UGI Corporation

ugicorp.com

How Do They Make Money?

revenue

Segment	Share	Revenue
Residential	14% FY2022: 8.8%
Commercial & Industrial	5.4% FY2022: 3.7%
Large delivery service	2.7% FY2022: 1.7%
Off-system sales and capacity releases	1.0% FY2022: 0.8%
Other	0.4% FY2022: 0.2%
Retail	52% FY2022: 44%
Wholesale	3.2% FY2022: 5.0%
Energy Marketing	14% FY2022: 30%
Pipeline	3.2% FY2022: 2.1%
Peaking	0.4% FY2022: 0.5%
Other	0.3% FY2022: 0.1%
Other	3.5% FY2022: 2.9%

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

15% of revenue

▲ +44% vs FY2024 ($770M, 11%)

Net income, FY2025

9% of revenue

▲ +152% vs FY2024 ($269M, 4%)

Free cash flow, FY2025

5% of revenue

▲ +1% vs FY2024 ($386M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $1.4B in Q3 FY2025
Net income: ▼ −18% (Loss); vs −$163M in Q3 FY2025

Retail share of total revenues from contracts with customers vs 53.2% in Q3 FY2025

Flat. Revenue was $7.3B in FY2025, about the same as the $7.4B of FY2021.

Revenue over time

Residential Commercial & Industrial Large delivery service Off-system sales and capacity releases Other Retail Wholesale Energy Marketing Pipeline Peaking Other Other Electricity Generation

$10B$5B$0

100%50%0%

FY2021 FY2022 FY2023 FY2024 FY2025

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