UGI (UGI) financial statements
UGI reported revenue of $7.3B in fiscal 2025, up 2.8% a year over 9 years.
Net income was $678M and the operating margin 15.2%, against 17.4% in 2016.
Free cash flow was $390M, and the company returned $322M in dividends and $33M in net buybacks.
The diluted share count rose 25% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from UGI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7B | $6.1B | $7.7B | $7.3B | $6.6B | $7.4B | $10.1B | $8.9B | $7.2B | $7.3B |
| Cost of revenue | — | $2.8B | $4.1B | $4.3B | $3.1B | $2.6B | $6.0B | $6.9B | $3.5B | $3.7B |
| Gross profit | — | $3.3B | $3.6B | $3.0B | $3.4B | $4.8B | $4.1B | $2.0B | $3.7B | $3.6B |
| Selling, general and admin | — | — | $2.0B | $2.0B | $1.9B | $2.0B | $2.0B | $2.2B | $2.1B | $2.0B |
| Operating income | $988M | $1.0B | $1.1B | $617M | $982M | $2.4B | $1.7B | -$1.4B | $770M | $1.1B |
| Interest expense | $229M | $224M | $230M | $258M | $322M | $310M | $329M | $379M | $394M | $411M |
| Pre-tax income | $710M | $701M | $855M | $401M | $667M | $2.0B | $1.4B | -$1.8B | $340M | $696M |
| Income tax | $221M | $178M | $33M | $93M | $135M | $522M | $313M | -$335M | $71M | $18M |
| Net income | $365M | $437M | $719M | $256M | $532M | $1.5B | $1.1B | -$1.5B | $269M | $678M |
| EPS (diluted) | $2.08 | $2.46 | $4.06 | $1.41 | $2.54 | $6.92 | $4.97 | -$7.16 | $1.25 | $3.09 |
| Diluted shares | 176M | 177M | 177M | 181M | 210M | 212M | 216M | 210M | 215M | 219M |
| Gross margin | — | 53.6% | 46.7% | 40.9% | 52.0% | 64.9% | 40.9% | 22.3% | 51.1% | 49.9% |
| Operating margin | 17.4% | 16.5% | 13.9% | 8.4% | 15.0% | 31.6% | 16.5% | -16.2% | 10.7% | 15.2% |
| Net margin | 6.4% | 7.1% | 9.4% | 3.5% | 8.1% | 19.7% | 10.6% | -16.8% | 3.7% | 9.3% |
Balance sheet
Fiscal years, from UGI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $503M | $558M | $452M | $447M | $336M | $855M | $405M | $241M | $213M | $335M |
| Receivables | $552M | $627M | $752M | $641M | $652M | $880M | $1.1B | $878M | $709M | $714M |
| Inventory | $210M | $279M | $318M | $230M | $241M | $469M | $665M | $433M | $411M | $385M |
| Total current assets | $1.4B | $1.7B | $1.9B | $1.6B | $1.5B | $3.3B | $3.8B | $2.0B | $1.7B | $1.8B |
| Property, plant and equipment | $5.2B | $5.5B | $5.8B | $6.7B | $7.0B | $7.6B | $8.0B | $8.5B | $8.8B | $9.1B |
| Goodwill | $3.0B | $3.1B | $3.2B | $3.5B | $3.5B | $3.8B | $3.6B | $3.0B | $2.9B | $2.9B |
| Total assets | $10.8B | $11.6B | $12.0B | $13.3B | $14.0B | $16.7B | $17.6B | $15.4B | $15.1B | $15.5B |
| Total current liabilities | $1.4B | $1.7B | $1.7B | $2.0B | $1.8B | $2.3B | $2.4B | $2.3B | $2.1B | $2.0B |
| Long-term debt | $3.8B | $4.0B | $4.1B | $5.8B | $6.0B | $6.3B | $6.5B | $6.5B | $6.4B | $6.5B |
| Total liabilities | $7.3B | $7.8B | $7.9B | $9.5B | $9.8B | $11.2B | $11.5B | $11.0B | $10.7B | $10.7B |
| Shareholders' equity | $2.8B | $3.2B | $3.7B | $3.8B | $4.1B | $5.5B | $6.1B | $4.4B | $4.3B | $4.8B |
| Net debt | $3.3B | $3.6B | $3.7B | $5.4B | $5.7B | $5.6B | $6.2B | $6.4B | $6.5B | $6.3B |
Cash flow
Fiscal years, from UGI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $970M | $964M | $1.1B | $1.1B | $1.1B | $1.5B | $716M | $1.1B | $1.2B | $1.2B |
| Capital spending | $564M | $639M | $574M | $705M | $655M | $690M | $804M | $974M | $796M | $837M |
| Free cash flow | $406M | $326M | $511M | $373M | $447M | $791M | -$88M | $133M | $386M | $390M |
| Stock-based compensation | $24M | $19M | $23M | $18M | $15M | $21M | $15M | $17M | $8M | $18M |
| Dividends paid | $161M | $169M | $177M | $200M | $273M | $282M | $296M | $308M | $318M | $322M |
| Share buybacks (net) | -$48M | -$43M | -$60M | -$17M | -$38M | $0 | -$38M | -$22M | $0 | -$33M |
| Net borrowing | $60M | $242M | -$25M | $1.7B | $123M | $656M | $1.3B | $1.9B | $1.3B | $1.7B |
| Free cash flow margin | 7.1% | 5.3% | 6.7% | 5.1% | 6.8% | 10.6% | -0.9% | 1.5% | 5.4% | 5.4% |
| Dividends per share | $0.92 | $0.95 | $1.00 | $1.10 | $1.30 | $1.33 | $1.37 | $1.47 | $1.48 | $1.47 |
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Open UGI in InvestinglyQuestions
What was UGI's revenue in 2025?
$7.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does UGI generate?
$390M in fiscal 2025 (operating cash flow minus capital spending).
From UGI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.