UGI CORP /PA/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UGI CORP /PA/ 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,686	6,121	7,651	7,320	6,559	7,447	10,106	8,928	7,210	7,287
Cost of revenue		2,837	4,075	4,323	3,149	2,614	5,973	6,937	3,529	3,654
Gross profit		3,283	3,576	2,997	3,410	4,833	4,133	1,991	3,681	3,633
Selling, general and administrative			2,013	1,963	1,911	2,014	2,028	2,158	2,132	2,011
Operating expenses	1,882	1,868	2,013	1,963
Operating income	988	1,010	1,065	617	982	2,350	1,666	-1,444	770	1,107
Interest expense	229	224	230	258	322	310	329	379	394	411
Other non-operating income		-29.7	16	39	-20	12	75	-7	-8	5
Pre-tax income	710	701	855	401	667	1,989	1,387	-1,837	340	696
Income tax	221	178	33	93	135	522	313	-335	71	18
Net income to minority interests	124	87.2	103	52	0	0	1	0	0
Net income	365	437	719	256	532	1,467	1,073	-1,502	269	678
EBITDA	1,389	1,426	1,520	1,065	1,466	2,852	2,184	-912	1,321	1,668
EPS, basic	2.11	2.51	4.13	1.44	2.55	7.02	5.11	-7.16	1.27	3.15
EPS, diluted	2.08	2.46	4.06	1.41	2.54	6.92	4.97	-7.16	1.25	3.09
Shares, basic (weighted)	173	174	174	178	209	209	210	210	211	215
Shares, diluted (weighted)	176	177	177	181	210	212	216	210	215	219
Dividend per share	0.93	0.98	1.02	1.15	1.31	1.35	1.41	1.47	1.50	1.50

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	503	558	452	447	336	855	405	241	213	335
Receivables	552	627	752	641	652	880	1,127	878	709	714
Inventory	210	279	318	230	241	469	665	433	411	385
Other current assets	96.6	54.8	61.6	68	59	101	120	127	69	111
Total current assets	1,424	1,698	1,888	1,566	1,543	3,270	3,802	2,045	1,651	1,766
Property, plant and equipment	5,238	5,537	5,808	6,688	6,960	7,558	8,040	8,547	8,763	9,080
Lease right-of-use assets					415	390	368	420	417	416
Goodwill	2,989	3,107	3,160	3,456	3,518	3,770	3,612	3,027	2,871	2,852
Intangible assets	580	612	514	709	677	583	500	443	391	328
Other non-current assets	218	259	274	498	854	831	755	988	1,422	1,429
Total assets	10,847	11,582	11,981	13,347	13,985	16,723	17,575	15,401	15,098	15,462
Accounts payable	391	440	562	439	475	837	891	613	544	511
Deferred revenue			191	168	204	208	225	232	199	188
Short-term debt	29.5	178	18.8	24	53	110	149	57	235	117
Total current liabilities	1,442	1,690	1,732	2,028	1,755	2,297	2,444	2,274	2,060	1,981
Long-term debt	3,766	3,995	4,147	5,780	5,981	6,339	6,483	6,543	6,443	6,531
Lease liabilities					334	318	294	340	343	336
Other non-current liabilities	807	778	998	1,123	1,413	1,381	1,219	1,235	1,202	1,168
Total liabilities	7,252	7,841	7,881	9,520	9,848	11,192	11,501	11,007	10,744	10,676
Total debt	3,796	4,172	4,165	5,804	6,034	6,449	6,632	6,600	6,678	6,648
Paid-in capital	1,202	1,189	1,201	1,397	1,416	1,394	1,483	1,503	1,676	1,709
Retained earnings	1,834	2,107	2,611	2,653	2,908	4,081	4,841	3,027	2,978	3,334
Treasury stock	-36.9	-38.6	-19.7	-16	-49	-26	-40	-55	-56	-93
Other comprehensive income	-155	-93.4	-110	-217	-147	-140	-380	-256	-253	-173
Shareholders' equity	2,844	3,163	3,681	3,817	4,128	5,522	6,066	4,386	4,345	4,777
Minority interests	751	578	419	10	9	9	8	8	9	9
Total equity	3,595	3,741	4,101	3,827	4,137	5,531	6,074	4,394	4,354	4,786
Total liabilities and equity	10,847	11,582	11,981	13,347	13,985	16,723	17,575	15,401	15,098	15,462

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	489	524	822	308	532	1,467	1,074	-1,502	269	678
Depreciation and amortization	401	416	455	448	484	502	518	532	551	561
Stock-based compensation	23.8	19.3	23	18	15	21	15	17	8	18
Deferred income tax	77.4	110	-69	-43	146	478	221	-420	52	-46
Change in inventory	29.4	-64.7	-37	84	-5	-231	-224	247	32	30
Cash from operations	970	964	1,085	1,078	1,102	1,481	716	1,107	1,182	1,227
Capital expenditures	-564	-639	-574	-705	-655	-690	-804	-974	-796	-837
Acquisitions	-61.2	-101	-187	-1,362	-16	-397	-242	-9	0	0
Cash from investing	-559	-769	-749	-2,055	-649	-1,113	-1,012	-1,077	-792	-699
Debt issued	1,630	1,307	124	2,412	209	656	1,257	1,930	1,321	1,684
Debt repaid	-1,570	-1,065	-149	-738	-86
Stock issued	13.7	11	35	17	2	19	19	12	0	18
Share buybacks	-47.6	-43.3	-60	-17	-38	0	-38	-22	0	-33
Dividends paid	-161	-169	-177	-200	-273	-282	-296	-308	-318	-322
Cash from financing	-275	-147	-438	1,042	-635	166	-51	-168	-506	-406
Exchange rate effect	-2.9	1.2	-5	-16	28	-14	-61	9	4	5
Net change in cash	133	50.3	-107	49	-154	520	-408	-129	-112	127
Free cash flow	406	326	511	373	447	791	-88	133	386	390
Interest paid	229	202	222	248	311	297	320	332	403	375
Income taxes paid	135	98	118	74	75	96	61	-17	80	55

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $36.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.3%	Gross profit / revenue.
Operating margin	16.2%	Operating income / revenue.
EBITDA margin	23.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.5%	Pre-tax income / revenue.
Net margin	9.2%	Net income / revenue.
FCF margin	2.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.6%	Cash from operations / revenue.
Effective tax rate	12.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.
Return on invested capital (ROIC)	9.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	28.2%	Selling, general and administrative expense / revenue.
Capex / revenue	12.0%	Capital expenditures / revenue.
D&A / revenue	7.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	43.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-12.7%	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	2.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	26.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-8.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	152.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-14.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	147.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.7%	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	2.2%	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	1.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-2.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.2%	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	2.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.44x	Current assets / current liabilities.
Quick ratio	0.79x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.30x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.9%	Total debt / total assets.
Liabilities / assets	66.6%	Total liabilities / total assets.
Net debt	$6.24B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.58x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.70x	Operating income / interest expense.
Working capital	$694.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.14B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	0.82x	Revenue / average property, plant and equipment.
Inventory turnover	10.1x	Cost of revenue / average inventory.
Days inventory	36 days	365 x average inventory / cost of revenue.
Receivables turnover	9.50x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	30 days	Days inventory + days sales outstanding - days payables.
FCF conversion	27.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	82.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$33.98	Revenue / diluted weighted shares.
FCF per share	$0.87	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.95	Cash from operations / diluted weighted shares.
Book value per share	$24.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.99	Tangible book value / shares outstanding.
Cash per share	$2.22	(Cash + short-term investments) / shares outstanding.
Payout ratio	48.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	172.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	20.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.83B	Share price x shares outstanding.
Enterprise value	$14.07B	Market cap + total debt - cash - short-term investments.
P/E	11.7x	Market cap / net income. Only when net income is positive.
P/S	1.07x	Market cap / revenue.
P/B	1.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.65x	Market cap / tangible book value, when positive.
P/FCF	41.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.37x	Market cap / cash from operations, when positive.
EV/Sales	1.93x	Enterprise value / revenue.
EV/EBIT	11.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.08x	Enterprise value / EBITDA, when both are positive.
EV/FCF	75.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.4%	Free cash flow / market cap.
Earnings yield	8.6%	Net income / market cap (the inverse of P/E).
Dividend yield	4.1%	Dividends paid over the period / market cap.
Shareholder yield	4.6%	(Dividends paid + share buybacks) / market cap.

What was UGI CORP /PA/'s revenue in fiscal 2025?

UGI CORP /PA/ reported revenue of $7.29B for fiscal 2025, 1.1% higher than the year before.

Was UGI CORP /PA/ profitable in fiscal 2025?

Yes. Net income was $678.0M, a net margin of 9.3%.

How much free cash flow did UGI CORP /PA/ generate in fiscal 2025?

Cash from operations of $1.23B minus capital expenditures of $837.0M left free cash flow of $390.0M.

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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