UGI earnings analysis
What we found in UGI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
UGI Corporation reported disappointing Q2 2026 results, with revenue of $2.69 billion and EPS of $2.09, both below analyst expectations by 13.15% and 2.34% respectively. Despite a 22% revenue increase from the Midstream & Marketing segment, overall revenue declined year-over-year due to losses in UGI International and AmeriGas. Adjusted diluted EPS for the quarter decreased compared to the previous year, and management cites continued headwinds from climate impacts and operational challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q2 2026 revenue was $2.69 billion, down from $2.67 billion in Q2 2025, missing estimates by approximately 13.15%.
- Lower EPS Results
- Reported diluted EPS for Q2 2026 was $2.09, down from $2.21 in Q2 2025 and below estimates by 2.34%.
- Midstream Revenue Growth
- The Midstream & Marketing segment grew revenue by 22% to $715 million, largely attributable to higher natural gas marketing activities.
- Increased Cash Holdings
- Cash and cash equivalents rose to $494 million as of March 31, 2026, compared to $335 million at September 30, 2025.
- Reduction in Long-Term Debt
- Long-term debt increased slightly to $6.79 billion from $6.65 billion as of September 30, 2025, largely due to senior note issuances.
- Adjusted EPS Guidance Updated
- Management updated annual adjusted diluted EPS guidance to between $2.75 and $2.90.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in UGI International
- UGI International revenues fell to $621 million in Q2 2026, down 4% from $650 million in Q2 2025.
- AmeriGas Revenue Drop
- AmeriGas experienced a 10% revenue decline to $759 million in Q2 2026 from $848 million in Q2 2025.
- Increased Operational Costs
- Higher operating and administrative expenses increased to $503 million in the six-month period ending March 31, 2026, compared to $493 million in the prior year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.09
- Segment
- Utilities
- Segment
- Midstream & Marketing
- Segment
- UGI International
- Segment
- AmeriGas Propane
What they said about what is next.
Management updated guidance for the fiscal year, expecting adjusted diluted EPS between $2.75 and $2.90.
The filing reads worse than the one before it.
What came before.
- 10-K · November 21, 2025
- UGI presents a strategy focused on growing its regulated utilities and midstream/marketing businesses, optimizing the AmeriGas operations, and continuing portfolio optimization (divestitures in Italy and planned Austria…
- 10-Q · May 8, 2025
- UGI reported quarterly revenue of $2,666 million (up $199 million vs. prior-year $2,467 million) with operating income of $700 million (down $17 million vs. prior-year $717 million). Gross margin compressed to 51.2%…
- 10-Q · February 6, 2025
- UGI reported quarter revenues of $2,030.0 million and operating income of $487.0 million for the three months ended December 31, 2024. Gross margin expanded materially to ~54.5% while diluted EPS rose to $1.74 (from…
- 10-K · November 26, 2024
- UGI’s 10-K describes a multi-year restructuring focused on portfolio optimization, an operational improvement program at AmeriGas Propane, and strengthening the capital structure to improve credit metrics. The filing…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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