SUNC

SunocoCorp is not an operating business — per the 10-K MD&A, it is a Delaware publicly traded LLC whose 'only cash-generating assets are the Sunoco Class D Units,' managed by SunocoCorp Manager which is itself controlled by Energy Transfer. Sunoco GP is 100% owned by Energy Transfer along with all of Sunoco's IDRs (incentive distribution rights), so economic control sits with ET, not SUNC unitholders. The 51.5M SUNC units were created in November 2025 to fund the Parkland acquisition (closed October 31, 2025) — $2.60B cash plus the SUNC units went to Parkland shareholders in exchange for an international fuel distributor operating across 26 countries. This is why FY2025 total assets nearly doubled (+97.3% to $28.4B) and long-term debt jumped +78.7% to $13.4B — the balance sheet is now carrying the Parkland deal and was further loaded in January 2026 with the ~$540M TanQuid terminal acquisition (including ~$300M assumed debt) in Germany/Poland.

The fundamentals tell a transition-year story rather than a steady-state one. Revenue grew 11.1% to $25.2B and operating income rose 18.2% to $935M, but net income flipped to a $5M loss and diluted EPS is -$0.10 — the spread between $935M of operating income and a bottom-line loss is consistent with heavy interest expense on $13.4B of long-term debt plus deal/integration costs. Operating cash flow more than doubled to $1.19B (+117%) and D&A jumped 87% to $688M, both reflecting the consolidated Parkland footprint for only ~two months of FY2025. The operating margin of 3.7% is thin but typical for fuel distribution; the real read on this business requires a full year of post-deal results, which won't show until FY2026 reporting.