FGPR

FERRELLGAS PARTNERS L P

OTC · CONSUMER DISCRETIONARY · RETAIL-MISCELLANEOUS RETAIL

20.20

−0.29 −1.42%

USD · close Oct 26

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order

WATCH · shorts 50

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

0 / 0

no disclosures naming it

Big money

0 / 15

none of the tracked funds disclose it

Calls on record

nobody we score has called it yet

MKT CAP $98.1MP/E —DIV YIELD —FCF YIELD 88.59%REV TTM $1.9B −3.6%NET INCOME $76.5MNET DEBT $1.4B52W 17.07 – 27.20SEC XBRL · TTM TO Invalid Date

How FGPR rewrote its risk factors

10-K ITEM 1A · FY2025 → FY2026

Text kept

73%

of sentences unchanged

Added

new sentences

Dropped

100

sentences removed

Length

−1,002

words, now 17,472

New in FY2026

Ferrellgas, Inc. is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to the Preferred Units, owns an approximate 0.4% general partner economic interest in Ferrellgas Partners and an approximate 1.0% general partner economic interest in the operating partnership, and, therefore, an effective 1.4% general partner economic interest in the operating partnership.
Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99.0% limited partner interest in the operating partnership.
On March 16, 2026, all Class B Units were converted to Class A Units.
For information regarding the economic and other terms of the Preferred Units, see Note H “Preferred units” to our consolidated financial statements included elsewhere herein.
The parent company of our general partner, Ferrell Companies, currently beneficially owns approximately 10.0% of our outstanding Class A Units.
We believe that we are the second largest retail marketer of propane in the United States as measured by the volume of our retail sales in fiscal 2026 and a leading national provider of propane by portable tank exchange.
As of July 31, 2026, approximately 70% of our residential customers utilize our equipment, while the remainder own their tanks.
In our past three fiscal years, our total annual propane sales volumes in gallons were: Propane sales volumes Fiscal year ended (in millions) July 31, 2026 July 31, 2025 July 31, 2024 In fiscal 2026, no one customer accounted for 10% or more of our consolidated revenues.
Our other activities in our propane operations and related equipment sales include the following: ● the sale of refined fuels, and ● common carrier services.
We define “normal” temperatures based on a 10-year average of information published by AccuWeather.
During fiscal 2026, ten suppliers accounted for approximately 67% of our total propane purchases.
Based on our propane sales volumes in fiscal 2026, we believe that we are the second largest retail marketer of propane in the United States and a leading national provider of propane by portable tank exchange.
Our goal is to improve the operations and profitability of our propane operations and related equipment sales by integrating best practices and leveraging our established national organization and technology platforms to help reduce costs and enhance customer service.
Capitalize on our national presence and economies of scale We believe our national presence of 1,055 propane distribution locations in the United States as of July 31, 2026 gives us advantages over our smaller competitors.
We operate a retail distribution network, including portable tank exchange operations, using a structure of 36 service centers and 664 service units as of July 31, 2026.
Governmental Regulation - Climate Change Legislation Propane is considered a clean alternative fuel under the federal Clean Air Act Amendments of 1990 which we anticipate will provide us with a competitive advantage over other sources of energy, such as fuel oil and coal, to the extent new climate change regulations become effective.
California legislation requires mandatory reporting for specific climate-related data, including disclosure of Scope 1 and Scope 2 greenhouse gas (“GHG”) emissions, beginning in November 2026, and Scope 3 GHG emissions, beginning in 2027, for the prior fiscal year.
In May 2026, the SEC proposed to rescind this guidance.
We will continue to monitor whether the rescission is adopted.
EPA leadership has prioritized climate change mitigation measures and has implemented regulations requiring significant reductions in carbon dioxide and other GHG emissions.
In February 2026, the EPA rescinded its 2009 Greenhouse Gas Endangerment Finding, which served as the foundational legal basis for federal climate GHG emissions regulations under the Clean Air Act.
In 2026, twenty states have comprehensive privacy laws in effect.
In April 2026, the SECURE Data Act was introduced by Congress to establish a single national standard for consumer privacy and data security.
The effects of the CCPA, CPRA and other federal and states’ data privacy laws are potentially far-reaching and may require us to modify our data processing practices and policies and incur substantial compliance-related costs and expenses.
Human Capital Management Ferrellgas’ employees are managed by our general partner pursuant to our partnership agreement.
Employees At July 31, 2026, our general partner had 3,934 full-time employees in the following areas: Propane field operations 3,560 Centralized corporate functions Total 3,934 Less than one percent of these employees are represented by an aggregate of four different local labor unions, which are all affiliated with the International Brotherhood of Teamsters.
As of July 31, 2026, females and minority ethnic groups represented the following: Ferrellgas Overall Ferrellgas Leadership (1) Females 22% 25% Minority ethnic groups 27% 13% Total 45% 34% (1) Represents all management levels.
As of July 31, 2026, Ferrellgas Partners had no debt securities outstanding, and the Partners Finance Corp. therefore was not liable as co-issuer for any such debt securities.
No information found and/or provided at such Internet addresses is intended or deemed to be incorporated by reference herein.
These risks are categorized by: (1) those related to our business and industry, (2) those inherent in an investment in our Class A Units or our debt securities and others related to our capital structure and financing arrangements, (3) those arising from our partnership structure and relationship with our general partner, and (4) those related to tax.
During fiscal 2026, approximately 56% of our propane sales volume was attributable to sales during the winter-heating season.
Heightened levels of uncertainty related to the ongoing conflicts between Russia and Ukraine, the U.S. and Iran, and other hostilities in the Middle East, in particular, may lead to additional economic sanctions by the U.S. and the international community and could further disrupt financial and commodities markets.
Through our supply procurement activities, we purchased approximately 67% of our propane from ten suppliers during fiscal 2026.
Damage and higher prices caused by hurricanes, wildfires and other natural disasters could also have an adverse effect on our financial condition due to the impact on the financial condition of our customers.
Additionally, the EPA and the SEC have also issued climate change rules, many of which are being challenged through various states, industry groups, and others.
In February 2026, the EPA rescinded its 2009 Greenhouse Gas Endangerment Finding, which served as the basis for various GHG emissions regulations.
In May 2026, the SEC proposed to rescind its climate change rules.
Additionally, incentives offered under the Inflation Reduction Act could further accelerate the transition of the U.S. economy away from the use of fossil fuels towards lower- or zero-carbon emissions alternatives and impact demand for propane.
H.R. 1 significantly modifies the Inflation Reduction Act’s clean energy credits and incentives.
Deteriorating regional and global economic and political conditions, including U.S. sanctions on Iran oil exports and conflict, unrest and economic instability in oil producing countries and regions, and the ongoing conflicts between Russia and Ukraine, the U.S. and Iran, and other hostilities in the Middle East, may cause significant disruptions to commerce throughout the world.

and 37 more.

Gone since FY2025

Ferrellgas, Inc. is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to the Class B Units and the Preferred Units, owns an approximate 1% general partner economic interest in each, and, therefore, an effective 2% general partner economic interest in the operating partnership.
Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99% limited partner interest in the operating partnership.
For information regarding the economic and other terms of the Class B Units and the Preferred Units, see Note J “Equity (Deficit)” and Note I “Preferred units” to our consolidated financial statements included elsewhere herein.
The parent company of our general partner, Ferrell Companies, currently beneficially owns approximately 23.4% of our outstanding Class A Units.
We believe that we are the second largest retail marketer of propane in the United States as measured by the volume of our retail sales in fiscal 2025 and a leading national provider of propane by portable tank exchange.
As of July 31, 2025, approximately 69% of our residential customers utilize our equipment, while the remainder own their tanks.
In our past three fiscal years, our total annual propane sales volumes in gallons were: Propane sales volumes Fiscal year ended (in millions) July 31, 2025 July 31, 2024 July 31, 2023 In fiscal 2025, no one customer accounted for 10% or more of our consolidated revenues.
Our other activities in our propane operations and related equipment sales segment include the following: ● the sale of refined fuels, and ● common carrier services.
We define “normal” temperatures based on a 10-year average of information published by the National Oceanic and Atmospheric Administration.
During fiscal 2025, ten suppliers accounted for approximately 59% of our total propane purchases.
Based on our propane sales volumes in fiscal 2025, we believe that we are the second largest retail marketer of propane in the United States and a leading national provider of propane by portable tank exchange.
Our goal is to improve the operations and profitability of our propane operations and related equipment sales segment by integrating best practices and leveraging our established national organization and technology platforms to help reduce costs and enhance customer service.
Capitalize on our national presence and economies of scale We believe our national presence of 1,057 propane distribution locations in the United States as of July 31, 2025 gives us advantages over our smaller competitors.
We operate a retail distribution network, including portable tank exchange operations, using a structure of 36 service centers and 664 service units as of July 31, 2025.
Governmental Regulation - Climate Change Legislation Propane is considered a clean alternative fuel under the federal Clean Air Act Amendments of 1990 which we anticipate that will provide us with a competitive advantage over other sources of energy, such as fuel oil and coal, to the extent new climate change regulations become effective.
California legislation requires mandatory reporting for specific climate-related data, including disclosure of Scope 1 and Scope 2 greenhouse gas ("GHG") emissions, beginning in 2026, and Scope 3 GHG emissions, beginning in 2027, for the prior fiscal year.
In April 2024, the SEC stayed implementation of the final rule pending the outcome of judicial review and the SEC elected to end its defense of the rule in March 2025 and the court halted proceedings and directed the SEC to file a status report with its next steps by July 2025.
In its status report, the SEC states that it does not intend to review or reconsider the rules and requested the court to lift the stay on the litigation, consider the parties’ arguments, and decide the case.
We will continue to monitor whether or not this SEC rule becomes effective.
EPA leadership has prioritized climate change mitigation measures and has implemented regulations requiring significant reductions in carbon dioxide and other GHG emissions during recent administrations, including through the Clean Power Plan and the Affordable Clean Energy rules.
Those rules have been vacated by the U.S.
In May 2024, EPA promulgated new rules for GHG emissions from new, modified, and reconstructed fossil fuel-fired electric generating units and formally repealed the Affordable Clean Energy rule.
Several states and industry groups filed suit to challenge the lawfulness of the new GHG rule in the Court of Appeals for the D.C.
Circuit, which denied the petitioners’ motion to stay the effectiveness of the rule.
Changes under President Trump and in the EPA administration may change the EPA's prioritization of climate change mitigation measures.
Other states have enacted similar privacy legislation with additional states planning to adopt their own legislation going forward.
The effects of the CCPA and CPRA and other states’ data privacy laws are potentially far-reaching and may require us to modify our data processing practices and policies and incur substantial compliance-related costs and expenses.
See "Risk Factors" in Item 1A of Part I below for information on material risks associated with our compliance with governmental regulations. Human Capital Management Ferrellgas’ employees are managed by our general partner pursuant to our partnership agreement.
Employees At July 31, 2025, our general partner had 3,990 full-time employees in the following areas: Propane field operations 3,597 Centralized corporate functions Total 3,990 Less than one percent of these employees are represented by an aggregate of four different local labor unions, which are all affiliated with the International Brotherhood of Teamsters.
As of July 31, 2025, females and minority ethnic groups represented the following: Ferrellgas Overall Ferrellgas Leadership (1) Females 22.1% 25.0% Minority ethnic groups 26.0% 8.2% Total 44.2% 38.1% (1) Represents all management levels.
As of July 31, 2025, Ferrellgas Partners had no debt securities outstanding, and the Partners Finance Corp. therefore was not liable as co-issuer for any such debt securities.
No information found and/or provided at such Internet addresses is intended or deemed to be incorporated by reference herein. ITEM 1A.
These risks are categorized by: (1) those related to our business and industry, (2) those inherent in an investment in our Class A Units, Class B Units or our debt securities and others related to our capital structure and financing arrangements, (3) those arising from our partnership structure and relationship with our general partner, and (4) those related to tax.
During fiscal 2025, approximately 56% of our propane sales volume was attributable to sales during the winter-heating season.
Heightened levels of uncertainty related to the ongoing conflicts between Russia and Ukraine and those in the Middle East, in particular, may lead to additional economic sanctions by the U.S. and the international community and could further disrupt financial and commodities markets.
Through our supply procurement activities, we purchased approximately 59% of our propane from ten suppliers during fiscal 2025.
Damage and higher prices caused by hurricanes and other natural disasters could also have an adverse effect on our financial condition due to the impact on the financial condition of our customers.
Under the terms of our current Credit Facility, total consideration paid for acquisitions is not to exceed $50.0 million in any fiscal year.
Environmental Protection Agency and the SEC have also issued climate change rules, many of which are being challenged through various states, industry groups, and others.
Additionally, incentives offered under the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) could further accelerate the transition of the U.S. economy away from the use of fossil fuels towards lower- or zero-carbon emissions alternatives and impact demand for propane.

and 60 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2025 ↗, FY2026 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch FGPR. Know when insiders buy.

One email the day a filing lands. Free.