UGINYSEGas & Other Services CombinedUS GAAP · USD

UGI Corporation

UGI Corp. is a U.S.-based energy distribution and services company with operations spanning propane, natural gas, and related midstream and utility assets. Its businesses serve residential, commercial, industrial, and wholesale customers in the United States and Europe through brands and subsidiaries including AmeriGas, UGI International, UGI Utilities, and Energy Services.

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Revenue7,287m USD
+1.1 %y/y
Operating profit (EBIT)1,107m USD
+43.8 %y/y
EBIT margin15.2%
+4.5 ppy/y
Net income678m USD
+152.0 %y/y
Free cash flow390m USD
+1.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2.50.02.55.07.510.012.5bn USD2020: 6.6 bn USD2020: EBIT 0.98 bn USD20202021: 7.4 bn USD2021: EBIT 2.4 bn USD20212022: 10.1 bn USD2022: EBIT 1.7 bn USD20222023: 8.9 bn USD2023: EBIT -1.4 bn USD20232024: 7.2 bn USD2024: EBIT 0.77 bn USD20242025: 7.3 bn USD2025: EBIT 1.1 bn USD20257.31.1
RevenueOperating profit (EBIT)

Business

Share of revenue
Retail propane and LPG distribution45 %

Delivery of propane and LPG to residential, commercial, industrial, and agricultural customers.

Utility gas distribution20 %

Regulated natural gas transmission and distribution through utility operations.

Midstream and energy services20 %

Storage, marketing, and related energy supply and logistics activities.

International LPG operations15 %

European LPG distribution businesses serving household and business customers.

Products

Reported · share of revenue
52.3%14.0%13.6%11.1%FY2025100 %
  • Retail52.3 %
  • Energy Marketing14.0 %
  • Residential13.6 %
  • Commercialand Industrial5.4 %
  • Nonutility Other3.5 %
  • Other11.1 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

UGI sells energy products and services to households, businesses, and industrial users that need propane, LPG, or natural gas for heating, cooking, process heat, and fuel supply. It also serves utility customers through regulated gas distribution networks and wholesale or commercial counterparties in energy marketing and midstream activities.

Residential propane and LPG customers

Households buying propane or LPG for space heating, water heating, cooking, and backup fuel.

Commercial and industrial customers

Businesses and industrial sites buying bulk fuel and energy services for operations and process heat.

Utility gas customers

End users connected to regulated natural gas transmission and distribution systems.

Wholesale and energy marketing counterparties

Counterparties in supply, storage, and marketing activities that buy or sell energy products.

European LPG customers

Households and businesses in Europe served by UGI International LPG distribution businesses.

Strategy

UGI’s strategy centers on balancing regulated utility and infrastructure assets with propane and LPG distribution businesses that serve recurring heating and fuel needs. The company is also simplifying its international LPG portfolio by exiting selected non-core markets and concentrating resources where it can better serve customers and improve operating focus.

Portfolio optimization in global LPGShort term

Concentrates management attention and capital on markets with better strategic fit and operating control.

Reliability of energy supply and distributionMedium term

Customer retention depends on dependable delivery of propane, LPG, and natural gas.

Capital allocation to core infrastructureMedium term

Regulated and infrastructure-like assets can provide steadier operating characteristics than commodity-exposed activities.

Geography

UGI’s core business is centered in the United States, where it operates propane distribution, utility gas, and midstream assets. It also has a meaningful European LPG footprint, although the company has been divesting selected non-core markets and businesses within that portfolio. Geography matters because weather, regulation, currency, and local market maturity all affect demand and operating performance.

Risks

UGI’s results are exposed to weather-driven heating demand, commodity price swings, and the ability to pass through fuel cost changes quickly enough to customers. The company also faces operational, regulatory, cybersecurity, foreign exchange, and litigation risks, with additional complexity from international LPG operations and a mature retail market structure.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Weather-driven demand volatility1Commodity price and supply pass-through risk2Operational and infrastructure failure3International regulatory and currency exposure4Cybersecurity incidents5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Weather-driven demand volatilityImpact: HighLikelihood: Medium

    A large share of sales is tied to heating needs, so mild winters reduce volumes and colder periods lift them.

    ExposurePropaneLPGUtility heating businesses
  2. Commodity price and supply pass-through riskImpact: HighLikelihood: Medium

    LPG profitability depends on the timing and completeness of passing higher supply costs to customers.

    Exposure: AmeriGas and UGI International LPG operations

  3. Operational and infrastructure failureImpact: HighLikelihood: Medium

    Pipeline, distribution, and storage outages can reduce service reliability and increase repair or litigation costs.

    Exposure: Utilities and midstream assets

  4. International regulatory and currency exposureImpact: MediumLikelihood: Medium

    European operations face local regulation, market maturity, and euro/pound exchange-rate movements.

    Exposure: UGI International

  5. Cybersecurity incidentsImpact: MediumLikelihood: Medium

    Disruption to IT systems or data could impair operations, customer service, and compliance.

    Exposure: Enterprise-wide

Accounting

Judgemental items
Derivative fair value accounting

Commodity, interest rate, and foreign currency hedges can move earnings even when underlying cash flows are intended to be protected.

Impact: Can materially affect quarterly net income and other comprehensive income

Seasonality and weather normalization

Heating-related businesses have stronger results in colder months, making quarterly comparisons uneven.

Impact: Affects revenue and margin comparability across quarters

Goodwill impairment

Acquisitions create goodwill that must be tested when market or operating conditions weaken.

Impact: Potential non-cash write-downs at reporting-unit level

Asset disposals and held-for-sale accounting

Divestitures can require loss recognition, gain recognition, or reclassification of assets and liabilities.

Impact: Can create one-time gains/losses and change balance sheet presentation

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Last updated: 24/09/2026