Parkland Corp. reported higher quarterly earnings as its refining and distribution network delivered strong results, positioning the Canadian fuel distributor for its upcoming acquisition by Sunoco LP. The results highlight how scale and integration — from refining to retail supply — remain key competitive advantages in the fuel and convenience distribution sector.
For the third quarter ending September 30, Parkland generated C$7.35 billion (US$5.3 billion) in sales and operating revenue, up 3.2% from a year earlier. Net income rose to C$129 million (US$93 million), a 42% increase, while adjusted earnings climbed to C$540 million (US$390 million), up 25% from the prior year.
In Canada, Parkland earned C$208 million (US$150 million), compared with C$196 million a year ago, reflecting stronger fuel margins and supply optimization across its wholesale and retail channels. Same-store fuel volumes declined 2.3%, but food and convenience sales excluding cigarettes rose 4.1%, driven by growth in packaged beverages and alcohol sales.
The International segment, which includes operations across the Caribbean and Latin America, earned C$161 million (US$116 million), up from C$150 million in the prior year, supported by higher retail and commercial volumes. The U.S. segment reported C$28 million (US$20 million), down from C$52 million, as competition and lower fuel margins continued to pressure results.
Refining was the standout, contributing C$151 million (US$109 million), more than triple last year’s C$48 million, aided by strong refining margins and utilization above 100%.
For the first nine months of 2025, Parkland reported C$21.04 billion (US$15.2 billion) in revenue, down 2.4% year over year, while net income more than doubled to C$365 million (US$263 million) from C$156 million in 2024. The company said it remains on track to reach the midpoint of its full-year earnings guidance of C$1.8 billion to C$2.1 billion (US$1.3 billion to US$1.5 billion).
CEO Bob Espey said Parkland’s “diversified business and strong operational execution” leave it well positioned as it combines with Sunoco. The US$9.1 billion cash-and-equity transaction, announced in May, is expected to close October 31.
Once completed, Parkland’s shares will be delisted from the Toronto Stock Exchange, and newly issued SunocoCorp units will begin trading on the New York Stock Exchange on November 3 under the ticker SUNC.
The merger will unite Sunoco’s U.S. fuel marketing operations with Parkland’s refining, logistics, and retail distribution footprint across Canada and the Caribbean. The combined network will form one of the largest integrated fuel distributors in North America, capable of leveraging shared infrastructure and cross-border logistics to manage volatile fuel markets and expand convenience offerings.
Parkland operates about 4,000 retail and commercial sites in 26 countries, supplying fuel, fleet services, and convenience products. The company said renewable fuels, solar energy, and electric-vehicle charging will remain part of its long-term strategy, but large-scale distribution efficiency will continue to anchor its business — and its value to Sunoco.
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