Ferrellgas Partners (FGPR) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 achieved record gross profit exceeding $1 billion, driven by operational excellence, technology investments, and improved sales volume and revenue.

• Adjusted EBITDA for the year rose $13.3 million to $330.7 million, reflecting efficiency gains and targeted growth strategies.

• Q4 Adjusted EBITDA declined 31% year-over-year to $23.1 million, mainly due to higher general administrative and operating expenses.

• Net loss attributable to the partnership was $15.6 million for fiscal 2025, compared to net earnings of $110.2 million in fiscal 2024, impacted by litigation settlement and increased expenses.

• Employee-focused initiatives and technology adoption supported safety, innovation, and operational performance.

Financial highlights

• Gross profit increased $39.7 million (4%) to over $1 billion for fiscal 2025, driven by a $101.2 million (6%) rise in revenues.

• Operating expenses rose $24.7 million, primarily from higher plant, other costs, and personnel expenses.

• Interest expense increased $9.8 million, mainly due to debt issuance cost amortization and higher credit facility fees.

• Margin per gallon improved 1% for the year and 4% in Q4 year-over-year.

• Net loss per Class A Unit for fiscal 2025 was $(16.36).

Outlook and guidance

• Entering fiscal 2026 with strong momentum, continued focus on operational excellence, and readiness to capitalize on growth opportunities.

• Ongoing pursuit of strategic M&A and expansion in growing propane segments such as temporary heat and power generation.