Ferrellgas Partners LP

ferrellgas.com

What Do They Do?

Distributes propane and related equipment and supplies to households, businesses and farms, and retailers.

How Do They Make Money?

Retail and wholesale buyers pay for propane when it is delivered, generally within 30 days; equipment is paid for at delivery or installation, while tank rentals are charged annually and spread over the rental year.

revenue

Segment	Share	How money arrives
Retail - Sales to End Users Sold outright	65% FY2023: 68%	Sold outright
Wholesale - Sales to Resellers Sold outright	29% FY2023: 26%	Sold outright
Other Gas Sales	0.8% FY2023: 0.9%
Other Mix	5.8% FY2023: 5.4%	Mix

Who Are Their Customers?

Residential, agricultural and commercial customers receive propane at their premises; portable-tank retailers are served through Ferrellgas’ distribution network, including partnership-owned and independent outlets; wholesalers buy propane for resale.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2026 and turned 4 cents into free cash flow.

Operating income, FY2026

11% of revenue

▲ +120% vs FY2025 ($90.1M, 5%)

Net income, FY2026

4% of revenue

▲ Now profitable vs FY2025 (−$15.6M, −1%)

Free cash flow, FY2026

4% of revenue

▲ +34% vs FY2025 ($56.3M, 3%)

How Are They Changing?

Shrinking. Revenue fell 12% in 4 years, from $2.1B in FY2022 to $1.9B in FY2026, about 3% a year.

Revenue over time

Retail - Sales to End Users Wholesale - Sales to Resellers Other Gas Sales Other

$2.5B$1.3B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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