v3.25.2
Segment Information
 9 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
Note 15 — Segment Information

Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) Utilities; (2) Midstream & Marketing; (3) UGI International; and (4) AmeriGas Propane.

Corporate & Other includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items). Corporate & Other also includes the net expenses of UGI’s captive general liability insurance company, UGI’s corporate headquarters facility and UGI’s unallocated corporate and general expenses as well as interest expense on UGI debt that is not allocated. Corporate & Other assets principally comprise cash and cash equivalents of UGI and its captive insurance company, and UGI corporate headquarters’ assets. The accounting policies of our reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s 2024 Annual Report.
Three Months Ended June 30, 2025TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (b)
Revenues from external customers$1,394 $— $275 $246 $437 $434 $2 
Intersegment revenues$— $(44)(a)$12 $32 $— $— $— 
Cost of sales$837 $(44)(a)$115 $201 $245 $207 $113 
Operating income (loss)$(93)$(4)(a)$29 $27 $43 $(28)$(160)
Loss on extinguishments of debt(10)— — — — — (10)
Other non-operating income (expense), net(24)— 1 — — — (25)
Earnings (loss) before interest expense and income taxes(127)(4)(a)30 27 43 (28)(195)
Interest expense(101)5 (a)(24)(11)(13)(36)(22)
Income (loss) before income taxes$(228)$1  $6 $16 $30 $(64)$(217)
Depreciation and amortization$140 $— $44 $20 $31 $45 $— 
Capital expenditures (including the effects of accruals)$220 $— $146 $30 $24 $20 $— 
Three Months Ended June 30, 2024TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (b)
Revenues from external customers$1,380 $— $250 $231 $455 $445 $(1)
Intersegment revenues$— $(28)(a)$7 $22 $— $— $(1)
Cost of sales$639 $(28)(a)$89 $167 $244 $217 $(50)
Operating income (loss)$67 $— $37 $41 $57 $(27)$(41)
Income (loss) from equity investees(24)— — 2 (1)— (25)
Loss on extinguishments of debt(7)— — — — — (7)
Other non-operating income (expense), net5 — 2 — 1 — 2 
Earnings (loss) before interest expense and income taxes41 — 39 43 57 (27)(71)
Interest expense(96)— (22)(9)(11)(41)(13)
Income (loss) before income taxes$(55)$—  $17 $34 $46 $(68)$(84)
Depreciation and amortization$139 $— $42 $22 $29 $46 $— 
Capital expenditures (including the effects of accruals)$211 $— $126 $40 $24 $21 $— 
Nine Months Ended June 30, 2025TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (b)
Revenues from external customers$6,090 $— $1,472 $985 $1,725 $1,909 $(1)
Intersegment revenues$— $(320)(a)$73 $247 $— $— $— 
Cost of sales$3,061 $(320)(a)$697 $815 $967 $889 $13 
Operating income (loss)$1,094 $(7)(a)$407 $269 $288 $200 $(63)
Income (loss) from equity investees6 —  — 7 (1)— — 
Loss on extinguishment of debt(10)— — — — — (10)
Other non-operating income (expense), net(2)— 5 — 9 — (16)
Earnings (loss) before interest expense and income taxes1,088 (7)(a)412 276 296 200 (89)
Interest expense(305)8 (a)(75)(35)(34)(106)(63)
Income (loss) before income taxes$783 $1  $337 $241 $262 $94 $(152)
Depreciation and amortization$416 $—  $132 $60 $89 $135 $— 
Capital expenditures (including the effects of accruals)$555 $— $352 $89 $55 $59 $— 
As of June 30, 2025
Total assets$15,362 $(381)$6,228 $3,188 $3,191 $2,964 $172 
Nine Months Ended June 30, 2024TotalEliminationsUtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (b)
Revenues from external customers$5,968 $— $1,353 $933 $1,853 $1,869 $(40)
Intersegment revenues$— $(239)(a)$43 $197 $— $— $(1)
Cost of sales$2,871 $(239)(a)$584 $689 $1,058 $862 $(83)
Operating income (loss)$1,016 $—  $396 $291 $294 $182 $(147)
Income (loss) from equity investees(22)—  — 7 (4)— (25)
Loss on extinguishments of debt(7)— — — — — (7)
Other non-operating income (expense), net3 — 4 — 15 — (16)
Earnings (loss) before interest expense and income taxes990 — 400 298 305 182 (195)
Interest expense(296)—  (69)(29)(33)(122)(43)
Income (loss) before income taxes$694 $—  $331 $269 $272 $60 $(238)
Depreciation and amortization$414 $—  $124 $66 $88 $134 $2 
Capital expenditures (including the effects of accruals)$511 $— $299 $92 $55 $65 $— 
As of June 30, 2024
Total assets$15,066 $(143)$5,792 $3,182 $2,807 $3,228 $200 
(a)Represents the elimination of intersegment transactions, including intersegment interest income and expense.
(b)Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM in assessing our reportable segments’ performance or allocating resources. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate:
Three Months Ended June 30, 2025Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsRevenues$1 $— $— 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales $(59)$(50)$(3)
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsOther operating expense (income), net$— $(1)$— 
Unrealized gains (losses) on foreign currency derivative instrumentsOther non-operating income (expense), net$— $(25)$— 
Loss on extinguishments of debtLoss on extinguishments of debt$— $— $(9)
Loss on disposals of businessesLoss on disposals of businesses$— $(54)$— 
Interest income from intersegment loanOther operating expense (income), net$— $5 $— 
Three Months Ended June 30, 2024Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsRevenues$(1)$— $— 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales $26 $20 $3 
Unrealized gains (losses) on foreign currency derivative instrumentsOther non-operating income (expense), net$— $1 $— 
Loss on extinguishments of debtLoss on extinguishments of debt$(1)$— $(6)
Impairments of equity method investments and assetsIncome (loss) from equity investees$— $(25)$— 
Costs associated with exit of the UGI International energy marketing businessOperating and administrative expenses$— $(1)$— 
Costs associated with exit of the UGI International energy marketing businessLoss on disposals of businesses$— $(1)$— 
Loss on disposal of businessLoss on disposals of businesses$(62)$— $— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(12)
Restructuring costsOperating and administrative expenses$— $(4)$(2)
Nine Months Ended June 30, 2025Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsRevenues$(1)$— $— 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales$26 $(46)$7 
Unrealized gains (losses) on foreign currency derivative instrumentsOther non-operating income (expense), net$— $(16)$— 
Loss on extinguishments of debtLoss on extinguishments of debt$— $— $(9)
Loss on disposals of businessesLoss on disposals of businesses$— $(54)$— 
Interest income from intersegment loanOther operating expense (income), net$— $8 $— 
Nine Months Ended June 30, 2024Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsRevenues$— $1 $— 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales$20 $32 $31 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsOther operating expense (income), net$— $(2)$— 
Unrealized gains (losses) on foreign currency derivative instrumentsOther non-operating income (expense), net$— $(18)$— 
Loss on extinguishments of debtLoss on extinguishments of debt$(1)$— $(6)
Impairments of equity method investments and assetsIncome (loss) from equity investees/ Other operating expense (income), net$— $(32)$— 
Costs associated with exit of the UGI International energy marketing businessRevenues$— $(42)$— 
Costs associated with exit of the UGI International energy marketing businessOperating and administrative expenses/Other operating expense (income), net$— $(11)$— 
Costs associated with exit of the UGI International energy marketing businessLoss on disposals of businesses$— $(29)$— 
Loss on disposal of businessLoss on disposals of businesses$(62)$— $— 
AmeriGas operations enhancement for growth projectOperating and administrative expenses$— $— $(25)
Restructuring costsOperating and administrative expenses$— $(38)$(2)