FERRELLGAS PARTNERS L P financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FERRELLGAS PARTNERS L P files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,930	2,073	1,684	1,498	1,754	2,115	2,026	1,837	1,938	1,864
General and administrative	49.6	54.4	60	45.8	60.1	52.8	70.7	50.3	179	44.4
Operating income	95.4	-92	113	149	216	245	234	205	90.1	198
Interest expense	152	168	178	193	174	100	97.7	98.2	108	125
Other non-operating income	1.47	0.93	0.37	-0.46	4.25	4.83	2.63	4.49	2.94	2.33
Pre-tax income	-55.6	-260	-64.2	-82.2	-68.4	150	139	111	-15	72.7
Income tax	-1.14	-2.68	0.32	0.85	0.74	0.98	0.98	0.69	1.37	0.91
Net income to minority interests	-0.29	-2.24	-0.3	-0.5	-0.7	0.87	0.74	0.46	-0.81	0.09
Net income	-54.2	-255	-64.2	-82.5	-68.4	148	137	110	-15.6	71.7
EBITDA	199	9.83	192	229	302	335	327	304	189	305
Shares, basic (weighted)	97.2	97.2
Shares, diluted (weighted)	97.2	97.2	97.2	97.2
Dividend per share	0.40	0.40

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	5.76	119	11.1	238	270	148	126	113	96.9	48.4
Receivables	165	126	108	101	132	150	159	121	128	128
Inventory	92.6	83.7	80.5	72.7	88.4	115	98.1	96	87.8	82
Other current assets	33.4	34.9	42.3	33.1	39.1	30.8	29.1	34.4	30.5	33.5
Total current assets	297	364	241	544	619	498	436	375	343	292
Property, plant and equipment	732	558	597	591	582	603	615	605	603	590
Lease right-of-use assets				107	87.6	72.9	57.8	47.6	39	36.6
Goodwill	256	246	247	247	247	257	257	257	257	257
Intangible assets	251	121	109	104	101	97.6	107	112	106	99.2
Other non-current assets	74.1	74.6	69.1	74.7	93.2	79.2	58.8	61.8	68.7	89.7
Total assets	1,610	1,363	1,263	1,668	1,730	1,608	1,531	1,459	1,417	1,365
Accounts payable	85.6	46.8	33.4	33.9	47.9	57.6	35.1	33.8	31.1	36.5
Short-term debt	2.58	2.4	632	859	1.67	1.79	2.6	2.51	652	1.31
Total current liabilities	341	280	908	1,090	321	304	259	243	914	312
Long-term debt	1,996	2,079	1,457	1,646	1,445	1,450	1,456	1,461	815	1,456
Lease liabilities				89	74.3	47.2	34.2	26	24.1	22.6
Other non-current liabilities	31.1	39.5	36.5	51.2	61.2	43.5	29.1	27.3	40.5	51.7
Total liabilities				2,876
Total debt	2,021	2,112	2,113	2,541	1,479	1,480	1,482	1,481	1,480	1,478
Other comprehensive income	14.6	20.5	-14.5	-2.3	88.9	37.9	1.06	2.03	-0.1	-4.07
Total liabilities and equity	1,610	1,363	1,263	1,668	1,730	1,608	1,531	1,459	1,417	1,365

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-54.5	-257	-64.5	-83	-69.1	149	138	111	-16.4	71.8
Depreciation and amortization	103	102	78.8	80.5	85.4	89.9	93.4	98.5	98.4	107
Stock-based compensation	3.3	0
Deferred income tax	0.01	-3.82	0.14	0.55	0	0.01	-0	-0	0	-0
Change in inventory	-1.96	-1.23	3.21	7.79	-15.7	-26.8	17.1	2.07	8.23	5.8
Change in payables	17.5	-24.2	-13.3	1.22	13.8	9.22	-22.6	-2.45	-2.47	5.78
Cash from operations	127	74.1	15.1	130	206	160	212	246	136	153
Capital expenditures	-50.5	-84.9	-109	-70.5	-59.4	-95.2	-88.9	-70.9	-80	-77.3
Acquisitions	-3.54	-18.1	-13.6	-10.2	-6.57	-19.7	-24.1	-16.5	-3.76
Cash from investing	-45.5	49.5	-124	-71.3	-61	-112	-111	-85	-80.8	-75.5
Debt issued	231	324	0	704	1,475	0	0			650
Debt repaid	-174	-213	-2.43	-1.99	-2.12	-1.67	-1.84	-2.59	-2.52	-2.18
Stock issued	0	0
Share buybacks	-15.9	0	0
Cash from financing	-81	-10.1	1	264	-197	-172	-123	-174	-82.8	-126
Exchange rate effect	0
Net change in cash	0.8	114	-108	323	-51.8	-123	-21.4	-13.2	-27.3	-48.5
Free cash flow	76.8	-10.8	-93.7	59.9	147	65.2	123	175	56.3	75.3
Interest paid	143	159	167	147	156	91.9	90.3	89.2	96.1	126
Income taxes paid	0.31	-0.29	0.14	0.29	0.71	1.02	1.09	0.7	1.3	0.9

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $22.16 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	10.6%	Operating income / revenue.
EBITDA margin	16.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.9%	Pre-tax income / revenue.
Net margin	3.8%	Net income / revenue.
FCF margin	4.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.2%	Cash from operations / revenue.
Effective tax rate	1.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.2%	Net income / average total assets.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	5.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	120.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-1.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	62.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-19.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	33.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-12.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.93x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / assets	108.3%	Total debt / total assets.
Net debt	$1.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.68x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.59x	Operating income / interest expense.
Working capital	-$20.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	26.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.34x	Revenue / average total assets.
Fixed asset turnover	3.13x	Revenue / average property, plant and equipment.
Receivables turnover	14.6x	Revenue / average receivables.
Days sales outstanding	25 days	365 x average receivables / revenue.
FCF conversion	105.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	50.6%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$107.6M	Share price x shares outstanding.
Enterprise value	$1.54B	Market cap + total debt - cash - short-term investments.
P/E	1.50x	Market cap / net income. Only when net income is positive.
P/S	0.06x	Market cap / revenue.
P/FCF	1.43x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.71x	Market cap / cash from operations, when positive.
EV/Sales	0.82x	Enterprise value / revenue.
EV/EBIT	7.75x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.03x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	70.0%	Free cash flow / market cap.
Earnings yield	66.6%	Net income / market cap (the inverse of P/E).

What was FERRELLGAS PARTNERS L P's revenue in fiscal 2026?

FERRELLGAS PARTNERS L P reported revenue of $1.86B for fiscal 2026, 3.8% lower than the year before.

Was FERRELLGAS PARTNERS L P profitable in fiscal 2026?

Yes. Net income was $71.7M, a net margin of 3.8%.

How much free cash flow did FERRELLGAS PARTNERS L P generate in fiscal 2026?

Cash from operations of $152.7M minus capital expenditures of $77.3M left free cash flow of $75.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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