Star Group LP (SGU) Q2 2025 Earnings Report

Revenue: $743.045 million in Q2 2025, up 11.6% YoY and 52.2% QoQ (from Q1 2025). Gross Profit: $250.973 million, up 26.6% YoY and 67.5% QoQ. Gross Margin: not stated in quarterly figure but gross profit grew while revenue increased; EBITDA: $134.284 million reported; Adjusted EBITDA: $128.0 million in Q2 2025, up $32.0 million YoY. Operating Income: $125.372 million, up 24.96% YoY and up 154.72% QoQ. Net Income: $70.429 million, up 25.30% YoY and 155.98% QoQ. EPS: $2.01 (diluted $2.01), up 28.85% YoY and 154.43% QoQ. Volume: Home heating oil and propane volume rose 27 million gallons, +23% to 144 million gallons in Q2 2025. Weather: Q2 temperatures were 13% colder than prior year, but 4.5% warmer than normal. Acquisitions: $126.5 million of transactions closed since Feb 1, 2024; two businesses closed in the quarter. Dividends: Annual dividend raised by $0.05 to $0.74 per unit. Cash Flow: Operating cash flow $48.605 million; Free cash flow $46.079 million; Net change in cash $(30.290) million; Capex $2.526 million. Balance Sheet: Total assets $1.059 billion; total debt $317.659 million; net debt $299.157 million; cash and cash equivalents $18.752 million; total stockholders’ equity $375.921 million. Liquidity: Current ratio 0.857x; Quick ratio 0.686x; Cash ratio 0.0479x. Key profitability trends include higher per-gallon margins and improved service/install profitability, partially offset by weather hedging costs and acquisition-related expenses. Competition and industry metrics suggest SGU trades at modest multiples relative to peers (P/E ~1.6x; P/B ~1.21x; EV/EBITDA ~5.62x) with a dividend yield around 1.39% as of QQ2 2025 data.