Even a thin person has loads of reserves, when you look at fat. Take a 70kg person, 10% body fat (pretty low), that's 7kg of stored fat. 1kg of pure fat contains 9000 kcals. That's a lot of energy.
Limiting factor is stored glycogen – this is needed to either burn directly (at higher intensities) or trigger the fat burning reactions (lower intensities). Your mates who don't eat on rides are running down their glycogen stores without replenishing them. If they were riding constantly for many hours, they would almost certainly run out of stored glycogen. You are keeping your levels topped up, so you would run out later.
When you finish, how do you feel? And how do they feel? They might be stuffing their faces with pies after rides due to hunger triggered by low glycogen levels.
There are lots of other factors too – fitness, efficiency, intensity, how frequently you are riding. I know that if I'm doing a high volume week (e.g. 12+ hours) I need to be eating carbs before, during and after rides. If I don't I'll have nothing left at the end of the week.