Capital expenditure intensity frequently outpaces internal funding, as seen in 2025Q1 when CapEx of $211 million significantly exceeded the $164 million in operating cash flow, necessitating consistent external capital market access.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 1.11B | 1.23B | 1.18B | 1.11B | 716M | 1.48B | 1.1B | 1.08B | 1.08B | 964.4M | 969.7M | 1.16B | 1.01B | 801.5M | 707.7M | 554.7M | 598.8M | 665M | 464.4M | 456.2M | 279.4M | 437.7M | 260.7M | 249.1M | 247.5M | 203.5M | 132.7M | 141.9M | 178.5M | 172M | 111.2M |
| Operating CF Growth % | -128.97% | 3.81% | 6.78% | 54.61% | -51.65% | 34.39% | 2.23% | -0.65% | 12.51% | -0.55% | -16.68% | 15.75% | 25.44% | 13.25% | 27.58% | -7.36% | -9.95% | 43.2% | 1.8% | 63.28% | -36.17% | 67.89% | 4.66% | 0.65% | 21.62% | 53.35% | -6.48% | -20.5% | 3.78% | 54.68% | 44.79% |
| Operating CF / Revenue % | 15.07% | 16.84% | 16.39% | 12.4% | 7.08% | 19.89% | 16.8% | 14.73% | 14.18% | 15.76% | 17.06% | 17.39% | 12.15% | 11.14% | 10.85% | 9.11% | 10.71% | 11.59% | 6.99% | 8.33% | 5.35% | 8.95% | 6.89% | 8.23% | 11.18% | 8.25% | 7.53% | 10.26% | 12.4% | 10.48% | 7.14% |
| Net Income | 641M | 678M | 269M | -1.5B | 1.07B | 1.47B | 532M | 308M | 822M | 523.8M | 488.8M | 414M | 532.6M | 427.6M | 197.7M | 320M | 355.7M | 382M | 215.5M | 204.3M | 176.2M | 187.5M | 111.6M | 98.9M | 75.5M | 56.5M | 44.7M | 55.7M | 40.3M | 52.1M | 39.5M |
| Depreciation & Amortization | 563M | 561M | 551M | 532M | 518M | 502M | 484M | 448M | 455M | 416.3M | 400.9M | 374.1M | 362.9M | 363.1M | 315M | 227.7M | 210.2M | 200.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -9M | -46M | 52M | -420M | 221M | 478M | 146M | -43M | -69M | 110.1M | 77.4M | 13.7M | 66.7M | 48.7M | 90.2M | 91.5M | 62.6M | 26.8M | -900K | 27.1M | 7.4M | 12.1M | 3M | -2.8M | 11M | -5.5M | 3.2M | 7.7M | 10.1M | -2.2M | 12M |
| Other Non-Cash Items | -42M | 41M | 326M | 2.21B | -568M | -796M | 21M | 253M | -11M | 63.5M | -64.3M | 141M | 23.9M | -11.4M | 11.6M | 42.8M | 22.1M | -9.4M | 126.3M | 117.8M | 72.3M | 80.5M | 86.1M | 57.2M | 53.7M | 23.6M | 22.1M | 17.2M | 13.8M | 108.5M | 86.8M |
| Working Capital Changes | -44M | -25M | -24M | 269M | -544M | -191M | -96M | 94M | -135M | -168.6M | 43.1M | 191.8M | -6.5M | -44.1M | 78.7M | -142.9M | -65M | 53.3M | -60.9M | -62.2M | -125.2M | 11.2M | -72.3M | -7.2M | 13.8M | 23.7M | -34.8M | -28.4M | 26.5M | 13.6M | -27.1M |
| Capital Expenditures | -871M | -837M | -796M | -974M | -804M | -1.11B | -655M | -2.06B | -574M | -638.9M | -563.8M | -976.3M | -456.8M | -486M | -1.9B | -360.7M | -347.3M | -519.9M | -232.1M | -223.1M | -707.5M | -158.4M | -412.8M | -226.1M | -94.7M | -313.3M | -121.5M | -70.2M | -69.2M | -110.5M | -98.9M |
| CapEx / Revenue % | 11.84% | 11.49% | 11.04% | 10.91% | 7.96% | 14.95% | 9.99% | 28.07% | 7.5% | 10.44% | 9.92% | 14.59% | 5.52% | 6.75% | 29.2% | 5.92% | 6.21% | 9.06% | 3.49% | 4.07% | 13.55% | 3.24% | 10.91% | 7.47% | 4.28% | 12.69% | 6.9% | 5.07% | 4.81% | 6.73% | 6.35% |
| CapEx / D&A | 1.55x | 1.49x | 1.44x | 1.83x | 1.55x | 2.22x | 1.35x | 4.59x | 1.26x | 1.53x | 1.41x | 2.61x | 1.26x | 1.34x | 6.05x | 1.58x | 1.65x | 2.59x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| CapEx Coverage (OCF/CapEx) | 1.27x | 1.47x | 1.48x | 1.14x | 0.89x | 1.33x | 1.68x | 0.52x | 1.89x | 1.51x | 1.72x | 1.19x | 2.20x | 1.65x | 0.37x | 1.54x | 1.72x | 1.28x | 2.00x | 2.04x | 0.39x | 2.76x | 0.63x | 1.10x | 2.61x | 0.65x | 1.09x | 2.02x | 2.58x | 1.56x | 1.12x |
| Cash from Investing | -629M | -699M | -792M | -1.08B | -1.01B | -1.11B | -649M | -2.06B | -749M | -768.7M | -558.6M | -976.3M | -487.6M | -553.3M | -1.9B | -415.4M | -399.3M | -519.9M | -289.5M | -223.8M | -707.5M | -196.3M | -412.8M | -226.1M | -66.4M | -313.3M | -121.5M | -86.5M | -90.1M | -110.5M | -98.9M |
| Acquisitions | 253M | 132M | 1M | -125M | -245M | -423M | -16M | -1.36B | -187M | -100.8M | -61.2M | -447.5M | -37.1M | -78.9M | -1.58B | -52.5M | -16.4M | -322.6M | -1.3M | -6.1M | -577.1M | -33.3M | -308.6M | -38.6M | -700K | -209.1M | -65.3M | -77.6M | -8.1M | -11.6M | -28M |
| Purchase of Investments | -2M | -4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.8M | 0 | 0 | 0 | 59.3M | -20M | 0 | -50.4M | 0 | 0 | 0 | 0 | -16.4M | -42.3M | -12.1M |
| Sale of Investments | 0 | 0 | 3M | 22M | 26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63.3M | 0 | 600K | 0 | 0 | 0 | 0 | 0 | 4.2M | 7.3M | 66.7M | 0 | 0 | 0 |
| Other Investing | -9M | 10M | 0 | 0 | 11M | 0 | 22M | 12M | 12M | -29M | 66.4M | -38.2M | 6.3M | 11.6M | 15.4M | -2.2M | -7.8M | 41.1M | -56.1M | 4.8M | 2M | 15.4M | 29.5M | -36.2M | 29M | -30.4M | 7.5M | -5.4M | 3.6M | 12.2M | 3.9M |
| Cash from Financing | -391M | -406M | -506M | -168M | -51M | 166M | -635M | 1.04B | -438M | -146.6M | -275.1M | -217.1M | -475.7M | -186.1M | 1.28B | -152.1M | -213.6M | -114.6M | -180.1M | -178.5M | 299.7M | -72.6M | 159M | -75.3M | -74.3M | 103.7M | 42.4M | -81.5M | -85.8M | -71.5M | -60M |
| Dividends Paid | -322M | -322M | -318M | -308M | -296M | -282M | -273M | -463M | -440M | -430.5M | -418M | -402.4M | -373.8M | -352.3M | -300.8M | -207.5M | -187.7M | -175.5M | -161.8M | -76.8M | -146.1M | -67.4M | -56.3M | -47.7M | -98.3M | -97.5M | -80.3M | -86.9M | -86.6M | -86M | -85.1M |
| Dividend Payout Ratio % | - | 47.49% | 118.22% | - | 27.59% | 19.22% | 51.32% | 180.86% | 61.2% | 98.6% | 114.61% | 143.2% | 110.85% | 126.68% | 143.1% | 84.56% | 71.92% | 67.89% | 75.08% | 37.59% | 82.92% | 35.95% | 50.45% | 48.23% | 130.2% | 172.57% | 179.64% | 156.01% | 214.89% | 165.07% | 201.18% |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Stock Issued | 31M | 18M | 0 | 12M | 19M | 19M | 2M | 17M | 35M | 11M | 13.7M | 11.9M | 10.9M | 36.4M | 299.8M | 27.3M | 27.5M | 10.8M | 20.9M | 16.4M | 10.8M | 99.8M | 305.3M | 98.7M | 60.7M | 97.4M | 3.8M | 4.7M | 8.5M | 11.7M | 11.3M |
| Share Repurchases | -39M | -33M | 0 | -22M | -38M | 0 | -38M | -17M | -60M | -43.3M | -47.6M | -34.1M | -39.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20M | -600K | -100K | 0 | -1M | -9.6M | -133.1M | -26.8M | -19.2M | -7.1M |
| Other Financing | 0 | 0 | -12M | -16M | -16M | 0 | 0 | -540M | -5M | -800K | 15.5M | -3.5M | 11.8M | 9.1M | 1.8M | 3.5M | 3.5M | 1.2M | 3.4M | -79.9M | 900K | -66.6M | -62.4M | -56.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 92M | 127M | -112M | -129M | -408M | 520M | -154M | 49M | -107M | 50.3M | 133.1M | -49.8M | 30.2M | 69.4M | 81.4M | -22.2M | -19.4M | 34.9M | -6.6M | 65.6M | -123.9M | 160.5M | 7.5M | -52.2M | 106.8M | -6.4M | 53.4M | -26.1M | 2.6M | -10M | -47.7M |
| Exchange Rate Effect | 3M | 5M | 4M | 9M | -61M | -14M | 28M | -16M | -5M | 1.2M | -2.9M | -20.2M | -11.9M | 7.3M | -300K | -9.4M | -5.3M | 4.4M | -1.4M | 11.7M | 4.5M | -8.3M | 600K | 100K | 0 | -300K | -200K | 0 | 0 | 0 | 0 |
| Cash at Beginning | 271M | 228M | 340M | 469M | 877M | 357M | 511M | 462M | 569M | 518.4M | 369.7M | 419.5M | 389.3M | 319.9M | 238.5M | 260.7M | 280.1M | 245.2M | 251.8M | 186.2M | 310.1M | 149.6M | 142.1M | 194.3M | 87.5M | 93.9M | 40.5M | 66.6M | 64M | 74M | 121.7M |
| Cash at End | 530M | 355M | 228M | 340M | 469M | 877M | 357M | 511M | 462M | 568.7M | 502.8M | 369.7M | 419.5M | 389.3M | 319.9M | 238.5M | 260.7M | 280.1M | 245.2M | 251.8M | 186.2M | 310.1M | 149.6M | 142.1M | 194.3M | 87.5M | 93.9M | 40.5M | 66.6M | 64M | 74M |
| Free Cash Flow | 238M | 390M | 386M | 133M | -88M | 368M | 447M | -977M | 511M | 325.5M | 405.9M | 187.5M | 548.6M | 315.5M | -1.2B | 194M | 251.5M | 145.1M | 232.3M | 233.1M | -428.1M | 279.3M | -152.1M | 23M | 152.8M | -109.8M | 11.2M | 71.7M | 109.3M | 61.5M | 12.3M |
| FCF Growth % | -57.58% | 1.04% | 190.23% | 251.14% | -123.91% | -17.67% | 145.75% | -291.19% | 56.99% | -19.81% | 116.48% | -65.82% | 73.88% | 126.36% | -716.91% | -22.86% | 73.33% | -37.54% | -0.34% | 154.45% | -253.28% | 283.63% | -761.3% | -84.95% | 239.16% | -1080.36% | -84.38% | -34.4% | 77.72% | 400% | 53.75% |
| FCF Margin % | 3.23% | 5.35% | 5.35% | 1.49% | -0.87% | 4.94% | 6.82% | -13.35% | 6.68% | 5.32% | 7.14% | 2.8% | 6.63% | 4.39% | -18.35% | 3.19% | 4.5% | 2.53% | 3.49% | 4.26% | -8.2% | 5.71% | -4.02% | 0.76% | 6.9% | -4.45% | 0.64% | 5.18% | 7.59% | 3.75% | 0.79% |
| FCF / Net Income % | 37.13% | 57.52% | 143.49% | -8.85% | -8.2% | 25.09% | 84.02% | -381.64% | 71.07% | 74.55% | 111.3% | 66.73% | 162.69% | 113.45% | -569.36% | 79.05% | 96.36% | 56.13% | 107.8% | 114.1% | -242.96% | 148.96% | -136.29% | 23.26% | 202.38% | -194.34% | 25.06% | 128.73% | 271.22% | 118.04% | 29.08% |
Seasonal cash flow volatility
As reported in the quarterly cash flow statements, UGI's operating cash flow exhibits extreme seasonal swings, peaking at $684 million in 2025Q2 while dropping to $66 million in 2026Q1, which highlights the inherent difficulty in relying on internal cash generation to cover fixed obligations year-round.
The high volatility in operating cash flow suggests that UGI's regulated utility segment is heavily supplemented by the seasonal retail propane business. Investors should monitor whether the core utility operations can provide a more consistent cash floor if the retail segments are divested or continue to face volume headwinds.
Based on the provided financial data, UGI's capital expenditure reached a peak of $266 million in 2024Q4, frequently exceeding operating cash flow during off-peak quarters, which indicates that the company relies heavily on external financing to maintain its infrastructure and support long-term rate base growth.
The recurring pattern of CAPEX exceeding OCF in non-winter quarters suggests that UGI is in a perpetual state of capital reinvestment. This is typical for regulated utilities, but the reliance on external capital markets during seasonal troughs warrants close attention to the company's liquidity management.
According to recent financial filings, UGI's free cash flow deficit reached $168 million in 2025Q4, necessitating consistent access to capital markets to bridge the gap between infrastructure investment requirements and the seasonal nature of its cash inflows from both regulated and non-regulated business segments.
The company's ability to fund its capital program appears contingent on maintaining access to debt markets, especially given the volatility in free cash flow. Any disruption in credit market conditions could potentially constrain the company's ability to execute its planned infrastructure modernization projects.
As indicated by the reported figures, the OCF-to-dividend coverage ratio has fluctuated wildly from a low of 0.8x in 2026Q1 to a high of 8.6x in 2025Q2, suggesting that dividend sustainability is highly dependent on the timing of seasonal cash collections rather than steady-state earnings.
While the dividend policy appears to be a management priority, the wide range in coverage ratios implies that the company may be utilizing its balance sheet to smooth out dividend payments during off-peak quarters. Investors should monitor whether this practice remains sustainable if seasonal volume declines persist.
Quick answers to the most common questions about buying UGI stock.
UGI Corporation (UGI) generated $1.23B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
UGI Corporation (UGI) generated $390.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
UGI Corporation (UGI) spent $837.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, UGI Corporation (UGI) returned $322.0M to shareholders via cash dividends and spent $33.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.