SPH — what changed in the latest 10-Q
A section-by-section comparison of SPH's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2026-02-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +42 | −19 | ~22 | 27 |
| Market risk (Item 3) | Text added/removed | +2 | −1 | ~2 | 7 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
In accordance with the Inflation Reduction Act of 2022 (“IRA”), renewable natural gas (“RNG”) produced in the United States and sold for use as a transportation fuel may qualify for the Clean Fuel Production Tax Credit (“PTC”) under Section 45Z of the Internal Revenue Code. Section 45Z was enacted a…
energy. On July 4, 2025, The One, Big, Beautiful Bill Act (“OBBBA”) was signed into law, extending the availability of the Section 45Z credit from December 31, 2027 to December 31, 2029. Accordingly, qualifying credits may be claimed for eligible RNG produced and sold after December 31, 2024, and be…
Although Section 45Z became effective on January 1, 2025, we did not previously recognize any benefit from these credits pending additional regulatory clarity regarding eligibility, lifecycle greenhouse gas emissions calculations, and transferability. On February 4, 2026, proposed Treasury regulatio…
The value of PTCs earned is based on the statutory base credit rate of $0.20 per gallon equivalent, adjusted for applicable prevailing wage and apprenticeship compliance, lifecycle greenhouse gas emissions calculations, qualifying production and sales volumes, and prevailing market prices for transf…
Combined operating and general and administrative expenses of $169.5 million for the second quarter of fiscal 2026 were flat compared to the prior year second quarter, as higher payroll and benefit-related expenses, higher fuel and other vehicle costs, and an increase in accruals for self-insurance …
Text removed vs the prior filing · source: 10-Q · 2026-02-05
Combined operating and general and administrative expenses of $155.0 million for the first quarter of fiscal 2026 increased $5.0 million, or 3.4%, compared to the prior year first quarter, primarily due to higher payroll and benefit-related expenses, overtime and other variable operating costs to su…
During the first quarter of fiscal 2026, we acquired two well-run propane businesses in strategic markets in California for total consideration of $24.0 million, inclusive of non-compete payments. The acquisitions, along with seasonal working capital, growth capital expenditures for the RNG faciliti…
As discussed above, average temperatures (as measured in heating degree days) across all of our service territories during the first quarter of fiscal 2026 were 6% warmer than normal and 6% cooler than the prior year first quarter. The cooler weather was primarily experienced in the Northeast, Mid-A…
Revenues from the distribution of fuel oil and refined fuels of $18.2 million were $0.5 million, or 2.9%, higher than the prior year first quarter, primarily due to an increase in volumes sold, offset to an extent by lower average retail selling prices. Fuel oil and refined
fuels gallons sold increased 0.2 million gallons, or 3.9%, resulting in a $0.7 million increase in revenues. Average fuel oil and refined fuels selling prices decreased 1.0% compared to the prior year, resulting in a $0.2 million decrease in revenues.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-07
Under our hedging and risk management strategies, we enter into a combination of exchange-traded futures and options contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to manage the price risk associated with physical product and…
and electricity to customers at fixed prices, and enter into derivative instruments to hedge a portion of our exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. We do not use derivative instruments for speculative or trading purposes. Futures and swap cont…
Text removed vs the prior filing · source: 10-Q · 2026-02-05
Under our hedging and risk management strategies, we enter into a combination of exchange-traded futures and options contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to manage the price risk associated with physical product and…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice