Jun 2026 (Q3 FY26) — Aug 6, 2026
UGI Corporation Q3 FY26 — Operational Strength and Strategic Execution
Read the full callUGI (UGI) earnings
- Jun 2026
- Jun 2026 (Q3 FY26)
- Sep 2025
UGI earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,331 | −4.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -3.3 | +3.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -133 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| UGI Utilities cast iron / bare steel pipe replacement program completion | complete the cast iron replacement program | Sep 2025 | we completed our cast iron replacement commitment several months ahead of schedule, reflecting our continued focus on safety | Achieved |
| UGI Corporation consolidated leverage ratio | at or below 3.75x | Sep 2025 | We closed the quarter with consolidated leverage of 3.8x and AmeriGas Propane's leverage at 4.3x, the lowest point in 10 years, reflecting the continued deleveraging and capital structure actions underway across our global LPG platform. | At Risk |
| Full-year adjusted diluted EPS | $2.85 to $3.15 | Sep 2025 | we are reaffirming our adjusted diluted EPS guidance range of $2.75 to $2.90 | On Track |
17 of UGI CORP /PA/'s 21 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 18 more targets are in the full ledger.
Claimed
- Utilities segment EBIT increased by $10 million year-over-year in Q3 due to higher gas base rates.
- AmeriGas demonstrated significant operational improvements, with lost time injuries down 50%, recordable injuries down 44%, and Net Promoter Score up 63% year-to-date.
- UGI International delivered comparable year-to-date EBIT despite divestitures, maintaining a strong 23% EBITDA margin and 95% free cash flow conversion.
- AmeriGas reduced net debt by approximately $270 million versus the prior quarter, achieving a 4.3x leverage ratio, its lowest in 10 years.
- The company completed its cast iron replacement commitment several months ahead of schedule, enhancing pipeline safety and reliability.
Qualified
- Total reportable segment EBIT decreased by $14 million year-over-year in Q3 ($58 million vs $72 million) primarily due to warmer weather and lower AmeriGas growth.
- AmeriGas retail gallons decreased 10% in Q3, reflecting April temperatures that were 16% warmer than the prior year and continuing customer attrition.
- Year-to-date adjusted diluted EPS declined to $3.17 from $3.55 in the prior year, mainly due to the absence of investment tax credits and higher interest expense.
- Weather headwinds impacted year-to-date adjusted EPS by $0.05 compared to the prior year and $0.11 compared to normal weather patterns.
Price
$38.07 −0.94% · −$0.36
Performance +17.5% 1Y
1Y: $32.41 on 17 Oct 2025 → $38.07. High $40.63 (28 Jan 2026), low $32.32 (7 May 2026).
- Previous close
- $38.43
- 52-week range
- $32.32 – $40.63
- One year
- +16.21%
Overview
- Symbol
- UGI
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| UGI Utilities cast iron / bare steel pipe replacement program completion | complete the cast iron replacement program | Sep 2025 | we completed our cast iron replacement commitment several months ahead of schedule, reflecting our continued focus on safety | Achieved |
| UGI Corporation consolidated leverage ratio | at or below 3.75x | Sep 2025 | We closed the quarter with consolidated leverage of 3.8x and AmeriGas Propane's leverage at 4.3x, the lowest point in 10 years, reflecting the continued deleveraging and capital structure actions underway across our global LPG platform. | At Risk |
| Full-year adjusted diluted EPS | $2.85 to $3.15 | Sep 2025 | we are reaffirming our adjusted diluted EPS guidance range of $2.75 to $2.90 | On Track |
Claimed
- Utilities segment EBIT increased by $10 million year-over-year in Q3 due to higher gas base rates.
- AmeriGas demonstrated significant operational improvements, with lost time injuries down 50%, recordable injuries down 44%, and Net Promoter Score up 63% year-to-date.
- UGI International delivered comparable year-to-date EBIT despite divestitures, maintaining a strong 23% EBITDA margin and 95% free cash flow conversion.
- AmeriGas reduced net debt by approximately $270 million versus the prior quarter, achieving a 4.3x leverage ratio, its lowest in 10 years.
- The company completed its cast iron replacement commitment several months ahead of schedule, enhancing pipeline safety and reliability.
Qualified
- Total reportable segment EBIT decreased by $14 million year-over-year in Q3 ($58 million vs $72 million) primarily due to warmer weather and lower AmeriGas growth.
- AmeriGas retail gallons decreased 10% in Q3, reflecting April temperatures that were 16% warmer than the prior year and continuing customer attrition.
- Year-to-date adjusted diluted EPS declined to $3.17 from $3.55 in the prior year, mainly due to the absence of investment tax credits and higher interest expense.
- Weather headwinds impacted year-to-date adjusted EPS by $0.05 compared to the prior year and $0.11 compared to normal weather patterns.
The full ledger
Open UGI CORP /PA/’s full ledger
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Call summaries
Mar 2026 (Q2 FY26) — May 7, 2026
UGI Q2 FY26 — Strategic Focus on Natural Gas and Balance Sheet Strengthening
Read the full callEvery analysed call
UGI earnings calls (UGI)
Financials
What the filings say
Net profit, year on year: +18% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,242 | 2,030 | 2,666 | 1,394 | 1,197 | 2,083 | 2,685 | 1,331 |
| Operating profit | -246 | 487 | 700 | -93 | 13 | 454 | 758 | -44 |
| Operating margin | −19.8% | 24.0% | 26.3% | −6.7% | 1.1% | 21.8% | 28.2% | −3.3% |
| Interest | 98 | 102 | 102 | 101 | 106 | 111 | 111 | 109 |
| Profit before tax | -354 | 417 | 594 | -228 | -87 | 351 | 660 | -161 |
| Tax rate | 22.9% | 10.1% | 19.4% | 28.5% | 85.1% | 15.4% | 21.2% | 17.4% |
| Net profit | -273 | 375 | 479 | -163 | -13 | 297 | 520 | -133 |
| EPS ($ per share) | — | 1.74 | 2.23 | -0.76 | — | 1.38 | 2.42 | -0.62 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,201 | 1,397 | 1,416 | 1,394 | 1,483 | 1,503 | 1,676 | 1,709 |
| Reserves | 2,611 | 2,653 | 2,908 | 4,081 | 4,841 | 3,027 | 2,978 | 3,334 |
| Total liabilities | 7,881 | 9,520 | 9,848 | 11,192 | 11,501 | 11,007 | 10,744 | 10,676 |
| Fixed assets | 5,808 | 6,688 | 6,960 | 7,558 | 8,040 | 8,547 | 8,763 | 9,080 |
| Total assets | 11,981 | 13,347 | 13,985 | 16,723 | 17,575 | 15,401 | 15,098 | 15,462 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,085 | 1,078 | 1,102 | 1,481 | 716 | 1,107 | 1,182 | 1,227 |
| Cash from investing | -749 | -2,055 | -649 | -1,113 | -1,012 | -1,077 | -792 | -699 |
| Cash from financing | -438 | 1,042 | -635 | 166 | -51 | -168 | -506 | -406 |
| Net cash flow | -107 | 49 | -154 | 520 | -408 | -129 | -112 | 127 |
| Capital expenditure | -574 | -705 | -655 | -690 | -804 | -974 | -796 | -837 |
| Free cash flow | 511 | 373 | 447 | 791 | -88 | 133 | 386 | 390 |
UGI revenue by segment
Ameri Gas Propane shrank from 31% to 27% of revenue over the last two years.
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| UGI International LLC | 32% | 31% | 24% | 31% | — | 27% | 23% | 32% | -0.2% |
| Ameri Gas Propane | 31% | 30% | 31% | 30% | 29% | 28% | 28% | 27% | -14.2% |
| UGI Utilities Inc | 18% | 23% | 29% | 20% | 18% | 29% | 33% | 22% | +4.6% |
| Midstream and Marketing | 18% | 18% | 22% | 20% | 21% | 21% | 27% | 19% | -10.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
32 filings between Nov 25, 2025 and Jun 18, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$3.63M
7 sales by 5 insiders
Compensation
not trading decisions- 9
- Award — granted as compensation
- 11
- Option exercise — converted options into shares
- 5
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| O'Brien Sean | — | $1.08M | Dec 5, 2025 |
| Shea-Ballay Kathleen | — | $852.5K | Jun 18, 2026 |
| Hartz Joseph L. | — | $772.4K | Dec 17, 2025 |
| Tematio Jean Felix | — | $488.8K | Feb 11, 2026 |
| Bell Hans G. | — | $439.7K | Nov 26, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 18, 2026 | Shea-Ballay Kathleen GC and Chief Legal Officer | Option exercise | 25,360 | $623.9K |
| Jun 18, 2026 | Shea-Ballay Kathleen GC and Chief Legal Officer | Sale | 25,360 | $852.5K |
| Apr 10, 2026 | O'Brien Sean Chief Financial Officer | Option exercise | 5,660 | $0 |
| Apr 10, 2026 | O'Brien Sean Chief Financial Officer | Tax withheld | 1,576 | $59.8K |
| Feb 11, 2026 | Tematio Jean Felix VP, CAO & Corporate Controller | Option exercise | 12,840 | $315.9K |
| Feb 11, 2026 | Tematio Jean Felix VP, CAO & Corporate Controller | Sale | 12,840 | $488.8K |
| Jan 30, 2026 | Dosch Ted A Director | Award | 4,364 | $0 |
| Jan 30, 2026 | Longhi Mario Director | Award | 7,480 | $0 |
| Jan 30, 2026 | Harris Alan N Director | Award | 4,364 | $0 |
| Jan 30, 2026 | Bort M Shawn Director | Award | 4,364 | $0 |
| Jan 30, 2026 | Romano Kelly A Director | Award | 4,364 | $0 |
| Jan 30, 2026 | Faraca Tina Veronica Director | Award | 4,364 | $0 |
| Jan 30, 2026 | Seage Santiago Director | Award | 4,364 | $0 |
| Jan 30, 2026 | Ruiz Melanie Director | Award | 4,364 | $0 |
| Jan 30, 2026 | Bingenheimer David Director | Award | 4,364 | $0 |
| Jan 11, 2026 | Hartz Joseph L. President of Subsidiary | Option exercise | 4,390 | $0 |
| Jan 11, 2026 | Hartz Joseph L. President of Subsidiary | Tax withheld | 1,461 | $54.2K |
| Jan 11, 2026 | Bell Hans G. President of Subsidiary | Option exercise | 3,310 | $0 |
| Jan 11, 2026 | Bell Hans G. President of Subsidiary | Tax withheld | 1,118 | $41.4K |
| Jan 11, 2026 | Tematio Jean Felix VP, CAO & Corporate Controller | Option exercise | 2,930 | $0 |
| Jan 11, 2026 | Tematio Jean Felix VP, CAO & Corporate Controller | Tax withheld | 960 | $35.6K |
| Jan 11, 2026 | Fazio Julie President of Subsidiary | Option exercise | 1,350 | $0 |
| Jan 11, 2026 | Fazio Julie President of Subsidiary | Tax withheld | 805 | $29.8K |
| Dec 17, 2025 | Hartz Joseph L. President of Subsidiary | Option exercise | 5,000 | $168.8K |
| Dec 17, 2025 | Hartz Joseph L. President of Subsidiary | Sale | 5,000 | $192.2K |
| Dec 5, 2025 | O'Brien Sean Chief Financial Officer | Option exercise | 23,773 | $584.8K |
| Dec 5, 2025 | O'Brien Sean Chief Financial Officer | Sale | 23,773 | $895.0K |
| Dec 5, 2025 | O'Brien Sean Chief Financial Officer | Sale | 4,936 | $185.8K |
| Nov 26, 2025 | Bell Hans G. President of Subsidiary | Option exercise | 11,300 | $381.5K |
| Nov 26, 2025 | Bell Hans G. President of Subsidiary | Sale | 11,300 | $439.7K |
| Nov 25, 2025 | Hartz Joseph L. President of Subsidiary | Option exercise | 15,000 | $506.4K |
| Nov 25, 2025 | Hartz Joseph L. President of Subsidiary | Sale | 15,000 | $580.1K |
| Sep 30, 2025 | O'Brien Sean Chief Financial Officer | Option exercise | 6,888 | $0 |
| Sep 30, 2025 | O'Brien Sean Chief Financial Officer | Tax withheld | 1,952 | $64.9K |
| Feb 27, 2025 | Sharp Michael President of Subsidiary | Purchase | 4,806 | $160.0K |
| Jan 31, 2025 | Seage Santiago Director | Award | 5,695 | $0 |
| Jan 31, 2025 | Ruiz Melanie Director | Award | 6,645 | $0 |
| Jan 31, 2025 | Romano Kelly A Director | Award | 5,695 | $0 |
| Jan 31, 2025 | Harris Alan N Director | Award | 5,695 | $0 |
| Jan 31, 2025 | Bort M Shawn Director | Award | 5,695 | $0 |
| Jan 31, 2025 | Longhi Mario Director | Award | 11,390 | $0 |
| Jan 31, 2025 | Dosch Ted A Director | Award | 5,695 | $0 |
| Jan 31, 2025 | Faraca Tina Veronica Director | Award | 7,633 | $0 |
| Jan 31, 2025 | Bingenheimer David Director | Award | 6,645 | $0 |
| Dec 31, 2024 | Tematio Jean Felix VP, CAO & Corporate Controller | Option exercise | 1,360 | $0 |
| Dec 31, 2024 | Tematio Jean Felix VP, CAO & Corporate Controller | Tax withheld | 445 | $12.6K |
| Dec 31, 2024 | Koerwer John Chief Information Officer | Option exercise | 2,160 | $0 |
| Dec 31, 2024 | Koerwer John Chief Information Officer | Tax withheld | 708 | $20.0K |
| Dec 12, 2024 | Longhi Mario Director | Option exercise | 113,130 | $0 |
| Dec 12, 2024 | Longhi Mario Director | Tax withheld | 48,068 | $1.38M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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