SunocoCorp LLC (SUNC)

Price$78.77Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe units look fairly priced: the yield is useful, but the market already expects continued growth.

At the observed market price, the annualized $4.0092 distribution provides about a 5.2% cash yield, meaning that much cash is paid each year relative to the unit price. First-half 2026 earnings attributable to SUNC members were $2.89 per unit; simply doubling that half-year figure implies about 13 times annualized earnings. That shortcut is imperfect because quarterly results include acquisition, inventory, currency, and tax effects. If distributions grow 5% and the valuation stays unchanged, yield plus growth points to roughly a 10% annual return before taxes—reasonable, but not obviously cheap.

Big pictureCash generation has improved sharply, but debt remains large after the Parkland expansion.

The supplied history shows operating cash flow rising from $549 million in 2024 to $1.19 billion in 2025, then totaling $1.56 billion in the first two quarters of 2026. That supports the durability of distributions better than the near-zero 2025 net income suggests. However, the same history shows about $14.8 billion of debt against $773 million of cash at June. Sunoco’s credit calculation showed net leverage—debt after cash compared with adjusted operating earnings—at about 3.7 times, with roughly $2.3 billion of unused revolving credit. Deleveraging still matters.

Business strengthSeveral business lines now support cash flow, but unusually strong fuel margins flatter recent results.

Sunoco’s second-quarter adjusted EBITDA—a measure of operating earnings before interest, taxes, depreciation, and amortization—was $982 million. Fuel distribution contributed $504 million, pipelines $190 million, terminals $113 million, and refining $175 million. Distributable cash flow, meaning cash available after key costs for distributions and reinvestment, was $608 million versus $263 million of total partner distributions, more than twice the amount required. The caution is cyclicality: fuel profit was 17.1 cents per gallon versus 10.5 cents a year earlier, so recent margins should not be treated as permanent.

What could change the storyDebt reduction and integration gains could add value; weaker margins, more deals, or dilution would hurt.

The bull case is successful Parkland integration, lower debt, and disciplined smaller acquisitions that lift cash flow faster than distributions. The bear case is more deal spending just as fuel or refinery profits normalize, leaving less room to reduce leverage. SUNC had 51.5 million units outstanding at year-end 2025 and June 2026, so dilution has been minimal so far; however, its incentive plan still had about 9.8 million units available for future awards at year-end. Available capacity does not mean management will use it all. Another watchpoint is December 31, 2027, when temporary one-for-one distribution equalization with Sunoco LP ends.

AI: News

Guidance raised after Q2Sunoco reported much stronger quarterly results and raised full-year profit guidance, strengthening the growth case.

On August 4, underlying Sunoco LP reported second-quarter net income of $283 million, adjusted EBITDA of $982 million, and distributable cash flow of $608 million, compared with $86 million, $454 million, and $300 million a year earlier. Adjusted EBITDA means operating earnings before interest, taxes, depreciation, and amortization, with management-specified adjustments. Management raised 2026 guidance for that measure by $400 million to $3.5-$3.7 billion. SUNC closed about 2.7% lower that day. The timing is notable, but it does not prove the earnings release caused the decline.

Offen acquisition announcedSunoco agreed to buy Offen Petroleum, adding fuel-distribution scale but committing more cash after a debt-heavy expansion.

On August 6, Sunoco agreed to acquire Offen Petroleum for about $600 million in cash, with closing expected in the fourth quarter subject to regulatory approval. Offen distributes roughly 2.5 billion gallons annually to about 7,000 customers and more than 800 retail stations across the Midwest, Mountain West, and Southwest. Management says the transaction should immediately add cash flow. The next trading session’s unadjusted close was about 3.3% lower, but SUNC was also trading around its distribution date, so attribution to the acquisition is especially uncertain.

Distribution increased againThe quarterly payout rose again, supporting income while increasing the cash commitment that must be sustained.

On July 27, SUN and SUNC declared a $1.0023 quarterly distribution, up 1.25% from the prior quarter and more than 10% from a year earlier, payable August 19. The annualized payout is $4.0092 per unit, and management continues to target at least 5% multi-year growth. Because SUNC’s value is closely tied to cash distributions, continued growth supports the valuation; each increase also raises the recurring cash requirement. SUNC closed about 1% lower that day, but the timing alone does not establish causation.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$25.20B	$22.69B	$23.07B
Gross profit	$2.79B	$2.10B	$1.36B
Gross margin	11.08%	9.25%	5.92%
Operating expenses	$24.27B	$21.90B	$22.43B
Operating income	$935.0M	$791.0M	$635.0M
Operating margin	3.71%	3.49%	2.75%
EBITDA	$1.62B	$1.16B	$822.0M
EBITDA margin	6.44%	5.11%	3.56%
Net income	−$5.0M	$0	$0
Net profit margin	−0.02%	0.00%	0.00%
Basic EPSper basic share	-$0.10	$0.00	$0.00
Diluted EPSper diluted share	-$0.10	$0.00	$0.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of SUNC
Holder	Shares held
FMR LLC	4.97M
Blackstone Inc.	3.01M
GOLDMAN SACHS GROUP INC	2.77M
Assenagon Asset Management S.A.	2.11M
TWO SIGMA INVESTMENTS, LP	1.85M
Invesco Ltd.	1.56M
NEUBERGER BERMAN GROUP LLC	1.47M
NORGES BANK	1.42M
MORGAN STANLEY	1.41M
BCV Asset Management Inc.	1.26M
MILLENNIUM MANAGEMENT LLC	1.14M
QV Investors Inc.	1.05M
DIMENSIONAL FUND ADVISORS LP	986.12K
Qube Research & Technologies Ltd	962.91K
KAYNE ANDERSON CAPITAL ADVISORS LP	819.34K
Clearbridge Investments, LLC	763.38K
RENAISSANCE TECHNOLOGIES LLC	721K
UBS Group AG	649.57K
iA Global Asset Management Inc.	610.88K
BANK OF AMERICA CORP /DE/	507.89K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys6$494.9K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Nov 26, 2025Form 4	Jennings MichaelDirector	BuySunocoCorp Common Units	1.0K	$52.00	$52.0K	8.6K
Nov 17, 2025Form 4	Jennings MichaelDirector	BuySunocoCorp Common Units	16	$49.64	$794.24	7.6K
Nov 17, 2025Form 4	Jennings MichaelDirector	BuySunocoCorp Common Units	15	$49.61	$744.15	7.6K
Nov 17, 2025Form 4	Jennings MichaelDirector	BuySunocoCorp Common Units	165	$49.67	$8.2K	7.6K
Nov 17, 2025Form 4	Jennings MichaelDirector	BuySunocoCorp Common Units	2.8K	$49.68	$139.3K	7.4K

Review ownership filings at SEC.gov ↗

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SunocoCorp LLC (SUNC)

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