SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY) (Tables)

12 Months Ended

Sep. 30, 2025

Condensed Financial Information Disclosure [Abstract]

BALANCE SHEETS

(Millions of dollars)


	September 30,
	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$	4	$	4
Accounts receivable – related parties	26		23
Prepaid expenses and other current assets	45		2
Total current assets	75		29

Investments in subsidiaries	6,011		5,625

Other assets	144		145
Total assets	$	6,230	$	5,799
LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY
Current liabilities:

Accounts and notes payable	$	12	$	15
Derivative instruments	1		1
Accrued liabilities	23		58
Total current liabilities	36		74
Long-term debt	1,347		1,312
Other noncurrent liabilities	70		68
Total liabilities	1,453		1,454
Commitments and contingencies (Note 1)
Equity:
Preferred Stock, without par value (authorized - 5,000,000; issued - 0 and 0, respectively)	—		—
Common Stock, without par value (authorized – 450,000,000 shares; issued – 217,033,282 and 216,124,332 shares, respectively)	1,709		1,676
Retained earnings	3,334		2,978
Accumulated other comprehensive income (loss)	(173)		(253)
Treasury stock, at cost	(93)		(56)
Total common stockholders’ equity	4,777		4,345
Total liabilities and common stockholders’ equity	$	6,230	$	5,799

Statements of Income

STATEMENTS OF INCOME

(Millions of dollars, except per share amounts)


	Year Ended September 30,
	2025		2024		2023
Revenues	$	—	$	—	$	—
Costs and expenses:
Operating and administrative expenses	108		100		95
Other operating expense (income), net (a)	(107)		(86)		(83)
	1		14		12
Operating loss	(1)		(14)		(12)
Loss on extinguishments of debt	(1)		—		—
Interest expense	(84)		(61)		(52)

Loss before income taxes	(86)		(75)		(64)
Income tax (benefit) expense	(22)		(7)		(13)
Loss before equity in income of unconsolidated subsidiaries	(64)		(68)		(51)
Equity in income (loss) of unconsolidated subsidiaries	742		337		(1,451)
Net income (loss) attributable to UGI Corporation	$	678	$	269	$	(1,502)
Other comprehensive (loss) income	1		(17)		(8)
Equity in other comprehensive income (loss) of unconsolidated subsidiaries	79		20		132
Comprehensive income (loss) attributable to UGI Corporation	$	758	$	272	$	(1,378)
Earnings (loss) per common share attributable to UGI Corporation stockholders:
Basic	$	3.15	$	1.27	$	(7.16)
Diluted	$	3.09	$	1.25	$	(7.16)
Weighted - average common shares outstanding (thousands):
Basic	214,945		211,309		209,806
Diluted	219,160		215,271		209,806

(a)UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as “Other operating expense (income), net” in the Statements of Income above.

Statements of Cash Flows

STATEMENTS OF CASH FLOWS

(Millions of dollars)


	Year Ended September 30,
	2025		2024		2023
NET CASH PROVIDED BY OPERATING ACTIVITIES (a)	$	339	$	379	$	636

CASH FLOWS FROM INVESTING ACTIVITIES:



Net investments in unconsolidated subsidiaries	(30)		(355)		(309)
Net cash provided (used) by investing activities	(30)		(355)		(309)

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends on Common Stock	(322)		(318)		(308)
Issuances of debt, net of issuance costs	898		1,078		327
Repayments of long-term debt	(870)		(775)		(333)

Issuances of Common Stock	18		—		12
Repurchases of Common Stock	(33)		—		(22)

Payments on Purchase Contracts	—		(12)		(16)
Net cash provided (used) by financing activities	(309)		(27)		(340)
Cash and cash equivalents increase (decrease)	$	—	$	(3)	$	(13)
Cash and cash equivalents:
End of year	$	4	$	4	$	7
Beginning of year	4		7		20
Cash and cash equivalents increase (decrease)	$	—	$	(3)	$	(13)

(a)Includes dividends received from unconsolidated subsidiaries of $466, $420 and $680 for the years ended September 30, 2025, 2024 and 2023, respectively.

UGI CORP /PA/ 10-K