UGI (UGI) Financials

$33.83 +0.58 (+1.74%)

As of 10:07 AM Eastern

Annual Income Statements for UGI

This table shows UGI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	281	365	437	719	256	532	1,467	1,073	-1,502	269	678
Consolidated Net Income / (Loss)	414	489	524	822	308	532	1,467	1,074	-1,502	269	678
Net Income / (Loss) Continuing Operations	414	489	524	822	308	532	1,467	1,074	-1,502	269	678
Total Pre-Tax Income	592	710	701	855	401	667	1,989	1,387	-1,837	340	696
Total Operating Income	835	988	1,010	1,065	617	982	2,350	1,666	-1,444	770	1,107
Total Gross Profit	2,955	3,248	3,283	3,576	2,997	3,410	4,833	4,133	1,991	3,681	3,633
Total Revenue	6,691	5,686	6,121	7,651	7,320	6,559	7,447	10,106	8,928	7,210	7,287
Operating Revenue	6,691	5,686	6,121	7,651	7,320	6,559	7,447	10,106	8,928	7,210	7,287
Total Cost of Revenue	3,737	2,438	2,837	4,075	4,323	3,149	2,614	5,973	6,937	3,529	3,654
Operating Cost of Revenue	3,737	2,438	2,837	4,075	4,323	3,149	2,614	5,973	6,937	3,529	3,654
Total Operating Expenses	2,120	2,260	2,273	2,511	2,380	2,428	2,483	2,467	3,214	2,816	2,490
Selling, General & Admin Expense	1,774	1,882	1,868	2,013	1,963	1,911	2,014	2,028	2,158	2,132	2,011
Depreciation Expense	313	401	416	455	448	484	502	518	532	551	561
Other Operating Expenses / (Income)	-28	-22	-11	-32	-31	-21	-33	-79	-132	-62	-82
Impairment Charge	-	0.00	0.00	75	-	-	0.00	0.00	656	195	0.00
Total Other Income / (Expense), net	-243	-278	-309	-210	-216	-315	-361	-279	-614	-525	-447
Interest Expense	242	278	283	230	264	322	310	340	388	403	421
Interest & Investment Income	-1.20	-0.20	4.30	4.00	9.00	27	-63	-14	2.00	-19	5.00
Other Income / (Expense), net	0.00	0.00	-30	16	39	-20	12	75	-228	-103	-31
Income Tax Expense	178	221	178	33	93	135	522	313	-335	71	18
Basic Earnings per Share	$1.62	$2.11	$2.51	$4.13	$1.44	$2.55	$7.02	$5.11	($7.16)	$1.27	$3.15
Weighted Average Basic Shares Outstanding	173.12M	173.15M	173.66M	173.91M	178.42M	208.93M	209.06M	209.94M	209.81M	211.31M	214.95M
Diluted Earnings per Share	$1.60	$2.08	$2.46	$4.06	$1.41	$2.54	$6.92	$4.97	($7.16)	$1.25	$3.09
Weighted Average Diluted Shares Outstanding	175.67M	175.57M	177.16M	176.91M	181.11M	209.87M	212.13M	215.82M	209.81M	215.27M	219.16M
Weighted Average Basic & Diluted Shares Outstanding	173.50M	172.80M	173.90M	174M	209.01M	208.42M	209.22M	209.69M	210.90M	214.70M	214.53M
Cash Dividends to Common per Share	$0.89	$0.93	$0.98	$1.02	$1.15	$1.31	$1.35	$1.41	$1.47	$1.50	$1.50

This table shows UGI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	131	94	496	-48	-273	375	479	-163	-13	297	520
Consolidated Net Income / (Loss)	131	94	496	-48	-273	375	479	-163	-13	297	520
Net Income / (Loss) Continuing Operations	131	94	496	-48	-273	375	479	-163	-13	297	520
Total Pre-Tax Income	157	120	629	-55	-354	417	594	-228	-87	351	660
Total Operating Income	237	232	717	67	-246	487	700	-93	13	454	758
Total Gross Profit	825	919	1,437	741	584	1,107	1,365	557	604	1,071	1,498
Total Revenue	1,404	2,121	2,467	1,380	1,242	2,030	2,666	1,394	1,197	2,083	2,685
Operating Revenue	1,404	2,121	2,467	1,380	1,242	2,030	2,666	1,394	1,197	2,083	2,685
Total Cost of Revenue	579	1,202	1,030	639	658	923	1,301	837	593	1,012	1,187
Operating Cost of Revenue	579	1,202	1,030	639	658	923	1,301	837	593	1,012	1,187
Total Operating Expenses	588	659	720	611	831	620	665	596	609	617	740
Selling, General & Admin Expense	519	530	591	501	510	497	546	481	487	520	559
Depreciation Expense	135	137	138	139	137	138	138	140	145	140	138
Other Operating Expenses / (Income)	-66	-8.00	-9.00	-29	51	-15	-19	-25	-23	-43	43
Total Other Income / (Expense), net	-80	-140	-88	-185	-107	-70	-106	-189	-82	-103	-98
Interest Expense	98	100	100	103	100	102	102	111	106	111	111
Interest & Investment Income	-	1.00	1.00	-24	3.00	3.00	3.00	0.00	-1.00	4.00	5.00
Other Income / (Expense), net	18	-41	11	-58	-10	29	-7.00	-78	25	4.00	8.00
Income Tax Expense	26	26	133	-7.00	-81	42	115	-65	-74	54	140
Basic Earnings per Share	$0.62	$0.45	$2.36	($0.23)	($1.31)	$1.74	$2.23	($0.76)	($0.06)	$1.38	$2.42
Weighted Average Basic Shares Outstanding	209.81M	209.78M	209.83M	210.68M	211.31M	214.93M	214.98M	214.81M	214.95M	214.84M	214.83M
Diluted Earnings per Share	$0.63	$0.44	$2.30	($0.23)	($1.26)	$1.74	$2.19	($0.76)	($0.08)	$1.34	$2.33
Weighted Average Diluted Shares Outstanding	209.81M	215.57M	215.25M	210.68M	215.27M	215.70M	218.94M	214.81M	219.16M	221.42M	222.71M
Weighted Average Basic & Diluted Shares Outstanding	210.90M	209.55M	209.62M	214.69M	214.70M	214.81M	214.44M	214.92M	214.53M	214.64M	214.39M
Cash Dividends to Common per Share	-	$0.38	$0.38	$0.38	-	$0.38	$0.38	$0.38	-	$0.38	$0.38

This table details how cash moves in and out of UGI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	-50	133	30	-102	65	-154	520	-408	-129	-112	127
Net Cash From Operating Activities	1,164	970	964	1,085	1,078	1,102	1,481	716	1,107	1,182	1,227
Net Cash From Continuing Operating Activities	1,164	970	945	1,081	1,078	1,102	1,481	716	1,107	1,182	1,227
Net Income / (Loss) Continuing Operations	414	489	524	822	308	532	1,467	1,074	-1,502	269	678
Consolidated Net Income / (Loss)	414	489	524	822	308	532	1,467	1,074	-1,502	269	678
Depreciation Expense	374	401	416	455	448	484	502	518	532	551	561
Non-Cash Adjustments To Reconcile Net Income	51	51	-12	141	12	95	151	104	966	333	35
Changes in Operating Assets and Liabilities, net	325	29	37	-337	310	-9.00	-639	-980	1,111	29	-47
Net Cash From Investing Activities	-976	-559	-769	-749	-2,055	-649	-1,113	-1,012	-1,077	-792	-699
Net Cash From Continuing Investing Activities	-976	-559	-769	-749	-2,055	-649	-1,113	-1,012	-1,077	-792	-699
Purchase of Property, Plant & Equipment	-491	-564	-639	-574	-705	-655	-690	-804	-974	-796	-837
Acquisitions	-448	-61	-101	-187	-1,362	-16	-462	-289	-155	-92	-38
Purchase of Investments	-	-	-	-	-	-	-	-	22	3.00	-4.00
Divestitures	-	-	-	-	-	-	39	44	30	93	170
Other Investing Activities, net	-38	66	-29	12	12	22	0.00	11	0.00	0.00	10
Net Cash From Financing Activities	-217	-275	-147	-438	1,042	-635	166	-51	-168	-506	-406
Net Cash From Continuing Financing Activities	-217	-275	-147	-438	1,042	-635	166	-51	-168	-506	-406
Repayment of Debt	-465	-1,570	-1,066	-191	-749	-535	-440	-977	-1,764	-1,497	-1,753
Repurchase of Common Equity	-34	-48	-43	-60	-17	-38	0.00	-38	-22	0.00	-33
Payment of Dividends	-402	-418	-431	-440	-992	-273	-282	-296	-308	-318	-322
Issuance of Debt	672	1,747	1,382	218	2,783	209	656	1,257	1,930	1,321	1,684
Issuance of Common Equity	12	14	11	35	17	2.00	19	19	12	0.00	18
Other Financing Activities, net	-	-	0.00	-	-	0.00	0.00	-16	-16	-12	0.00
Effect of Exchange Rate Changes	-20	-2.90	-	-	-	28	-14	-61	9.00	4.00	5.00
Cash Interest Paid	227	229	202	222	248	311	297	320	332	403	375
Cash Income Taxes Paid	173	135	98	118	74	75	96	61	-17	80	55

This table details how cash moves in and out of UGI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	2.00	-38	6.00	-97	17	18	192	-68	-15	-84	259
Net Cash From Operating Activities	250	119	522	390	151	164	684	289	90	66	664
Net Cash From Continuing Operating Activities	250	119	522	390	151	164	684	289	90	66	664
Net Income / (Loss) Continuing Operations	131	94	496	-48	-273	375	479	-163	-13	297	520
Consolidated Net Income / (Loss)	131	94	496	-48	-273	375	479	-163	-13	297	520
Depreciation Expense	135	137	138	139	137	138	138	140	145	140	138
Non-Cash Adjustments To Reconcile Net Income	-31	32	20	78	203	12	9.00	64	-50	-22	46
Changes in Operating Assets and Liabilities, net	15	-138	-127	210	84	-361	58	248	8.00	-349	-40
Net Cash From Investing Activities	-316	-165	-188	-198	-241	-232	-135	-132	-200	-145	-152
Net Cash From Continuing Investing Activities	-316	-165	-188	-198	-241	-232	-135	-132	-200	-145	-152
Purchase of Property, Plant & Equipment	-304	-156	-169	-205	-266	-211	-146	-222	-258	-221	-170
Acquisitions	-45	-19	-28	-19	-26	-25	-	-1.00	-12	-2.00	-2.00
Divestitures	33	-	-	-	51	4.00	-	-	63	78	20
Net Cash From Financing Activities	76	3.00	-324	-287	102	95	-363	-237	99	-6.00	-247
Net Cash From Continuing Financing Activities	76	3.00	-324	-287	102	95	-363	-237	99	-6.00	-247
Repayment of Debt	95	-244	-321	-684	-248	-699	-291	-717	-46	-275	-213
Repurchase of Common Equity	12	-4.00	-4.00	-4.00	12	0.00	-17	-	-16	-12	-11
Payment of Dividends	-78	-79	-78	-81	-80	-81	-80	-80	-81	-81	-80
Issuance of Debt	63	330	79	482	430	875	24	546	239	350	55
Issuance of Common Equity	-	-	-	-	-	0.00	-	14	3.00	12	2.00
Effect of Exchange Rate Changes	-8.00	5.00	-4.00	-	-	-9.00	6.00	-	-	1.00	-6.00

This table presents UGI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	10,514	10,847	11,582	11,981	13,347	13,985	16,723	17,575	15,401	15,098	15,462
Total Current Assets	1,460	1,424	1,698	1,888	1,566	1,543	3,270	3,802	2,045	1,651	1,766
Cash & Equivalents	370	503	558	453	447	336	855	405	241	213	335
Restricted Cash	69	16	10	9.60	64	21	22	64	99	15	20
Short-Term Investments	23	31	63	143	29	44	-	-	75	29	23
Accounts Receivable	620	552	627	752	641	652	880	1,127	878	709	714
Inventories, net	240	210	279	318	230	241	469	665	433	411	385
Prepaid Expenses	114	97	84	130	72	96	135	110	123	113	204
Current Deferred & Refundable Income Taxes	7.80	-	-	-	0.00	80	128	128	36	56	41
Other Current Assets	16	16	76	83	83	73	781	1,008	160	105	35
Other Current Nonoperating Assets	-	-	-	-	-	-	0.00	295	-	-	9.00
Plant, Property, & Equipment, net	4,994	5,238	5,537	5,808	6,688	6,960	7,558	8,040	8,547	8,763	9,080
Total Noncurrent Assets	4,060	4,185	4,348	4,285	5,093	5,482	5,895	5,733	4,809	4,684	4,616
Goodwill	2,953	2,989	3,107	3,160	3,456	3,518	3,770	3,612	3,027	2,871	2,852
Intangible Assets	610	580	612	514	709	677	583	500	443	391	328
Other Noncurrent Operating Assets	497	616	629	611	928	1,287	1,542	1,621	1,339	1,422	1,436
Total Liabilities & Shareholders' Equity	10,514	10,847	11,582	11,981	13,347	13,985	16,723	17,575	15,401	15,098	15,462
Total Liabilities	6,942	7,252	7,841	7,881	9,520	9,848	11,192	11,501	11,007	10,744	10,676
Total Current Liabilities	1,679	1,442	1,690	1,732	2,028	1,755	2,297	2,444	2,274	2,060	1,981
Short-Term Debt	448	321	544	444	820	400	477	517	706	700	603
Accounts Payable	393	391	440	562	439	475	837	891	613	544	511
Other Current Liabilities	405	325	314	343	405	514	594	645	581	421	867
Other Current Nonoperating Liabilities	57	48	61	61	63	-	0.00	19	-	-	0.00
Total Noncurrent Liabilities	5,263	5,810	6,151	6,149	7,492	8,093	8,895	9,057	8,733	8,684	8,695
Long-Term Debt	3,410	3,766	3,995	4,147	5,780	5,981	6,339	6,483	6,543	6,443	6,531
Noncurrent Deferred & Payable Income Tax Liabilities	1,138	1,216	1,357	992	541	640	1,137	1,305	928	1,008	973
Other Noncurrent Operating Liabilities	716	829	800	1,010	1,171	1,472	1,419	1,269	1,262	1,233	1,191
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,572	3,595	3,741	4,100	3,827	4,137	5,531	6,074	4,394	4,354	4,786
Total Preferred & Common Equity	2,692	2,844	3,163	3,681	3,817	4,128	5,522	6,066	4,386	4,345	4,777
Total Common Equity	2,692	2,844	3,163	3,681	3,817	4,128	5,309	5,904	4,219	4,345	4,777
Common Stock	1,215	1,202	1,189	1,201	1,397	1,416	1,394	1,483	1,503	1,676	1,709
Retained Earnings	1,637	1,834	2,107	2,611	2,653	2,908	4,081	4,841	3,027	2,978	3,334
Treasury Stock	-45	-37	-39	-20	-16	-49	-26	-40	-55	-56	-93
Accumulated Other Comprehensive Income / (Loss)	-115	-155	-93	-110	-217	-147	-140	-380	-256	-253	-173
Noncontrolling Interest	880	751	578	419	10	9.00	9.00	8.00	8.00	9.00	9.00

This table presents UGI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025	3/31/2026
Total Assets	17,128	16,429	15,243	15,716	15,624	15,066	15,412	15,746	15,362	15,815	16,119
Total Current Assets	3,456	2,760	2,035	2,285	2,214	1,716	2,047	2,300	1,799	2,101	2,511
Cash & Equivalents	317	321	260	204	263	183	240	426	350	251	494
Restricted Cash	227	82	78	98	45	28	6.00	12	20	20	36
Short-Term Investments	238	110	31	41	38	39	52	47	8.00	14	58
Accounts Receivable	1,578	1,487	955	1,188	1,192	827	1,023	1,183	825	1,052	1,178
Inventories, net	618	433	410	441	375	379	381	341	359	392	319
Prepaid Expenses	331	233	272	193	167	186	142	149	154	164	216
Current Deferred & Refundable Income Taxes	-	-	-	-	36	36	58	40	44	42	42
Other Current Assets	147	94	29	120	98	38	145	101	39	166	91
Other Current Nonoperating Assets	-	-	-	-	-	-	-	1.00	-	-	77
Plant, Property, & Equipment, net	8,176	8,255	8,394	8,601	8,608	8,571	8,750	8,816	8,934	9,123	9,070
Total Noncurrent Assets	5,496	5,414	4,814	4,830	4,802	4,779	4,615	4,630	4,629	4,591	4,538
Goodwill	3,697	3,709	3,060	3,070	3,048	3,030	2,805	2,845	2,888	2,833	2,795
Intangible Assets	488	472	460	430	415	400	371	362	343	315	302
Other Noncurrent Operating Assets	1,311	1,233	1,294	1,330	1,339	1,349	1,439	1,423	1,398	1,443	1,441
Total Liabilities & Shareholders' Equity	17,128	16,429	15,243	15,716	15,624	15,066	15,412	15,746	15,362	15,815	16,119
Total Liabilities	11,940	11,215	10,870	11,284	10,793	10,376	10,824	10,725	10,478	10,805	10,691
Total Current Liabilities	3,380	2,273	2,083	2,341	1,823	1,886	2,039	1,864	2,552	2,681	2,507
Short-Term Debt	1,393	515	537	611	387	633	668	431	1,271	1,248	1,056
Accounts Payable	1,014	757	541	741	579	462	599	605	484	631	578
Other Current Liabilities	973	1,001	1,005	989	857	791	772	828	797	802	845
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	0.00	-	-	28
Total Noncurrent Liabilities	8,560	8,942	8,787	8,943	8,970	8,490	8,785	8,861	7,926	8,124	8,184
Long-Term Debt	6,323	6,702	6,579	6,769	6,730	6,288	6,596	6,600	5,683	5,966	5,985
Noncurrent Deferred & Payable Income Tax Liabilities	958	958	905	913	1,030	1,019	1,021	1,081	1,015	1,005	1,100
Other Noncurrent Operating Liabilities	1,279	1,282	1,303	1,261	1,210	1,183	1,168	1,180	1,228	1,153	1,099
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,188	5,214	4,373	4,432	4,831	4,690	4,588	5,021	4,884	5,010	5,428
Total Preferred & Common Equity	5,180	5,205	4,364	4,423	4,822	4,681	4,580	5,012	4,874	5,001	5,419
Total Common Equity	5,013	5,038	4,197	4,256	4,655	4,681	4,580	5,012	4,874	5,001	5,419
Common Stock	1,482	1,492	1,500	1,501	1,505	1,675	1,679	1,684	1,703	1,724	1,731
Retained Earnings	3,808	3,842	2,974	3,042	3,460	3,331	3,272	3,671	3,428	3,550	3,990
Treasury Stock	-46	-55	-55	-55	-56	-56	-58	-75	-76	-105	-117
Accumulated Other Comprehensive Income / (Loss)	-231	-241	-222	-232	-254	-269	-313	-268	-181	-168	-185
Noncontrolling Interest	8.00	9.00	9.00	9.00	9.00	9.00	8.00	9.00	10	9.00	9.00

This table displays calculated financial ratios and metrics derived from UGI's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-19.16%	-15.03%	7.65%	25.00%	-4.33%	-10.40%	13.54%	35.71%	-11.66%	-19.24%	1.07%
EBITDA Growth	-11.66%	14.88%	0.55%	9.98%	-28.13%	30.98%	98.06%	-21.12%	-140.68%	242.87%	34.40%
EBIT Growth	-16.97%	18.34%	-0.78%	10.27%	-39.32%	46.65%	145.53%	-26.29%	-183.34%	152.52%	61.32%
NOPAT Growth	-16.27%	16.46%	10.89%	35.75%	-53.72%	65.27%	121.29%	-25.57%	-178.35%	160.27%	77.01%
Net Income Growth	-22.27%	18.07%	7.16%	56.93%	-62.53%	72.73%	175.75%	-26.79%	-239.85%	117.91%	152.04%
EPS Growth	-16.67%	30.00%	18.27%	65.04%	-65.27%	80.14%	172.44%	-28.18%	-244.06%	117.46%	147.20%
Operating Cash Flow Growth	15.75%	-16.68%	-0.55%	12.51%	-0.65%	2.23%	34.39%	-51.65%	54.61%	6.78%	3.81%
Free Cash Flow Firm Growth	-24.46%	-4.96%	-56.78%	158.98%	-326.75%	146.34%	-38.29%	13.35%	-79.07%	562.09%	30.00%
Invested Capital Growth	0.47%	2.22%	7.35%	5.67%	22.14%	1.68%	13.37%	7.49%	-8.93%	0.11%	2.69%
Revenue Q/Q Growth	-3.30%	-1.84%	2.30%	2.12%	-1.65%	-0.39%	4.40%	5.16%	-5.60%	-2.20%	-0.61%
EBITDA Q/Q Growth	1.19%	-5.65%	9.55%	2.71%	-10.88%	10.27%	35.48%	-16.83%	-9.27%	-27.94%	14.88%
EBIT Q/Q Growth	0.34%	-7.66%	12.43%	4.00%	-17.49%	15.72%	46.07%	-20.94%	-5.99%	-40.14%	23.39%
NOPAT Q/Q Growth	1.45%	-7.42%	15.57%	-2.16%	-20.10%	31.12%	38.95%	-18.41%	-4.79%	-38.52%	30.51%
Net Income Q/Q Growth	1.85%	-11.45%	23.31%	1.04%	-28.46%	35.61%	54.26%	-20.80%	-8.06%	-60.03%	62.20%
EPS Q/Q Growth	2.56%	-9.57%	10.31%	2.27%	-23.78%	17.59%	52.42%	-20.73%	-7.67%	-60.19%	61.78%
Operating Cash Flow Q/Q Growth	4.34%	-8.41%	1.23%	3.81%	-0.44%	-1.29%	24.87%	-44.15%	52.69%	-7.73%	-4.74%
Free Cash Flow Firm Q/Q Growth	-7.45%	-19.69%	-18.34%	25.57%	-410.43%	155.02%	-61.57%	-20.93%	111.07%	-20.36%	6.75%
Invested Capital Q/Q Growth	-0.45%	0.59%	2.59%	0.65%	20.48%	1.41%	12.08%	9.40%	0.97%	-1.07%	0.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.16%	57.13%	53.64%	46.74%	40.94%	51.99%	64.90%	40.90%	22.30%	51.05%	49.86%
EBITDA Margin	18.07%	24.43%	22.82%	20.08%	15.08%	22.05%	38.46%	22.35%	-10.29%	18.21%	22.46%
Operating Margin	12.48%	17.38%	16.50%	13.92%	8.43%	14.97%	31.56%	16.49%	-16.17%	10.68%	15.19%
EBIT Margin	12.48%	17.38%	16.02%	14.13%	8.96%	14.67%	31.72%	17.23%	-16.25%	10.57%	14.77%
Profit (Net Income) Margin	6.19%	8.60%	8.56%	10.74%	4.21%	8.11%	19.70%	10.63%	-16.82%	3.73%	9.30%
Tax Burden Percent	69.96%	68.85%	74.68%	96.14%	76.81%	79.76%	73.76%	77.43%	81.76%	79.12%	97.41%
Interest Burden Percent	70.88%	71.86%	71.55%	79.09%	61.13%	69.33%	84.21%	79.67%	126.60%	44.62%	64.68%
Effective Tax Rate	30.04%	31.15%	25.32%	3.86%	23.19%	20.24%	26.24%	22.57%	0.00%	20.88%	2.59%
Return on Invested Capital (ROIC)	8.33%	9.58%	10.13%	12.92%	5.24%	7.81%	16.06%	10.84%	-8.58%	5.42%	9.47%
ROIC Less NNEP Spread (ROIC-NNEP)	3.32%	4.14%	4.03%	7.88%	1.97%	3.65%	11.59%	7.30%	-16.09%	0.46%	3.60%
Return on Net Nonoperating Assets (RNNOA)	3.11%	4.06%	4.15%	8.05%	2.53%	5.55%	14.29%	7.67%	-20.12%	0.73%	5.37%
Return on Equity (ROE)	11.44%	13.64%	14.28%	20.97%	7.77%	13.36%	30.35%	18.51%	-28.70%	6.15%	14.84%
Cash Return on Invested Capital (CROIC)	7.87%	7.38%	3.04%	7.40%	-14.70%	6.14%	3.52%	3.62%	0.77%	5.32%	6.82%
Operating Return on Assets (OROA)	8.10%	9.25%	8.74%	9.18%	5.18%	7.04%	15.38%	10.15%	-8.80%	5.00%	7.04%
Return on Assets (ROA)	4.02%	4.58%	4.67%	6.98%	2.43%	3.89%	9.55%	6.26%	-9.11%	1.76%	4.44%
Return on Common Equity (ROCE)	8.46%	10.54%	11.69%	18.30%	7.35%	13.33%	29.62%	17.88%	-27.75%	6.02%	14.81%
Return on Equity Simple (ROE_SIMPLE)	15.38%	17.19%	16.56%	22.33%	8.07%	12.89%	26.57%	17.71%	-34.25%	6.19%	0.00%
Net Operating Profit after Tax (NOPAT)	584	680	754	1,024	474	783	1,733	1,290	-1,011	609	1,078
NOPAT Margin	8.73%	11.96%	12.32%	13.38%	6.47%	11.94%	23.27%	12.77%	-11.32%	8.45%	14.80%
Net Nonoperating Expense Percent (NNEP)	5.02%	5.44%	6.10%	5.04%	3.26%	4.15%	4.47%	3.54%	7.51%	4.96%	5.87%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	9.05%
Cost of Revenue to Revenue	55.84%	42.87%	46.36%	53.26%	59.06%	48.01%	35.10%	59.10%	77.70%	48.95%	50.14%
SG&A Expenses to Revenue	26.51%	33.10%	30.51%	26.31%	26.82%	29.14%	27.04%	20.07%	24.17%	29.57%	27.60%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.68%	39.75%	37.14%	32.82%	32.51%	37.02%	33.34%	24.41%	38.47%	40.37%	34.17%
Earnings before Interest and Taxes (EBIT)	835	988	980	1,081	656	962	2,362	1,741	-1,451	762	1,076
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,209	1,389	1,397	1,536	1,104	1,446	2,864	2,259	-919	1,313	1,637
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.67	2.11	2.01	2.09	1.87	1.41	1.47	1.02	1.07	1.24	1.50
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	1,039.50	0.00	0.00	8.16	3.38	6.03	4.96	4.48
Price to Revenue (P/Rev)	0.67	1.05	1.04	1.01	0.98	0.89	1.05	0.60	0.51	0.75	0.98
Price to Earnings (P/E)	16.00	16.44	14.53	10.70	27.90	10.94	5.32	5.64	0.00	19.97	10.54
Dividend Yield	3.42%	2.69%	2.66%	2.31%	3.43%	4.69%	3.62%	4.88%	6.81%	6.00%	4.51%
Earnings Yield	6.25%	6.08%	6.88%	9.35%	3.58%	9.14%	18.81%	17.74%	0.00%	5.01%	9.48%
Enterprise Value to Invested Capital (EV/IC)	1.25	1.43	1.40	1.48	1.33	1.17	1.22	1.03	1.03	1.09	1.21
Enterprise Value to Revenue (EV/Rev)	1.31	1.81	1.77	1.58	1.81	1.80	1.87	1.26	1.29	1.70	1.91
Enterprise Value to EBITDA (EV/EBITDA)	7.25	7.41	7.75	7.88	11.97	8.17	4.87	5.64	0.00	9.34	8.50
Enterprise Value to EBIT (EV/EBIT)	10.51	10.41	11.05	11.19	20.14	12.28	5.91	7.32	0.00	16.10	12.93
Enterprise Value to NOPAT (EV/NOPAT)	15.02	15.12	14.36	11.81	27.88	15.08	8.06	9.88	0.00	20.14	12.90
Enterprise Value to Operating Cash Flow (EV/OCF)	7.54	10.61	11.23	11.15	12.26	10.72	9.43	17.81	10.41	10.38	11.34
Enterprise Value to Free Cash Flow (EV/FCFF)	15.91	19.63	47.82	20.62	0.00	19.17	36.72	29.58	127.82	20.54	17.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.08	1.14	1.21	1.12	1.72	1.54	1.23	1.15	1.65	1.64	1.49
Long-Term Debt to Equity	0.95	1.05	1.07	1.01	1.51	1.45	1.15	1.07	1.49	1.48	1.36
Financial Leverage	0.94	0.98	1.03	1.02	1.28	1.52	1.23	1.05	1.25	1.57	1.49
Leverage Ratio	2.85	2.98	3.06	3.01	3.20	3.43	3.18	2.96	3.15	3.49	3.34
Compound Leverage Factor	2.02	2.14	2.19	2.38	1.95	2.38	2.67	2.35	3.99	1.56	2.16
Debt to Total Capital	51.92%	53.20%	54.82%	52.82%	63.30%	60.67%	55.20%	53.54%	62.26%	62.13%	59.85%
Short-Term Debt to Total Capital	6.03%	4.18%	6.58%	5.11%	7.86%	3.80%	3.86%	3.95%	6.06%	6.09%	5.06%
Long-Term Debt to Total Capital	45.89%	49.02%	48.24%	47.71%	55.43%	56.86%	51.34%	49.59%	56.20%	56.04%	54.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.73%	1.24%	1.43%	0.00%	0.00%
Noncontrolling Interests to Total Capital	11.85%	9.77%	6.98%	4.82%	0.10%	0.09%	0.07%	0.06%	0.07%	0.08%	0.08%
Common Equity to Total Capital	36.23%	37.02%	38.20%	42.36%	36.61%	39.25%	43.00%	45.16%	36.24%	37.79%	40.08%
Debt to EBITDA	3.19	2.94	3.25	2.99	5.98	4.41	2.38	3.10	-7.89	5.44	4.36
Net Debt to EBITDA	2.81	2.55	2.80	2.59	5.49	4.14	2.07	2.89	-7.44	5.24	4.13
Long-Term Debt to EBITDA	2.82	2.71	2.86	2.70	5.24	4.14	2.21	2.87	-7.12	4.91	3.99
Debt to NOPAT	6.60	6.01	6.02	4.48	13.93	8.15	3.93	5.43	-7.17	11.73	6.62
Net Debt to NOPAT	5.81	5.20	5.18	3.89	12.79	7.63	3.43	5.06	-6.76	11.30	6.27
Long-Term Debt to NOPAT	5.84	5.54	5.30	4.05	12.20	7.64	3.66	5.03	-6.47	10.58	6.06
Altman Z-Score	1.48	1.56	1.55	1.84	1.40	1.32	1.74	1.70	0.77	1.19	1.39
Noncontrolling Interest Sharing Ratio	26.04%	22.76%	18.11%	12.71%	5.41%	0.24%	2.39%	3.38%	3.30%	2.10%	0.20%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.87	0.99	1.00	1.09	0.77	0.88	1.42	1.56	0.90	0.80	0.89
Quick Ratio	0.60	0.75	0.74	0.78	0.55	0.59	0.76	0.63	0.53	0.46	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	551	524	226	586	-1,330	616	380	431	90	597	776
Operating Cash Flow to CapEx	237.22%	171.99%	150.95%	189.02%	152.91%	168.24%	214.64%	89.05%	113.66%	148.49%	146.60%
Free Cash Flow to Firm to Interest Expense	2.28	1.89	0.80	2.55	-5.04	1.91	1.23	1.27	0.23	1.48	1.84
Operating Cash Flow to Interest Expense	4.81	3.49	3.41	4.72	4.08	3.42	4.78	2.11	2.85	2.93	2.91
Operating Cash Flow Less CapEx to Interest Expense	2.78	1.46	1.15	2.22	1.41	1.39	2.55	-0.26	0.34	0.96	0.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.53	0.55	0.65	0.58	0.48	0.49	0.59	0.54	0.47	0.48
Accounts Receivable Turnover	10.26	9.71	10.39	11.10	10.51	10.15	9.72	10.07	8.91	9.09	10.24
Inventory Turnover	11.27	10.83	11.61	13.66	15.77	13.37	7.36	10.53	12.64	8.36	9.18
Fixed Asset Turnover	1.40	1.11	1.14	1.35	1.17	0.96	1.03	1.30	1.08	0.83	0.82
Accounts Payable Turnover	8.76	6.22	6.83	8.14	8.64	6.89	3.98	6.91	9.22	6.10	6.93
Days Sales Outstanding (DSO)	35.58	37.60	35.14	32.89	34.73	35.98	37.54	36.24	40.98	40.17	35.64
Days Inventory Outstanding (DIO)	32.38	33.71	31.45	26.73	23.14	27.30	49.57	34.65	28.89	43.65	39.76
Days Payable Outstanding (DPO)	41.65	58.71	53.44	44.85	42.25	52.97	91.60	52.80	39.57	59.83	52.69
Cash Conversion Cycle (CCC)	26.31	12.60	13.14	14.77	15.62	10.30	-4.49	18.09	30.30	23.98	22.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,025	7,181	7,709	8,146	9,950	10,117	11,470	12,329	11,228	11,240	11,542
Invested Capital Turnover	0.95	0.80	0.82	0.97	0.81	0.65	0.69	0.85	0.76	0.64	0.64
Increase / (Decrease) in Invested Capital	33	156	528	437	1,804	167	1,353	859	-1,101	12	302
Enterprise Value (EV)	8,771	10,285	10,829	12,096	13,213	11,810	13,962	12,750	11,529	12,267	13,913
Market Capitalization	4,495	5,996	6,344	7,692	7,143	5,821	7,801	6,049	4,520	5,372	7,148
Book Value per Share	$15.58	$16.42	$18.25	$21.17	$21.89	$19.82	$25.39	$28.20	$20.14	$20.24	$22.23
Tangible Book Value per Share	($5.04)	($4.19)	($3.20)	$0.04	($2.00)	($0.32)	$4.57	$8.56	$3.58	$5.04	$7.43
Total Capital	7,430	7,682	8,280	8,690	10,427	10,518	12,347	13,074	11,643	11,497	11,920
Total Debt	3,857	4,087	4,539	4,590	6,600	6,381	6,816	7,000	7,249	7,143	7,134
Total Long-Term Debt	3,410	3,766	3,995	4,147	5,780	5,981	6,339	6,483	6,543	6,443	6,531
Net Debt	3,395	3,538	3,907	3,986	6,060	5,980	5,939	6,531	6,834	6,886	6,756
Capital Expenditures (CapEx)	491	564	639	574	705	655	690	804	974	796	837
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-234	-246	-80	-5.00	-182	-213	573	1,406	62	34	10
Debt-free Net Working Capital (DFNWC)	229	303	552	600	358	188	1,450	1,875	477	291	388
Net Working Capital (NWC)	-219	-18	7.40	156	-462	-212	973	1,358	-229	-409	-215
Net Nonoperating Expense (NNE)	170	191	230	202	166	251	266	216	491	340	400
Net Nonoperating Obligations (NNO)	3,452	3,586	3,968	4,046	6,123	5,980	5,939	6,255	6,834	6,886	6,756
Total Depreciation and Amortization (D&A)	374	401	416	455	448	484	502	518	532	551	561
Debt-free, Cash-free Net Working Capital to Revenue	-3.49%	-4.33%	-1.31%	-0.07%	-2.49%	-3.25%	7.69%	13.91%	0.69%	0.47%	0.14%
Debt-free Net Working Capital to Revenue	3.42%	5.33%	9.02%	7.84%	4.89%	2.87%	19.47%	18.55%	5.34%	4.04%	5.32%
Net Working Capital to Revenue	-3.27%	-0.32%	0.12%	2.04%	-6.31%	-3.23%	13.07%	13.44%	-2.57%	-5.67%	-2.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.62	$2.11	$2.51	$4.13	$1.44	$2.55	$7.02	$5.11	($7.16)	$1.27	$3.15
Adjusted Weighted Average Basic Shares Outstanding	173.12M	173.15M	173.66M	173.91M	178.42M	208.93M	209.06M	209.94M	209.81M	211.31M	214.95M
Adjusted Diluted Earnings per Share	$1.60	$2.08	$2.46	$4.06	$1.41	$2.54	$6.92	$4.97	($7.16)	$1.25	$3.09
Adjusted Weighted Average Diluted Shares Outstanding	175.67M	175.57M	177.16M	176.91M	181.11M	209.87M	212.13M	215.82M	209.81M	215.27M	219.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	172.44M	172.98M	173.15M	173.85M	209.01M	208.42M	209.22M	209.69M	210.90M	214.70M	214.53M
Normalized Net Operating Profit after Tax (NOPAT)	584	680	754	1,096	474	826	1,733	1,290	-552	763	1,078
Normalized NOPAT Margin	8.73%	11.96%	12.32%	14.32%	6.47%	12.60%	23.27%	12.77%	-6.18%	10.59%	14.80%
Pre Tax Income Margin	8.84%	12.49%	11.46%	11.18%	5.48%	10.17%	26.71%	13.72%	-20.58%	4.72%	9.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.45	3.56	3.46	4.70	2.48	2.99	7.62	5.12	-3.74	1.89	2.56
NOPAT to Interest Expense	2.41	2.45	2.66	4.45	1.80	2.43	5.59	3.79	-2.61	1.51	2.56
EBIT Less CapEx to Interest Expense	1.42	1.53	1.21	2.20	-0.19	0.95	5.39	2.76	-6.25	-0.08	0.57
NOPAT Less CapEx to Interest Expense	0.39	0.42	0.41	1.96	-0.88	0.40	3.37	1.43	-5.12	-0.46	0.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	97.20%	85.52%	82.19%	53.53%	322.08%	51.32%	19.22%	27.56%	-20.51%	118.22%	47.49%
Augmented Payout Ratio	105.43%	95.25%	90.45%	60.83%	327.60%	58.46%	19.22%	31.10%	-21.97%	118.22%	52.36%

This table displays calculated financial ratios and metrics derived from UGI's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	214,636,337.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	214,636,337.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.42
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-27.40%	-23.12%	-20.57%	-16.82%	-11.54%	-4.29%	8.07%	1.01%	-3.62%	2.61%	0.71%
EBITDA Growth	-16.67%	129.25%	121.34%	135.18%	-130.51%	103.11%	-3.48%	-120.95%	247.58%	-8.56%	8.78%
EBIT Growth	-24.33%	115.50%	183.27%	109.71%	-200.39%	170.16%	-4.81%	-2,000.00%	114.56%	-11.24%	10.53%
NOPAT Growth	-27.22%	121.56%	230.57%	109.15%	-187.08%	140.98%	-0.16%	-238.81%	105.28%	-12.28%	5.80%
Net Income Growth	-46.09%	109.85%	350.91%	93.92%	-308.40%	298.94%	-3.43%	-239.58%	95.24%	-20.80%	8.56%
EPS Growth	-44.74%	109.69%	350.98%	93.88%	-300.00%	295.45%	-4.78%	-230.43%	93.65%	-22.99%	6.39%
Operating Cash Flow Growth	289.39%	149.58%	-21.39%	-9.93%	-39.60%	37.82%	31.03%	-25.90%	-40.40%	-59.76%	-2.92%
Free Cash Flow Firm Growth	321.14%	158.63%	500.70%	46.44%	-114.18%	-57.72%	-31.99%	15.46%	-59.01%	-100.24%	-44.84%
Invested Capital Growth	-8.93%	-5.39%	-2.65%	2.17%	0.11%	0.74%	-0.30%	0.87%	2.69%	3.33%	2.30%
Revenue Q/Q Growth	-15.37%	51.07%	16.31%	-44.06%	-10.00%	63.45%	31.33%	-47.71%	-14.13%	74.02%	28.90%
EBITDA Q/Q Growth	165.33%	-17.44%	146.00%	-75.61%	-156.67%	649.58%	27.06%	-103.73%	690.32%	226.78%	51.17%
EBIT Q/Q Growth	134.88%	-25.10%	232.42%	-90.25%	-460.56%	301.56%	34.30%	-124.68%	122.22%	1,105.26%	67.25%
NOPAT Q/Q Growth	138.59%	-8.10%	211.11%	-91.70%	-467.16%	354.33%	28.89%	-111.53%	113.98%	4,121.47%	55.46%
Net Income Q/Q Growth	116.60%	-28.24%	427.66%	-109.68%	-468.75%	237.36%	27.73%	-134.03%	92.02%	2,384.62%	75.08%
EPS Q/Q Growth	116.76%	-30.16%	422.73%	-110.00%	-447.83%	238.10%	25.86%	-134.70%	89.47%	1,775.00%	73.88%
Operating Cash Flow Q/Q Growth	-42.26%	-52.40%	338.66%	-25.29%	-61.28%	8.61%	317.07%	-57.75%	-68.86%	-26.67%	906.06%
Free Cash Flow Firm Q/Q Growth	458.38%	-35.73%	5.59%	-122.02%	5.10%	291.61%	69.85%	-127.37%	-78.49%	99.71%	39,243.25%
Invested Capital Q/Q Growth	0.97%	2.15%	1.16%	-2.08%	-1.07%	2.79%	0.11%	-0.93%	0.72%	3.44%	-0.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.76%	43.33%	58.25%	53.70%	47.02%	54.53%	51.20%	39.96%	50.46%	51.42%	55.79%
EBITDA Margin	27.78%	15.18%	34.90%	15.22%	-9.58%	32.22%	31.17%	-2.22%	15.29%	28.71%	33.67%
Operating Margin	16.88%	10.94%	29.06%	4.86%	-19.81%	23.99%	26.26%	-6.67%	1.09%	21.80%	28.23%
EBIT Margin	18.16%	9.01%	29.51%	5.14%	-20.61%	25.42%	25.99%	-12.27%	3.17%	21.99%	28.53%
Profit (Net Income) Margin	9.33%	4.43%	20.11%	-3.48%	-21.98%	18.47%	17.97%	-11.69%	-1.09%	14.26%	19.37%
Tax Burden Percent	83.44%	78.33%	78.86%	87.27%	77.12%	89.93%	80.64%	71.49%	14.94%	84.62%	78.79%
Interest Burden Percent	61.57%	62.83%	86.40%	-77.46%	138.28%	80.81%	85.71%	133.33%	-228.95%	76.64%	86.16%
Effective Tax Rate	16.56%	21.67%	21.14%	0.00%	0.00%	10.07%	19.36%	0.00%	0.00%	15.38%	21.21%
Return on Invested Capital (ROIC)	10.68%	6.02%	14.91%	2.23%	-8.90%	13.34%	13.38%	-3.00%	0.49%	11.52%	13.99%
ROIC Less NNEP Spread (ROIC-NNEP)	9.66%	4.77%	13.88%	0.81%	-10.37%	12.44%	12.09%	-4.48%	0.16%	10.27%	12.80%
Return on Net Nonoperating Assets (RNNOA)	12.07%	6.92%	18.62%	1.21%	-16.26%	19.32%	16.34%	-6.20%	0.24%	14.87%	15.86%
Return on Equity (ROE)	22.75%	12.94%	33.53%	3.43%	-25.16%	32.66%	29.72%	-9.20%	0.73%	26.39%	29.85%
Cash Return on Invested Capital (CROIC)	0.77%	5.49%	-1.01%	6.67%	5.32%	6.95%	8.01%	6.37%	6.82%	5.43%	6.64%
Operating Return on Assets (OROA)	9.83%	4.55%	14.09%	2.50%	-9.75%	11.63%	12.13%	-5.91%	1.51%	10.34%	13.18%
Return on Assets (ROA)	5.05%	2.24%	9.60%	-1.69%	-10.39%	8.45%	8.38%	-5.64%	-0.52%	6.70%	8.95%
Return on Common Equity (ROCE)	22.00%	12.47%	32.36%	3.36%	-24.63%	31.99%	29.16%	-9.18%	0.73%	26.34%	29.80%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-10.26%	-1.41%	14.38%	0.00%	12.01%	10.63%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	198	182	565	47	-172	438	564	-65	9.10	384	597
NOPAT Margin	14.08%	8.57%	22.92%	3.40%	-13.86%	21.57%	21.17%	-4.67%	0.76%	18.44%	22.24%
Net Nonoperating Expense Percent (NNEP)	1.02%	1.26%	1.03%	1.41%	1.47%	0.90%	1.28%	1.48%	0.32%	1.25%	1.19%
Return On Investment Capital (ROIC_SIMPLE)	-	1.54%	-	-	-	3.70%	4.68%	-0.55%	0.08%	3.14%	4.79%
Cost of Revenue to Revenue	41.24%	56.67%	41.75%	46.30%	52.98%	45.47%	48.80%	60.04%	49.54%	48.58%	44.21%
SG&A Expenses to Revenue	36.97%	24.99%	23.96%	36.30%	41.06%	24.48%	20.48%	34.51%	40.69%	24.96%	20.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.88%	31.07%	29.19%	48.77%	66.91%	30.54%	24.94%	42.75%	50.88%	29.62%	27.56%
Earnings before Interest and Taxes (EBIT)	255	191	728	71	-256	516	693	-171	38	458	766
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	390	322	861	210	-119	654	831	-31	183	598	904
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.07	1.14	1.09	1.03	1.24	1.32	1.42	1.60	1.50	1.61	1.44
Price to Tangible Book Value (P/TBV)	6.03	6.42	4.24	3.84	4.96	4.32	3.94	4.75	4.48	4.33	3.37
Price to Revenue (P/Rev)	0.51	0.59	0.66	0.65	0.75	0.85	0.97	1.07	0.98	1.09	1.06
Price to Earnings (P/E)	0.00	0.00	0.00	7.13	19.97	11.02	13.33	18.68	10.54	13.38	12.20
Dividend Yield	6.81%	6.41%	6.22%	6.55%	6.00%	5.31%	4.54%	4.12%	4.51%	4.01%	4.12%
Earnings Yield	0.00%	0.00%	0.00%	14.02%	5.01%	9.07%	7.50%	5.35%	9.48%	7.47%	8.20%
Enterprise Value to Invested Capital (EV/IC)	1.03	1.05	1.03	1.01	1.09	1.13	1.18	1.26	1.21	1.25	1.21
Enterprise Value to Revenue (EV/Rev)	1.29	1.46	1.57	1.56	1.70	1.83	1.87	1.96	1.91	2.04	1.94
Enterprise Value to EBITDA (EV/EBITDA)	0.00	23.65	11.83	6.30	9.34	7.95	8.52	10.10	8.50	9.47	8.63
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	25.49	9.02	16.10	11.99	12.98	16.51	12.93	14.70	13.09
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	11.59	20.14	14.73	15.30	17.42	12.90	14.63	13.70
Enterprise Value to Operating Cash Flow (EV/OCF)	10.41	8.23	9.07	8.96	10.38	10.62	9.83	11.18	11.34	13.26	12.88
Enterprise Value to Free Cash Flow (EV/FCFF)	127.82	18.63	0.00	15.31	20.54	16.29	14.73	19.79	17.92	23.47	18.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.65	1.67	1.47	1.48	1.64	1.58	1.40	1.42	1.49	1.44	1.30
Long-Term Debt to Equity	1.49	1.53	1.39	1.34	1.48	1.44	1.31	1.16	1.36	1.19	1.10
Financial Leverage	1.25	1.45	1.34	1.48	1.57	1.55	1.35	1.38	1.49	1.45	1.24
Leverage Ratio	3.15	3.41	3.19	3.34	3.49	3.45	3.18	3.18	3.34	3.25	3.05
Compound Leverage Factor	1.94	2.15	2.76	-2.59	4.82	2.79	2.73	4.24	-7.66	2.49	2.63
Debt to Total Capital	62.26%	62.48%	59.57%	59.61%	62.13%	61.29%	58.34%	58.74%	59.85%	59.02%	56.47%
Short-Term Debt to Total Capital	6.06%	5.17%	3.24%	5.45%	6.09%	5.64%	3.58%	10.74%	5.06%	10.21%	8.47%
Long-Term Debt to Total Capital	56.20%	57.31%	56.33%	54.16%	56.04%	55.65%	54.76%	48.01%	54.79%	48.81%	48.00%
Preferred Equity to Total Capital	1.43%	1.41%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.07%	0.08%	0.08%	0.08%	0.08%	0.07%	0.07%	0.08%	0.08%	0.07%	0.07%
Common Equity to Total Capital	36.24%	36.03%	38.96%	40.32%	37.79%	38.64%	41.59%	41.17%	40.08%	40.91%	43.46%
Debt to EBITDA	-7.89	14.47	7.01	3.80	5.44	4.43	4.38	4.88	4.36	4.56	4.26
Net Debt to EBITDA	-7.44	13.80	6.67	3.66	5.24	4.25	4.08	4.61	4.13	4.38	3.90
Long-Term Debt to EBITDA	-7.12	13.27	6.63	3.45	4.91	4.02	4.11	3.99	3.99	3.77	3.62
Debt to NOPAT	-7.17	-1,317.86	-16.37	6.98	11.73	8.21	7.88	8.42	6.62	7.05	6.75
Net Debt to NOPAT	-6.76	-1,256.61	-15.57	6.73	11.30	7.87	7.33	7.96	6.27	6.77	6.19
Long-Term Debt to NOPAT	-6.47	-1,208.75	-15.48	6.35	10.58	7.45	7.40	6.88	6.06	5.83	5.74
Altman Z-Score	1.14	1.09	1.26	1.08	0.97	1.21	1.37	1.14	1.17	1.28	1.40
Noncontrolling Interest Sharing Ratio	3.30%	3.65%	3.50%	2.04%	2.10%	2.04%	1.88%	0.20%	0.20%	0.18%	0.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.90	0.98	1.21	0.91	0.80	1.00	1.23	0.70	0.89	0.78	1.00
Quick Ratio	0.53	0.61	0.82	0.56	0.46	0.64	0.89	0.46	0.54	0.49	0.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,299	835	881	-194	-184	353	599	-164	-293	-0.85	331
Operating Cash Flow to CapEx	82.24%	81.51%	308.88%	190.24%	56.77%	79.23%	499.27%	130.18%	34.88%	29.86%	390.59%
Free Cash Flow to Firm to Interest Expense	13.25	8.35	8.81	-1.88	-1.84	3.46	5.88	-1.48	-2.76	-0.01	2.98
Operating Cash Flow to Interest Expense	2.55	1.19	5.22	3.79	1.51	1.61	6.71	2.60	0.85	0.59	5.98
Operating Cash Flow Less CapEx to Interest Expense	-0.55	-0.27	3.53	1.80	-1.15	-0.42	5.36	0.60	-1.58	-1.40	4.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.50	0.48	0.49	0.47	0.46	0.47	0.48	0.48	0.47	0.46
Accounts Receivable Turnover	8.91	5.99	5.71	8.27	9.09	6.44	6.16	8.88	10.24	7.07	6.23
Inventory Turnover	12.64	9.51	9.69	8.75	8.36	7.91	9.84	10.08	9.18	9.68	11.00
Fixed Asset Turnover	1.08	0.99	0.91	0.87	0.83	0.82	0.84	0.84	0.82	0.82	0.82
Accounts Payable Turnover	9.22	5.74	5.86	6.88	6.10	4.85	5.95	7.86	6.93	6.09	6.14
Days Sales Outstanding (DSO)	40.98	60.89	63.90	44.11	40.17	56.68	59.23	41.12	35.64	51.59	58.55
Days Inventory Outstanding (DIO)	28.89	38.40	37.67	41.74	43.65	46.16	37.11	36.22	39.76	37.69	33.19
Days Payable Outstanding (DPO)	39.57	63.64	62.28	53.06	59.83	75.25	61.37	46.42	52.69	59.97	59.49
Cash Conversion Cycle (CCC)	30.30	35.65	39.29	32.79	23.98	27.59	34.97	30.91	22.70	29.31	32.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,228	11,469	11,602	11,361	11,240	11,554	11,567	11,460	11,542	11,939	11,832
Invested Capital Turnover	0.76	0.70	0.65	0.66	0.64	0.62	0.63	0.64	0.64	0.62	0.63
Increase / (Decrease) in Invested Capital	-1,101	-653	-316	241	12	85	-35	99	302	385	266
Enterprise Value (EV)	11,529	12,063	12,004	11,480	12,267	13,035	13,659	14,396	13,913	14,968	14,279
Market Capitalization	4,520	4,850	5,057	4,800	5,372	6,061	7,104	7,810	7,148	8,030	7,817
Book Value per Share	$20.14	$20.29	$22.21	$22.33	$20.24	$21.33	$23.33	$22.73	$22.23	$23.31	$25.25
Tangible Book Value per Share	$3.58	$3.60	$5.69	$5.97	$5.04	$6.54	$8.40	$7.66	$7.43	$8.64	$10.82
Total Capital	11,643	11,812	11,948	11,611	11,497	11,852	12,052	11,838	11,920	12,224	12,469
Total Debt	7,249	7,380	7,117	6,921	7,143	7,264	7,031	6,954	7,134	7,214	7,041
Total Long-Term Debt	6,543	6,769	6,730	6,288	6,443	6,596	6,600	5,683	6,531	5,966	5,985
Net Debt	6,834	7,037	6,771	6,671	6,886	6,966	6,546	6,576	6,756	6,929	6,453
Capital Expenditures (CapEx)	304	146	169	205	266	207	137	222	258	221	170
Debt-free, Cash-free Net Working Capital (DFCFNWC)	62	212	432	213	34	378	382	140	10	383	472
Debt-free Net Working Capital (DFNWC)	477	555	778	463	291	676	867	518	388	668	1,060
Net Working Capital (NWC)	-229	-56	391	-170	-409	8.00	436	-753	-215	-580	4.00
Net Nonoperating Expense (NNE)	67	88	69	95	101	63	85	98	22	87	77
Net Nonoperating Obligations (NNO)	6,834	7,037	6,771	6,671	6,886	6,966	6,546	6,576	6,756	6,929	6,404
Total Depreciation and Amortization (D&A)	135	131	133	139	137	138	138	140	145	140	138
Debt-free, Cash-free Net Working Capital to Revenue	0.69%	2.56%	5.65%	2.89%	0.47%	5.31%	5.22%	1.91%	0.14%	5.22%	6.41%
Debt-free Net Working Capital to Revenue	5.34%	6.69%	10.17%	6.28%	4.04%	9.50%	11.85%	7.06%	5.32%	9.10%	14.40%
Net Working Capital to Revenue	-2.57%	-0.68%	5.11%	-2.31%	-5.67%	0.11%	5.96%	-10.27%	-2.95%	-7.90%	0.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.62	$0.45	$2.36	($0.23)	($1.31)	$1.74	$2.23	($0.76)	($0.06)	$1.38	$2.42
Adjusted Weighted Average Basic Shares Outstanding	209.81M	209.78M	209.83M	210.68M	211.31M	214.93M	214.98M	214.81M	214.95M	214.84M	214.83M
Adjusted Diluted Earnings per Share	$0.63	$0.44	$2.30	($0.23)	($1.26)	$1.74	$2.19	($0.76)	($0.08)	$1.34	$2.33
Adjusted Weighted Average Diluted Shares Outstanding	209.81M	215.57M	215.25M	210.68M	215.27M	215.70M	218.94M	214.81M	219.16M	221.42M	222.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	210.90M	209.55M	209.62M	214.69M	214.70M	214.81M	214.44M	214.92M	214.53M	214.64M	214.39M
Normalized Net Operating Profit after Tax (NOPAT)	198	182	565	90	-172	438	564	-65	9.10	384	597
Normalized NOPAT Margin	14.08%	8.57%	22.92%	6.54%	-13.86%	21.57%	21.17%	-4.67%	0.76%	18.44%	22.24%
Pre Tax Income Margin	11.18%	5.66%	25.50%	-3.99%	-28.50%	20.54%	22.28%	-16.36%	-7.27%	16.85%	24.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.60	1.91	7.28	0.69	-2.56	5.06	6.79	-1.54	0.36	4.13	6.90
NOPAT to Interest Expense	2.02	1.82	5.65	0.46	-1.72	4.29	5.53	-0.59	0.09	3.46	5.38
EBIT Less CapEx to Interest Expense	-0.50	0.45	5.59	-1.30	-5.22	3.03	5.45	-3.54	-2.08	2.14	5.37
NOPAT Less CapEx to Interest Expense	-1.08	0.36	3.96	-1.54	-4.38	2.26	4.19	-2.59	-2.35	1.47	3.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-20.51%	-68.50%	-461.76%	46.95%	118.22%	58.18%	60.41%	76.79%	47.49%	53.67%	50.23%
Augmented Payout Ratio	-21.97%	-70.70%	-461.76%	46.95%	118.22%	57.45%	62.10%	77.99%	52.36%	61.17%	56.32%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, bullet-point style overview of trends in UGI's quarterly statements over the last four years, focusing on factors that may matter to retail investors.

In Q2 2025, UGI reported substantial earnings with net income of $479 million and robust operating cash flow of $684 million from continuing operations, signaling strong profitability and cash generation in that quarter.
In the most recent quarter, Q1 2026, Consolidated net income reached $297 million, with net cash from continuing operating activities of $66 million, indicating ongoing profitability and cash generation into 2026.
UGI continues to return cash to shareholders, with cash dividends per share of $0.375 in Q1 2026, reflecting a stable and ongoing dividend policy.
The company has accessed debt markets to support liquidity and growth, including a $546 million debt issuance in Q3 2025 and a $350 million issuance in Q4 2025, providing flexibility for capex and working capital needs.
Cash and equivalents were solid around $251 million at the end of Q1 2026, helping to support near-term liquidity needs.
A one-off impairment charge of $656 million in Q3 2025 reduced pretax income, illustrating that earnings in that period were affected by a non-recurring write-down rather than ongoing operating performance.
UGI's leverage remains relatively high, with long-term debt typically in the $6–7 billion range across recent years, contributing to meaningful interest expense and a higher debt service burden.
Quarterly net income has shown volatility, including a notable loss in Q3 2025 (net income from continuing operations around -$163 million) and a smaller quarterly loss in Q4 2025, signaling earnings swings.
Net cash from financing activities has often been negative in recent quarters, driven by debt repayments and shareholder returns; for example, Q3 2025 financing cash flow was around -$237 million and Q1 2026 was about -$6 million.
Free cash flow can be negative in some periods due to outsized capital expenditures; for instance, quarterly capex (Purchase of PPE) has run around $221–$258 million while operating cash flow has been more modest in certain quarters, reducing near-term free cash flow.

05/14/26 07:35 AM ETAI Generated. May Contain Errors.

UGI Financials - Frequently Asked Questions

According to the most recent income statement we have on file, UGI's fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

UGI's net income appears to be on a downward trend, with a most recent value of $678 million in 2025, rising from $414 million in 2015. The previous period was $269 million in 2024. Check out UGI's forecast to explore projected trends and price targets.

UGI's total operating income in 2025 was $1.11 billion, based on the following breakdown:

Total Gross Profit: $3.63 billion
Total Operating Expenses: $2.49 billion

Over the last 10 years, UGI's total revenue changed from $6.69 billion in 2015 to $7.29 billion in 2025, a change of 8.9%.

UGI's total liabilities were at $10.68 billion at the end of 2025, a 0.6% decrease from 2024, and a 53.8% increase since 2015.

In the past 10 years, UGI's cash and equivalents has ranged from $213 million in 2024 to $855 million in 2021, and is currently $335 million as of their latest financial filing in 2025.

Over the last 10 years, UGI's book value per share changed from 15.58 in 2015 to 22.23 in 2025, a change of 42.7%.

Related Companies

Financial statements for NYSE:UGI last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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UGI (UGI) Financials

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UGI (UGI) Financials

Annual Income Statements for UGI

Quarterly Income Statements for UGI

Annual Cash Flow Statements for UGI

Quarterly Cash Flow Statements for UGI

Annual Balance Sheets for UGI

Quarterly Balance Sheets for UGI

Annual Metrics And Ratios for UGI

Quarterly Metrics And Ratios for UGI

Financials Breakdown Chart

Key Financial Trends

UGI Financials - Frequently Asked Questions

When does UGI's financial year end?

How has UGI's net income changed over the last 10 years?

What is UGI's operating income?

How has UGI's revenue changed over the last 10 years?

How much debt does UGI have?

How much cash does UGI have?

How has UGI's book value per share changed over the last 10 years?

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