The massive beat is acquisition-driven with a $102M one-time inventory gain. Watch the earnings call for organic growth ex-acquisitions and the sustainability of fuel margins at 17.0¢/gal. The 6.25% distribution increase signals management confidence, but the stock may have already priced in the Parkland deal. Consider taking profits if the stock gaps up >5% on this release.
Price Chart
Executive Summary
SunocoCorp LLC reported Q1 2026 net income of $644M (vs $207M YoY) and Adjusted EBITDA of $858M (vs $458M YoY), driven by the Parkland and TanQuid acquisitions. The distribution was increased 6.25% sequentially, and leverage remained at 4.0x. The headline numbers show massive growth, but this is almost entirely acquisition-driven rather than organic, with one-time gains on inventory sale ($102M) inflating results.
Key Financial Metrics
Key Facts
- Q1 2026 net income of $644M vs $207M YoY (211% increase)
- Adjusted EBITDA of $858M vs $458M YoY (87% increase), excluding $9M transaction expenses
- Distributable Cash Flow, as adjusted, of $535M vs $310M YoY (73% increase)
- Quarterly distribution increased 6.25% to $0.9899/unit, 10%+ above Q1 2025
- Fuel Distribution segment sold 3.8B gallons (82% YoY increase), fuel margin 17.0¢/gal
- Leverage ratio of net debt to Adjusted EBITDA at 4.0x, long-term debt $13.9B
- Adjusted EBITDA included $102M one-time gain on sale of inventory
- Parkland and TanQuid acquisitions completed, driving volume and profit growth
Financial Impact
Net income surged 211% to $644M, Adjusted EBITDA up 87% to $858M, DCF up 73% to $535M — all driven by acquisitions
Risk Factors
- Results heavily acquisition-driven — organic growth is masked by M&A
- $102M one-time inventory gain inflates Adjusted EBITDA — core operations may be weaker than headline suggests
- Long-term debt increased to $13.9B from $13.4B QoQ, leverage at 4.0x leaves limited balance sheet flexibility
- Refinery segment impacted by 50-day maintenance turnaround, crude utilization at only 38%
- Fuel margins could compress if crude prices or competitive dynamics shift
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002089661-26-000028 |
| Document: sunc-20260505.htm | 0002089661-26-000028 |
| Document: 0002089661-26-000028-index-headers.html | 0002089661-26-000028 |
| Document: 0002089661-26-000028-index.html | 0002089661-26-000028 |
| Document: 0002089661-26-000028.txt | 0002089661-26-000028 |
| 8-K Data (Synthetic) | 0002089661-26-000028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $72.50 $81.52 | ▲ +12.44% | ▲ +13.36% | $75.88 (+4.66%) |
Aug 4, 2026 8w ago | 8-K | $73.88 $78.63 | ▲ +6.43% | ▲ +7.67% | $75.88 (+2.71%) |
May 5, 2026 21w ago | 8-K | $66.87 $67.20 | ▲ +0.49% | ▼ −4.47% | $75.88 (+13.47%) |
Apr 21, 2026 23w ago | 8-K | $61.28 $71.23 | ▲ +16.24% | ▲ +11.33% | $75.88 (+23.83%) |
US Market Status
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