# Sunoco LP (SUN)

> Source: Nexqual · https://nexqual.com/SUN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Sunoco LP (SUN), nexqual.com/SUN" · informational, not investment advice.

**Price:** USD 72.99 (-0.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 72.99 · day 72.15–74.28 · 52w 49.98–80.22 · market cap null · TEX

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $39.6B, net income $1.16B (2.9% margin), free cash flow $1.66B (SEC filings).
- 1 of 80 tracked superinvestors hold SUN (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.57 on a 1–5 scale) (7 analysts), mean target USD 83.43 (range 78–90).
- Total return with dividends: 1Y +43.2% vs S&P 500 +14.9%; 5Y +146.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 2.83, revenue estimate $13.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $17.6B | $25.7B | $23.1B | $22.7B | $25.2B | $39.6B |
| Gross profit | $1.35B | $1.38B | $1.36B | $2.10B | $2.79B | — |
| Operating income | $749M | $678M | $635M | $791M | $935M | $1.89B |
| Net income | $524M | $475M | $394M | $866M | $527M | $1.16B |
| Free cash flow | $386M | $375M | $385M | $205M | $615M | $1.66B |
| Gross margin | 7.7% | 5.4% | 5.9% | 9.2% | 11.1% | — |
| Operating margin | 4.3% | 2.6% | 2.8% | 3.5% | 3.7% | 4.8% |
| Net margin | 3.0% | 1.8% | 1.7% | 3.8% | 2.1% | 2.9% |
| Revenue growth | +64.3% | +46.2% | -10.3% | -1.6% | +11.1% | — |
| Cash + short-term investments | $25.0M | $82.0M | $29.0M | $94.0M | $891M | — |
| Total debt | $2.67B | $3.57B | $3.58B | $7.49B | $13.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SUN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Leon Cooperman | Omega Family Office | 0.43% | $15.3M | Reduced -86.0% |

## Analysts
Consensus Buy (mean 1.57 on a 1–5 scale), 7 analysts; mean target USD 83.43 (low 78, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Citigroup | Target raised | Buy | $73 → $81 |
| 2026-08-05 | Wells Fargo | Target raised | Overweight | $77 → $82 |
| 2026-08-05 | Barclays | Target raised | Overweight | $78 → $80 |
| 2026-07-24 | JP Morgan | Target raised | Overweight | $73 → $84 |
| 2026-07-14 | Barclays | Target raised | Overweight | $75 → $78 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +43.2% | +146.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +43.4% | +19.7% |
| Volatility (annualized) | 27.2% | 23.0% |
| Max drawdown | -14.0% (May 2026→Jun 2026) | -19.9% (Jan 2022→Jun 2022) |

## Peers (Oil & Gas Refining & Marketing)
PBF (PBF Energy Inc.) USD 79.25 -2.81% · DINO (HF Sinclair Corporation) USD 122.32 -2.59% · UGP (Ultrapar Participacoes S.A. (Ne) USD 7.8 -2.13% · CVI (CVR Energy Inc.) USD 58.63 -3.46% · DK (Delek US Holdings, Inc.) USD 75.79 -3.11% · IEP (Icahn Enterprises L.P. - Deposi) USD 6.13 -0.33%

## More
Full page: https://nexqual.com/SUN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SUN's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1552275/000155227526000021/sun-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Chevron (CVX) | "Our largest branded fuel suppliers in terms of volume are Chevron, Exxon, Phillips 66 and Valero." |
| Supplier | ExxonMobil (XOM) | "Our largest branded fuel suppliers in terms of volume are Chevron, Exxon, Phillips 66 and Valero." |
| Partner | Parkland | "The combination of two independent businesses is complex, costly and time consuming, and we will be required to continue to devote significant management attention and resources to integrating the business practices and …" |
| Partner | Sunoco GP | "Our general partner, Sunoco GP LLC (our "General Partner"), manages and directs our operations and activities." |
| Partner | United Airlines Holdings, Inc. (UAL) | "The FERC stated it will address the application of the United Airlines decision to non-MLP partnership forms as those issues arise in subsequent proceedings." |
| Partner | Delaware Revised Uniform | "Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act (the "Delaware Act"), we may not make a distribution to our unitholders if the distribution would cause our liabilities to exceed the fair valu…" |
| Partner | SunocoCorp Management | "In the event of certain triggering events, including events related to the ownership of the SunocoCorp Management LLC's managing member interest or our General Partner's general partnership interest or SunocoCorp engagin…" |

Other companies that name SUN in their own reports (relationship from SUN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Energy Transfer LP (ET) | 10-K 2026-02-19 | "Unless the context requires otherwise, references to "we," "us," "our," the "Partnership" and "Energy Transfer" mean Energy Transfer LP and its consolidated subsidiaries, which include SunocoCorp, Sun…" |
| partner | PBF Energy Inc. (PBF) | 10-K 2026-02-12 | "We have an agreement with Sunoco whereby Sunoco purchases gasoline and distillate products representing approximately one-third of the Toledo refinery's gasoline and distillates production." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Fuel Distribution | $14.43B | 101.2% | +182.6% |
| Refinery | $993.0M | 7.0% | — |
| Terminals | $571.0M | 4.0% | +66.5% |
| Pipeline Systems | $207.0M | 1.5% | +13.7% |
| Total revenue | $14.26B | 100% | — |
The lines above cover 113.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Revenues from external customers | $13.74B | 96.4% | +169.6% |
| Sales revenue | $13.67B | 95.9% | +170.9% |
| Fuel | $13.39B | 93.9% | +168.2% |
| Intersegment revenues | $686.0M | 4.8% | +7522.2% |
| Service revenue | $546.0M | 3.8% | +73.9% |
| Non-Fuel | $309.0M | 2.2% | +312.0% |
| Pipeline throughput | $186.0M | 1.3% | +14.1% |
| Other | $157.0M | 1.1% | +57.0% |
| Refinery throughput | $135.0M | 0.9% | — |
| Motor fuel sales and sales include motor fuel taxes | $84.0M | 0.6% | +140.0% |
| Lease revenue | $43.0M | 0.3% | +43.3% |
| Lease Income | $43.0M | 0.3% | +43.3% |
| Terminal throughput | $42.0M | 0.3% | +35.5% |
| Total revenue | $14.26B | 100% | — |
The lines above cover 301.8% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $22.50B | 89.3% | -0.7% |
| CANADA | $1.70B | 6.8% | — |
| Foreign | $1.00B | 4.0% | +2179.5% |
| Total revenue | $25.20B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 13% of revenue from unnamed direct customers (10-K, filed 2026-02-19).

## Company outlook (8-K filed 2026-08-04)

- "More information is available at www.sunocolp.com 2 Forward-Looking Statements This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.83 | $2.77 | +1.9% | $13.92B | 5 |
| Next quarter (ends 2026-12-31) | $2.38 | $2.66 | -10.7% | $13.48B | 5 |
| Current fiscal year (ends 2026-12-31) | $9.71 | $10.42 | -6.7% | $51.21B | 5 |
| Next fiscal year (ends 2027-12-31) | $10.24 | $9.89 | +3.6% | $53.77B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±7.5%; last 8 reports averaged ±2.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 33.6% | ±7.5% |
| 2026-12-18 | 56 | 30.9% | ±9.7% |
| 2027-03-19 | 147 | 30.2% | ±15.1% |
| 2027-06-17 | 237 | 29.6% | ±18.6% |