SPH (Suburban Propane Partners LP) Operating Income: $214 Mil (TTM As of Mar. 2026)

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SPH Suburban Propane Partners LP SPH
57 GF Score
Price $18.66
GF Value $18.09
Valuation Fairly Valued
! 3 Warning Signs
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What is Suburban Propane Partners LP Operating Income?

Suburban Propane Partners LP SPH +0.27% 57 Operating Income is $214 Mil as of Mar. 2026. GuruFocus rates SPH with a GF Score™ of 57/100 and a GF Value™ of $18.09 (Fairly Valued). The stock has 3 warning signs investors should review.

Suburban Propane Partners LP's Operating Income for the three months ended in Mar. 2026 was $158 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $214 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Suburban Propane Partners LP's Operating Income for the three months ended in Mar. 2026 was $158 Mil. Suburban Propane Partners LP's Revenue for the three months ended in Mar. 2026 was $551 Mil. Therefore, Suburban Propane Partners LP's Operating Margin % for the quarter that ended in Mar. 2026 was 28.65%.

Suburban Propane Partners LP's 5-Year average Growth Rate for Operating Margin % was -0.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Suburban Propane Partners LP's annualized ROC % for the quarter that ended in Mar. 2026 was 26.50%. Suburban Propane Partners LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 74.27%.


Suburban Propane Partners LP  (NYSE:SPH) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Suburban Propane Partners LP's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=631.644 * ( 1 - 0.09% )/( (2384.527 + 2377.432)/ 2 )
=631.0755204/2380.9795
=26.50 %

where

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Suburban Propane Partners LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=629.424/( ( (824.638 + max(-5.119, 0)) + (823.945 + max(46.368, 0)) )/ 2 )
=629.424/( ( 824.638 + 870.313 )/ 2 )
=629.424/847.4755
=74.27 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(129.295 + 69.281 + 36.168) - (47.864 + 104.736 + 87.263)
=-5.119

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(148.116 + 63.549 + 51.52) - (44.911 + 63.401 + 108.505)
=46.368

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Suburban Propane Partners LP's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=157.911/551.206
=28.65 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Suburban Propane Partners LP Operating Income Related Terms


Suburban Propane Partners LP Operating Income Historical Data

* Premium members only.

The historical data trend for Suburban Propane Partners LP's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Suburban Propane Partners LP Operating Income Chart

Suburban Propane Partners LP Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 213.24 206.33 206.85 171.25 206.31

Suburban Propane Partners LP Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 158.41 5.59 -16.76 67.65 157.91
SPH
57GF Score
Suburban Propane Partners LP SPH
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Suburban Propane Partners LP Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $214 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $214 Mil mean?
Suburban Propane Partners LP (SPH) has a Operating Income of $214 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Suburban Propane Partners LP and its competitors.
Is Suburban Propane Partners LP's Operating Income too high?
Suburban Propane Partners LP's current Operating Income is $214 Mil. Overall, Suburban Propane Partners LP has a GF Score™ of 57/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Suburban Propane Partners LP's Operating Income compare to NWN and RGCO?
Suburban Propane Partners LP's Operating Income of $214 Mil can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for an Utilities - Regulated company?
A good Operating Income depends on the Utilities - Regulated industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Suburban Propane Partners LP and its competitors. Suburban Propane Partners LP's current Operating Income is $214 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Suburban Propane Partners LP stock overvalued right now?
Based on GuruFocus' analysis, Suburban Propane Partners LP (SPH) is currently considered Fairly Valued. The stock's GF Value™ is $18.09, compared to a current price of $18.66 — trading 3.2% above its estimated fair value. The current Operating Income is $214 Mil. Suburban Propane Partners LP's overall GF Score™ is 57/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Suburban Propane Partners LP (SPH), the current Operating Income is $214 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Suburban Propane Partners LP (SPH) Overvalued in 2026?

Based on GuruFocus' analysis, Suburban Propane Partners LP stock appears to be overvalued. The current stock price of $18.66 is trading 3.2% above its estimated GF Value™ of $18.09. GuruFocus considers Suburban Propane Partners LP to be Fairly Valued.

Key valuation signals for SPH:

  • Operating Income: $214 Mil
  • GF Value™: $18.09 vs. price of $18.66 (3.2% above fair value)
  • GF Score™: 57/100 with 3 warning signs

No single metric tells the full story. See the SPH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Suburban Propane Partners LP Business Description

Address 240 Route 10 West, Whippany, NJ, USA, 07981
Suburban Propane Partners LP distributes propane, renewable propane, renewable natural gas (RNG), fuel oil, refined fuels, and markets natural gas and electricity in deregulated markets. It produces and invests in low-carbon fuel alternatives. The company installs and services home comfort heating and ventilation equipment and distributes fuel oil, kerosene, diesel, and gasoline to about 25,000 residential and commercial customers mainly in the U.S. northeast. It operates three segments: Propane, Fuel Oil and Refined Fuels, and Natural Gas and Electricity, with the Propane segment generating the majority of revenue. Propane, a by-product of natural gas processing and petroleum refining, is a clean-burning energy source known for transportability and ease of use.
57GF Score

Get the complete analysis for SPH

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$18.66
Price
$18.09
GF Value