Core Insights - Sunoco LP (SUN) reported fourth-quarter 2025 earnings of 9 cents per unit, significantly missing the Zacks Consensus Estimate of $1.64, and a decline from 75 cents in the same quarter last year [1][10] - Total quarterly revenues reached $8.6 billion, falling short of the Zacks Consensus Estimate of $9.4 billion, but increased from $5.3 billion reported in the year-ago quarter [1][10] Financial Performance - The weaker-than-expected results were primarily due to higher total cost of sales and operating expenses, which increased to $8.4 billion from $5 billion a year ago [2][11] - Adjusted distributable cash flow totaled $442 million, up from $261 million in the previous year [8] - Net income for the quarter was $97 million, down from $141 million in the fourth quarter of 2024 [7] Distribution and Capital Expenditure - The board declared a distribution of $0.9317 per unit for Q4 2025, marking a sequential increase of 1.25% [3] - Capital expenditures for the quarter amounted to $233 million, including $130 million in growth capital and $103 million in maintenance capital [11] Segment Performance - Fuel Distribution segment reported adjusted EBITDA of $332 million, up from $192 million in the comparable period of 2024, driven by increased profit per gallon sold [4] - Pipeline Systems segment's adjusted EBITDA was $187 million, slightly down from $188 million year-over-year due to increased operating costs [5] - Terminals segment reported adjusted EBITDA of $87 million, up from $59 million, benefiting from the Parkland acquisition and increased customer activity [6] - Refinery segment's adjusted EBITDA totaled $40 million, with crude throughput averaging 49 thousand barrels per day [7] Outlook - Sunoco projected full-year 2026 adjusted EBITDA in the range of $3.1 billion to $3.3 billion, with growth capital expenditures expected to be at least $600 million [13] - The partnership aims for a distribution growth target of at least 5% for 2026 [13]