v3.26.3
Income taxes
 12 Months Ended
Jul. 31, 2026
Income taxes  
Income Taxes

P. Income taxes

Ferrellgas Partners

Income tax expense consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended July 31, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2024

Current expense

​

$

914

​

$

1,369

​

$

689

Deferred (benefit) expense

​

 

(4)

​

 

3

​

 

(3)

Income tax expense

​

$

910

​

$

1,372

​

$

686

​

Deferred taxes consisted of the following:

​

​

​

​

​

​

​

​

​

​

July 31, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

Deferred tax assets (included in Other assets, net)

​

$

—

​

$

11

Deferred tax liabilities (included in Other liabilities)

​

 

—

​

 

(7)

Net deferred tax asset

​

$

—

​

$

4

​

The operating partnership

Income tax expense consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended July 31, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2024

Current expense

​

$

909

​

$

1,315

​

$

637

Deferred (benefit) expense

​

 

(4)

​

 

3

​

 

(3)

Income tax expense

​

$

905

​

$

1,318

​

$

634

​

​

Deferred taxes consisted of the following:

​

​

​

​

​

​

​

​

​

​

July 31, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

Deferred tax assets (included in Other assets, net)

​

$

—

​

$

11

Deferred tax liabilities (included in Other liabilities)

​

 

—

​

 

(7)

Net deferred tax asset

​

$

—

​

$

4

​

Cash Paid for Taxes

​

​

​

​

We adopted ASU 2023-09 on a prospective basis for the year ended July 31, 2026. Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 is as follows:

Ferrellgas Partners

​

​

​

​

​

​

  ​ ​ ​

July 31, 2026

Income Taxes

​

​

​

Federal

​

$

—

State and Local

​

​

​

Texas Franchise Tax

​

​

281

Oregon Corporate Activity Tax

​

​

183

Other

​

​

88

Foreign

​

​

347

Cash paid for income taxes, net of refunds received

​

$

899

​

Cash paid for income taxes (net of refunds received) was $1.3 million and $0.7 million in fiscal 2025 and fiscal 2024, respectively.

​

The operating partnership

​

​

​

​

​

​

  ​ ​ ​

July 31, 2026

Income Taxes

​

​

​

Federal

​

$

—

State and Local

​

​

​

Texas Franchise Tax

​

​

281

Oregon Corporate Activity Tax

​

​

183

Other

​

​

83

Foreign

​

​

347

Cash paid for income taxes, net of refunds received

​

$

894

​

Cash paid for income taxes (net of refunds received) was $1.3 million and $0.6 million in fiscal 2025 and fiscal 2024, respectively.

Disaggregation of Earnings Before Income Taxes

Ferrellgas Partners

Earnings before income taxes was as follows:

​

​

​

​

​

​

  ​ ​ ​

July 31, 2026

United States

​

$

71,678

Foreign

​

​

1,057

Earnings before income taxes

​

$

72,735

​

The operating partnership

Earnings before income taxes was as follows:

​

​

​

​

​

​

  ​ ​ ​

July 31, 2026

United States

​

$

74,180

Foreign

​

​

1,057

Earnings before income taxes

​

$

75,237

​

Disaggregation of Income Tax Expense

​

Ferrellgas Partners

Income tax expense attributable to earnings before income taxes consist of:

​

​

​

​

​

​

  ​ ​ ​

July 31, 2026

Current

​

​

​

Federal

​

$

—

State and Local

​

​

567

Foreign

​

​

347

​

​

​

914

​

​

​

​

Deferred

​

​

​

State and Local

​

​

(4)

​

​

​

(4)

​

​

​

​

Total income tax expense

​

$

910

​

The operating partnership

Income tax expense attributable to earnings before income taxes consist of:

​

​

​

​

​

​

  ​ ​ ​

July 31, 2026

Current

​

​

​

Federal

​

$

—

State and Local

​

​

562

Foreign

​

​

347

​

​

​

909

​

​

​

​

Deferred

​

​

​

State and Local

​

​

(4)

​

​

​

(4)

​

​

​

​

Total income tax expense

​

$

905

​

Foreign amounts relate to operations in Puerto Rico.
Ferrellgas Partners Finance Corp  
Income taxes  
Income Taxes

C.      Income taxes

Income taxes have been computed separately as the Partners Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities.

Due to the inability of the Partners Finance Corp. to utilize the deferred tax benefit of $8,570 associated with the net operating loss carryforward of $40,810 generated during and prior to fiscal 2026, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2026 or 2025, and there is no net deferred tax asset as of July 31, 2026 and 2025. The net operating loss carryforwards generated after July 31, 2018 are carried forward indefinitely but are limited to 80% of the taxable income in any one period. The net operating losses generated as of or prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2038.
Ferrellgas Finance Corp  
Income taxes  
Income Taxes

C.     Income taxes

Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities.

Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $22,091 associated with the net operating loss carryforward of $105,196 generated during and prior to fiscal 2026, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2026 or 2025, and there is no net deferred tax asset as of July 31, 2026 and 2025. The net operating loss carryforwards generated after July 31, 2018 are carried forward indefinitely, but are limited to 80% of the taxable income in any one period. The net operating losses generated as of or prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2038.