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…
Earnings analysis · 10-Q
UGI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.09
- Segment
- Utilities
- Segment
- Midstream & Marketing
- Segment
- UGI International
- Segment
- AmeriGas Propane
What stood out
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Revenue Decline
Q2 2026 revenue was $2.69 billion, down from $2.67 billion in Q2 2025, missing estimates by approximately 13.15%.
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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%.
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Midstream Revenue Growth
The Midstream & Marketing segment grew revenue by 22% to $715 million, largely attributable to higher natural gas marketing activities.
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Increased Cash Holdings
Cash and cash equivalents rose to $494 million as of March 31, 2026, compared to $335 million at September 30, 2025.
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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.
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Adjusted EPS Guidance Updated
Management updated annual adjusted diluted EPS guidance to between $2.75 and $2.90.
What to watch
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Decline in UGI International
UGI International revenues fell to $621 million in Q2 2026, down 4% from $650 million in Q2 2025.
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AmeriGas Revenue Drop
AmeriGas experienced a 10% revenue decline to $759 million in Q2 2026 from $848 million in Q2 2025.
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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.
Management's outlook
Management updated guidance for the fiscal year, expecting adjusted diluted EPS between $2.75 and $2.90.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.