Parkland Corporation reported net earnings of $172 million in Q2 2025, as compared to $70 million in Q2 2024, according to its financial and operating results for the three and six months ended June 30, 2025. The retailer saw adjusted earnings of $158 million as compared to $156 million in Q2 2024.
Parkland reported in the United States it delivered an adjusted EBITDA of $26 million, as compared to $47 million in Q2 2024. The decrease was “primarily driven by lower fuel unit margins due to an ongoing competitive pricing environment and reduced rail and regional arbitrage opportunities. Lower retail volumes, consumer spending and foot traffic in convenience stores were consistent with broader industry trends,” it said.
Meanwhile, refining delivered an adjusted EBITDA of $136 million, as compared to $119 million in Q2 2024. The increase was “primarily driven by higher refining margins combined with strong composite utilization of 94.0%.”
"I want to thank the Parkland team for safely serving our customers to deliver record second quarter results," said Bob Espey, president and CEO. "Our Canadian and International businesses continue to demonstrate strength and resilience, while strong supply optimization coupled with solid operations at the Burnaby refinery enabled us to capture above mid-cycle refining margins. These results reflect the run rate potential of Parkland's integrated platform and together with Sunoco, the combined scale is well positioned to grow cash flow for years to come."
Parkland also reported trailing 12 months available cash flow of $551 million, as compared to $823 million in 2024, primarily reflecting “a significantly lower refining margin environment during the second half of 2024 and realized losses due to the wind down of California compliance market positions in the first quarter of 2025.”
In May, NACS Daily reported that Sunoco LP and Parkland Corporation “entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately USD $9.1 billion, including assumed debt.” The deal is expected to close in the second half of 2025 and generate more than $250 million in run-rate synergies by the third year, Parkland said.