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Star Group (SGU) investor relations material
Star Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary9 Dec, 2025
Executive summary
Fiscal 2025 revenue rose 1.0% year-over-year to $1.8 billion, driven by higher volumes, increased installation/service sales, and recent acquisitions, offsetting lower selling prices from reduced wholesale costs.
Adjusted EBITDA for fiscal 2025 grew by $24.8 million (22.2%) to $136.4 million, reflecting improved margins, higher volumes, and acquisition contributions.
Net income for fiscal 2025 increased by $38.2 million to $73.5 million, aided by a $32 million favorable change in derivative fair value, higher Adjusted EBITDA, and a $3.8 million real estate gain.
Four acquisitions added nearly 12 million gallons in annual volume, with the acquisition pipeline remaining active.
Installation and service revenue grew nearly 10% over fiscal 2024, contributing to improved profitability.
Financial highlights
Home heating oil and propane volume increased by 29 million gallons (12%) to 283 million gallons for the year, driven by acquisitions and colder weather.
Product gross profit rose by $57 million (12%) to $525 million, driven by higher volumes and margins.
Net income for fiscal 2025 was $73.5 million, up $38.2 million year-over-year, aided by a $32 million favorable change in derivative fair value.
Adjusted EBITDA reached $136.4 million, up $24.8 million, with $18.5 million from base business and $17 million from acquisitions, partially offset by a $10.6 million weather hedge expense.
Basic and diluted EPS for fiscal 2025 was $1.82, up from $0.90 in fiscal 2024.
Outlook and guidance
Focus remains on growing and diversifying through acquisitions, margin management, and expanding installation and service profitability.
The company is optimistic about further opportunities to improve performance in fiscal 2026.
How do acquisitions mitigate customer attrition
Drivers of service and installation profitability
What caused derivative fair value change?
What's impacting new customer acquisition?
Any large acquisition opportunities in pipeline?
Update on NY regulatory environment impact?
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Next Star Group earnings date
Q1 20265 Feb, 2026
Next Star Group earnings date
Q1 20265 Feb, 2026
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Frequently asked questions
Star Group L.P. engages in the wholesale distribution and retail sale of home heating and air conditioning products and services, primarily to residential customers in the United States. The company provides conventional and alternative heating products, including oil, propane, electric and gas furnaces, boilers made by Trane and American Standard; heat pumps; water heaters; geothermal systems; ductless mini-splits; radiators, heat exchangers and valves; hot water systems; gas fireplace inserts; ductless air conditioner units, and portable air conditioners. Star Group, L.P. was incorporated in 1995 and is based in Stamford, Connecticut.
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