UGI CORP /PA/
For the period ended Sep 30, 2025. Filed Nov 21, 2025.
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FY2025 · Filed Nov 21, 2025
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I — Condensed Financial Information of Registrant (Parent Company)
BALANCE SHEETS
| September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $4 | $4 |
| Accounts receivable – related parties | 26 | 23 |
| Prepaid expenses and other current assets | 45 | 2 |
| Total current assets | 75 | 29 |
| Investments in subsidiaries | 6,011 | 5,625 |
| Other assets | 144 | 145 |
| Total assets | $6,230 | $5,799 |
| LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts and notes payable | $12 | $15 |
| Derivative instruments | 1 | 1 |
| Accrued liabilities | 23 | 58 |
| Total current liabilities | 36 | 74 |
| Long-term debt | 1,347 | 1,312 |
| Other noncurrent liabilities | 70 | 68 |
| Total liabilities | 1,453 | 1,454 |
| Commitments and contingencies (Note 1) | ||
| Equity: | ||
| Preferred Stock, without par value (authorized - 5,000,000; issued - 0 and 0, respectively) | — | — |
| Common Stock, without par value (authorized – 450,000,000 shares; issued – 217,033,282 and 216,124,332 shares, respectively) | 1,709 | 1,676 |
| Retained earnings | 3,334 | 2,978 |
| Accumulated other comprehensive income (loss) | (173) | (253) |
| Treasury stock, at cost | (93) | (56) |
| Total common stockholders’ equity | 4,777 | 4,345 |
| Total liabilities and common stockholders’ equity | $6,230 | $5,799 |
Note 1 — Commitments and Contingencies:
At September 30, 2025, UGI had agreed to indemnify the issuers of $110 of surety bonds issued on behalf of certain UGI subsidiaries. UGI is authorized to guarantee up to $375 of obligations to suppliers and customers of Energy Services and subsidiaries of which $283 of such obligations were outstanding as of September 30, 2025.
STATEMENTS OF INCOME
| Year Ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues | $— | $— | $— |
| Costs and expenses: | |||
| Operating and administrative expenses | 108 | 100 | 95 |
| Other operating expense (income), net (a) | (107) | (86) | (83) |
| 1 | 14 | 12 | |
| Operating loss | (1) | (14) | (12) |
| Loss on extinguishments of debt | (1) | — | — |
| Interest expense | (84) | (61) | (52) |
| Loss before income taxes | (86) | (75) | (64) |
| Income tax (benefit) expense | (22) | (7) | (13) |
| Loss before equity in income of unconsolidated subsidiaries | (64) | (68) | (51) |
| Equity in income (loss) of unconsolidated subsidiaries | 742 | 337 | (1,451) |
| Net income (loss) attributable to UGI Corporation | $678 | $269 | $(1,502) |
| Other comprehensive (loss) income | 1 | (17) | (8) |
| Equity in other comprehensive income (loss) of unconsolidated subsidiaries | 79 | 20 | 132 |
| Comprehensive income (loss) attributable to UGI Corporation | $758 | $272 | $(1,378) |
| Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||
| Basic | $3.15 | $1.27 | $(7.16) |
| Diluted | $3.09 | $1.25 | $(7.16) |
| Weighted - average common shares outstanding (thousands): | |||
| Basic | 214,945 | 211,309 | 209,806 |
| Diluted | 219,160 | 215,271 | 209,806 |
(a)UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as “Other operating expense (income), net” in the Statements of Income above.
STATEMENTS OF CASH FLOWS
| Year Ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES (a) | $339 | $379 | $636 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Net investments in unconsolidated subsidiaries | (30) | (355) | (309) |
| Net cash provided (used) by investing activities | (30) | (355) | (309) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Dividends on Common Stock | (322) | (318) | (308) |
| Issuances of debt, net of issuance costs | 898 | 1,078 | 327 |
| Repayments of long-term debt | (870) | (775) | (333) |
| Issuances of Common Stock | 18 | — | 12 |
| Repurchases of Common Stock | (33) | — | (22) |
| Payments on Purchase Contracts | — | (12) | (16) |
| Net cash provided (used) by financing activities | (309) | (27) | (340) |
| Cash and cash equivalents increase (decrease) | $— | $(3) | $(13) |
| Cash and cash equivalents: | |||
| End of year | $4 | $4 | $7 |
| Beginning of year | 4 | 7 | 20 |
| Cash and cash equivalents increase (decrease) | $— | $(3) | $(13) |
(a)Includes dividends received from unconsolidated subsidiaries of $466, $420 and $680 for the years ended September 30, 2025, 2024 and 2023, respectively.
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