Ferrellgas Partners, L.P. retail distribution of propane, related equipment and supplies. It transports propane to propane distribution locations, tanks on customers’ premises, or to portable propane tanks delivered to retailers. The company also conducts its portable tank exchange operations under the Blue Rhino brand name through a network of independent and partnership-owned distribution outlets. In addition, its propane is primarily used for space and water heating, cooking, outdoor cooking using gas grills, crop drying, irrigation, weed control, and other propane fueled appliances; as an engine fuel for combustion engine vehicles and forklifts; and as a heating or energy source in manufacturing and drying processes. Further, the company is involved in the sale of refined fuels; provision of common carrier services; and retail sale of propane appliances and related parts and fittings, as well as other retail propane related services and consumer products. It serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale, and other customers in the United States, the District of Columbia, and Puerto Rico. As of July 31, 2025, the company operates through a network of 36 service centers and 664 service units for propane distribution locations. Ferrellgas Partners, L.P. was founded in 1939 and is based in Liberty, Missouri.
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Ferrellgas Partners, L.P. Reports Fourth Quarter And Full Fiscal Year 2026 Results
Ferrellgas reported fiscal 2026 Adjusted EBITDA of $321.3 million, down 3% year-over-year, with full-year revenue of $1.86 billion down 4% on softer wholesale demand and warm weather.
The bottom line swung sharply: full-year net earnings were $71.7 million versus a $15.6 million loss in fiscal 2025, largely because the prior year absorbed a $125.0 million legal settlement, though the Q4 net loss widened 18% to $31.5 million on $6.8 million higher interest expense.
Management highlighted an October 2025 refinancing ($650.0 million 2031 Senior Notes replacing $650.0 million 2026 notes), credit rating upgrades from S&P Global and Moody's, and the conversion of all Class B Units into 6.5 million Class A Units after a $107.0 million final Class B distribution.
The company ended the year with $195.1 million of total liquidity, 87% retail customer retention, and Blue Rhino's footprint above 65,000 retail locations, entering fiscal 2027 with what management calls a stronger balance sheet and simplified equity structure.