UGI on NYSE

UGI Corporation

Logo: UGI Corporation, Public domain, via Wikimedia Commons⁴

American natural gas and electric power distribution company

UGI Corporation (formerly United Gas Improvement Corp.) is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe. UGI owns AmeriGas, the largest propane marketer in the United States.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

$7.1BRevenue, fiscal 2025⁵

$678.0MNet income, fiscal 2025⁵

1882Founded¹

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TickerUGI on NYSE¹
Industryenergy industry¹
HeadquartersKing of Prussia¹
Websitewww.ugicorp.com
Incorporated inPA⁶
Business address500 N Gulph Rd, P O Box 858, King Of Prussia, Pa 19406⁶
Filer categoryLarge accelerated filer⁶

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

15.5%Operating margin⁵

9.5%Net margin⁵

1.4%Revenue growth, 2025⁵

14.2%Return on equity⁵

1.37×Debt to equity⁵

$390.0MFree cash flow⁵

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Utility brought in 33% of the revenue UGI Corporation broke down this way in fiscal 2025.

Utility$1.7B⁵33%up 10% from 2024
Energy Marketing$998.0M⁵20%up 2% from 2024
Residential$970.0M⁵19%up 11% from 2024
Commercial and Industrial$385.0M⁵8%up 12% from 2024
Non-utility, Other$251.0M⁵5%down 3% from 2024
Wholesale$231.0M⁵5%down 14% from 2024
Pipeline$225.0M⁵4%down 9% from 2024
Large Delivery Service$196.0M⁵4%up 7% from 2024
Off System Sales and Capacity Releases$74.0M⁵1%up 10% from 2024
Utility, Other$31.0M⁵1%down 14% from 2024
Peaking$27.0M⁵1%up 170% from 2024
Midstream Other$21.0M⁵0%up 31% from 2024

Products and services by year

Products and services	2023	2024	2025
Utility	$1.7B	$1.5B	$1.7B
Energy Marketing	$2.1B	$980.0M	$998.0M
Residential	$1.0B	$873.0M	$970.0M
Commercial and Industrial	$413.0M	$344.0M	$385.0M
Non-utility, Other	$274.0M	$260.0M	$251.0M
Wholesale	$325.0M	$270.0M	$231.0M
Pipeline	$251.0M	$246.0M	$225.0M
Large Delivery Service	$177.0M	$183.0M	$196.0M
Off System Sales and Capacity Releases	$89.0M	$67.0M	$74.0M
Utility, Other	$43.0M	$36.0M	$31.0M
Peaking	$31.0M	$10.0M	$27.0M
Midstream Other	$14.0M	$16.0M	$21.0M

Business segments

AmeriGas Propane brought in 29% of the revenue UGI Corporation broke down this way in fiscal 2025.

AmeriGas Propane$2.2B⁵29%up 0% from 2024
UGI International$2.1B⁵28%down 7% from 2024
UGI Utilities, Inc.$1.7B⁵23%up 12% from 2024
Midstream and Marketing$1.5B⁵20%up 8% from 2024

Business segments by year

Business segments	2023	2024	2025
AmeriGas Propane	$2.5B	$2.2B	$2.2B
UGI International	$2.9B	$2.2B	$2.1B
UGI Utilities, Inc.	$1.8B	$1.6B	$1.7B
Midstream and Marketing	$1.8B	$1.4B	$1.5B

Where the money goes

Where each dollar of revenue went, fiscal 2025

Selling, general and adminOther costs

Selling, general and admin28¢$2.0B
Other costs62¢$4.4B
Income tax0¢$18.0M
Profit9¢$678.0M

Out of $7.1B in revenue.⁵

Where each dollar of operating cash went, fiscal 2025

Capital spendingDividends paid

Capital spending68¢$837.0M
Dividends paid26¢$322.0M
Share buybacks3¢$33.0M
Kept or used elsewhere3¢$35.0M

Out of $1.2B of cash from operations.⁵

Financial statements

Revenue⁸⁹¹⁰¹¹¹²⁵$7.1B in 2025−7% since 2018

Operating income⁸⁹¹⁰¹¹¹²⁵$1.1B in 2025+4% since 2018

Net income⁸⁹¹⁰¹¹¹²⁵$678.0M in 2025−6% since 2018

Every line of the income statement in the latest annual report, as filed.⁵

Period ending	2025-09-30	2024-09-30	2023-09-30
Revenues	$7.3B	$7.2B	$8.9B
Cost of sales	$3.7B	$3.5B	$6.9B
Operating and administrative expenses	$2.0B	$2.1B	$2.2B
Depreciation and amortization	$561.0M	$551.0M	$532.0M
Impairment of goodwill	$0	$195.0M	$656.0M
(Gain) loss on disposals of businesses	$36.0M	$95.0M	$221.0M
Other operating expense (income), net	-$82.0M	-$62.0M	-$132.0M
Total costs and expenses	$6.2B	$6.4B	$10.4B
Operating income (loss)	$1.1B	$770.0M	-$1.4B
Income (loss) from equity investees	$5.0M	-$19.0M	$2.0M
Loss on extinguishments of debt	-$10.0M	-$9.0M	-$9.0M
Other non-operating income (expense), net	$5.0M	-$8.0M	-$7.0M
Interest expense	-$411.0M	-$394.0M	-$379.0M
Income (loss) before income taxes	$696.0M	$340.0M	-$1.8B
Income tax benefit (expense)	-$18.0M	-$71.0M	$335.0M
Net income (loss) attributable to UGI Corporation	$678.0M	$269.0M	-$1.5B
Basic (in dollars per share)	$3.15	$1.27	-$7.16
Diluted (in dollars per share)	$3.09	$1.25	-$7.16
Basic (in shares)	214.9M shares	211.3M shares	209.8M shares
Diluted (in shares)	219.2M shares	215.3M shares	209.8M shares

Total assets⁸⁹¹⁰¹¹¹²⁵$15.5B in 2025+29% since 2018

Total liabilities¹⁶⁸⁹¹⁰¹¹¹²⁵$10.7B in 2025+35% since 2018

Shareholders’ equity¹⁶⁸⁹¹⁰¹¹¹²⁵$4.8B in 2025+30% since 2018

Cash⁸⁹¹⁰¹¹¹²⁵$335.0M in 2025−26% since 2018

Long-term debt¹⁶⁸⁹¹⁰¹¹¹²⁵$6.5B in 2025+58% since 2018

Every line of the balance sheet in the latest annual report, as filed.⁵

Period ending	2025-09-30	2024-09-30	2023-09-30
Cash and cash equivalents	$335.0M	$213.0M	$241.0M
Restricted cash	$20.0M	$15.0M	$99.0M
Accounts receivable (less allowances for doubtful accounts of $42 and $68, respectively)	$714.0M	$709.0M
Accrued utility revenues	$35.0M	$36.0M
Income taxes receivable	$41.0M	$56.0M
Inventories	$385.0M	$411.0M
Derivative instruments	$23.0M	$29.0M
Prepaid expenses	$102.0M	$113.0M
Other current assets	$111.0M	$69.0M
Total current assets	$1.8B	$1.7B
Non-utility	$7.3B	$7.2B
Utility	$7.0B	$6.5B
Total property, plant and equipment	$14.3B	$13.7B
Accumulated depreciation	-$5.3B	-$4.9B
Net property, plant, and equipment	$9.1B	$8.8B
Goodwill	$2.9B	$2.9B	$3.0B
Intangible assets, net	$328.0M	$391.0M
Other assets	$1.4B	$1.4B
Total assets	$15.5B	$15.1B	$15.4B
Current maturities of long-term debt	$117.0M	$235.0M
Short-term borrowings	$486.0M	$465.0M
Accounts payable	$511.0M	$544.0M
Employee compensation and benefits accrued	$203.0M	$196.0M
Deposits and advances	$188.0M	$199.0M
Derivative instruments	$57.0M	$28.0M
Other current liabilities	$419.0M	$393.0M
Total current liabilities	$2.0B	$2.1B
Long-term debt	$6.5B	$6.4B
Deferred income taxes	$973.0M	$1.0B
Derivative instruments	$23.0M	$31.0M
Other noncurrent liabilities	$1.2B	$1.2B
Total liabilities	$10.7B	$10.7B
Preferred Stock, without par value (authorized 5,000,000 shares; issued 0 and 0 Series A shares, respectively)	$0	$0
Common Stock, without par value (authorized 450,000,000 shares; issued 217,033,282 and 216,124,332 shares, respectively)	$1.7B	$1.7B
Retained earnings	$3.3B	$3.0B
Accumulated other comprehensive loss	-$173.0M	-$253.0M
Treasury stock, at cost	-$93.0M	-$56.0M
Total UGI Corporation stockholders equity	$4.8B	$4.3B
Noncontrolling interests	$9.0M	$9.0M
Total equity	$4.8B	$4.4B	$4.4B
Total liabilities and equity	$15.5B	$15.1B
Allowance for doubtful accounts	$42.0M	$68.0M
Preferred stock, shares authorized (in shares)	5.0M shares	5.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares	220.0K shares
Common stock, shares authorized (in shares)	450.0M shares	450.0M shares
Common stock, shares issued (in shares)	217.0M shares	216.1M shares

Cash from operations⁸⁹¹⁰¹¹¹²⁵$1.2B in 2025+13% since 2018

Capital spending⁸⁹¹⁰¹¹¹²⁵$837.0M in 2025+46% since 2018

Free cash flow⁸⁹¹⁰¹¹¹²⁵$390.0M in 2025−24% since 2018

Dividends paid⁸⁹¹⁰¹¹¹²⁵$322.0M in 2025+82% since 2018

Share buybacks⁸⁹¹⁰¹¹¹²⁵$33.0M in 2025−45% since 2018

Every line of the cash flow in the latest annual report, as filed.⁵

Period ending	2025-09-30	2024-09-30	2023-09-30
Net income (loss) attributable to UGI Corporation	$678.0M	$269.0M	-$1.5B
Depreciation and amortization	$561.0M	$551.0M	$532.0M
Deferred income tax expense (benefit), net	-$46.0M	$52.0M	-$420.0M
Provision for uncollectible accounts	$37.0M	$61.0M	$69.0M
Changes in unrealized gains and losses on derivative instruments	$19.0M	$10.0M	$1.7B
(Gain) loss on disposals of businesses	$36.0M	$95.0M	$221.0M
Impairment of assets	$0	$7.0M	$19.0M
Impairment of goodwill	$0	$195.0M	$656.0M
Equity-based compensation expense	$18.0M	$8.0M	$17.0M
Loss on extinguishments of debt	$10.0M	$9.0M	$9.0M
Loss (income) from equity investees	-$5.0M	$19.0M	-$2.0M
Settlement of Energy Services interest rate swap, net of amortization	$0	-$19.0M	$19.0M
Gain on sales of fixed assets	-$25.0M	-$22.0M	-$61.0M
Other, net	-$36.0M	-$20.0M	$19.0M
Accounts receivable and accrued utility revenues	-$35.0M	$126.0M	$212.0M
Income taxes receivable	$15.0M	-$21.0M	$91.0M
Inventories	$30.0M	$32.0M	$247.0M
Utility deferred fuel costs, net of changes in unsettled derivatives	-$47.0M	-$7.0M	$64.0M
Accounts payable	-$29.0M	-$99.0M	-$291.0M
Derivative instruments collateral deposits received (paid)	$5.0M	-$9.0M	-$420.0M
Other current assets	$16.0M	$6.0M	-$36.0M
Other current liabilities	$25.0M	-$61.0M	-$18.0M
Net cash provided by operating activities	$1.2B	$1.2B	$1.1B
Expenditures for property, plant and equipment	-$837.0M	-$796.0M	-$974.0M
Acquisitions of businesses and assets, net of cash and restricted cash acquired	$0	$0	-$9.0M
Investments in equity method investees	-$38.0M	-$92.0M	-$146.0M
Settlements of net investment hedges	-$4.0M	$3.0M	$22.0M
Net proceeds from the disposition of businesses and assets	$170.0M	$93.0M	$30.0M
Other, net	$10.0M	$0	$0
Net cash provided (used) by investing activities	-$699.0M	-$792.0M	-$1.1B
Dividends on Common Stock	-$322.0M	-$318.0M	-$308.0M
Issuances of debt, net of issuance costs	$1.7B	$1.3B	$1.9B
Repayments of long-term debt and finance leases, including redemption premiums	-$1.8B	-$1.3B	-$2.0B
Short-term borrowings (repayments), net	$21.0M	-$194.0M	$267.0M
Issuances of Common Stock	$18.0M	$0	$12.0M
Repurchases of Common Stock	-$33.0M	$0	-$22.0M
Payments on Purchase Contracts	$0	-$12.0M	-$16.0M
Net cash provided (used) by financing activities	-$406.0M	-$506.0M	-$168.0M
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$5.0M	$4.0M	$9.0M
Cash, cash equivalents and restricted cash increase (decrease)	$127.0M	-$112.0M	-$129.0M
Interest	$375.0M	$403.0M	$332.0M
Income taxes	$55.0M	$80.0M	-$17.0M

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The story

UGI was incorporated in 1882 as United Gas Improvement Co.

In 1903, the company owned the majority of the stock of the Equitable Illuminating Gas Light Company, which operated the Philadelphia Gas Works.

The company formed the United Electric Company of New Jersey in 1899. United Electric consolidated several electric and lighting utilities into a single holding company.

Public Service Corporation of New Jersey took over United Electric in 1907. United Electric was ultimately merged into Public Service Enterprise Group.

In October 1964, Industrial Gases, Inc., of Pittsburgh, Pennsylvania, filed an antitrust suit in United States district court charging the company with attempting to eliminate competition in sales of bottled propane gas in Pittsburgh. The Philadelphia Gas Works division of UGI challenged a ruling of the Federal Power Commission. The FPC lowered the maximum price that natural gas producers could charge to $0.16 per 1,000 cubic feet (28 m3) of gas. This mandate was upheld by the Supreme Court of the United States in May 1968.

In February 1968, the company changed its name to UGI Corporation.

In 1993, through its AmeriGas subsidiary, the company acquired Petrolane, which was in bankruptcy.

In 1999, the company offered to acquire Unisource Worldwide, a distributor of office paper, but it was outbid by Georgia-Pacific.

Read the full text

On April 1, 2013, John Walsh succeeded Lon Greenberg as president and chief executive officer.

In May 2015, the company acquired Totalgaz S.A.'s liquefied petroleum gas distribution operations in France for €423 million.

In October 2017, the company acquired Totalgaz Italia, a liquefied petroleum gas distribution business, and renamed it UniverGas Italia.

In December 2018, the company acquired South Jersey Industries’s retail natural gas business.

On August 1, 2019, the company acquired Columbia Midstream Group for approximately $1.275 billion.

On August 21, 2019, the company acquired the portion of AmeriGas that it did not already own.

On July 10, 2020, the company acquired GHI Energy LLC, a Houston-based renewable natural gas company.

On January 5, 2020, the company acquired Mountaineer Gas Company of West Virginia for $540 million.

From Wikipedia’s article on UGI Corporation, shared under CC BY-SA 4.0.⁷

Leadership

Who has led UGI Corporation, and when. Pick a name to see everywhere that person has worked.

Chief executive officerJohn L. Walsh Jr.¹
Chief executive officerLon R. Greenberg¹

Subsidiaries and ownership

Subsidiaries

AmeriGas
Antar
Antargaz
UniverGas Italia

From Wikidata.¹

Acquisitions

2017Acquired UniverGas Italia¹

Former names

UGI CORP /NEW/Feb 14, 1994 to Feb 14, 1994⁶
United Gas Improvement Corp.1882 to 1968¹

Timeline

1968Renamed Name changed to UGI Corporation¹
1882Founded Founded¹

Recent filings

Oct 2, 20268-K
Aug 17, 20268-K
Aug 10, 20268-K
Aug 6, 20268-K
Aug 6, 202610-Q
Jul 7, 20268-K
Jun 24, 202611-K
Jun 24, 202611-K
Jun 23, 20264
Jun 18, 2026144
May 28, 20268-K
May 26, 20268-K
May 22, 20268-K
May 18, 20268-K
May 13, 20268-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataUGI Corporation on Wikidata
2
SEC EDGARUGI Corporation filings on SEC EDGAR
3
WikipediaUGI Corporation on Wikipedia
4
Wikimedia CommonsUGI Corporation logo by UGI Corporation, Public domain
5
SEC EDGARUGI Corporation 10-K for fiscal 2025
6
SEC EDGARUGI Corporation filings on SEC EDGAR
7
WikipediaUGI Corporation on Wikipedia (revision used)
8
SEC EDGARUGI Corporation 10-K for fiscal 2018
9
SEC EDGARUGI Corporation 10-K for fiscal 2019
10
SEC EDGARUGI Corporation 10-K for fiscal 2020
11
SEC EDGARUGI Corporation 10-K for fiscal 2021
12
SEC EDGARUGI Corporation 10-K for fiscal 2022
13
SEC EDGARUGI Corporation 10-Q for fiscal 2025
14
SEC EDGARUGI Corporation 10-Q for fiscal 2026
15
SEC EDGARUGI Corporation 10-Q for fiscal 2026
16
SEC EDGARUGI Corporation 10-K for fiscal 2018