SUBURBAN PROPANE PARTNERS LP Revenue Disclosure
3. Disaggregation of Revenue
The following table disaggregates revenue for each customer type. See Note 18, “Segment Information” for more information on segment reporting wherein it is disclosed that the Partnership’s Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity reportable segments generated approximately 88%, 5% and 2%, respectively, of the Partnership’s revenue for all periods presented. The propane segment contributes the majority of the Partnership’s revenue and the concentration of revenue by customer type for the propane segment is not materially different from the consolidated revenue.
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Year Ended |
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September 27, |
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September 28, |
|
|
September 30, |
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2025 |
|
|
2024 |
|
|
2023 |
|
|||
Retail |
|
|
|
|
|
|
|
|
|||
Residential |
$ |
766,528 |
|
|
$ |
706,768 |
|
|
$ |
771,783 |
|
Commercial |
|
404,181 |
|
|
|
372,828 |
|
|
|
393,482 |
|
Industrial |
|
120,579 |
|
|
|
120,985 |
|
|
|
130,656 |
|
Government |
|
67,976 |
|
|
|
61,396 |
|
|
|
65,489 |
|
Agricultural |
|
33,398 |
|
|
|
36,568 |
|
|
|
40,971 |
|
Wholesale |
|
39,856 |
|
|
|
28,627 |
|
|
|
26,813 |
|
Total revenues |
$ |
1,432,518 |
|
|
$ |
1,327,172 |
|
|
$ |
1,429,194 |
|
The Partnership recognized $87,056, $84,687 and $64,508 of revenue during fiscal 2025, fiscal 2024 and fiscal 2023, respectively, for annually billed tank rent, maintenance service contracts, fixed price contracts and budgetary programs where customer consideration was received at the start of the contract period and which was included in contract liabilities as of the beginning of each respective period. Contract assets of $5,806 and $3,901 relating to deliveries to customers enrolled in budgetary programs that exceeded billings to those customers were included in accounts receivable as of September 27, 2025 and September 28, 2024, respectively.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.