Company: SPH
Filing Date: 2025-02-21
Form Type: 424B5
Source: 0001193125-25-030891
Chunk: 1

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-02-21
Form: 424B5
Chunk 1
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 be deemed to be an “underwriter” within the meaning of the Securities Act. Our common units are currently listed on the NYSE under the symbol “SPH.” On February 19, 2025, the last reported sale price of our common units on the NYSE was $22.07 per common unit. Investing in our common units involves a high degree of risk. You should carefully consider the risks that are described in the “ Risk Factors” section beginning on page 6 of this prospectus and those found in the documents incorporated by reference herein and therein. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

| Wells Fargo Securities |     | J.P. Morgan |     | BofA Securities |     | Evercore ISI |

The date of this prospectus is February 20, 2025

TABLE OF CONTENTS

| ABOUT THIS PROSPECTUS                                    |     | ii |
| PROSPECTUS SUMMARY                                       |     |  1 |
| THE OFFERING                                             |     |  3 |
| FORWARD-LOOKING                                          
 STATEMENTS                                               |     |  4 |
| RISK FACTORS                                             |     |  6 |
| USE OF PROCEEDS                                          |     |  7 |
| DESCRIPTION OF THE COMMON UNITS                          |     |  8 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES            |     | 10 |
| PLAN OF DISTRIBUTION                                     |     | 27 |
| LEGAL MATTERS                                            |     | 29 |
| EXPERTS                                                  |     | 30 |
| WHERE YOU CAN FIND MORE INFORMATION AND INCORPORATION BY 
 REFERENCE                                                |     | 31 |

ABOUT THIS PROSPECTUS

This prospectus is part of a “shelf” registration statement on Form S-3 filed with the Securities and
Exchange Commission (the “SEC”). This prospectus relates only to an offering of up to $100.0 million of our common units through the Agents. These sales, if any, will be made pursuant to the terms of the equity distribution agreement
entered into among us and the Agents on February 20, 2025, a copy of which is filed as an exhibit to the registration statement of which this prospectus forms a part.

We urge you to carefully read this prospectus, the documents incorporated by reference