Ferrellgas Partners (FGPR) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 delivered record gross profit exceeding $1 billion, driven by operational excellence, technology investments, and normalized weather conditions.

• Adjusted EBITDA for the year rose $13.3 million year-over-year, reflecting improved efficiency, cost control, and customer retention.

• Employee-focused initiatives, including safety and innovation programs, supported performance.

• The company remains focused on disciplined execution, consolidation through M&A, and strategic growth in expanding propane segments.

Financial highlights

• Adjusted EBITDA for fiscal 2025 increased 4% to $330.7 million, while Q4 Adjusted EBITDA fell 31% to $23.1 million due to higher expenses.

• Gross profit for the year rose $39.7 million (4%) to over $1 billion, with revenues up 6% and cost of product up 7% due to higher propane pricing.

• 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 higher expenses.

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

• Interest expense increased $9.8 million, mainly from debt issuance costs and credit facility amendments.

Segment performance

• Retail teams drove volume growth of over 20 million gallons, with retail sales up 4% ($48.3 million) and tank sets increasing 5% for the year.

• Wholesale sales increased $41.6 million (8%) for the year; Blue Rhino tank exchange sales up 6% ($25.5 million).

• Blue Rhino expanded customer base, improved fill rates, and invested in infrastructure and automated kiosks at over 2,000 locations.

• Total propane gallons sold increased 3% (20.4 million gallons) for fiscal 2025.