Ferrellgas Q3 2026 earnings drop as costs rise

Ferrellgas Partners, L.P. reported mixed results for its third fiscal quarter ended April 30, 2026.

Rhea-AI Filing Summary

Ferrellgas Partners, L.P. reported mixed results for its third fiscal quarter ended April 30, 2026. Revenue fell to $524.6 million from $560.8 million, but gross profit inched up to $291.4 million as propane prices declined and product costs dropped more than revenue.

Net earnings attributable to the partnership declined to $28.0 million from $59.1 million, and Adjusted EBITDA fell to $102.1 million from $114.8 million, largely due to higher operating expenses, including non-recurring casualty claim settlements. The company completed conversion of 1.3 million Class B Units into 6.5 million Class A Units after a final $107.0 million distribution, simplifying its capital structure and redirecting future cash flows toward debt reduction and investment.

Insights

Energy MLP and credit analyst

Quarter shows solid operations but weaker earnings as legacy costs hit results.

Ferrellgas generated Q3 revenue of $524.6M, down about 6%, while gross profit edged up to $291.4M as lower propane prices cut product costs more than sales. Operationally, gallons were roughly flat, and margin per gallon improved.

Net earnings attributable to the partnership fell to $28.0M, about 53% below the prior-year quarter, mainly from a $29.0M increase in operating expense tied to legacy casualty claim settlements and higher vehicle costs. Adjusted EBITDA declined 11% to $102.1M, reflecting these higher expenses.

Strategically, converting 1.3M Class B Units into 6.5M Class A Units and paying a final $107.0M distribution removes a structural overhang and directs future cash flow toward $1.46B of debt and operations. Weather was warmer than normal in many regions, but the company still grew volumes in select areas and expanded Blue Rhino to over 65,000 locations, supporting its outlook for fiscal 2027.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q3 2026 total revenue: $524.6M Q3 2026 gross profit: $291.4M Q3 2026 net earnings attributable to Ferrellgas Partners, L.P.: $28.0M +5 more

8 metrics

Q3 2026 total revenue $524.6M Three months ended April 30, 2026

Q3 2026 gross profit $291.4M Three months ended April 30, 2026; up about 1% YoY

Q3 2026 net earnings attributable to Ferrellgas Partners, L.P. $28.0M Down about 53% from $59.1M in prior-year quarter

Q3 2026 Adjusted EBITDA $102.1M Three months ended April 30, 2026; about 11% below prior year

Class B to Class A conversion distribution $107.0M Final distribution paid to Class B unitholders in March 2026

Class B and resulting Class A Units 1.3M Class B into 6.5M Class A Units Conversion completed March 2026

Total propane gallons Q3 2026 220.0M gallons Three months ended April 30, 2026 vs 222.8M prior year

Distributable cash flow to Class A and B unitholders $50.3M Three months ended April 30, 2026

Key Terms

Adjusted EBITDA, distributable cash flow, Class B Units, heating degree days, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA, a non-GAAP financial measure, decreased by $12.7 million, or approximately 11%, to $102.1 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

distributable cash flow financial

"Distributable cash flow attributable to Class A and B Unitholders (11) | ... | 50,310"

Distributable cash flow is the amount of money a business generates from its operations that management considers available to pay dividends, buy back shares, or make other distributions to owners after setting aside what’s needed to keep the business running and meet routine obligations. Investors care because it shows how much real cash can be returned to them—like a household’s leftover paycheck after paying rent and groceries—and helps judge whether payouts are sustainable and backed by operations rather than accounting entries.

Class B Units financial

"completed the conversion of all 1.3 million Class B Units into 6.5 million Class A Units"

heating degree days other

"weighted average heating degree days running 12.4% below the ten-year normal and 8.8% warmer than the prior year period"

Heating degree days (HDD) measure how cold a location is over time by adding up how many degrees the daily average temperature falls below a set comfortable threshold (commonly 65°F/18°C); each degree below that threshold for one day counts as one HDD. Investors use HDD to gauge likely demand for heating fuels, utility revenues, and seasonal sales—think of it like counting “cold units” that predict how much heating activity and related spending to expect.

telematics technical

"continued investment in telematics has been a meaningful contributor to this progress, strengthening operational discipline"

Telematics is the technology that collects, transmits and analyzes data from vehicles or remote equipment—such as location, speed, engine status and sensor readings—using GPS, cellular networks and onboard computers. For investors it matters because telematics turns physical assets into data-rich services, enabling new revenue streams (like usage-based insurance, fleet optimization, or predictive maintenance), reducing costs and improving risk visibility much like a fitness tracker does for health.

Earnings Snapshot

Total revenue: $524.6M

Q3 fiscal 2026

Total revenue $524.6M -6% YoY

Gross profit $291.4M +1% YoY

Net earnings attributable to Ferrellgas Partners, L.P. $28.0M -53% YoY

Adjusted EBITDA $102.1M -11% YoY

Total propane gallons sold 220.0M gallons Slightly below 222.8M prior year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Ferrellgas Partners (FGPR) perform in Q3 fiscal 2026?

Ferrellgas reported Q3 fiscal 2026 revenue of $524.6 million and net earnings attributable to the partnership of $28.0 million. Revenue declined versus last year, but gross profit rose slightly as lower propane prices reduced product costs more than sales.

What happened to Ferrellgas Partners (FGPR) net earnings and Adjusted EBITDA year over year?

Net earnings attributable to Ferrellgas fell to $28.0 million, down about 53% from $59.1 million. Adjusted EBITDA decreased to $102.1 million from $114.8 million, mainly due to higher operating expenses, including non-recurring legal settlements and increased vehicle costs.

How did propane volumes and margins trend for Ferrellgas Partners (FGPR) in Q3 2026?

Total propane gallons sold were 220.0 million, slightly below 222.8 million a year earlier. Retail volumes declined while wholesale grew. Margin per gallon increased about 2%, reflecting operational efficiencies despite warmer weather in many service territories.

What capital structure changes did Ferrellgas Partners (FGPR) complete in 2026?

In March 2026, Ferrellgas converted all 1.3 million Class B Units into 6.5 million Class A Units after a final distribution of about $107.0 million. This simplified the unit structure and eliminated future Class B distribution obligations, redirecting cash toward debt reduction and investment.

How large is Ferrellgas Partners (FGPR) Blue Rhino exchange business now?

Blue Rhino added 1,496 net new selling locations through Q3 fiscal 2026, a 2.4% increase since fiscal 2025 year-end. The brand is now present at over 65,000 retail locations nationwide, reflecting continued expansion in high-demand consumer channels.

What is Ferrellgas Partners (FGPR) distributable cash flow and preferred distributions for Q3 2026?

Distributable cash flow attributable to Class A and B unitholders was $50.3 million in Q3 fiscal 2026. Distributions accrued or paid to preferred unitholders totaled $15.4 million, and Class A and B unitholder distributions were $107.0 million in the period, tied to Class B conversion.

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Accepted by SEC EDGAR 06/05/2026 - 06:30 AM Learn about SEC filing dates

8-K8-K8-K2026-06-050000922358000101249300009223590000922360falsefalsefalsefalsefalsefalsefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse2026-06-052026-06-050000922358fgp:FerrellgasPartnersFinanceCorp.Member2026-06-052026-06-050000922358fgp:FerrellgasL.p.Member2026-06-052026-06-050000922358fgp:FerrellgasFinanceCorp.Member2026-06-052026-06-0500009223582026-06-052026-06-05

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

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Date of Report (Date of Earliest Event Reported): June 5, 2026

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Ferrellgas Partners, L.P.

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(Exact name of registrant as specified in its charter)

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Delaware	001-11331	43-1698480
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

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One Liberty Plaza, Liberty, Missouri		64068
(Address of principal executive offices)		(Zip Code)

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Registrant’s telephone number, including area code: 816-792-1600

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Not Applicable

Former name or former address, if changed since last report

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Ferrellgas Partners Finance Corp.

(Exact name of registrant as specified in its charter)

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Delaware	333-06693-02	43-1742520
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

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​ ​	​	​
One Liberty Plaza, Liberty, Missouri		64068
(Address of principal executive offices)		(Zip Code)

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Registrant’s telephone number, including area code: 816-792-1600

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n/a

Former name or former address, if changed since last report

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Ferrellgas, L.P.

(Exact name of registrant as specified in its charter)

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Delaware	000-50182	43-1698481
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

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​ ​	​	​
One Liberty Plaza, Liberty, Missouri		64068
(Address of principal executive offices)		(Zip Code)

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Registrant’s telephone number, including area code: 816-792-1600

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n/a

Former name or former address, if changed since last report

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​

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Ferrellgas Finance Corp.

(Exact name of registrant as specified in its charter)

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Delaware	000-50183	14-1866671
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

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​ ​	​	​
One Liberty Plaza, Liberty, Missouri		64068
(Address of principal executive offices)		(Zip Code)

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Registrant’s telephone number, including area code: 816-792-1600

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n/a

Former name or former address, if changed since last report

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Ferrellgas Partners, L.P.

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Ferrellgas Partners Finance Corp.

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Ferrellgas, L.P.

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Ferrellgas Finance Corp.

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	​ ​ ​	Trading Symbol(s)	​ ​ ​	Name of each exchange on which registered
N/A	​	N/A	​	N/A

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Item 2.02 Results of Operations and Financial Condition.

The information included in Item 7.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.02 of this Current Report on Form 8-K.

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Item 7.01 Regulation FD Disclosure.

On June 5, 2026, Ferrellgas Partners, L.P. (OTC Markets: “FGPR”) (“Ferrellgas”) issued a press release regarding its financial results for the third fiscal quarter ended April 30, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

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On June 5, 2026, the Company will conduct a teleconference on the Internet at https://edge.media-server.com/mmc/p/nrae97ca to discuss the results of operations for the third fiscal quarter ended April 30, 2026. The webcast of the teleconference will begin at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Questions may be submitted via the investor relations e-mail box at InvestorRelations@ferrellgas.com.

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Item 9.01             Financial Statements and Exhibits

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Exhibit 99.1 — Press release of Ferrellgas Partners, L.P. dated June 5, 2026, reporting its financial results for the third fiscal quarter ended April 30, 2026.

Limitation on Materiality and Incorporation by Reference

The information in this Current Report on Form 8-K related to Items 2.02 and 7.01, including Exhibit 99.1 furnished herewith, is being furnished to the SEC pursuant to Item 2.02 and Item 7.01 of Form 8-K and is not deemed to be "filed" with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18. In addition, such information is not to be incorporated by reference into any registration statement of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. or other filings of such entities made pursuant to the Exchange Act or the Securities Act, unless specifically identified as being incorporated therein by reference.

The furnishing of particular information in this Current Report, including Exhibit 99.1 furnished herewith, pursuant to Item 7.01 of Form 8-K is not intended to, and does not, constitute a determination or admission by Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. as to the materiality or completeness of any such information that is required to be disclosed solely by Regulation FD of the Exchange Act.

Exhibit No.	​ ​ ​		Description
99.1		​	Press release of Ferrellgas Partners, L.P. dated June 5, 2026, reporting its financial results for the third fiscal quarter ended April 30, 2026.
104	​		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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​	FERRELLGAS PARTNERS, L.P.
​	By:	Ferrellgas, Inc., its general partner
​	​	​
Date: June 5, 2026	By:	/s/ Tamria A. Zertuche
​	​	Chief Executive Officer and President
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​	FERRELLGAS PARTNERS FINANCE CORP.
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Date: June 5, 2026	By:	/s/ Tamria A. Zertuche
​	​	Chief Executive Officer, President, and Sole Director
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​	FERRELLGAS, L.P.
​	By:	Ferrellgas, Inc., its general partner
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Date: June 5, 2026	By:	/s/ Tamria A. Zertuche
​	​	Chief Executive Officer and President
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​	FERRELLGAS FINANCE CORP.
​	​	​
Date: June 5, 2026	By:	/s/ Tamria A. Zertuche
​	​	Chief Executive Officer, President, and Sole Director
​	​	​

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Exhibit 99.1

FERRELLGAS PARTNERS, L.P. REPORTS

THIRD QUARTER FISCAL YEAR 2026 RESULTS

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Liberty, MO., June 5, 2026 (GLOBE NEWSWIRE) – Ferrellgas Partners, L.P. (OTC: FGPR) (“Ferrellgas” or the “Company”) today reported financial results for its 2026 third fiscal quarter ended April 30, 2026.

"Our employee-owners delivered another strong quarter, and we couldn't be more proud of what this team accomplished," said Tamria Zertuche, President and CEO. “The final months of the heating season often are unpredictable, and this year was no exception. Navigating that uncertainty while maintaining an unwavering focus on customer service and retention, margin growth, and safety is no small feat. It speaks to the extraordinary dedication and skill of our people. Paired with the significant steps we took this quarter to advance our capital structure, we enter the road ahead with tremendous confidence and a platform built for lasting growth."

Capital Structure Milestones and Board Composition Updates:

In March 2026, the Company completed the conversion of all 1.3 million Class B Units into 6.5 million Class A Units after making the final distribution of approximately $107.0 million to Class B Unitholders. This milestone, made possible by the cash generation of our operations, achieved two important outcomes for the partnership. First, it simplifies the unit structure for current and prospective investors. Second, it eliminates the Class B distribution obligation, directing future cash flows toward debt reduction, operational investment, and long-term value creation for Class A Unitholders.

As previously announced, the Company made two changes to its Board composition. First, Pamela A. Breuckmann was appointed Vice-Chair. Ms. Breuckmann’s elevated role reflects her significant contributions to the Company, her deep institutional knowledge, and her important role in advancing the Company’s governance and succession planning initiatives. Additionally, Andrew Safran was elected to the Board. Mr. Safran has more than three decades of investment banking and private equity experience, with a deep specialization in natural resources and energy infrastructure, which further enhance the Board’s depth of expertise.

Financial Highlights:

Gross profit increased by $2.2 million, or approximately 1%, during the quarter as compared to the prior year period. Average propane prices (based on Mont Belvieu, Texas) declined 15.7% in the third quarter of fiscal 2026 compared to the prior year period. A $36.3 million, or approximately 6%, decline in revenue was more than offset by a $38.5 million, or approximately 14%, reduction in cost of product. Gallons sold during the quarter decreased 2.8 million, or 1%, as a 4.4 million, or 3%, decrease in retail sales was partially offset by a 1.6 million, or 3%, increase in wholesale sales. Margin per gallon was positive, increasing approximately 2% compared to the prior year period as the Company continues to benefit from operational efficiencies.

Net earnings attributable to the Company decreased by $31.1 million, or approximately 53%, to $28.0 million in the third quarter of fiscal 2026, compared to $59.1 million in the prior year period, primarily driven by a $29.0 million increase in operating expense. The increase in operating expense relates to increases of $24.7 million in plant and other, $3.6 million in vehicle expense, and $0.7 million in personnel costs. The $24.7 million increase in plant and other operating expense is primarily due to the resolution of legacy casualty claims. Management does not expect these settlement costs to recur at this level in future periods. The increase in vehicle expense was primarily due to increases of $2.2 million in fuel costs and $1.2 million for repairs and maintenance.

Adjusted EBITDA, a non-GAAP financial measure, decreased by $12.7 million, or approximately 11%, to $102.1 million, compared to $114.8 million in the third quarter of the prior year. As discussed above, operating expenses increased by $16.7 million after adjusting for $12.3 million in non-recurring costs primarily related to settlements. This increase was partially offset by the $2.2 million increase in gross profit previously noted.

Operational Highlights:

The Company's operational investments made in preparation for the winter season continued to benefit results specifically in regions of the company where winter showed up. Weather conditions presented inconsistent challenges across most of our service territories during the quarter, with weighted average heating degree days running 12.4% below the ten-year normal and 8.8% warmer than the prior year period. Where temperatures cooperated, results reflected it, the North Central region grew volumes 2% year-over-year against essentially flat weather conditions, while the Southeast demonstrated resilience, growing volumes despite weather running 4% warmer than prior year. The Northeast maintained near-prior-year volume levels in line with normal seasonal conditions. Average temperatures across the western half of the country, measured by heating degree days, were 24% to 27% warmer than the prior year period, presenting the most significant weather headwinds across our service territories during the quarter. The Company's continued focus on service quality and customer experience resulted in improved retention over the prior year period. Regained accounts increased meaningfully compared to the prior year period, a strong indicator of improving win-back execution, while new location activity showed regional momentum in North Central and the Midwest.

The Wholesale team maintained operational momentum coming off the winter period, leveraging the capacity and distribution investments made in prior quarters. Our exchange business added 1,496 net new selling locations through the third quarter of fiscal 2026, a 2.4% increase since the end of fiscal 2025, bringing Blue Rhino’s total presence to over 65,000 retail locations nationwide. Growth was concentrated in the channels where consumer demand is strongest. Selling locations, gallons, and revenue collectively reflect growth on a three-year basis, demonstrating the durability of our wholesale distribution model.

Safety remains a core value and a companywide commitment at Ferrellgas. Our continued investment in telematics has been a meaningful contributor to this progress, strengthening operational discipline by enhancing real-time visibility into driver behavior, enabling faster intervention when safety thresholds are approached, and driving measurable gains in fuel efficiency and fleet productivity.

Several tailwinds support our positive outlook for the business. Propane supply is plentiful, underpinning stable margins and reliable service. The onset of grilling season is driving consumer demand for Blue Rhino, with vending growth extending our reach across key retail channels. Our national accounts team continued to build momentum, extending contracts with 4 existing national accounts covering 3.1 million gallons, signing 5 new national accounts, and adding 17 new Autogas locations projected to contribute 370,000 gallons annually.

The operating environment during the quarter reflected broader macroeconomic pressures, including elevated diesel costs, rising food and supply expenses for consumers, and tariff-related cost increases that affected our supply chain. We are actively managing their impact through operational efficiencies and ongoing cost discipline across the business. Based on management’s analysis of publicly available information, Ferrellgas’s operating expense per employee compares favorably to publicly reporting national propane companies reflecting a lean cost structure built over years of operational investment.

Taken together, the third quarter of fiscal 2026 demonstrates what Ferrellgas is capable of when our people are prepared, our operations are disciplined, and our strategy is clear. We navigated weather volatility, resolved legacy liabilities, advanced our capital structure, and continued to retain and grow our customer base. That breadth of execution gives us confidence in finishing the fiscal year strong and executing on our strategy for Fiscal 2027. As the second-largest retail propane marketer in the United States by gallons sold, with a robust fleet utilization expectation, a low operating cost structure among national publicly reporting peers, a fully deployed telematics platform, and a unique dual-channel model spanning bulk delivery and Blue Rhino retail exchange locations, Ferrellgas enters the next fiscal year from a position of demonstrated operational strength and competitive differentiation.

On Friday, June 5, 2026, the Company will conduct a teleconference on the Internet at https://edge.media-server.com/mmc/p/nrae97ca to discuss the results of operations for the third fiscal quarter ended April 30, 2026. The webcast of the teleconference will begin at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Questions may be submitted via the investor relations e-mail box at InvestorRelations@ferrellgas.com.

About Ferrellgas

Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. Its Blue Rhino propane exchange brand is sold at over 65,000 locations nationwide. Ferrellgas employees indirectly own 1.1 million Class A Units of the partnership, through an employee stock ownership plan. Ferrellgas Partners, L.P. filed an Annual Report on Form 10-K for the fiscal year ended July 31, 2025, with the Securities and Exchange Commission on October 15, 2025. Investors can request a hard copy of this filing free of charge and obtain more information about the partnership online at www.ferrellgas.com. For more information, follow Ferrellgas on Facebook, X, LinkedIn, and Instagram.

Cautionary Note Regarding Forward-Looking Statements

Statements included in this release concerning current estimates, expectations, projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are forward-looking statements as defined under federal securities laws. These statements often use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” or the negative of those terms or other variations of them or comparable terminology. A variety of known and unknown risks, uncertainties and other factors could cause results, performance, and expectations to differ materially from anticipated results, performance, and expectations, including the effect of weather conditions on the demand for propane; the prices of wholesale propane, motor fuel and crude oil; disruptions to the supply of propane; competition from other industry participants and other energy sources; energy efficiency and technology advances; significant delays in the collection of accounts or notes receivable; customer, counterparty, supplier or vendor defaults; changes in demand for, and production of, hydrocarbon products; inherent operating and litigation risks in gathering, transporting, handling and storing propane; costs of complying with, or liabilities imposed under, environmental, health and safety laws; the impact of pending and future legal proceedings; the interruption, disruption, failure or malfunction of our information technology systems including due to cyber-attack; economic and political instability, particularly in areas of the world tied to the energy industry, including the ongoing conflicts between Russia and Ukraine and in the Middle East; disruptions in the capital and credit markets, related to the evolving global tariff environment or otherwise; and access to available capital to meet our operating and debt-service requirements. These risks, uncertainties, and other factors also include those discussed in the Annual Report on Form 10-K of Ferrellgas Partners, L.P., Ferrellgas, L.P., Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2025, and in other documents filed from time to time by these entities with the Securities and Exchange Commission. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof. Ferrellgas disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

Contacts

Investor Relations – InvestorRelations@ferrellgas.com

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FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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(in thousands, except per unit data)

(unaudited)

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Three months ended

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Nine months ended

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Twelve months ended

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April 30,

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April 30,

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April 30,

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2026

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2025

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2026

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2025

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2026

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2025

Revenues:

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Propane and other gas liquids sales

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$

505,510

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$

533,546

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$

1,436,547

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$

1,507,371

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$

1,757,269

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$

1,825,610

Other

​

​

19,049

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27,301

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84,615

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87,337

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107,522

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​

109,550

Total revenues

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524,559

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560,847

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1,521,162

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​

1,594,708

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​

1,864,791

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1,935,160

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Cost of sales:

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Propane and other gas liquids sales

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230,284

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267,891

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673,580

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​

750,953

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​

824,699

​

​

902,144

Other

​

​

2,839

​

​

3,727

​

​

10,597

​

​

11,838

​

​

12,208

​

​

12,953

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit

​

​

291,436

​

​

289,229

​

​

836,985

​

​

831,917

​

​

1,027,884

​

​

1,020,063

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating expense - personnel, vehicle, plant & other

​

​

188,437

​

​

159,392

​

​

508,519

​

​

478,306

​

​

661,047

​

​

624,995

Operating expense - equipment lease expense

​

​

2,944

​

​

3,833

​

​

10,525

​

​

14,333

​

​

14,912

​

​

19,924

Depreciation and amortization expense

​

​

27,580

​

​

24,336

​

​

79,322

​

​

73,006

​

​

104,742

​

​

97,298

General and administrative expense

​

​

10,932

​

​

12,721

​

​

34,622

​

​

167,361

​

​

45,878

​

​

174,379

Non-cash employee stock ownership plan compensation charge

​

​

1,041

​

​

802

​

​

2,909

​

​

2,358

​

​

3,694

​

​

3,092

Loss on asset sales and disposals

​

​

432

​

​

855

​

​

2,983

​

​

4,546

​

​

1,394

​

​

5,518

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating income

​

​

60,070

​

​

87,290

​

​

198,105

​

​

92,007

​

​

196,217

​

​

94,857

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

(32,360)

​

​

(28,142)

​

​

(92,203)

​

​

(82,116)

​

​

(118,151)

​

​

(107,134)

Loss on extinguishment of debt

​

​

—

​

​

—

​

​

(3,003)

​

​

—

​

​

(3,003)

​

​

—

Other income, net

​

​

727

​

​

779

​

​

1,744

​

​

1,957

​

​

2,731

​

​

2,939

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings (loss) before income tax expense

​

​

28,437

​

​

59,927

​

​

104,643

​

​

11,848

​

​

77,794

​

​

(9,338)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income tax expense

​

​

260

​

​

378

​

​

756

​

​

943

​

​

1,185

​

​

918

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings (loss)

​

​

28,177

​

​

59,549

​

​

103,887

​

​

10,905

​

​

76,609

​

​

(10,256)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings (loss) attributable to noncontrolling interest (1)

​

​

138

​

​

444

​

​

587

​

​

(375)

​

​

155

​

​

(753)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

​

$

28,039

​

$

59,105

​

$

103,300

​

$

11,280

​

$

76,454

​

$

(9,503)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Class A unitholders' interest in net (loss) earnings

​

$

(94,867)

​

$

6,127

​

$

(52,642)

​

$

(36,919)

​

$

(95,202)

​

$

(73,726)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net (loss) earnings per unitholders' interest

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic and diluted net (loss) earnings per Class A Unit

​

$

(11.54)

​

$

1.26

​

$

(8.81)

​

$

(7.60)

​

$

(15.93)

​

$

(15.18)

Weighted average Class A Units outstanding - basic and diluted

​

​

8,217

​

​

4,858

​

​

5,978

​

​

4,858

​

​

5,978

​

​

4,858

​

(1) Amounts allocated to the general partner for its 1.0101% interest (excluding the economic interest attributable to the preferred unitholders) in the operating partnership, Ferrellgas, L.P.

Supplemental Data and Reconciliation of Non-GAAP Items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

Twelve months ended

​

​

April 30,

​

April 30,

​

April 30,

​

​

2026

​

2025

​

2026

​

2025

​

2026

​

2025

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

​

$

28,039

​

$

59,105

​

$

103,300

​

$

11,280

​

$

76,454

​

$

(9,503)

Income tax expense

​

​

260

​

​

378

​

​

756

​

​

943

​

​

1,185

​

​

918

Interest expense

​

​

32,360

​

​

28,142

​

​

92,203

​

​

82,116

​

​

118,151

​

​

107,134

Depreciation and amortization expense

​

​

27,580

​

​

24,336

​

​

79,322

​

​

73,006

​

​

104,742

​

​

97,298

EBITDA

​

​

88,239

​

​

111,961

​

​

275,581

​

​

167,345

​

​

300,532

​

​

195,847

Non-cash employee stock ownership plan compensation charge

​

​

1,041

​

​

802

​

​

2,909

​

​

2,358

​

​

3,694

​

​

3,092

Loss on extinguishment of debt

​

​

—

​

​

—

​

​

3,003

​

​

—

​

​

3,003

​

​

—

Loss on asset sales and disposal

​

​

432

​

​

855

​

​

2,983

​

​

4,546

​

​

1,394

​

​

5,518

Other income, net

​

​

(727)

​

​

(779)

​

​

(1,744)

​

​

(1,957)

​

​

(2,731)

​

​

(2,939)

Severance (1)

​

​

356

​

​

—

​

​

356

​

​

—

​

​

356

​

​

—

Non-recurring employee benefit policy adjustment

​

​

(758)

​

​

—

​

​

(758)

​

​

—

​

​

(758)

​

​

—

Legal fees and settlements related to non-core businesses

​

​

—

​

​

1,479

​

​

—

​

​

130,633

​

​

2

​

​

132,143

Legal fees and settlements related to core businesses

​

​

13,087

​

​

—

​

​

13,087

​

​

4,540

​

​

13,087

​

​

4,540

Acquisition and related costs (2)

​

​

—

​

​

—

​

​

—

​

​

(798)

​

​

—

​

​

1,371

Class B Unit conversion costs (3)

​

​

275

​

​

—

​

​

275

​

​

—

​

​

275

​

​

—

Compliance costs (4)

​

​

—

​

​

—

​

​

704

​

​

—

​

​

704

​

​

—

Business transformation costs (5)

​

​

13

​

​

17

​

​

569

​

​

1,338

​

​

903

​

​

2,392

Net earnings (loss) attributable to noncontrolling interest (6)

​

​

138

​

​

444

​

​

587

​

​

(375)

​

​

155

​

​

(753)

Adjusted EBITDA (7)

​

​

102,096

​

​

114,779

​

​

297,552

​

​

307,630

​

​

320,616

​

​

341,211

Net cash interest expense (8)

​

​

(29,865)

​

​

(23,384)

​

​

(84,784)

​

​

(69,288)

​

​

(107,561)

​

​

(90,922)

Maintenance capital expenditures (9)

​

​

(5,440)

​

​

(6,365)

​

​

(20,942)

​

​

(25,506)

​

​

(27,503)

​

​

(33,243)

Cash paid for income taxes

​

​

(207)

​

​

(298)

​

​

(530)

​

​

(708)

​

​

(1,167)

​

​

(912)

Proceeds from certain asset sales

​

​

423

​

​

904

​

​

1,316

​

​

2,115

​

​

2,159

​

​

2,456

Distributable cash flow attributable to equity investors (10)

​

​

67,007

​

​

85,636

​

​

192,612

​

​

214,243

​

​

186,544

​

​

218,590

Less: Distributions accrued or paid to preferred unitholders

​

​

15,357

​

​

15,623

​

​

47,640

​

​

48,086

​

​

63,622

​

​

64,318

Distributable cash flow attributable to general partner and non-controlling interest

​

​

(1,340)

​

​

(1,713)

​

​

(3,852)

​

​

(4,285)

​

​

(3,731)

​

​

(4,371)

Distributable cash flow attributable to Class A and B Unitholders (11)

​

​

50,310

​

​

68,300

​

​

141,120

​

​

161,872

​

​

119,191

​

​

149,901

Less: Distributions paid to Class A and B Unitholders (12)

​

​

107,016

​

​

—

​

​

107,016

​

​

—

​

​

107,016

​

​

—

Distributable cash flow (shortage) excess (13)

​

$

(56,706)

​

$

68,300

​

$

34,104

​

$

161,872

​

$

12,175

​

$

149,901

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Propane gallons sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Retail - Sales to End Users

​

​

166,685

​

​

171,084

​

​

474,091

​

​

483,790

​

​

557,249

​

​

567,899

Wholesale - Sales to Resellers

​

​

53,334

​

​

51,723

​

​

158,567

​

​

172,453

​

​

203,293

​

​

219,478

Total propane gallons sales

​

​

220,019

​

​

222,807

​

​

632,658

​

​

656,243

​

​

760,542

​

​

787,377

​

(1) Costs associated with corporate restructuring included in “Operating, general and administrative expense”.

(2) Non-recurring due diligence related to potential acquisition activities, restructuring costs, and other adjustments.

(3) Costs related to conversion of Class B Units to Class A Units in March 2026 included in “Operating, general and administrative expense”.

(4) Non-recurring compliance costs included in “Operating, general and administrative expense”.

(5) Non-recurring costs included in “Operating, general and administrative expense” related to the implementation of business transformation initiatives.

(6) Amounts allocated to the general partner for its 1.0101% interest (excluding the economic interest attributable to the preferred unitholders) in the operating partnership, Ferrellgas, L.P.

(7) Adjusted EBITDA is calculated as net earnings (loss) attributable to Ferrellgas Partners, L.P., plus the sum of the following: income tax expense, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, loss on extinguishment of debt, loss on asset sales and disposals, other income, net, severance, non-recurring employee benefit policy adjustment, legal fees and settlements related to non-core businesses, legal fees and settlements related to core businesses, acquisition and related costs, Class B Unit conversion costs, compliance costs, business transformation costs, and net earnings (loss) attributable to noncontrolling interest. Management believes the presentation of this measure is relevant and useful because it allows investors to view the partnership's performance in a manner similar to the method management uses, adjusted for items management believes make it easier to compare its results with other companies that have different financing and capital structures. Adjusted EBITDA, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of Adjusted EBITDA that will not occur on a continuing basis may have associated cash payments. Adjusted EBITDA should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(8) Net cash interest expense is the sum of interest expense less non-cash interest expense and other income, net.

(9) Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment, and may from time to time include the purchase of assets that are typically leased.

(10) Distributable cash flow attributable to equity investors is calculated as Adjusted EBITDA minus net cash interest expense, maintenance capital expenditures and cash paid for income taxes plus proceeds from certain asset sales. Management considers distributable cash flow attributable to equity investors a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to equity investors, including holders of the operating partnership’s Preferred Units. Distributable cash flow attributable to equity investors, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow attributable to equity investors that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to equity investors should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(11) Distributable cash flow attributable to Class A and B Unitholders is calculated as Distributable cash flow attributable to equity investors minus distributions accrued or paid on the Preferred Units and distributable cash flow attributable to general partner and noncontrolling interest. Management considers distributable cash flow attributable to Class A and B Unitholders a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to Class A and B Unitholders. Distributable cash flow attributable to Class A and B Unitholders, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added to our calculation of distributable cash flow attributable to Class A and B Unitholders that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to Class A and B Unitholders should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(12) The Company did not pay any distributions to Class A Unitholders during any of the periods in fiscal 2026 or fiscal 2025. The Company paid a cash distribution on the Class B Units of $82.32 per Class B Unit, or $107.0 million in the aggregate in March 2026.

(13) Distributable cash flow (shortage) excess is calculated as Distributable cash flow attributable to Class A and B Unitholders minus Distributions paid to Class A and B Unitholders. Distributable cash flow excess, if any, is retained to establish reserves, to reduce debt, to fund capital expenditures and for other partnership purposes, and any shortage is funded from previously established reserves, cash on hand or borrowings under our Credit Facility. Management considers Distributable cash flow (shortage) excess a meaningful measure of the partnership’s ability to effectuate those purposes. Distributable cash flow (shortage) excess, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow excess that will not occur on a continuing basis may have associated cash payments. Distributable cash flow (shortage) excess should be viewed in conjunction with measurements that are computed in accordance with GAAP.

​

​

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

​

(unaudited)

​

​	​	​	​	​	​	​
ASSETS	​ ​ ​	April 30, 2026		​	July 31, 2025
​	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	73,409	​	$	96,883
Accounts and notes receivable (net of allowance for expected credit losses of $5,595 and $4,330 at April 30, 2026 and July 31, 2025, respectively)	​	​	178,674	​	​	127,510
Inventories	​	​	79,453	​	​	87,807
Prepaid expenses and other current assets	​	​	39,569	​	​	30,471
Total current assets	​	​	371,105	​	​	342,671
​	​	​	​	​	​	​
Property, plant and equipment, net	​	​	607,135	​	​	602,692
Goodwill, net	​	​	257,155	​	​	257,155
Intangible assets (net of accumulated amortization of $372,283 and $366,817 at April 30, 2026 and July 31, 2025, respectively)	​	​	100,985	​	​	106,451
Operating lease right-of-use assets	​	​	37,334	​	​	39,045
Other assets, net	​	​	94,136	​	​	68,702
Total assets	​	$	1,467,850	​	$	1,416,716
​	​	​	​	​	​	​
​	​	​	​	​	​	​
LIABILITIES, MEZZANINE EQUITY AND DEFICIT	​	​	​	​	​	​
​	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​
Accounts payable	​	$	43,043	​	$	31,083
Short-term borrowings	​	​	87,500	​	​	—
Current portion of long-term debt	​	​	1,422	​	​	652,178
Current operating lease liabilities	​	​	15,506	​	​	16,082
Other current liabilities	​	​	204,277	​	​	215,154
Total current liabilities	​	​	351,748	​	​	914,497
​	​	​	​	​	​	​
Long-term debt	​	​	1,455,132	​	​	815,462
Operating lease liabilities	​	​	23,095	​	​	24,079
Other liabilities	​	​	54,552	​	​	40,457
​	​	​	​	​	​	​
Contingencies and commitments	​	​	​	​	​	​
​	​	​	​	​	​	​
Mezzanine equity:	​	​	​	​	​	​
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at April 30, 2026 and July 31, 2025)	​	​	651,349	​	​	651,349
​	​	​	​	​	​	​
Deficit:	​	​	​	​	​	​
Limited partner unitholders	​	​	​	​	​	​
Class A (11,357,605 Units outstanding at April 30, 2026 and 4,857,605 Units outstanding at July 31, 2025)	​	​	(999,007)	​	​	(1,332,704)
Class B (1,300,000 Units outstanding at July 31, 2025)	​	​	—	​	​	383,012
General partner Unitholder (49,496 Units outstanding at April 30, 2026 and July 31, 2025)	​	​	(70,006)	​	​	(70,845)
Accumulated other comprehensive loss	​	​	8,777	​	​	(95)
Total Ferrellgas Partners, L.P. deficit	​	​	(1,060,236)	​	​	(1,020,632)
Noncontrolling interest	​	​	(7,790)	​	​	(8,496)
Total deficit	​	​	(1,068,026)	​	​	(1,029,128)
Total liabilities, mezzanine equity and deficit	​	$	1,467,850	​	$	1,416,716

​

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 497.8 KB

Other Documents

• EX-101 EX-101.SCH 3.9 KB
• EX-101 EX-101.DEF 13.2 KB
• EX-101 EX-101.LAB 19.4 KB
• EX-101 EX-101.PRE 12.9 KB