Suburban Propane Partners, L.P. (SPH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la distribución de energía, los socios de propano suburbanos, L.P. (SPH) surge como una potencia estratégica, transformando cómo los sectores residenciales, agrícolas y comerciales acceden a soluciones de propano confiables. Al crear meticulosamente un modelo de negocio integral que une la prestación de servicios innovadores con infraestructura estratégica, SPH se ha posicionado como un jugador crítico en el mercado energético descentralizado. Su enfoque único combina sofisticación tecnológica, estrategias centradas en el cliente y una red de distribución robusta que aborda las diversas necesidades energéticas de las comunidades en los Estados Unidos.

Suburban Propane Partners, L.P. (SPH) - Modelo de negocios: asociaciones clave

Fabricantes y proveedores de equipos de propano

Suburban Propane Partners mantiene asociaciones estratégicas con fabricantes de equipos clave:

Fabricante	Detalles de la asociación	Volumen de suministro anual
Tanque de manchester & Equipo	Suministro de tanque de almacenamiento de propano	78,000 unidades anualmente
Industrias de Worthington	Fabricación de cilindros y tanques	62,500 unidades anualmente

Redes de distribución de gas natural

Las asociaciones de red de distribución clave incluyen:

• Habilitar socios de la corriente intermedia: 1,2 millones de pies cúbicos por día de distribución de distribución
• Socios de productos empresariales: 875,000 pies cúbicos por día de transporte de la red
• Energy Transfer LP: 1,5 millones de pies cúbicos Diarios de aconexión

Proveedores de equipos agrícolas y agrícolas

Pareja	Servicio agrícola	Valor anual del contrato
John Deere	Integración de propano de equipos agrícolas	$ 3.6 millones
Caso IH	Sistemas de propano de equipos agrícolas	$ 2.9 millones

Empresas de transporte y logística

Las asociaciones logísticas incluyen:

• Transporte rápido: 425 camiones de reparto de propano dedicados
• Werner Enterprises: 312 vehículos especializados de transporte de propano
• Gasto total de asociación logística anual: $ 42.7 millones

Infraestructura energética y socios de la instalación de almacenamiento

Pareja	Tipo de infraestructura	Capacidad de almacenamiento
Kinder Morgan	Instalaciones de terminal de almacenamiento	3.2 millones de galones
NGL Partners Energy Partners	Infraestructura de almacenamiento regional	2.7 millones de galones

Suburban ProPane Partners, L.P. (SPH) - Modelo de negocio: actividades clave

Distribución de propano y ventas minoristas

A partir de 2023, los socios de propano suburbanos distribuyeron aproximadamente 102 millones de galones de propano a clientes minoristas. El volumen anual de ventas minoristas alcanzó los $ 1.46 mil millones.

Segmento de distribución	Volumen (galones)	Ganancia
Propano residencial	46.2 millones	$ 658.3 millones
Propano comercial	33.8 millones	$ 482.5 millones
Propano agrícola	22 millones	$ 319.2 millones

Comercio de propano al por mayor

Las operaciones comerciales mayoristas generaron $ 124.7 millones en ingresos para el año fiscal 2023.

Instalación y mantenimiento de sistemas de propano

• Ingresos anuales de instalación del sistema: $ 87.3 millones
• Número de nuevas instalaciones del sistema de propano: 12,450
• Contratos de servicio de mantenimiento: 8,675

Gestión de transporte y logística

Composición de la flota	Número de vehículos	Gastos logísticos anuales
Camiones de reparto de propano	780	$ 42.6 millones
Vehículo de servicio	425	$ 18.3 millones

Servicio al cliente y operaciones de soporte

El centro de atención al cliente maneja 425,000 llamadas de servicio anualmente con Tasa de resolución de primer contacto del 98,6%.

• Representantes de servicio al cliente total: 325
• Presupuesto operativo anual de servicio al cliente: $ 22.1 millones
• Tiempo de respuesta promedio: 17 minutos

Suburban ProPane Partners, L.P. (SPH) - Modelo de negocio: recursos clave

Infraestructura extensa de almacenamiento y distribución de propano

A partir de 2023, el propano suburbano opera 18 centros de distribución en 23 estados. Capacidad de almacenamiento total: 22.5 millones de galones de propano. Inversiones de infraestructura en 2022: $ 42.3 millones.

Activo de infraestructura	Cantidad	Capacidad total
Tanques de almacenamiento de propano	138	22.5 millones de galones
Centros de distribución	18	Cobertura nacional

Flota de vehículos de entrega y activos de transporte

Composición de la flota a partir de 2023:

• Total de vehículos: 1.287
• Camiones de reparto de propano: 892
• Vehículos de servicio: 395
• Edad de la flota promedio: 6.3 años

Tipo de vehículo	Número	Costo de mantenimiento anual
Camiones de reparto de propano	892	$ 14.6 millones
Vehículo de servicio	395	$ 5.2 millones

Sistemas de gestión de relaciones con clientes patentados

Inversión tecnológica en 2022: $ 3.7 millones. Las capacidades clave del sistema incluyen:

• Seguimiento de entrega en tiempo real
• Facturación automatizada
• Análisis de uso del cliente

Personal técnico y de servicio capacitado

Estadísticas de la fuerza laboral a partir de 2023:

• Total de empleados: 2,100
• Técnicos certificados: 687
• Horas promedio de capacitación por empleado: 42 anualmente
• Inversión anual de capacitación: $ 1.9 millones

Red de distribución geográfica estratégica

Detalles de cobertura:

• Estados operativos: 23
• Ubicaciones de servicio: 712
• Penetración del mercado: 68% en regiones objetivo

Región	Número de ubicaciones de servicio	Ingresos anuales
Nordeste	276	$ 187.5 millones
Medio oeste	214	$ 142.3 millones
Sur	222	$ 159.7 millones

Suburban Propane Partners, L.P. (SPH) - Modelo de negocio: propuestas de valor

Soluciones de energía de propano confiables y consistentes

A partir del cuarto trimestre de 2023, Suburban Propane Partners atiende a aproximadamente 1.3 millones de clientes en 41 estados. El volumen anual de ventas de propano alcanzó 354.5 millones de galones en el año fiscal 2023.

Métrico de servicio	2023 rendimiento
Base total de clientes	1.3 millones
Cobertura geográfica	41 estados
Volumen anual de ventas de propano	354.5 millones de galones

Servicios de energía residenciales y comerciales flexibles

El propano suburbano ofrece soluciones energéticas diversificadas en múltiples segmentos de mercado.

• Calefacción residencial: 68% de la base total de clientes
• Servicios comerciales: 22% de la base total de clientes
• Aplicaciones agrícolas: 10% de la base total de clientes

Opciones integrales de combustible de calefacción y cocción

Los ingresos totales para propano y servicios relacionados en el año fiscal 2023 fueron de $ 576.3 millones.

Categoría de servicio	Contribución de ingresos
Propano residencial	$ 342.7 millones
Propano comercial	$ 167.9 millones
Propano agrícola	$ 65.7 millones

Atención al cliente eficiente y receptiva

Tiempo promedio de respuesta al servicio al cliente: 24 minutos. Tasa de retención de clientes en 2023: 89.6%.

Alternativas de energía consciente del medio ambiente

Las emisiones de propano son 43% más bajas que otros combustibles fósiles tradicionales. Compromiso de reducción de la huella de carbono: 15% para 2025.

• Emisiones bajas de carbono profile
• Tecnología de combustible de quema limpia
• Iniciativas de propano renovables

Suburban ProPane Partners, L.P. (SPH) - Modelo de negocios: relaciones con los clientes

Equipos directos de ventas y servicio al cliente

A partir de 2024, Suburban ProPane Partners mantiene un equipo de servicio al cliente dedicado de aproximadamente 350 empleados a tiempo completo centrados en las interacciones y el soporte directos del cliente.

Canal de servicio al cliente	Volumen de contacto anual
Soporte telefónico	672,000 interacciones con los clientes
Soporte en línea	214,500 consultas digitales
Servicio en persona	48,300 reuniones directas de clientes

Contratos de servicio a largo plazo

Distribución de contrato

• Contratos de propano residencial: 78% de la base de clientes
• Acuerdos de servicio comercial: 17% de la base de clientes
• Contratos industriales a largo plazo: 5% de la base de clientes

Gestión de cuentas personales

Suburban Propane Partners proporciona una administración de cuentas personalizada para el 62% de sus segmentos de clientes comerciales e industriales.

Nivel de gestión de cuentas	Número de gerentes dedicados
Cuentas de nivel empresarial	24 gerentes de cuentas dedicados
Segmento comercial	87 gerentes de relaciones

Plataformas de atención al cliente digital

Los canales de soporte digital incluyen:

• Aplicación móvil: 156,000 usuarios activos
• Portal de cuentas en línea: 287,500 clientes registrados
• Soporte del chat web 24/7: tiempo de respuesta promedio 7.2 minutos

Programas de participación centrados en la comunidad

Las iniciativas de participación comunitaria incluyen:

• Programas locales de asistencia energética: contribución anual de $ 2.1 millones
• Eventos de educación de seguridad comunitaria: 42 eventos anualmente
• Programa de fidelización del cliente: 68% de tasa de participación del cliente

Suburban ProPane Partners, L.P. (SPH) - Modelo de negocios: canales

Representantes de ventas directas

A partir de 2024, el propano suburbano mantiene una fuerza de ventas directa de 1.247 representantes en 23 estados en los Estados Unidos. Ventas anuales promedio por representante: $ 1.2 millones.

Región de ventas	Número de representantes	Ventas anuales promedio
Nordeste	487	$ 1.35 millones
Medio oeste	312	$ 1.15 millones
Sudeste	248	$ 1.05 millones
Oeste	200	$ 1.25 millones

Plataformas de pedidos en línea

Estadísticas de plataforma digital para 2024:

• Usuarios mensuales en línea activos: 127,563
• Volumen del pedido en línea: 42% de las transacciones totales
• Valor de transacción en línea promedio: $ 345

Aplicaciones de servicios móviles

Métricas de rendimiento de la aplicación móvil:

• Descargas totales de aplicaciones: 78,245
• Usuarios mensuales de la aplicación activa: 46,782
• Solicitudes de servicio basadas en aplicaciones: 37% de las interacciones de servicio total

Atención al cliente telefónica

Datos operativos del centro de llamadas:

Métrico	2024 rendimiento
Volumen total de llamadas anuales	512,347 llamadas
Tiempo promedio de manejo de llamadas	7.2 minutos
Calificación de satisfacción del cliente	89.3%

Centros de distribución minoristas locales

Red de centro de distribución:

• Centros de distribución totales: 82
• Valor de inventario promedio por centro: $ 2.3 millones
• Volumen de distribución diaria: 14,567 unidades de propano

Suburban ProPane Partners, L.P. (SPH) - Modelo de negocios: segmentos de clientes

Propietarios residenciales

A partir de 2024, el propano suburbano atiende a aproximadamente 1,1 millones de clientes residenciales en 30 estados. El consumo promedio de propano anual por cliente residencial es de 700 galones.

Tipo de cliente	Número de clientes	Consumo anual promedio
Casas unifamiliares	825,000	650 galones
Residencias multifamiliares	275,000	850 galones

Negocios agrícolas

El propano suburbano apoya a 42,500 clientes agrícolas, con un volumen total de ventas de propano anual de 85 millones de galones para aplicaciones agrícolas.

• Secado de cultivos: 35,000 clientes
• Calefacción de invernadero: 4.500 clientes
• Equipo agrícola: 3.000 clientes

Empresas comerciales e industriales

La compañía atiende a 28,750 clientes comerciales e industriales en varios sectores, generando $ 215 millones en ingresos anuales de este segmento.

Sector industrial	Número de clientes	Consumo anual de propano
Fabricación	12,500	45 millones de galones
Construcción	8,250	22 millones de galones
Almacenamiento	8,000	18 millones de galones

Industrias de hospitalidad y restaurantes

Suburban ProPane brinda servicios a 6.750 clientes de hospitalidad y restaurantes, con un volumen anual de ventas de propano de 22 millones de galones.

• Restaurantes: 4.500 clientes
• Hoteles y resorts: 1.750 clientes
• Servicios de catering: 500 clientes

Comunidades rurales y suburbanas

La compañía mantiene una fuerte presencia en los mercados rurales y suburbanos, que atiende al 95% de su base de clientes en estas regiones, cubriendo aproximadamente 18,000 millas cuadradas de territorio de servicio.

Tipo comunitario	Porcentaje de clientes	Cobertura geográfica
Comunidades rurales	65%	12,000 millas SQ
Áreas suburbanas	30%	6,000 millas cuadradas

Suburban Propane Partners, L.P. (SPH) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propano

Para el año fiscal 2023, los socios de propano suburbanos informaron costos de adquisición de propano de $ 536.7 millones. La compañía compra propano de múltiples proveedores, con un precio de adquisición promedio de $ 1.82 por galón.

Categoría de gastos	Costo anual ($ M)	Porcentaje de adquisiciones totales
Compras al por mayor de propano	536.7	78%
Tarifas del contrato de suministro	92.3	13%
Almacenamiento y manejo	57.4	9%

Costos de transporte y logística

Los gastos de transporte para socios de propano suburbanos totalizaron $ 124.6 millones en 2023, lo que representa un componente crítico de sus costos operativos.

• Mantenimiento de la flota: $ 42.3 millones
• Costos de combustible para vehículos de entrega: $ 36.8 millones
• Salarios y beneficios del conductor: $ 45.5 millones

Mantenimiento de la infraestructura

Los costos de mantenimiento de la infraestructura para 2023 fueron de $ 87.2 millones, cubriendo instalaciones de almacenamiento, centros de distribución y equipo.

Categoría de mantenimiento	Costo anual ($ M)
Mantenimiento de la instalación de almacenamiento	38.6
Reparación y reemplazo de equipos	29.7
Infraestructura tecnológica	18.9

Salarios y capacitación de los empleados

Los gastos totales relacionados con el personal para 2023 fueron de $ 213.4 millones.

• Salarios base: $ 162.5 millones
• Beneficios y seguros: $ 34.7 millones
• Capacitación y desarrollo: $ 16.2 millones

Marketing y adquisición de clientes

Los gastos de marketing para los socios de propano suburbanos alcanzaron los $ 24.7 millones en 2023.

Canal de marketing	Gasto ($ M)
Marketing digital	9.3
Publicidad tradicional	7.6
Programas de retención de clientes	5.8
Promociones de ventas	2.0

Suburban ProPane Partners, L.P. (SPH) - Modelo de negocios: flujos de ingresos

Ventas de propano residencial

Para el año fiscal 2023, el propano suburbano reportó un volumen de ventas de propano residencial de 133.9 millones de galones, generando aproximadamente $ 655.4 millones en ingresos de este segmento.

Métrica de ventas residenciales	Valor
Galones residenciales totales vendidos	133.9 millones de galones
Ingresos residenciales	$ 655.4 millones
Precio promedio por galón	$4.90

Contratos de servicio de propano comercial

Los contratos de servicio de propano comercial contribuyeron $ 287.6 millones a los ingresos de la compañía en 2023.

• Total de clientes comerciales: 41,000
• Valor promedio del contrato: $ 7,015 por contrato
• Duración del contrato: típicamente 1-3 años

Tarifas de instalación de equipos

Los servicios de instalación de equipos generaron $ 42.3 millones en ingresos adicionales para propano suburbano en 2023.

Servicio de instalación	Ganancia
Instalaciones de tanques residenciales	$ 24.5 millones
Instalaciones de equipos comerciales	$ 17.8 millones

Comercio de propano al por mayor

El comercio mayorista de propano representó $ 178.2 millones en ingresos para el año fiscal 2023.

• Volumen mayorista total: 72.6 millones de galones
• Precio al por mayor promedio: $ 2.45 por galón
• Mercados comerciales: principalmente noreste y medio oeste de los Estados Unidos

Servicios de energía auxiliar

ANCILARY Energy Services contribuyó con $ 93.7 millones a los ingresos totales del propano suburbano en 2023.

Servicio auxiliar	Ganancia
Servicios de HVAC	$ 52.4 millones
Ventas de electrodomésticos de propano	$ 41.3 millones

Suburban Propane Partners, L.P. (SPH) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Suburban Propane Partners, L.P. (SPH) over competitors. It boils down to deep history, broad reach, and a pivot toward cleaner energy, all while keeping service local.

Reliable, dependable energy supply with a nearly 100-year legacy.

Suburban Propane Partners, L.P. anchors its value proposition in its longevity. The company has been in the customer service business since 1928, giving it a nearly 100-year legacy of dependability. This history translates into operational experience, especially when handling high-demand periods. For instance, retail propane gallons sold for the full fiscal year 2025 reached 400.5 million gallons, a 5.9% increase year-over-year, showing sustained customer reliance on their supply chain.

Diversified product offering: propane, fuel oil, natural gas, electricity.

The value isn't just in one fuel; it's in the variety of energy sources Suburban Propane Partners, L.P. can deliver and market across its footprint. The Propane segment remains the largest revenue driver, but the diversification mitigates risk from single-commodity price swings. Here's a look at the scale and the primary revenue source for fiscal year 2025.

Energy Product/Segment	Fiscal Year 2025 TTM Revenue (USD)	FY2025 Volume Metric
Propane (Retail & Wholesale)	$1.27 Billion	400.5 Million Retail Gallons Sold
Fuel Oil and Refined Fuels	Not Separately Itemized	Distributes fuel oil, kerosene, diesel
Natural Gas and Electricity Marketing	Not Separately Itemized	Markets in deregulated markets

Suburban Propane Partners, L.P. serves approximately 1 million customers through about 700 locations across 41 states.

Commitment to low-carbon alternatives (renewable propane, RNG).

The company is actively positioning for the energy transition by investing in cleaner fuels. This commitment is backed by capital deployment and specific project milestones. Suburban Propane Partners, L.P. is an investor in low-carbon fuel alternatives, including renewable propane and renewable natural gas (RNG).

• Fiscal 2025 capital spending for RNG projects was expected to range between $35 million to $45 million.
• The Upstate New York RNG facility is positioned to qualify for an Inflation Reduction Act Investment Tax Credit at a 30% rate, potentially yielding $7 million to $9 million in tax credits.
• New RNG facilities in New York and Ohio were expected to come online later in 2025.
• However, average daily RNG injection at the Stanfield facility was approximately 13% lower in fiscal 2025 compared to the prior year due to maintenance and weather impacts.

Personalized, hyperlocal customer service model.

The value proposition emphasizes local service delivery, which is critical for energy distribution. This is reinforced by community engagement efforts, showing a commitment to the areas they serve. The company has over 3,300 full-time employees dedicated to this service. The 2025 SuburbanCares initiative involved over 150 employee volunteers contributing approximately 600 hours of service across 20 communities nationwide. This local focus supports customer retention, which is key when propane volumes sold increased by 5.9% in fiscal 2025.

Emergency and post-storm demand fulfillment (e.g., Hurricanes Helene and Milton).

Suburban Propane Partners, L.P. highlights its operational readiness during crises. The company's personnel were noted for their tireless execution in response to surging demand. Specifically, Q1 2025 saw strong demand in the Southeast region following Hurricanes Helene and Milton, which helped offset warmer-than-normal weather impacts elsewhere. Furthermore, sustained colder temperatures in Q2 2025 led to propane volumes increasing by 15.5% year-over-year, with January 2025 delivering the highest propane volumes since 2018. This demonstrates the ability to scale up rapidly when customers need it most.

Suburban Propane Partners, L.P. (SPH) - Canvas Business Model: Customer Relationships

You're looking at how Suburban Propane Partners, L.P. keeps its massive customer base engaged and loyal; it's a mix of deep local presence and structured corporate support. The foundation of this relationship strategy is its nearly 100-year legacy in the customer service business, dating back to 1928.

Dedicated local customer service and field support.

Suburban Propane Partners, L.P. focuses its service delivery in areas where the primary alternative, natural gas, isn't easily accessible-namely, suburban and rural locations. The company services approximately 1.0 million propane customers across 42 states, utilizing a nationwide retail distribution network of approximately 750 locations as of September 27, 2025. This physical footprint is key to local support, though you should note that most of its customer service centers compete with five or more other marketers at any given time. To maintain this physical presence, the company leases about 25% of its customer service centers under operating leases.

Here are the key operational metrics defining the customer base as of fiscal year-end September 27, 2025:

Metric	Value (FY 2025)
Total Propane Customers Serviced	Approximately 950,000
Total Retail Propane Gallons Sold	400.5 million gallons
Retail Propane Gallons Sold Increase (YoY)	5.9%
Total Company Locations	Approximately 750
States of Operation	42

High-touch, personalized relationship model for retention.

The relationship model is anchored by the Suburban Commitment to Excellence pillar, which emphasizes dependability, flexibility, and reliability. While specific personalization metrics aren't public, the company explicitly ties customer base growth and retention initiatives to its operational results; for instance, Q1 fiscal 2025 results noted contributions from these initiatives, even as unseasonably warm temperatures impacted demand. The focus on local service centers inherently supports a more direct, high-touch interaction than a purely centralized model. If onboarding takes 14+ days, churn risk rises, so local field support is defintely critical here.

Community engagement through the SuburbanCares initiative.

Community goodwill is actively managed through the SuburbanCares corporate initiative, which reflects a commitment to the local communities where employees live and work. For the 2025 calendar year, the results of this engagement were quite specific:

• Engaged over 150 employee volunteers.
• Logged approximately 600 hours of volunteer service.
• Supported initiatives across 20 communities nationwide.
• Maintained an ongoing national partnership with the American Red Cross.

This effort is designed to strengthen community connections, which indirectly supports customer trust and retention in those local markets.

Contractual arrangements for scheduled deliveries and price protection.

Suburban Propane Partners, L.P. manages customer commitment through structured service agreements, though the exact terms of price protection programs are proprietary. The core relationship is solidified by the recurring nature of propane delivery, which is managed through scheduled delivery programs. The company's overall financial health supports these commitments; for fiscal 2025, Total Revenues reached $1,432.5 million, and Net Income was $106.6 million, allowing for consistent service delivery and the ability to manage commodity price risks for customers through various contract structures. Furthermore, the company declared a quarterly distribution of $0.325 per Common Unit for the period ending September 27, 2025, signaling stability to its investor base, which underpins the long-term reliability offered to its customers.

Finance: draft 13-week cash view by Friday.

Suburban Propane Partners, L.P. (SPH) - Canvas Business Model: Channels

You're looking at how Suburban Propane Partners, L.P. (SPH) physically gets its product-propane, renewable propane, RNG, and fuel oil-to its customers. This is all about physical footprint and direct interaction.

The backbone of the distribution channel is the physical network. As of late 2025, Suburban Propane Partners, L.P. services its customer base through approximately 700 locations, though the November 2025 10-K filing announcement mentioned approximately 750 locations across 42 states. This extensive physical presence is key to reaching the roughly 1 million residential, commercial, governmental, industrial, and agricultural customers.

Here's a quick look at the scale of the physical channel as of the Fiscal Year 2025 reporting:

Metric	Value (FY2025)
Total Locations (Approximate)	700 to 750
States Served	42
Total Customers Served (Approximate)	1 million
Propane Volumes Sold (Gallons)	400.5 million gallons
Propane Volume Growth (YoY)	5.9% increase

Direct-to-customer delivery is managed via a proprietary fleet. This is how they move the product from those local distribution centers right to the customer's tank, which is critical for reliability, especially during peak heating demand. The operational success of this channel is reflected in the 5.9% increase in retail propane gallons sold for fiscal year 2025.

Sales and service personnel are the human interface for both commercial and residential accounts. These teams handle the direct sales, service calls, and relationship management that keep the customer base stable. The company is focused on customer base growth and retention initiatives, which rely heavily on these personnel executing well.

Digital channels support the physical network for account management and service requests. The management team mentioned advancing technology initiatives during fiscal 2025, supported by total capital spending of $72 million for the year. This investment helps modernize how customers interact digitally, even as the core business remains physical delivery.

• Digital use supports account management.
• Digital partners use tracking technologies on Sites.
• Technology modernization is a stated focus area.

The overall channel strategy is supported by strong financial performance, with Adjusted EBITDA for fiscal 2025 reaching $278.0 million, which helps fund the maintenance and modernization of this extensive physical and digital infrastructure.

Suburban Propane Partners, L.P. (SPH) - Canvas Business Model: Customer Segments

Residential customers are the core base for Suburban Propane Partners, L.P. (SPH). The partnership serves approximately 1 million total customers across its operational footprint.

Commercial, industrial, and governmental entities form a significant part of the customer base, contributing to the overall retail propane volume. The partnership noted margin expansion across all customer categories in fiscal 2025.

The agricultural sector is a distinct user group, though its demand can be variable. For instance, in the first quarter of fiscal 2025, lower agricultural demand for crop drying was cited as a factor contributing to a slight decrease in retail propane gallons sold for that period.

Wholesale customers are served through bulk sales arrangements. In the first quarter of fiscal 2025, average wholesale propane prices, based on Mont Belvieu, saw a notable increase of 15%, reaching $0.77 per gallon compared to the prior year.

The overall performance of the propane distribution business, which serves these segments, is summarized below for the fiscal year ended September 27, 2025:

Metric	Fiscal 2025 Amount	Year-over-Year Change
Total Revenue	$1.43 B USD	Growth (from $1.33 B USD in 2024)
Propane Segment Revenue	$1.27 B USD	Increase (from $1.15 B USD in 2024)
Retail Propane Gallons Sold	400.5 million gallons	5.9% increase
Propane Unit Margin Change (Ex-MTM)	$0.02 per gallon increase	1.0% increase

The growth in retail propane gallons sold for the full fiscal year 2025 was driven by several factors impacting demand across the segments:

• Sustained widespread cold temperatures during critical heating months.
• Increased demand for backup power generation in the Southeast following hurricanes.
• Continued growth in the counter seasonal national accounts business.
• Incremental volumes from recent propane acquisitions.

Suburban Propane Partners, L.P. (SPH) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Suburban Propane Partners, L.P. (SPH), you see a business heavily weighted toward the cost of the product it sells, which is typical for a distributor. The variable costs are significant, but fixed and semi-fixed operating expenses also demand close attention, especially as the company invests in new areas like renewable energy.

The single largest component of cost is the procurement of the fuel itself. Cost of products sold, which includes the purchase of propane and related activities, totaled $493.6 million for fiscal 2025. This cost directly scales with sales volume and wholesale commodity prices; for instance, higher average wholesale propane costs during much of fiscal 2025 contributed $29.1 million to the increase in this cost line item alone.

Beyond the direct cost of goods, the overhead required to run the distribution network and corporate functions is substantial. Combined operating and general and administrative expenses for the full fiscal year 2025 reached $590.5 million. This represented a 4.2% increase year-over-year, driven primarily by higher payroll and benefit-related expenses, overtime to support increased customer demand, and costs tied to the multi-year technology modernization initiative.

The company is actively spending capital to secure future revenue streams, which adds to the cost base through depreciation and interest on financing. Capital expenditures for Renewable Natural Gas (RNG) growth projects were significant, with over $25 million deployed; specifically, growth capital expenditures to advance construction activities at RNG production facilities totaled $27.0 million in FY2025. This investment is part of a broader strategy to build out the renewable energy platform.

The financing structure also contributes to the cost base through interest expense. Net interest expense for fiscal 2025 was $76.3 million, an increase from the prior year, largely due to a higher average level of outstanding borrowings under the Revolving Credit Facility. Managing this debt load is key, as evidenced by the reported Consolidated Leverage Ratio, which stood at 4.29x for the fiscal year ended September 27, 2025.

Distribution and logistics costs are embedded within the operating expenses but represent critical, ongoing cash outflows. These costs are directly tied to maintaining the physical infrastructure needed to serve customers. Here are the key elements that make up these operational costs:

• Fleet maintenance for the extensive distribution network.
• Payroll for drivers, logistics coordinators, and field personnel.
• Vehicle fuel costs, which can fluctuate.
• Costs associated with maintaining storage terminals and delivery equipment.

To give you a clearer picture of the major cost categories for Suburban Propane Partners, L.P. in fiscal 2025, here is a quick summary of the largest reported figures:

Cost Category	Fiscal 2025 Amount	Driver/Context
Cost of Products Sold (Propane/Fuel)	$493.6 million	Largest variable cost, tied to wholesale commodity prices and volumes sold.
Operating and G&A Expenses	$590.5 million	Includes payroll, benefits, and technology transformation costs.
Net Interest Expense	$76.3 million	Result of average outstanding borrowings under the Revolving Credit Facility.
RNG Growth Capital Expenditures	$27.0 million	Investment to advance construction activities at RNG production facilities.
Consolidated Leverage Ratio	4.29x	Metric reflecting debt relative to earnings at year-end FY2025.

Finance: draft 13-week cash view by Friday.

Suburban Propane Partners, L.P. (SPH) - Canvas Business Model: Revenue Streams

You're looking at how Suburban Propane Partners, L.P. (SPH) actually brings in the money, which is key to understanding its valuation, especially given the weather and commodity price sensitivity we see year-to-year. The revenue streams are quite focused, but they do have a few supporting pillars.

The primary engine, without question, is the retail sale of propane. For the full fiscal year 2025, which ended September 27, 2025, the company moved a solid volume, reporting that retail propane gallons sold reached 400.5 million gallons, marking a 5.9% increase year-over-year. This volume growth, supported by colder weather and post-storm demand, directly fueled the top line. Overall, total revenue for fiscal 2025 was reported at US$1.43 billion. That's the big number that captures everything for the year.

Here's a quick breakdown of the core components that make up that total revenue:

• Retail sales of propane, the largest driver.
• Sales of other fuels like fuel oil and natural gas.
• Revenue generated from electricity sales.
• Income from emerging renewable energy ventures.
• Fees collected from equipment sales and services.

To give you a clearer picture of the non-propane energy sales, while the full-year breakdown isn't always public, we can look at the segment performance from the second quarter of fiscal 2025 to see the relative scale of these other streams. Honestly, they are smaller but provide diversification.

Revenue Stream Segment	Revenue (Q2 FY2025 USD Millions)
Propane	525.256
Fuel oil & refined fuels	33.364
Natural gas & electricity	9.025
All other	20.215

The push into cleaner energy is a definite strategic focus for Suburban Propane Partners, L.P. The company has been advancing the buildout of its renewable energy platform, utilizing cash flows to support this growth. This includes ventures in Renewable Natural Gas (RNG) and renewable propane. For instance, management noted progress on an anaerobic digester system in upstate New York and equipment upgrades at an existing facility in Columbus, Ohio, as of August 2025. While specific full-year revenue figures for these nascent streams aren't broken out separately in the top-line reports, they represent a material area of capital deployment and future potential revenue diversification.

Finally, you can't forget the steady, recurring revenue from services tied to their existing customer base. This stream comes from equipment sales and service fees. Think about tank rentals, routine maintenance contracts, and the sale of related hardware. This service component helps smooth out some of the volatility inherent in weather-dependent commodity sales. If onboarding takes 14+ days, churn risk rises, so keeping service smooth is defintely important for retaining that recurring fee base.