Ferrellgas Reports $26.9 Million Net Loss, Improved Operating Income in Latest Quarter

Ferrellgas Partners, L.P. reported a net loss of $26.9 million for the three months ending October 31, 2025, a significant improvement compared to a net loss of $146.7 million during the same period in 2024. Total revenues for the quarter were $355.2 million, down from $364.1 million year-over-year. The decrease in revenue was primarily attributed to a decline in wholesale propane sales, which fell by 15% due to the absence of major weather events that typically drive demand. Despite this, retail sales slightly increased, reflecting a $0.7 million rise in revenue from residential and agricultural customers.

The company’s operational expenses saw a notable reduction, particularly in general and administrative expenses, which dropped from $137.9 million in the previous year to $12.0 million this quarter. This decrease was largely due to the absence of a $125 million legal settlement that impacted the prior year’s results. Operating income for the quarter was reported at $1.9 million, a substantial turnaround from an operating loss of $122.9 million in the previous year. The improvement in operating income was also supported by a decrease in the cost of sales, which fell to $160.0 million from $168.8 million.

In terms of strategic developments, Ferrellgas completed a significant refinancing on October 27, 2025, issuing $650 million in senior unsecured notes due 2031. The proceeds were used to redeem previously issued notes due in 2026. Additionally, the company amended its credit agreement, extending the maturity date to October 2028 and increasing the borrowing capacity to $350 million. As of October 31, 2025, Ferrellgas had total liquidity of $221.6 million, consisting of $28.4 million in cash and $193.2 million available under its credit facility.

Operationally, Ferrellgas reported a decrease in propane sales volumes, with retail customers numbering 899,342, down from 902,284 in the previous year. The company also noted a 6% decrease in total propane sales volumes, attributed to warmer-than-normal temperatures and a lack of significant weather events that typically drive demand. The average wholesale price of propane decreased by approximately 3% compared to the prior year, impacting revenue from wholesale sales.

Looking ahead, Ferrellgas anticipates that its financial performance will continue to be influenced by seasonal weather patterns, market conditions, and operational efficiencies. The company remains focused on managing its liquidity and capital resources effectively to support ongoing operations and potential growth initiatives.