UGI NYSE Russell 1000 Earnings call
UGI Corporation (UGI) · Q2 2026 results and valuation
Share price: $37.52 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q3 2026 · published 6 Aug 2026 and 7 May 2026
Net income turned to a loss from a profit last quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned loss
Net income vs Q1 2026
Net income -133.0M vs 520.0M
Revenue −50.4%
2 · How management spoke
Restrained
Less upbeat than 76% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
UGI delivered reportable segment EBIT of $1.2 billion on a year-to-date basis, which was modestly ahead of the prior year period.
Valuation
Is UGI Corporation undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-09-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$37.52
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+16.2% for 10 yrs
Fair value / share
$-19.93
Buy below
$-14.95
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
-
Rising
UGI reported that safety metrics improved compared to fiscal 2024, with lost time injuries down 50% and recordable injuries down 44%, supporting the company's stronger business foundation.
Source quote
“The team continues to strengthen the foundation of the business, materially improving trends in retail volumes sold when compared to pre-fiscal... ...is taking hold, driving improved volume retention and favorable trends across several leading indicators. When compared to fiscal 2024, on a year-to-date basis, lost time injuries are down 50%, recordable injuries are down 44%, out-of-gas events are down 21% and zero fills are down 17%, while our average Net Promoter Score is up 63%.”
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Fading
Reportable segment EBIT increased by $17 million over the prior year due to higher gas base rates at UGI's utilities.
Source quote
“Our year-to-date reportable segment's EBIT is up $17 million over prior year, largely from higher gas base rates at our utilities... Sean will cover in more detail the leverage milestones we expect to achieve this fiscal year. At our utilities, we deployed approximately $280 million of capital year-to-date, advancing our commitment to pipeline safety, reliability and modernization while...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“At AmeriGas, the transformation is taking hold, driving improved volume retention and favorable trends across several leading indicators.”
“Our regulated natural gas businesses deliver weather-hedged earnings with a long runway of organic growth opportunities as regional demand for gas continues to increase.”
“These investments position us to capitalize on rising natural gas demand across the region, driven by continued economic development and the growing energy needs of data centers and power generation,...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.33B | 2.69B | −50.4% | 1.39B | −4.5% |
| Operating income | -44.0M | 758.0M | Turned loss | -93.0M | Loss narrowed |
| Net income | -133.0M | 520.0M | Turned loss | -163.0M | Loss narrowed |
| EPS | -0.62 | 2.33 | Turned loss | -0.76 | Loss narrowed |
| P/E today 12.2 | 11.5 | 12.8 | −1.3 | 19.3 | −7.8 |
Topics
Most discussed now
- UGI International was down $2 million as lower retail volumes from the previously announced non-core divestitures were partially offset…
- New The value of that has been somewhat hidden in the proposed transaction with DCC highlighted recently with KKR and ECP,...
- The fundamentals of each of its businesses remain intact and the operational and financial progress UGI has made this year...
- Midstream & Marketing was up $3 million, driven by higher total margin from capacity management activities.
- AmeriGas was down $25 million, reflecting lower retail propane volumes from warmer weather and continuing customer attrition, along with…
Faded since Q1 2026
- Dropped The strategic actions UGI has announced, the agreement to sell its electric division and the global LPG capital...
- Fading The operational transformation at AmeriGas is delivering substantial measurable results and on target to set the business up for a...
- Fading UGI's natural gas businesses continue to anchor the portfolio, supported by strong customer demand and operational execution.
- Fading As designed, UGI's weather normalization adjustment mechanism mitigated approximately $19 million of the weather impact this quarter…
Latest announcements
Official filings, newest first.
- Material agreement; New financial obligation · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Director or officer change · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation; Other events · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K