inc.68,476$1.2M0.0%−2,930
Cetera Investment Advisers67,297$1.2M0.0%+6,327
Osaic Holdings, Inc.66,223$1.1M0.0%+7,091
Moneta Group Investment Advisors LLC64,972$1.1M0.0%No change
Bank Of America Corp /de/61,006$1.0M0.0%−11,751
Mariner, LLC54,589$933.5K0.0%−327

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

14 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Dec 22, 2021Mark GreenRepublican, HouseSale$250,001 - $500,000+42.4%Report
Sep 2, 2021Mark GreenRepublican, HouseBuy$250,001 - $500,000−57.4%Report
Oct 5, 2020Mark GreenRepublican, HouseSale$250,001 - $500,000+122.2%Report
Oct 5, 2020Mark GreenRepublican, HouseSale$100,001 - $250,000+122.2%Report
Aug 28, 2020Mark GreenRepublican, HouseBuy$15,001 - $50,000−86.8%Report
Aug 14, 2020Mark GreenRepublican, HouseBuy$15,001 - $50,000−103.7%Report
Aug 11, 2020Mark GreenRepublican, HouseBuy$15,001 - $50,000−106.5%Report
Aug 4, 2020Mark GreenRepublican, HouseBuy$1,001 - $15,000−98.7%Report
Jul 8, 2020Mark GreenRepublican, HouseBuy$15,001 - $50,000−120.7%Report
Jul 7, 2020Mark GreenRepublican, HouseBuy$50,001 - $100,000−123.6%Report
Jul 2, 2020Mark GreenRepublican, HouseBuy$50,001 - $100,000−126.7%Report
Jun 11, 2020Mark GreenRepublican, HouseBuy$1,001 - $15,000−134.1%Report
Jun 10, 2020Mark GreenRepublican, HouseBuy$15,001 - $50,000−127.8%Report
Jun 10, 2020Mark GreenRepublican, HouseBuy$50,001 - $100,000−127.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How SUBURBAN PROPANE PARTNERS LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSUBURBAN PROPANE PARTNERS LP1
  • CIK0001005210
  • Employer ID (EIN)22-34103537
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsSeptember 261
  • Industry code (SIC)5900 Retail-Miscellaneous Retail1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressP O Box 206, 240 Route 10 West, Wippany, NJ 079811
  • Mailing addressOne Suburban Plz, 240 Rte 10 West, Whippany, NJ 079811
  • Phone97388753001
  • Shares outstanding66,712,387 as of Aug 3, 202615
  • Public float$1.4B as of Mar 28, 20257
  • AuditorPricewaterhouseCoopers LLP, Florham Park, New Jersey PCAOB ID 238; it also attests to the company’s internal control over financial reporting7
  • On EDGAR sinceMay 14, 19961
  • Filings1,429 in all: 4 (582), 8-K (415), 10-Q (92), 3 (37), 10-K (30), 144 (29), 4/A (27), SC 13G/A (21)1
    All 43 form types

    UPLOAD (18), CORRESP (16), DEFA14A (14), 424B3 (12), 424B5 (12), 425 (10), 5 (10), DEF 14A (10), FWP (9), SCHEDULE 13G/A (9), S-8 (8), S-3/A (7), SC 13G (6), 8-K/A (5), S-3ASR (5), S-4 (5), EFFECT (4), S-1/A (4), S-3 (4), S-4/A (4), 10-K/A (3), PRER14A (3), 10-Q/A (2), 424B1 (2), DEL AM (2), PRE 14A (2), S-1 (2), 3/A (1), 424B2 (1), ARS (1), DEFS14A (1), POSASR (1), PRES14A (1), S-3MEF (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Nov 26, 2025
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Mar 25, 2024
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
SPHNew York Stock Exchange

From the cover page of the 10-K filed Nov 26, 2025 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks SUBURBAN PROPANE PARTNERS LP names in Item 1A of its 10-K filed Nov 26, 2025: 51 risks under these headings, as written.7

  • RISKS RELATED TO OUR BUSINESS
  • Because weather conditions may adversely affect demand for our products, our results of operations and financial condition are vulnerable to warm winters and natural disasters.
  • The potential effects of climate change may affect our business, operations, supply chain and customers, which could adversely impact our financial condition and results of operations.
  • The adoption of climate change legislation could negatively impact our operations and result in increased operating costs and reduced demand for the products and services we provide.
  • Deterioration of general economic and other external conditions have harmed and could continue to harm our business and results of operations.
  • Disruption of our supply chain could have an adverse impact on our business and our operating results.
  • Sudden increases in our costs to acquire and transport our products due to, among other things, our inability to obtain adequate supplies from our usual suppliers, or our inability to obtain adequate supplies of such products from alternative suppliers, or inflationary conditions, may adversely affect our operating results.
  • High prices for propane, fuel oil and other refined fuels and natural gas can lead to customer conservation, resulting in reduced demand for our products.
  • Because of the highly competitive nature of the retail propane and fuel oil businesses, we may not be able to retain existing customers or acquire or attract new customers, which could have an adverse impact on our operating results and financial condition.
  • Energy efficiency, general economic conditions, technological advances and legislative bans have affected and may continue to affect demand for propane, fuel oil and natural gas by our retail customers.
  • We may not be able to attract and retain qualified employees or find, develop and retain key employees to support and grow our business, which may adversely affect our business and results of operations.
  • We are dependent on our senior management and other key personnel.
The other 40 risks
  • The risk of terrorism, political unrest and the current hostilities in the Middle East or other energy producing regions, including Russian military action in Ukraine, has adversely affected, and may continue to adversely affect the economy and the price and availability of propane, fuel oil and other refined fuels and natural gas.
  • The conflicts in Ukraine and in the Middle East and related price volatility and geopolitical instability could negatively impact our business.
  • Our financial condition and results of operations may be adversely affected by governmental regulation and associated environmental and health and safety costs.
  • The ability of AES to acquire and retain retail natural gas and electricity customers is highly competitive, price sensitive and may be impacted by changes in state regulations.
  • Costs associated with lawsuits, investigations or increases in legal reserves that we establish based on our assessment of contingent liabilities could adversely affect our operating results to the extent not covered by insurance.
  • If we are unable to make acquisitions on economically acceptable terms or effectively integrate such acquisitions into our operations, our financial performance may be adversely affected.
  • Current conditions in the global capital and credit markets, and general economic pressures, may adversely affect our financial position and results of operations.
  • Our use of derivative contracts involves credit and regulatory risk and may expose us to financial loss.
  • Our renewable fuel investments are subject to a number of risks, including the willingness of customers to adopt these fuels, the financing, construction and development of facilities, our ability to generate a sufficient return on our investments, our dependence on third-party partners, increased or changing regulation, and dependence on government incentives for commercial viability.
  • A prolonged environment of low prices or reduced demand for RNG could have an adverse effect on our long-term business prospects, financial condition and results of renewable operations.
  • The generation and monetization of environmental attributes by our renewable natural gas assets are subject to state and federal regulations and potential changes in law that could negatively impact the availability or value of environmental attributes in the future.
  • Certain of our anaerobic digester facilities are newly constructed, are under construction or renovation, or are in development and may not perform as we expect.
  • We rely on gas pipelines that we do not own or control and are subject to quality standards and regulations that may restrict or negatively impact our ability to deliver RNG and we may either incur additional costs or forego revenues.
  • Our plans for growth and diversification may not be successful or could expose our business to new risks.
  • We face risks related to our reliance on particular management information systems and communication networks to effectively manage all aspects of our business.
  • We face risks related to cybersecurity breaches of our systems and information technology and those of our third-party vendors.
  • We are subject to laws, rules, regulations and policies regarding data privacy and security, and may be subject to additional related laws and regulations in jurisdictions in which we operate. Many of these laws and regulations are subject to change and interpretation, and could result in claims, changes to our business practices, monetary penalties, increased cost of operations or other harm to our business.
  • RISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL
  • We face risks related to our current and future debt obligations that may limit our ability to make distributions to Unitholders, as well as our financial flexibility.
  • Our operating results and ability to generate sufficient cash flow to pay principal and interest on our indebtedness, and to pay distributions to Unitholders, may be affected by our ability to continue to control expenses.
  • Disruptions in the capital and credit markets, including the availability and cost of debt and equity issuances for liquidity requirements, may adversely affect our ability to meet long-term commitments and our ability to hedge effectively, any of which could adversely affect our results of operations, cash flows and financial condition.
  • RISKS RELATED TO OUR COMMON UNITS
  • Cash distributions are not guaranteed and may fluctuate with our performance and other external factors.
  • Unitholders have limited voting rights.
  • It may be difficult for a third party to acquire us, even if doing so would be beneficial to our Unitholders.
  • Unitholders may not have limited liability in some circumstances.
  • Unitholders may have liability to repay distributions.
  • Our limited partner interest and Unitholders’ percentage of ownership may be diluted in the future and additional taxable income may be allocated to each Unitholder.
  • Our tax treatment depends on our status as a partnership for U.S. federal income tax purposes. The IRS could treat us as a corporation, which would substantially reduce the cash available for distribution to Unitholders.
  • The tax treatment of publicly traded partnerships or an investment in our Common Units could be subject to potential legislative, judicial or administrative changes and differing interpretations thereof, possibly on a retroactive basis.
  • If the IRS makes audit adjustments to our income tax returns, it (and some states) may collect any resulting taxes (including any applicable penalties and interest) directly from the Partnership, in which case cash available to service debt or to pay distributions to our Unitholders, could be substantially reduced.
  • A successful IRS contest of the U.S. federal income tax positions we take may adversely affect the market for our Common Units, and the cost of any IRS contest will reduce our cash available for distribution to our Unitholders.
  • A Unitholder’s tax liability could exceed cash distributions on its Common Units.
  • Ownership of Common Units may have adverse tax consequences for tax-exempt organizations (including Individual Retirement Accounts) and non-U.S. investors.
  • The ability of a Unitholder to deduct its share of our losses may be limited.
  • The tax gain or loss on the disposition of Common Units could be different than expected.
  • Reporting of partnership tax information is complicated and subject to audits.
  • We treat each purchaser of our Common Units as having the same tax benefits without regard to the actual Common Units purchased. The IRS may challenge this treatment, which could adversely affect the value of the Common Units.
  • We prorate our items of income, gain, loss and deduction between transferors and transferees of our Common Units each month based upon the ownership of our Common Units on the first day of each month, instead of on the basis of the date a particular Common Unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among our Unitholders.
  • Unitholders may have negative tax consequences if we default on our debt or sell assets.
  • There are state, local and other tax considerations for our Unitholders.
  • A Unitholder whose Common Units are loaned to a “short seller” to cover a short sale of Common Units may be considered as having disposed of those Common Units. If so, that Unitholder would no longer be treated for tax purposes as a partner with respect to those Common Units during the period of the loan and may recognize gain or loss from the disposition.

Legal proceedings

Our operations are subject to operating hazards and risks normally incidental to handling, storing and delivering combustible liquids such as propane. We have been, and will continue to be, a defendant in various legal proceedings and litigation as a result of these operating hazards and risks, and as a result of other aspects of our business. Although any litigation is inherently uncertain, based on past experience, the information currently available to us, and the amount of our accrued insurance liabilities, we do not believe that currently pending or threatened litigation matters, or known claims or known contingent claims, will have a material adverse effect on our results of operations, financial condition or cash flow.

The opening of Item 3, Legal Proceedings.7

Sources

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