Ferrellgas Partners, L.P. reported first‑quarter 2026 results that ended October 31, 2025, showing a net loss of $26.9 million versus a $146.7 million loss in the same quarter a year earlier. Revenue fell 2.4% to $355.19 million from $364.09 million, while adjusted EBITDA declined 18% to $29.3 million from $35.8 million. The company’s margin per gallon rose 6% to $0.28, reflecting stronger pricing power amid a 2.9% drop in average propane prices.
The narrowing loss is largely attributable to the absence of the $125 million Eddystone litigation settlement that weighed heavily on the prior year’s quarter. However, adjusted EBITDA slipped because operating expenses rose $5.6 million, including $4.1 million in personnel costs, and general and administrative costs increased $2.1 million. The cost of product fell $8.8 million, or 5%, as lower propane prices offset higher operating spend.
In October 2025, Ferrellgas retired $650 million of senior notes due in 2026 and replaced them with new notes maturing in 2031, a move that extended the company’s debt maturity profile. The refinancing was accompanied by an expansion of the revolving credit facility and led to credit rating upgrades from S&P Global and Moody’s, reinforcing the firm’s financial flexibility.
President and CEO Tamria Zertuche said the company “had a strong start to fiscal 2026. In the first quarter, our employee‑owners delivered strong operational results, and we successfully refinanced the notes due 2026 and our revolving credit facility. With this momentum, along with our recent credit rating upgrades, our team remains focused on running the business efficiently and executing strategies that strengthen our performance.” She added that improvements in telematics, routing optimization, and safety programs position the company well for the upcoming winter heating season.
Management maintained its guidance for the remainder of fiscal 2026, signaling confidence in continued operational execution. While the company faces headwinds from lower average propane prices and higher operating costs, the 6% margin expansion and strengthened credit profile provide a solid foundation for future growth.
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