Segment reporting

12 Months Ended

Jul. 31, 2025

Segment reporting.

Segment reporting

T.     Segment reporting

Ferrellgas has one reportable segment, Propane operations and related equipment sales. The Propane operations and related equipment sales segment includes the distribution and sale of propane and related equipment throughout the United States. Sales from propane distribution are generated principally from transporting propane purchased from third parties to propane distribution locations and then to tanks on customers’ premises or to portable propane tanks delivered to nationwide and local retailers.

The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer. The CODM assesses segment performance and decides how to allocate resources based on “Net (loss) earnings,” a GAAP measure. The accounting policies of the reportable segment are the same as those described in “Note B – Summary of significant accounting policies.” The measure of segment assets is reported on the consolidated balance sheets as “Total assets” and the measure of capital expenditures is reported on the consolidated statements of cash flows as “Capital expenditures” in the investing activities section.

Ferrellgas Partners

Reconciliation of segment results to consolidated Net (loss)earnings

	Year ended July 31,
	2025		2024		2023
Revenues	$	1,938,337	$	1,837,116	$	2,026,465
Less:
Cost of sales		915,521		853,971		1,019,270
Operating expense - personnel, vehicle, plant and other:
Personnel (1)		353,494		344,941		331,858
Vehicle (1)		108,572		110,305		104,786
Plant and other (1)		168,768		146,356		140,876
Operating expense - equipment lease expense		18,720		21,585		23,252
Other segment items (2)		3,156		1,562		6,001
General and administrative expense:
Litigation settlement (1) (3)		125,000		—		—
General and administrative expense		53,617		50,339		70,738
Depreciation and amortization expense		98,426		98,471		93,370
Interest expense		108,064		98,223		97,712
Income tax expense		1,372		686		981
Net (loss) earnings	$	(16,373)	$	110,677	$	137,621

______________________

(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) Other segment items include “Non-cash employee stock ownership plan compensation charge,” “Loss on asset sales and disposals” and “Other income, net.”

(3) See Note P “Contingencies and commitments” for more information.

The Operating partnership

Reconciliation of segment results to consolidated Net (loss) earnings

	Year ended July 31,
	2025		2024		2023
Revenues	$	1,938,337	$	1,837,116	$	2,026,465
Less:
Cost of sales		915,521		853,971		1,019,270
Operating expense - personnel, vehicle, plant and other:
Personnel (1)		353,494		344,941		331,858
Vehicle (1)		108,572		110,305		104,786
Plant and other (1)		168,768		146,356		140,876
Operating expense - equipment lease expense		18,720		21,585		23,252
Other segment items (2)		3,171		1,885		6,138
General and administrative expense:
Litigation settlement (1) (3)		125,000		—		—
General and administrative expense		53,124		50,327		70,649
Depreciation and amortization expense		98,426		98,471		93,370
Interest expense		108,064		98,223		97,712
Income tax expense		1,318		634		976
Net (loss) earnings	$	(15,841)	$	110,418	$	137,578

_________________

(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) Other segment items include “Non-cash employee stock ownership plan compensation charge,” “Loss on asset sales and disposals” and “Other income, net.”

(3) See Note P “Contingencies and commitments” for more information.