UGI CORP /PA/ (UGI) Company Report

UGI Corporation reported Q1 GAAP diluted earnings per share of $1.34 and adjusted diluted EPS of $1.26 for the fiscal quarter ended December 31, 2025, compared to $1.74 and $1.37 respectively in the prior-year period.
Total reportable segments' earnings before interest expense and income taxes (EBIT) increased by 5% to $441 million in Q1 2025, up from $420 million in the prior-year period.
In January 2026, UGI entered into definitive agreements to divest LPG businesses in five European countries for an enterprise value of approximately €48 million, contributing to total cash proceeds of approximately $215 million from divestitures since fiscal 2025.
Moody’s upgraded AmeriGas’ rating outlook from negative to positive in January 2026.
UGI Utilities and Mountaineer Gas filed gas base rate cases subsequent to the quarter, requesting overall distribution rate increases of $99 million and $27 million, respectively.

2 hours ago

Press Release

UGI Reports Q1 FY26 Financial Results

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UGI reported Q1 FY26 GAAP diluted EPS of $1.34 and Adjusted diluted EPS of $1.26.
Reportable segment EBIT for Q1 FY26 included Utilities at $157 million, Midstream & Marketing at $88 million, UGI International at $124 million, and AmeriGas Propane at $72 million.
The company deployed $225 million in capital during the quarter, with 73% invested in regulated utilities businesses, and filed gas base rate cases requesting increases of $99 million for UGI Utilities and $27 million for Mountaineer Gas.
Moody's upgraded AmeriGas's outlook from "Negative" to "Positive," and UGI Corporation's leverage stood at 4.0x as of December 31, 2025.
UGI International has substantially completed its portfolio rationalization, divesting LPG operations in 7 countries since FY25 and generating approximately $215 million in cash proceeds.

3 hours ago

Presentation

UGI International Agrees to Divest Eastern European LPG Businesses

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M&A

UGI International, a subsidiary of UGI Corporation, has entered into a definitive agreement to divest its LPG distribution businesses in Czech Republic, Hungary, Poland, and Slovakia to DCC plc.
The transaction is valued at approximately €48 million and is expected to close in the first half of calendar 2026.
The net proceeds from the sale will be used to reduce debt at UGI Corporation, aiming to strengthen the corporation's balance sheet and increase financial flexibility for future growth investments.
This divestiture substantially completes UGI International's previously announced portfolio optimization program.

Jan 15, 2026, 12:00 PM

Press Release

Uinta Infrastructure Group Corp. Completes Business Combination

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Delisting/Listing Issues

New Projects/Investments

Integrated Rail and Resources Acquisition Corp. (IRRX) has completed its business combination with Tar Sands Holdings II, LLC (TSII), forming a new parent entity, Uinta Infrastructure Group Corp. (UIGC).
UIGC will be led by Brian Feldott as Chief Executive Officer and is set to advance an infrastructure platform in the Uinta Basin.
IRRX public shareholders who did not redeem their shares will become UIGC shareholders, and outstanding IRRX warrants will be exchanged for UIGC warrants at a one-to-one ratio.
UIGC is preparing to file an S-1 registration statement with the SEC to enable its shares and warrants to list on a national stock exchange; trading of IRRX's securities has ceased.

Dec 13, 2025, 12:30 AM

Press Release

UGI Reports Record Q4 2025 Adjusted EPS of $3.32 and Raises Long-Term Growth Target

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UGI Corporation delivered record-adjusted diluted earnings per share of $3.32 for fiscal 2025, surpassing its revised guidance range of $3-$3.15, which is $0.26 higher than the prior year.
The company generated approximately $530 million of free cash flow and returned about $320 million to shareholders through dividends in fiscal 2025.
AmeriGas achieved 17% EBIT growth, reaching $166 million in fiscal 2025, and improved its leverage ratio from approximately six to 4.9 times by year-end.
UGI is raising its long-term EPS compound annual growth rate target to 5-7% and announced fiscal 2026 adjusted diluted EPS guidance of $2.85 to $3.15.
The company deployed approximately $900 million of capital in fiscal 2025, primarily in its natural gas businesses, and plans a $4.5 billion to $4.9 billion capital investment program for fiscal 2026 to 2029.

Nov 21, 2025, 2:00 PM

Transcript

UGI Corporation Reports Record Fiscal 2025 Adjusted EPS and Provides Fiscal 2026 Guidance

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Earnings

Guidance Update

New Projects/Investments

UGI Corporation reported record-adjusted earnings per share of $3.32 for Fiscal 2025, surpassing its revised guidance, and generated approximately $530 million of free cash flow. The company also achieved a 42% total shareholder return.
For Fiscal 2026, UGI provided adjusted diluted EPS guidance of $2.85-$3.15, anticipating a 5%-7% increase in reportable segment EBIT year-over-year.
The company raised its long-term EPS compound annual growth rate target to 5%-7% for Fiscal 2026-2029, supported by a robust capital investment program of $4.5 billion-$4.9 billion.
Strategic initiatives include continued portfolio optimization, with approximately $150 million from LPG divestitures in Fiscal 2025, and an ongoing operational transformation at AmeriGas, which saw 17% EBIT growth in Fiscal 2025. UGI aims for leverage ratios at or below 3.75x for UGI Corporation and at or below 4.0x for AmeriGas.

Nov 21, 2025, 2:00 PM

Transcript

UGI Reports Record FY 2025 Adjusted EPS and Provides FY 2026 Guidance

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UGI Corporation reported record-adjusted earnings per share of $3.32 for Fiscal Year 2025, surpassing its revised guidance range of $3-$3.15.
The company generated approximately $530 million of free cash flow, deployed roughly $900 million of capital, and returned approximately $320 million to shareholders through dividends in Fiscal Year 2025. Leverage at year-end was 3.9 times for UGI Corporation and 4.9 times for AmeriGas, with targets to reach at or below 3.75 times and 4.0 times, respectively.
For Fiscal Year 2026, UGI issued adjusted diluted EPS guidance of $2.85 to $3.15.
UGI raised its long-term EPS compound annual growth rate target to 5-7% and plans a robust capital investment program of $4.5 to $4.9 billion for Fiscal Years 2026-2029.
AmeriGas achieved 17% EBIT growth in Fiscal Year 2025, with expectations for continued year-over-year growth in retail volume and EBIT in Fiscal Year 2026 due to ongoing operational transformation.

Nov 21, 2025, 2:00 PM

Transcript

UGI Corporation Reports Strong FY2025 Results and Raises EPS Growth Target

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UGI Corporation reported adjusted diluted EPS of $3.32 for fiscal year 2025, reflecting an 8% year-over-year growth from $3.06 in FY2024. The GAAP diluted EPS for FY2025 was $3.09.
The company raised its EPS growth target to 5-7% and generated $390 million in free cash flow during FY2025.
UGI deployed $882 million of capital, primarily into the natural gas business, and generated ~$150 million from LPG divestitures. As of September 30, 2025, the company had $1.6 billion in available liquidity and a leverage ratio of 3.9x.

Nov 21, 2025, 2:00 PM

Presentation

UGI Corporation Reports Strong Fiscal 2025 Results and Issues Fiscal 2026 Guidance

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UGI Corporation reported strong fiscal year 2025 results, with GAAP diluted EPS of $3.09 and adjusted diluted EPS of $3.32, an increase from $1.25 and $3.06 in the prior year, respectively.
For fiscal year 2026, the company issued adjusted diluted EPS guidance in the range of $2.90 to $3.15, anticipating 5 - 7% growth in reportable segments EBIT.
As of September 30, 2025, UGI strengthened its balance sheet with $1.6 billion in available liquidity and a UGI Corporation leverage ratio of 3.9x.
The company generated $390 million of free cash flow in FY25 and increased its expected EPS compound annual growth rate to 5 - 7% between FY24 and FY29.

Nov 21, 2025, 1:31 PM

8-K

National Fuel Reports Strong Fiscal 2025 Results and Provides 2026 Guidance

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National Fuel Gas Company reported Fiscal Year 2025 adjusted earnings per share of $6.91, an increase of 38% compared to $5.01 in fiscal 2024, and Fourth Quarter 2025 adjusted earnings per share of $1.22, up 58% from $0.77 in the prior year.
The company announced its 55th consecutive dividend increase to an annual rate of $2.14 per share.
National Fuel announced the acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, which is targeted to close in the fourth quarter of calendar 2026.
For fiscal year 2026, the company is providing adjusted earnings per share guidance in the range of $7.60 to $8.10, assuming an average NYMEX natural gas price of $3.75 per MMBtu.