Accounts receivable rose 216.7%.

That is the strangest number in Sunoco’s latest report, and it arrives alongside a business that appears to have expanded at speed. Revenue jumped from $5.4 billion to $14.3 billion in the three months ended June 30, while operating income climbed from $203 million to $583 million. Operating margin still moved only from 3.8% to 4.1%.

The simple reading is acquisition-fueled growth with a little more profit attached. The less simple reading is that the balance sheet grew faster than the income statement in several places: receivables more than tripled, and inventory doubled to $2.4 billion. Sunoco does not disclose the cause of the receivables increase in the supplied filing receipts.

Management attributes much of the operating lift to acquisitions and higher activity. For the company’s Terminals segment, the three-month comparison specifically points to Parkland, TanQuid, and customer growth.

"For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Terminals segment increased due to the net impact of the following: a $76 million increase in segment profit (excluding inventory valuation adjustments) primarily due to the acquisitions of Parkland and TanQuid, as well as customer growth; partially offset by a $34 million increase in expenses primarily due to the acquisitions of Parkland and TanQuid."

Sunoco, 10-Q filed August 6, 2026

The receipt makes the operating change concrete: the larger business brought more segment profit, and also more acquisition-related expenses. That is growth showing up in both columns, rather than a clean margin expansion story.

Pipeline Systems added another piece. Sunoco cited increased throughput from market demand and new business, along with a regulatory order affecting prior-period rates, while higher maintenance, utility, and corporate costs partly offset the gain.

"For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Pipeline Systems segment increased due to the net impact of the following: a $12 million increase in segment profit primarily due to increased throughput driven by market demand and new business, along with a regulatory order impacting prior period rates; and a $12 million increase in Adjusted EBITDA related to ET-S Permian; partially offset by a $12 million increase in expenses primarily due to higher maintenance costs, utility costs and corporate allocations."

Sunoco, 10-Q filed August 6, 2026

Cash conversion improved on the company’s comparable-period measures: free-cash-flow margin increased 3.4 percentage points even as capital spending rose 42.5%. That gives the income statement some cash support, though the working-capital balances make the cash picture harder to read from earnings alone.

The financing bill is also larger. Sunoco said interest expense increased because average long-term debt rose, including debt assumed in the Parkland acquisition. Net debt stood at $12.5 billion in the latest annual data, while the stock closed at $73.44 on August 5, down 1.4% for the day.

Sunoco’s own annual results show revenue reached $25.2 billion in 2025, up 11.1%, with a 3.7% operating margin. The latest three-month figures are much larger year over year because the acquisition base changed, which is why the receivables and inventory balances matter as much as the headline profit increase.

Sunoco’s next quarterly report can put the new receivables and inventory balances beside another comparable period. The supplied filing receipts do not explain why receivables grew faster than revenue in this period.

Source: Sunoco’s 10-Q filed August 6, 2026, and its reported annual results.