Ferrellgas Partners LP (OTC: FGPR) is a propane distribution limited partnership that purchases, stores, and delivers propane to residential, commercial, and agricultural customers across the United States. Revenue is transactional, generated from per-gallon propane sales and related equipment sales, with pricing tied to wholesale propane commodity costs and local competitive conditions. The partnership reported total revenues of $1.94B for the fiscal year ended July 31, 2025, up from $1.84B in FY2024. Cost of sales were $915.5M in FY2025, yielding operating income of $90.1M, down from $205.1M in FY2024. The partnership carries material interest expense ($108.1M in FY2025) and recorded a net loss attributable to Ferrellgas Partners of $15.6M for FY2025. Distributable cash flow attributable to equity investors was $208.2M for FY2025. The partnership pursues growth through acquisitions of regional propane distributors, targeting geographic density within and adjacent to existing operating areas.

Revenue model

Transactional per-gallon propane sales to end customers, plus related equipment sales. Propane is purchased from energy company suppliers (top ten suppliers accounted for approximately 59% of total propane purchases in FY2025) and distributed via a national delivery network. Revenue is seasonal and weather-sensitive, with demand concentrated in heating months.

Products and services

Propane gas distribution and delivery; propane-related equipment sales. Propane is sold as a heating fuel, cooking fuel, and standby fuel in areas without natural gas pipeline access.

Customers and end markets

Residential, commercial, and agricultural end customers in rural and suburban U.S. markets where natural gas pipeline infrastructure is unavailable or inadequate. Propane serves as a substitute for natural gas, electricity, and fuel oil for space heating, water heating, and cooking.

Value-chain role

Midstream-to-retail distributor. Ferrellgas purchases propane in bulk from upstream energy companies, stores inventory to manage seasonal demand and supply disruptions, and delivers product directly to end customers via its national fleet and distribution network.

Geographic exposure

United States national footprint, with operations concentrated in regions where natural gas pipeline service is limited. The partnership targets geographic expansion within and adjacent to existing operating areas, per the FY2025 10-K.

Competitors

Natural gas utilities, Electricity providers, Fuel oil distributors, Other propane distributors

Source: SEC 10-K, filed 2025-10-15

Industry: Retail-Miscellaneous Retail Peers: Atmos Energy Corp Chesapeake Utilities Corp Northwest Natural Holding Co RGC Resources Inc Southern California Gas Co Suburban Propane Partners LP Star Group LP