Here are the 10-K annual reports from Ferrellgas Partnrs LP New (FGPR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow FGPR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FGPR filings page.
Ferrellgas Partners, L.P. reported fiscal 2026 revenue of $1,864.014 million, down 4% from $1,938.337 million, and propane sales volume of 759.571 million gallons, down 3% from fiscal 2025. Net earnings attributable to Ferrellgas Partners were $71.733 million, versus a $15.566 million loss; Adjusted EBITDA was $321.306 million, versus $330.694 million. Operating income comparisons reflect a $125.0 million legal settlement in fiscal 2025.
Operating cash flow rose to $152.7 million from $136.3 million. As of July 31, 2026, liquidity was $195.1 million, including $48.4 million unrestricted cash and $146.7 million available under the Credit Facility. In October 2025, the operating partnership issued $650.0 million of senior notes due 2031; $637.5 million net proceeds, together with cash on hand, funded redemption of $650.0 million senior notes due 2026. The Credit Facility has a $350.0 million limit and matures October 27, 2028.
Ferrellgas Partners paid a final $107.0 million aggregate distribution to Class B Unitholders in March 2026; all Class B Units converted to Class A Units on March 16, 2026. No cash distributions went to Class A Unitholders in fiscal 2026. After year-end, the operating partnership borrowed another $20.0 million under the Credit Facility.
Ferrellgas Partners, L.P. (FGPR) filed its annual report for the year ended July 31, 2025. The propane distributor reports broad U.S. coverage, including Blue Rhino portable tank exchange, with 1,057 propane distribution locations as of July 31, 2025. Propane sales volumes were 784 million gallons in fiscal 2025, compared with 764 million in 2024 and 808 million in 2023, reflecting both weather-driven demand and grilling season dynamics. As of September 30, 2025, units outstanding were 4,857,605 Class A Units and 1,300,000 Class B Units. The aggregate market value of non‑affiliate Class A Units was $40,534,833 as of January 31, 2025.
The business is highly seasonal: heating drives second and third fiscal quarter strength, while Blue Rhino supports spring and summer volumes. Ferrellgas emphasizes routing and pricing technology, centralized service centers, and risk management using hedges and forward contracts. Ten suppliers accounted for ~59% of propane purchases in fiscal 2025. Key risks include warmer‑than‑normal winters, commodity price swings, customer defaults under fixed‑price arrangements, supply interruptions, derivative margin volatility, evolving climate and privacy regulations, and severe weather events.
Human capital remains a focus, with 3,990 employees as of July 31, 2025. Ferrell Companies, owned by an employee stock ownership trust, beneficially owns ~23.4% of outstanding Class A Units.