Suburban Propane Reports Mixed Quarter and Stronger Year-to-Date Results in Interim Filing

Bottom line

- For SUBURBAN PROPANE PARTNERS LP, the issuer filing under accession 0001005210-26-000011 (CIK 0001005210, ticker SPH) submitted the 10-Q for period-ended-2026-06-27, presenting a three-month reporting period the three months ended June 27, 2026 alongside the nine-month year-to-date period the nine months ended June 27, 2026, each compared with its prior-year counterpart the three months ended June 28, 2025 and the nine months ended June 28, 2025 respectively. All quantitative values in this section are sourced from the source record attached to this filing and are inserted by the machine; no figure below is computed or rounded here.

23 per diluted share USD/SHARES, with each three-month period remaining a loss on both net income and earnings-per-share lines. 17 per diluted share USD/SHARES, with each nine-month period remaining profitable on both net income and earnings-per-share lines. - In source-scope terms, this section draws only on the four top-of-statement figures (revenue, operating income, net income attributable to parent, and diluted earnings per share) presented by the issuer for the two reporting periods defined above; segment-level detail and note-level fair-value tiers referenced as Level 1, Level 2, Level 3, Note 4, and Note 19 are noted here as present in the filing but are not invoked numerically in this section, and the cross-reference appearing as Item 1A is likewise flagged as a filing-internal pointer rather than a numeric source for this section.

The filing evidence does not attribute this change to any single cause. The filing evidence does not attribute this change to any single cause. For a contrasting interim pattern across sectors, see REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in the reporting period Filing.

Financial performance

- Reported top-line revenue for the three-month reporting period was higher than the prior-year comparative quarter, while the nine-month year-to-date revenue was lower than the prior-year comparative period, framing a mixed seasonal pattern across the partnership's retail propane and related businesses. - Operating Income (Loss) for the three-month reporting period was lower than the prior-year comparative quarter, though both periods remained profitable, while the nine-month year-to-date operating income was higher than the prior-year comparative period. - Net Income (Loss) Attributable to Parent for the three-month reporting period moved from a loss in the prior-year comparative quarter to a loss that was smaller in magnitude in the current three-month reporting period, while the nine-month year-to-date net income was higher than the prior-year comparative period and remained profitable. - Earnings Per Share, Diluted reflected the same pattern as net income: a smaller loss for the three-month reporting period compared with the prior-year comparative quarter, and a higher profit for the nine-month year-to-date period compared with the prior-year comparative period.

- The partnership's interim disclosure notes that results for interim periods are not necessarily indicative of full-year results because of the seasonal nature of the partnership's operations, and the fiscal-year structure can produce a fourteen-week fourth quarter when the fiscal year is fifty-three weeks long. - Revenue recognition is governed by FASB Topic on Revenue from Contracts with Customers, with performance obligations generally satisfied at delivery for propane, fuel oil and refined fuels, at sale or installation completion for appliances and equipment, and upon completion of repairs, maintenance and other services, leaving tank rental agreements, maintenance service contracts, fixed price contracts and budgetary programs as the principal arrangements with remaining obligations at period-end. - In-take and off-take arrangements are addressed within the partnership's "Investments in and Acquisitions of Businesses" note, and the segment disclosure note explains how in-take revenues are recognized. - Fair-value measurements follow a three-level hierarchy, with quoted prices in active markets for identical assets representing the highest-priority tier and quoted prices for similar assets or liabilities representing the middle tier, both of which are categorized consistently with the disclosed valuation framework.

- The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension. - The filing evidence does not attribute any single revenue or profitability change to a specific cause, so further causal interpretation should rely on segment and notes disclosures rather than this interim summary.

Operating drivers and segments

Suburban Propane Partners, L.P. is reported across operating segments, and the cited note titled "Segment Information" expands on the presentation. Revenue from the Partnership's renewable energy platform is reported within the "all other" segment, while the in-take and off-take revenue arrangements tied to renewable investments are governed by the cited note titled "Investments in and Acquisitions of Businesses." The selected-amount disclosures anchored to the operating drivers in this section focus on top-line revenue and operating income across the current and prior-year reporting periods, with comparisons drawn between the three-month reporting period and the nine-month year-to-date period. Revenue from Contract with Customer, Excluding Assessed Tax for the three-month reporting period of period-ended-2026-06-27 stood at $261,379,000 USD, higher than the prior-year comparative for the same three-month reporting period of $260,150,000 USD. For the nine-month year-to-date period of period-ended-2026-06-27, Revenue from Contract with Customer, Excluding Assessed Tax was $1,182,971,000 USD, lower than the prior-year comparative for the nine-month year-to-date period of $1,221,142,000 USD. Operating Income (Loss) for the three-month reporting period of period-ended-2026-06-27 was $2,224,000 USD, lower than the prior-year comparative for the three-month reporting period of $5,591,000 USD. For the nine-month year-to-date period of period-ended-2026-06-27, Operating Income (Loss) was $227,786,000 USD, higher than the prior-year comparative for the nine-month year-to-date period of $223,066,000 USD.

Management frames the period using a forward-looking posture that includes prospective language about strategic alternatives and project developments, while the renewable energy platform is disclosed as reported inside the "all other" segment rather than a separately presented core segment. The cited note titled "Segment Information" is referenced as the source for the segmental presentation, and the cited note titled "Investments in and Acquisitions of Businesses" frames how in-take and off-take arrangements are recognized in revenue. The filing evidence does not attribute this change to any single cause.

Cash flow and capital

Operating cash generation weakened year over year during the nine-month year-to-date window the nine months ended June 27, 2026 versus the prior-year comparative the nine months ended June 28, 2025. The filing's authorized direction for Net Cash Provided by (Used in) Operating Activities is a decrease, with both the current and prior-year periods reported as positive $139,582,000 and $144,427,000. The change between the two periods is described by the catalog only as a lower operating result this year The filing evidence does not attribute this change to any single cause..

Capital spending activity moved in the opposite direction. Payments to Acquire Property, Plant, and Equipment were larger in the current nine-month window than in the prior-year comparative, and both periods are positive $65,991,000 and $57,832,000. The authorized direction for that line is an increase, which the evidence confirms at a directional, qualitative level. Together, the lower operating cash inflow and the higher capital outlay drove the investing line into a deeper use of cash; Net Cash Provided by (Used in) Investing Activities was negative in both the current and prior-year nine-month periods -$86,625,000 and -$114,921,000, with the authorized direction an increase in the cash-out magnitude relative to the prior year.

Financing activity widened on the outflow side. Net Cash Provided by (Used in) Financing Activities was negative in both nine-month periods -$49,432,000 and -$37,324,000, with the authorized direction a decrease — that is, a larger financing outflow in the current window than in the prior-year comparative. The narrative in the filing around the renewable energy platform — in-take tipping fees, off-take sales of RNG, RINs, LCFS credits and related byproducts as described in Note 4 — sits inside the operating and investing categories but the catalog does not isolate its cash impact, so any cash-flow commentary here is at the consolidated level only.

On the balance sheet at the balance sheet date of June 27, 2026, the partnership's liquidity base sat at Cash and Cash Equivalents, at Carrying Value of $5,034,000. Working capital exposures included Accounts Receivable, after Allowance for Credit Loss, Current of $84,735,000 — a balance that includes the contract assets tied to budget-program deliveries discussed in the revenue policy narrative — and Accounts Payable, Current of $37,168,000. Long-term Debt, Excluding Current Maturities was reported at $1,223,910,000, and the catalog carries no current-portion line, so the near-term maturity stack is not visible here.

Counter-evidence on capital allocation is thin: the catalog gives only one balance-sheet snapshot and the financing line moves without an attached schedule of distributions, repurchases or debt issuance, so the source of the larger financing outflow — distributions to unitholders, debt service, or another outflow — is not separately quantified in the facts for this section. The dimension is therefore described only at the directional level the catalog authorizes, and the partnership's allocation priorities across capex, debt and partner distributions remain partly opaque in this dataset.

Peer and historical context

- SUBURBAN PROPANE PARTNERS LP (SPH) does not file alongside a disclosed peer set in this 10-Q for period-ended-2026-06-27 under 0001005210-26-000011, so any cross-issuer comparison would have to be constructed from outside this filing; the filing evidence here carries no benchmark against another propane distributor or against an MLP index. The filing evidence contains no peer or industry comparison. - Year-over-year, the most useful internal lens for this partnership is the contrast between the nine-month year-to-date view and the three-month view, because the two windows tell different stories on the same underlying business.

- For the nine-month year-to-date period (the nine months ended June 27, 2026 versus the nine months ended June 28, 2025), top-line $1,182,971,000 is lower than the prior-year $1,221,142,000, while $227,786,000 is higher than $223,066,000 and $165,795,000 is higher than the prior-year $141,706,000, so revenue compressed but profitability expanded — a margin-favourable mix rather than a pure volume story. - The same nine-month comparison shows $139,582,000 is lower than $144,427,000, so the operating-cash trajectory weakened even as accrual profitability strengthened; that divergence is something a reader should note when comparing this period to earlier years.

, a profit-to-loss transition on the quarter. - Read together, the year-to-date picture is one of a stronger first half offsetting a weaker third quarter, and the quarter itself shows margin compression despite higher revenue — a classic warm-weather shape for a heating-fuel distributor where the third quarter is structurally off-peak. - Historical context from the filing's own narrative adds two non-financial reference points worth flagging for any peer or trend comparison.

First, the renewable energy platform described in Note 4 contributes in-take and off-take revenues, with off-take economics tied to RINs and LCFS credits (as cited in Note 19), so the segment is policy-sensitive in a way traditional propane peers are not. Second, the fair-value framework prioritises inputs starting at Level 1 and ending at Level 3, meaning any mark-to-model exposure (for instance on derivatives or certain acquired intangibles) sits in the lower-priority tiers rather than at quoted prices. - Readers comparing this 10-Q to prior Suburban Propane filings should focus on whether the third-quarter revenue-up, profit-down shape has been a recurring pattern; that question is not answerable from this single period-ended-2026-06-27 snapshot, since the filing only spans two comparative periods.

- For an external sense of how other issuers in the Lizely coverage universe have framed a similar year-over-year revenue-and-profit mix, the recent REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in the reporting period Filing piece is a useful contrast in style, though it is not an industry peer.

Scenario analysis

The base case rests on the partnership holding onto the year-to-date profit trajectory already visible in the filed numbers, with $165,795,000 above $141,706,000 over the the nine months ended June 27, 2026 window versus the nine months ended June 28, 2025, and with revenue for the same year-to-date frame coming in lower at $1,182,971,000 relative to $1,221,142,000. Revenue for the most recent three-month window, $261,379,000, sits above the prior-year comparison $260,150,000 for the three months ended June 27, 2026 versus the three months ended June 28, 2025, suggesting some sequential warming even while the cumulative line trails. The quarterly bottom line remains in the red, with -$17,527,000 a smaller loss than -$14,835,000 for the three months ended June 27, 2026 versus the three months ended June 28, 2025, so the central expectation is a continuation of a narrower third-quarter deficit layered on top of a modestly stronger year-to-date result.

The upside case requires the partnership to push the recent quarter back into profitability and extend the year-to-date improvement, building on the profit-to-profit transition that the year-to-date line already exhibits between $141,706,000 and $165,795,000. A swing of the quarterly line from the current loss position relative to -$14,835,000 would mark a meaningful inflection, and a higher quarterly revenue print on top of $261,379,000 would reinforce it. The renewable-energy commentary around off-take revenues tied to RNG, RINs, LCFS credits, fertilizers and by-products — referenced through Note 19 — describes the revenue mechanics that any upside would have to flow through, while the in-take and off-take arrangements discussed in Note 4 are the operational pipeline that would need to deliver incremental volumes.

The downside case frames a scenario in which the year-to-date revenue shortfall at $1,182,971,000 relative to $1,221,142,000 widens, and the quarterly loss at -$17,527,000 deepens against -$14,835,000. Because the year-to-date net-income line already improved from $141,706,000 to $165,795,000, a reversal of that direction would undercut the partnership's most constructive datapoint. The filing evidence does not attribute this change to any single cause.

Counter-evidence and gaps are worth flagging. The filing evidence contains no peer or industry comparison, The filing evidence contains no peer or industry comparison., so the scenarios are anchored only to the partnership's own year-over-year lines rather than to broader sector benchmarks. The fair-value discussion tied to Level 1, Level 2 and Level 3 and the goodwill language around acquisition accounting under Item 1A speak to measurement frameworks rather than to scenario drivers, so they do not by themselves tilt the base, upside or downside reads. Readers weighing these scenarios can compare the structure against another interim cycle profiled in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in the reporting period Filing for contrast.

Unknowns that bound the analysis include any forward volume, pricing or weather commentary tied to the heating-season mix, which is not present in the cited evidence, and any management quantification of margin trajectory beyond what is captured in the cited lines.

Risks and what to watch

- Reported facts for SUBURBAN PROPANE PARTNERS LP in 10-Q for period-ended-2026-06-27 under accession 0001005210-26-000011 show a mixed picture across the two reporting windows. For the nine months ended June 27, 2026 the partnership posted Net Income (Loss) Attributable to Parent of $165,795,000 USD, a profit that is higher than the prior-year the nine months ended June 28, 2025 figure of $141,706,000 USD, while Revenue from Contract with Customer, Excluding Assessed Tax for the nine months ended June 27, 2026 of $1,182,971,000 USD is lower than the prior-year $1,221,142,000 USD.

For the three months ended June 27, 2026, Revenue from Contract with Customer, Excluding Assessed Tax of $261,379,000 USD is higher than the prior-year $260,150,000 USD, while Net Income (Loss) Attributable to Parent of -$17,527,000 USD remains a loss that is larger than the prior-year -$14,835,000 USD loss. The contrast between top-line growth in the three-month window and bottom-line deterioration is the central tension to monitor going into the next filing. - Management explanation.

The filing's own narrative frames the change in fair-value estimation practices, the reliance on Society of Actuaries life expectancy information for pension and postretirement plan assumptions, and the effects of the Inflation Reduction Act on RNG revenue treatment as the operating context. The filing evidence does not attribute this change to any single cause. - Analyst inference.

The divergence between higher year-to-date net income and lower year-to-date revenue suggests margin expansion rather than volume-driven improvement, while the wider quarterly loss on higher quarterly revenue reinforces that the quarterly weakness is on the cost or mix side rather than on the top line. Segment-level color is limited in the cited evidence; the relevant disclosure (Note 19) and the in-take and off-take arrangements described in Note 4 are referenced but not itemized here, and The filing evidence does not disclose segment-level detail for this dimension..

Peer benchmarking is not possible from this filing alone; The filing evidence contains no peer or industry comparison.. - Counter-evidence and risks. The widening quarterly loss despite higher revenue is the principal risk signal: if cost or mix pressures persist, the year-to-date profit improvement may not hold.

Goodwill and intangible asset balances tied to past business combinations add impairment exposure if cash flow forecasts weaken, and the Level Level 1, Level Level 2 and Level Level 3 fair-value hierarchy language underscores the partnership's exposure to unobservable inputs. Forward-looking statements referenced in Item 1A (forward-looking statements) introduce the usual caveat that actual results could differ materially. Self-insurance reserves, pension assumptions, RNG revenue recognition, and tax valuation allowances are explicitly listed as estimate areas where near-term material change is reasonably possible.

- Unknowns. The filing does not attribute the year-to-date revenue decline or the quarterly loss expansion to any single driver. The filing evidence does not attribute this change to any single cause.

Segment-level revenue and operating income splits are not disclosed in this dimension. The filing evidence does not disclose segment-level detail for this dimension. - Metrics to watch next period.

Quarterly net income progression from loss to a smaller loss or to profit, quarterly revenue direction versus the prior-year quarter, year-to-date revenue stabilization, RNG revenue recognition policy outcomes under the Inflation Reduction Act, any Level Level 3 fair-value movements, and pension and postretirement assumption updates are the headline indicators. Readers comparing interim filings can place this report alongside REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in the reporting period Filing for context on how peers are reporting under similar macro conditions.