v3.26.1
Segment Information
 9 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
Note 13 — 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 UGI’s certain corporate and general expenses as well as interest expense that is not allocated to its reportable segments. Corporate & Other also includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items).
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 2025 Annual Report. Our Chief Executive Officer, who serves as the CODM, measures segment profitability based on “earnings before interest expense and income taxes.” The CODM uses this financial metric by comparing current period results to budgeted and prior year results at the reportable segment level to assess the segment performance and to allocate resources between the segments.

The following tables provide information about the Company’s reportable segments and the reconciliation to corresponding consolidated amounts:

Three Months Ended June 30, 2026TotalEliminations (a)UtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (d)
Revenues from external customers$1,331 $— $299 $224 $436 $372 $— 
Intersegment revenues— (28)3 25 — — — 
Cost of sales758 (28)117 159 250 171 89 
Operating and administrative expenses (b)491 (25)100 40 126 220 30 
Depreciation and amortization138 — 47 22 27 42 — 
Income (loss) from equity investees(1)— — (1)— — — 
Other segment income (loss) (c)5 (28)2 3 8 8 12 
Earnings (loss) before interest expense and income taxes(52)(3)40 30 41 (53)(107)
Interest expense(109)3 (29)(15)(11)(35)(22)
Income tax benefit (expense)28 — (2)(3)(12)26 19 
Net income (loss) attributable to UGI$(133)$— $9 $12 $18 $(62)$(110)
Capital expenditures (including the effects of accruals)$219 $— $150 $16 $26 $27 $— 
Three Months Ended June 30, 2025TotalEliminations (a)UtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (d)
Revenues from external customers$1,394 $— $275 $246 $437 $434 $2 
Intersegment revenues— (44)12 32 — — — 
Cost of sales837 (44)115 201 245 207 113 
Operating and administrative expenses (b)481 (24)100 32 129 220 24 
Depreciation and amortization140 — 44 20 31 45 — 
Other segment income (loss) (c)(63)(28)2 2 11 10 (60)
Earnings (loss) before interest expense and income taxes(127)(4)30 27 43 (28)(195)
Interest expense(101)5 (24)(11)(13)(36)(22)
Income tax benefit (expense)65 — (1)3 6 101 (44)
Net income (loss) attributable to UGI$(163)$1 $5 $19 $36 $37 $(261)
Capital expenditures (including the effects of accruals)$220 $— $146 $30 $24 $20 $— 
Nine Months Ended June 30, 2026TotalEliminations (a)UtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (d)
Revenues from external customers$6,099 $— $1,685 $1,051 $1,632 $1,731 $— 
Intersegment revenues— (428)88 340 — — — 
Cost of sales2,957 (428)859 959 864 733 (30)
Operating and administrative expenses (b)1,570 (76)330 111 401 723 81 
Depreciation and amortization416 — 142 65 82 127 — 
Income (loss) from equity investees8 — — 8 — — — 
Other segment income (loss) (c)17 (86)5 4 12 27 55 
Earnings before interest expense and income taxes1,181 (10)447 268 297 175 4 
Interest expense(331)10 (88)(44)(33)(110)(66)
Income tax benefit (expense)(166)— (81)(42)(40)(18)15 
Net income (loss) attributable to UGI$684 $— $278 $182 $224 $47 $(47)
Capital expenditures (including the effects of accruals)$590 $— $410 $38 $56 $86 $— 
As of June 30, 2026
Total assets$15,631 $(169)$6,742 $3,222 $2,833 $2,821 $182 
Nine Months Ended June 30, 2025TotalEliminations (a)UtilitiesMidstream & MarketingUGI InternationalAmeriGas
Propane		Corporate
& Other (d)
Revenues from external customers$6,090 $— $1,472 $985 $1,725 $1,909 $(1)
Intersegment revenues— (320)73 247 — — — 
Cost of sales3,061 (320)697 815 967 889 13 
Operating and administrative expenses (b)1,524 (75)311 92 405 713 78 
Depreciation and amortization416 — 132 60 89 135 — 
Income (loss) from equity investees6 — — 7 (1)— — 
Other segment income (loss) (c)(7)(82)7 4 33 28 3 
Earnings (loss) before interest expense and income taxes1,088 (7)412 276 296 200 (89)
Interest expense(305)8 (75)(35)(34)(106)(63)
Income tax benefit (expense)(92)— (77)17 (33)(78)79 
Net income (loss) attributable to UGI$691 $1 $260 $258 $229 $16 $(73)
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 
(a)Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas Propane.
(b)For the Utilities reportable segment, operating and administrative expenses less revenue-related taxes (i.e., gross receipts and business occupation taxes) is considered a significant segment expense and was $96 and $96 for the three months ended June 30, 2026 and 2025, respectively, and $307 and $290 for the nine months ended June 30, 2026 and 2025, respectively.
(c)Excluding Corporate & Other, other segment items principally represent other operating and non-operating income and expenses.
(d)Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate, for the three and nine months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales $— $(76)$(13)
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$— $7 $— 
Loss on extinguishments of debtLoss on extinguishments of debt$(2)$— $(13)
Net gain (loss) on disposals of businessesNet loss (gain) on disposals of businesses$— $(7)$— 
Restructuring costsOperating and administrative expenses$— $— $(2)
Interest income from intersegment loanOther operating expense (income), net$— $2 $— 
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$— $— $(9)
Net gain (loss) on disposals of businessesNet loss (gain) on disposals of businesses$— $(54)$— 
Interest income from intersegment loanOther operating expense (income), net$— $5 $— 
Nine Months Ended June 30, 2026Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsCost of sales$(28)$54 $4 
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsOther operating expense (income), net$— $2 $— 
Unrealized gains (losses) on foreign currency derivative instrumentsOther non-operating income (expense), net$— $23 $— 
Loss on extinguishments of debtLoss on extinguishments of debt$(2)$— $(13)
Net gain (loss) on disposals of businessesNet loss (gain) on disposals of businesses$— $(42)$— 
Restructuring costsOperating and administrative expenses$— $— $(2)
Interest income from intersegment loanOther operating expense (income), net$— $10 $— 
Nine Months Ended June 30, 2025Location on Income StatementMidstream & MarketingUGI InternationalAmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactionsRevenues$(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$— $— $(9)
Net gain (loss) on disposals of businessesNet loss (gain) on disposals of businesses$— $(54)$— 
Interest income from intersegment loanOther operating expense (income), net$— $8 $—