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UGI

UGI Corporation

UGI

UGI Corporation • NYSE
$39.55 ▲ 1.28% (+0.50)
Market Cap $8.50 B
52w High $39.59
52w Low $26.73
Dividend Yield 1.50%
P/E 12.8
Volume 994.14K
Outstanding Shares 214.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $1.197B ▼ $487M ▲ $-13M ▲ -1.086% ▲ $-0.06 ▲ $152M ▲
Q3-2025 $1.393B ▼ $481M ▼ $-163M ▼ -11.701% ▼ $-0.76 ▼ $13M ▼
Q2-2025 $2.667B ▲ $546M ▲ $479M ▲ 17.96% ▼ $2.23 ▲ $833M ▲
Q1-2025 $2.031B ▲ $497M ▼ $375M ▲ 18.464% ▲ $1.74 ▲ $659M ▲
Q4-2024 $1.242B $510M $-273M -21.981% $-1.28 $-110M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $350M ▼ $15.362B ▼ $10.478B ▼ $4.874B ▼
Q2-2025 $426M ▲ $15.746B ▲ $10.725B ▼ $5.012B ▲
Q1-2025 $240M ▲ $15.412B ▲ $10.824B ▲ $4.58B ▲
Q4-2024 $213M ▲ $15.098B ▲ $10.744B ▲ $4.345B ▼
Q3-2024 $183M $15.066B $10.376B $4.681B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-163M ▼ $289M ▼ $-132M ▲ $-237M ▲ $-68M ▼ $67M ▼
Q2-2025 $479M ▲ $684M ▲ $-135M ▲ $-363M ▼ $192M ▲ $538M ▲
Q1-2025 $375M ▲ $164M ▲ $-232M ▲ $95M ▼ $18M ▲ $-47M ▲
Q4-2024 $-273M ▼ $151M ▼ $-241M ▼ $102M ▲ $17M ▲ $-115M ▼
Q3-2024 $-48M $390M $-198M $-287M $-97M $185M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Energy Marketing
Energy Marketing
 $250.00M ▲$370.00M ▲$-30.00M ▼$0 ▲
Nonutility
Nonutility
 $0 ▲$0 ▲$1.09Bn ▲$4.40Bn ▲
Off System Sales and Capacity Releases
Off System Sales and Capacity Releases
 $20.00M ▲$30.00M ▲$-10.00M ▼$0 ▲
Peaking
Peaking
 $0 ▲$20.00M ▲$-10.00M ▼$0 ▲
Utility
Utility
 $0 ▲$0 ▲$270.00M ▲$1.38Bn ▲
Utility Other
Utility Other
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
Commercial and Industrial
Commercial and Industrial
 $100.00M ▲$180.00M ▲$0 ▼$0 ▲
Large Delivery Service
Large Delivery Service
 $50.00M ▲$60.00M ▲$0 ▼$0 ▲
Midstream Other
Midstream Other
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Nonutility Other
Nonutility Other
 $70.00M ▲$70.00M ▲$0 ▼$0 ▲
Pipeline
Pipeline
 $60.00M ▲$60.00M ▲$0 ▼$0 ▲
Residential
Residential
 $280.00M ▲$430.00M ▲$0 ▼$0 ▲
Retail
Retail
 $1.07Bn ▲$1.31Bn ▲$0 ▼$0 ▲
Wholesale
Wholesale
 $70.00M ▲$80.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement UGI’s earnings profile over the past few years looks bumpy. Revenue has moved up and down rather than following a smooth growth path, and profitability has been volatile. The company was solidly profitable earlier in the period, then took a clear step back with a loss in 2023, likely reflecting weaker margins and possibly one‑off charges. Results in 2024 show a meaningful recovery: margins have improved and the company is back to making money, but profits are still well below the stronger years earlier in the decade. Overall, the income statement suggests a business that is stabilizing after a difficult year, but not yet back to its prior strength.

Balance Sheet

Balance Sheet The balance sheet shows a large, capital‑intensive utility with a fairly stable asset base and meaningful use of debt. Total assets have been broadly flat to slightly lower, which is normal for a mature network business. Debt levels are high and have edged up over time, while shareholders’ equity has come down from its peak, which points to a more leveraged capital structure. Cash on hand is relatively small compared with the size of the business, so UGI depends heavily on steady cash flows and access to financing. This mix is typical for regulated utilities, but it does leave less room for unexpected shocks.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been reasonably steady, even in the weaker earnings year, which is a positive sign for the underlying utility model. However, UGI also spends heavily on capital projects to maintain and upgrade its infrastructure and to support growth. After these investments, free cash flow has been positive in most years but not consistently strong, with only a modest surplus in recent periods. That suggests the company can largely fund itself from operations, but big projects, dividends, or acquisitions may still require borrowing or other external funding. The key question going forward is whether the new investments translate into sturdier and more predictable free cash flow.

Competitive Edge

Competitive Edge UGI benefits from several structural advantages: it is a major propane distributor in the U.S., has a sizable presence in European LPG, and owns regulated gas and electric utilities. This diversification across geographies and fuel types helps smooth out swings in any one market. Its extensive pipelines, storage, and distribution assets create real barriers to entry for would‑be competitors. On the other hand, the company faces headwinds from long‑term declines in some traditional fuels, regulatory scrutiny, and exposure to weather‑driven demand. Its competitive position is solid, but success will depend on how well it manages this shift in the energy mix while controlling costs in legacy businesses like AmeriGas.

Innovation and R&D

Innovation and R&D UGI is leaning into the energy transition more actively than many traditional fuel distributors. It is investing in renewable natural gas projects that capture methane from landfills and agriculture, and in renewable dimethyl ether, a low‑carbon fuel that can blend with propane using its existing network. It is also modernizing customer interactions with digital tools like QR‑enabled tanks and home delivery services. These initiatives could gradually reposition UGI from a conventional propane and gas provider toward a more sustainable energy platform. The upside is a potentially stronger long‑term growth story and better environmental profile; the risk is that these projects are capital‑intensive, execution is complex, and the ultimate returns depend heavily on technology performance, policy support, and customer adoption.

Summary

UGI today looks like a traditional, asset‑heavy energy utility that is working through a transition. Financially, it has moved from a period of solid profitability through a notably weak year in 2023 and into a phase of recovery in 2024, with improving but not yet fully restored earnings. The balance sheet is typical for its sector—highly leveraged but anchored by regulated and infrastructure assets—while cash flow is generally reliable, though not abundant after investment needs. Competitively, UGI’s scale, infrastructure, and diversification give it staying power, but it must navigate regulatory, environmental, and demand shifts. Its push into renewable gas, low‑carbon fuels, and digital services shows a clear strategic direction; the main things to watch are whether these investments steadily strengthen earnings and cash flow, and how effectively the company manages debt and its legacy propane businesses along the way.

NEWS

November 20, 2025 · 5:30 PM UTC

UGI Reports Strong Fiscal 2025 Results

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November 20, 2025 · 4:15 PM UTC

UGI Declares Common Dividend

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November 12, 2025 · 9:00 AM UTC

UGI Energy Services and The City of Philadelphia Announce Biofuel Agreement

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October 21, 2025 · 7:30 AM UTC

UGI International Signs Definitive Agreement to Divest its LPG Business in Austria

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October 7, 2025 · 4:15 PM UTC

UGI Corporation to Hold Fiscal 2025 Earnings Conference Call on Friday, November 21

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