Ferrellgas Partners, L.P. reported a strong start to fiscal year 2026 with improved operational results and successful refinancing of debt. Despite a decrease in revenue, the company saw an increase in margin per gallon and positive operational highlights, positioning them for the upcoming winter season.
Margin per gallon increased 6% in the first fiscal quarter.
positiveSuccessful refinancing of notes due 2026 and revolving credit facility, strengthening the balance sheet and providing financial flexibility.
positiveRetail sales increased $0.7 million, with residential and agricultural customer sales up $2.8 million.
positiveNew residential customer tank sets increased by 15% and residential conversion rate increased by 2% over the prior year quarter.
positiveTotal revenues decreased by $8.9 million, or 2%, to $355.2 million in Q1 FY2026 compared to $364.1 million in Q1 FY2025.
negativeAdjusted EBITDA decreased by $6.5 million, or 18%, to $29.3 million in Q1 FY2026 compared to $35.8 million in Q1 FY2025.
negativeOperating income was $1.9 million in Q1 FY2026, a significant improvement from a loss of $122.9 million in Q1 FY2025, but the prior year's loss was heavily impacted by a $125.0 million Eddystone litigation settlement.
attentionWholesale propane sales decreased $4.3 million due to the absence of significant weather events compared to the prior year quarter.
negativeInventories increased to $91.9 million at October 31, 2025, from $87.8 million at July 31, 2025.
attentionCash and cash equivalents decreased significantly to $28.4 million at October 31, 2025, from $96.9 million at July 31, 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Propane and other gas liquids sales | N/A | — | — | — |
Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Ferrellgas had a strong start to fiscal 2026, with employee-owners delivering strong operational results.
Successfully refinanced the notes due 2026 and revolving credit facility, strengthening the balance sheet and providing financial flexibility.
Confident and well prepared for the upcoming winter heating season and the full fiscal year due to ongoing improvements in telematics, routing optimization, and safety programs.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.