UGI CORP /PA/ UGI
UGI Corporation is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services. In the U.S., we own and operate (1) natural gas and electric distribution utilities, (2) energy marketing (including RNG), midstream infrastructure, storage, natural gas gathering and processing, natural gas production and energy services businesses, and (3) a retail propane marketing and distribution business. In Europe, we market and distribute propane and other LPG, and market other energy products and services. Our subsidiaries and affiliates operate principally in the following four business segments:
The Utilities segment consists of the regulated natural gas (PA Gas Utility) and electric (Electric Utility) distribution businesses of our wholly owned subsidiary, UGI Utilities, and the regulated natural gas distribution business of our indirect, wholly owned subsidiary, Mountaineer. PA Gas Utility serves customers in eastern and central Pennsylvania and in portions of one Maryland county, and Mountaineer serves customers in West Virginia. Electric Utility serves customers in portions of Luzerne and Wyoming counties in northeastern Pennsylvania. PA Gas Utility is subject to regulation by the PAPUC and FERC and, with respect to its customers in Maryland, the MDPSC. Mountaineer is subject to regulation by the WVPSC and FERC. Electric Utility is subject to regulation by the PAPUC and FERC.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.15B | $7.04B | $8.76B | $9.98B | $7.35B | $6.45B | $7.21B | $7.65B | $6.12B | $5.69B |
| SG&A | $2.01B | $2.13B | $2.16B | $2.03B | $2.01B | $1.91B | $1.96B | $2.01B | — | — |
| Total operating expenses | — | — | — | — | — | — | $1.96B | $2.01B | $1.87B | $1.88B |
| Operating income | $1.11B | $770.0M | -$1.44B | $1.67B | $2.35B | $982.0M | $617.0M | $1.06B | $1.01B | $992.4M |
| Interest expense | $411.0M | $394.0M | $379.0M | $329.0M | $310.0M | $322.0M | $258.0M | $230.0M | — | — |
| Pre-tax income | $696.0M | $340.0M | -$1.84B | $1.39B | $1.99B | $667.0M | $401.0M | $855.0M | $701.4M | $710.0M |
| Income tax | $18.0M | $71.0M | $335.0M | $313.0M | $522.0M | $135.0M | $93.0M | $33.0M | $177.6M | $221.2M |
| Net income | $678.0M | $269.0M | -$1.50B | $1.07B | $1.47B | $532.0M | $256.0M | $719.0M | $436.6M | $364.7M |
| EPS, basic | 3.15 | 1.27 | -7.16 | 5.11 | 7.02 | 2.55 | 1.44 | 4.13 | 2.51 | 2.11 |
| EPS, diluted | 3.09 | 1.25 | -7.16 | 4.97 | 6.92 | 2.54 | 1.41 | 4.06 | 2.46 | 2.08 |
| Shares, diluted (wtd. avg.) | 219.2M | 215.3M | 209.8M | 215.8M | 212.1M | 209.9M | 181.1M | 176.9M | 177.2M | 175.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $335.0M | $213.0M | $241.0M | $469.0M | $877.0M | $357.0M | $511.0M | $462.0M | $558.0M | $502.8M |
| Receivables | $714.0M | $709.0M | $878.0M | $1.13B | $880.0M | $652.0M | $641.0M | $751.9M | $626.8M | $551.6M |
| Inventory | $385.0M | $411.0M | $433.0M | $665.0M | $469.0M | $241.0M | $230.0M | $318.2M | $278.6M | $210.3M |
| Total current assets | $1.77B | $1.65B | $2.04B | $3.80B | $3.27B | $1.54B | $1.57B | $1.89B | $1.70B | $1.42B |
| Property, plant and equipment | — | — | — | — | — | — | $6.69B | $5.81B | $5.54B | $5.24B |
| Goodwill | $2.85B | $2.87B | $3.03B | $3.61B | $3.77B | $3.52B | $3.46B | $3.16B | $3.11B | $2.99B |
| Other intangibles | $328.0M | $391.0M | $443.0M | $500.0M | $583.0M | $677.0M | $709.0M | $513.6M | $611.7M | $580.3M |
| Total assets | $15.46B | $15.10B | $15.40B | $17.57B | $16.72B | $13.98B | $13.35B | $11.98B | $11.58B | $10.85B |
| Accounts payable | $511.0M | $544.0M | $613.0M | $891.0M | $837.0M | $475.0M | $439.0M | $561.8M | $439.6M | $391.2M |
| Short-term debt | $117.0M | $235.0M | $57.0M | $149.0M | $110.0M | $53.0M | $24.0M | $18.8M | $177.5M | $29.5M |
| Total current liabilities | $1.98B | $2.06B | $2.27B | $2.44B | $2.30B | $1.75B | $2.03B | $1.73B | $1.69B | $1.44B |
| Long-term debt | $6.53B | $6.44B | $6.54B | $6.48B | $6.34B | $5.98B | $5.78B | $4.15B | $3.99B | $3.77B |
| Total liabilities | $10.68B | $10.74B | $11.01B | $11.50B | $11.19B | $9.85B | $9.52B | $7.88B | $7.84B | $7.25B |
| Retained earnings | $3.33B | $2.98B | $3.03B | $4.84B | $4.08B | $2.91B | $2.65B | $2.61B | $2.11B | $1.83B |
| Total equity | $4.78B | $4.34B | $4.39B | $6.07B | $5.53B | $4.14B | $3.83B | $4.10B | $3.74B | $3.60B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.23B | $1.18B | $1.11B | $716.0M | $1.48B | $1.10B | $1.08B | $1.08B | $964.4M | $969.7M |
| Depreciation and amortisation | $561.0M | $551.0M | $532.0M | $518.0M | $502.0M | $484.0M | $448.0M | $455.0M | $416.3M | $400.9M |
| Stock-based compensation | $18.0M | $8.0M | $17.0M | $15.0M | $21.0M | $15.0M | $18.0M | $23.0M | $19.3M | $23.8M |
| Capital expenditure | $837.0M | $796.0M | $974.0M | $804.0M | $690.0M | $655.0M | $705.0M | $574.0M | $638.9M | $563.8M |
| Investing cash flow | -$699.0M | -$792.0M | -$1.08B | -$1.01B | -$1.11B | -$649.0M | -$2.06B | -$749.0M | -$768.7M | -$612.3M |
| Financing cash flow | -$406.0M | -$506.0M | -$168.0M | -$51.0M | $166.0M | -$635.0M | $1.04B | -$438.0M | -$146.6M | -$275.1M |
| Dividends paid | $322.0M | $318.0M | $308.0M | $296.0M | $282.0M | $273.0M | $200.0M | $177.0M | $168.9M | $160.7M |
| Buybacks | $33.0M | $0 | $22.0M | $38.0M | $0 | $38.0M | $17.0M | $60.0M | $43.3M | $47.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000884614-25-000053.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.69B | $6.12B | $7.65B | $7.21B | $6.45B | $7.35B | $9.98B | $8.76B | $7.04B | $7.15B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $364.7M | $436.6M | $719.0M | $256.0M | $532.0M | $1.47B | $1.07B | -$1.50B | $269.0M | $678.0M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- New debt or obligation Item 2.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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