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v3.25.3

Debt (Tables) | 12 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Credit Facilities and Short-term Borrowings | Information about the Company’s principal credit agreements (excluding the Energy Services Receivables Facility, which is discussed below) as of September 30, 2025 and 2024, is presented in the following table. Borrowings under these credit agreements bear interest at rates indexed to short-term market rates. Borrowings outstanding under these agreements (other than the UGI Corporation 2025 Credit Agreement) are classified as “Short-term borrowings” on the Consolidated Balance Sheets.
|  | Expiration Date |  | Total Capacity |  | Borrowings Outstanding |  | Letters of Credit and Guarantees Outstanding |  | Available Borrowing Capacity |  | Weighted Average Interest Rate - End of Year
September 30, 2025 (g) |  |  |  |  |  |  |  |  |  |  |  |
AmeriGas OLP (a) |  | August 2029 |  | $ | 128 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 126 |  |  | N.A.
UGI International, LLC (b) |  | March 2028 |  | € | 500 |  |  | € | 170 |  |  | € | — |  |  | € | 330 |  |  | 6.00 | %
Energy Services (c) |  | May 2028 |  | $ | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |  |  | N.A.
UGI Utilities (d) |  | November 2028 |  | $ | 375 |  |  | $ | 200 |  |  | $ | — |  |  | $ | 175 |  |  | 5.13 | %
Mountaineer (e) |  | May 2030 |  | $ | 150 |  |  | $ | 69 |  |  | $ | — |  |  | $ | 81 |  |  | 5.53 | %
UGI Corporation (f) |  | October 2028 |  | $ | 475 |  |  | $ | 263 |  |  | $ | — |  |  | $ | 212 |  |  | 6.63 | %
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
AmeriGas OLP (a) |  | August 2029 |  | $ | 200 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 149 |  |  | 7.29 | %
UGI International, LLC (b) |  | March 2028 |  | € | 500 |  |  | € | 115 |  |  | € | — |  |  | € | 385 |  |  | 4.88 | %
Energy Services (c) |  | May 2028 |  | $ | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |  |  | N.A.
UGI Utilities (d) |  | November 2028 |  | $ | 375 |  |  | $ | 190 |  |  | $ | — |  |  | $ | 185 |  |  | 5.92 | %
Mountaineer (e) |  | December 2025 |  | $ | 150 |  |  | $ | 96 |  |  | $ | — |  |  | $ | 54 |  |  | 6.56 | %
UGI Corporation (f) |  | August 2025 |  | $ | 300 |  |  | $ | 115 |  |  | $ | — |  |  | $ | 185 |  |  | 7.45 | %
(a)The maximum amount available for borrowing at any time under the AmeriGas Senior Secured Revolving Credit Facility is limited to the borrowing base valuation, as defined by the agreement. (b)Permits UGI International, LLC or UGI International Holdings B.V. to borrow in euros or USD. (c)The Energy Services Credit Agreement includes a $50 sublimit for letters of credit and is guaranteed by certain subsidiaries of Energy Services. (d)The UGI Utilities 2023 Credit Agreement includes a $50 sublimit for letters of credit. (e)The Mountaineer Credit Agreements include a $20 sublimit for letters of credit. In May 2025, Mountaineer entered into the Mountaineer 2025 Credit Agreement and concurrently terminated the Mountaineer 2023 Credit Agreement, a predecessor agreement. (f)Borrowings outstanding have been classified as “Long-term debt” on the Consolidated Balance Sheets. (g)Supplemental cash flow information: the Company regularly uses its credit facilities (other than the UGI Corporation 2025 Credit Agreement) to support its working capital needs with borrowings of $1,600 and repayments of $1,596 during Fiscal 2025. N.A. - Not applicable
Schedule of Receivables Facility | Information regarding the amounts of trade receivables transferred to ESFC and the amounts sold to the bank are as follows:
|  | 2025 |  | 2024 |  | 2023
Trade receivables transferred to ESFC during the year |  | $ | 1,406 |  |  | $ | 1,324 |  |  | $ | 1,946 |
ESFC trade receivables sold to the bank during the year |  | $ | 125 |  |  | $ | 336 |  |  | $ | 535 |
ESFC trade receivables - end of year (a) (b) |  | $ | 69 |  |  | $ | 51 |  |  | $ | 62 |
(a)At September 30, 2025, there were $17 of ESFC trade receivables sold to the bank and is reflected as “Short-term borrowings” on the Consolidated Balance Sheets. At September 30, 2024, there were no ESFC trade receivables sold to the bank. (b)Supplemental cash flow information: Energy Services regularly uses the Receivables Facility to support its working capital needs with borrowings of $125 and repayments of $108 during Fiscal 2025.
Schedule of Long-term Debt Instruments | Long-term debt comprises the following at September 30:
| 2025 |  | 2024
Utilities: |  |  |
UGI Utilities Senior Notes: |  |  |
4.12% due September 2046 | $ | 200 |  |  | $ | 200 |
4.98% due March 2044 | 175 |  |  | 175 |
3.12% due April 2050 | 150 |  |  | 150 |
4.55% due February 2049 | 150 |  |  | 150 |
4.12% due October 2046 | 100 |  |  | 100 |
6.21% due September 2036 | 100 |  |  | 100 |
2.95% due June 2026 | 100 |  |  | 100 |
1.59% due June 2026 | 100 |  |  | 100 |
1.64% due September 2026 | 75 |  |  | 75 |
4.75% due July 2032 | 90 |  |  | 90 |
4.99% due September 2052 | 85 |  |  | 85 |
6.02% due November 2030 | 25 |  |  | 25 |
6.10% due November 2033 | 150 |  |  | 150 |
6.40% due November 2053 | 75 |  |  | 75 |
5.24% due November 2029 | 50 |  |  | — |
5.52% due November 2034 | 125 |  |  | — |
UGI Utilities Medium-Term Notes: |  |  |
6.13% due October 2034 | 20 |  |  | 20 |
6.50% due August 2033 | 20 |  |  | 20 |
Mountaineer senior notes (a) | 264 |  |  | 196 |
UGI Utilities variable-rate term loan due through July 2027 (b) | 76 |  |  | 83 |
Other | 1 |  |  | 2 |
Unamortized debt issuance costs | (7) |  |  | (7) |
Total Utilities | 2,124 |  |  | 1,889 |
Midstream & Marketing: |  |  |
Energy Services variable-rate term loan due through February 2030 (c) | 778 |  |  | 786 |
Other | 40 |  |  | 41 |
Unamortized discount and debt issuance costs | (11) |  |  | (13) |
Total Midstream & Marketing | 807 |  |  | 814 |
UGI International: |  |  |
2.50% Senior Notes due December 2029 | 469 |  |  | 446 |
UGI International, LLC variable-rate term loan due March 2028 (d) | 352 |  |  | 335 |
Other | 13 |  |  | 12 |
Unamortized debt issuance costs | (5) |  |  | (6) |
Total UGI International | 829 |  |  | 787 |
AmeriGas Propane: |  |  |
AmeriGas Partners Senior Notes: |  |  |
5.50% due May 2025 | — |  |  | 218 |
5.875% due August 2026 | — |  |  | 664 |
5.75% due May 2027 | 512 |  |  | 512 |
9.375% due June 2028 | 493 |  |  | 493 |
9.50% due June 2030 | 550 |  |  | — |
Other (e) | 200 |  |  | — |
Unamortized debt issuance costs | (14) |  |  | (10) |
Total AmeriGas Propane | 1,741 |  |  | 1,877 |
| 2025 |  | 2024
UGI Corporation: |  |  |
UGI Corporation Credit Facilities: |  |  |
UGI Corporation revolving credit facility maturing August 2025 (f) | — |  |  | 115 |
UGI Corporation revolving credit facility maturing October 2028 (f) | 263 |  |  | — |
UGI Corporation variable-rate term loan due August 2025 (g) | — |  |  | 300 |
UGI Corporation variable-rate term loan due August 2025 (h) | — |  |  | 215 |
UGI Corporation variable-rate term loan due October 2027 (i) | 400 |  |  | — |
UGI Corporation senior notes due June 2028 | 700 |  |  | 700 |
Unamortized debt issuance costs | (16) |  |  | (19) |
Total UGI Corporation | 1,347 |  |  | 1,311 |
Less: eliminations (e) | (200) |  |  | — |
Total long-term debt | 6,648 |  |  | 6,678 |
Less: current maturities | (117) |  |  | (235) |
Total long-term debt due after one year | $ | 6,531 |  |  | $ | 6,443 |
(a)At September 30, 2025, long-term debt comprises $250 principal amount of Mountaineer senior secured notes plus unamortized premium of $14. At September 30, 2024, long-term debt comprises $180 principal amount of Mountaineer senior secured notes plus unamortized premium of $16. The face interest rates on the Mountaineer senior notes range from 3.50% to 6.21%, with maturities ranging from 2027 to 2052. (b)At September 30, 2025 and 2024, the effective interest rate on this term loan was 3.92%. We have entered into a pay-fixed, receive-variable interest rate swap to effectively fix the underlying variable rate at approximately 2.82% on a portion of these borrowings through June 2026. Term loan borrowings are due in equal quarterly installments of $2, with the balance of the principal being due in full at maturity. (c)At September 30, 2025 and 2024, the effective interest rates on the term loan were 7.39% and 7.09%, respectively. We have entered into pay-fixed, receive-variable interest rate swaps to effectively fix a substantial portion of the underlying variable rate on these borrowings at 4.53% through September 2026 and 3.55% through September 2028. Term loan borrowings are due in equal quarterly installments of $2, with the balance of the principal being due in full at maturity. Under certain circumstances, Energy Services is required to make additional principal payments if the consolidated total leverage ratio, as defined, is greater than defined thresholds. This term loan is collateralized by substantially all of the assets of Energy Services, subject to certain exceptions and carveouts including, but not limited to, accounts receivable and certain real property. (d)At September 30, 2025 and 2024, the effective interest rates on the term loan were 4.94% and 4.95%, respectively. We have entered into a pay-fixed, receive-variable interest rate swap that fixes the underlying variable rate at 3.10% through March 2026. (e)At September 30, 2025, the effective interest rate on the intersegment loan from UGI International to AmeriGas Partners was 9.13%. The intersegment loan was eliminated in consolidation. (f)In October 2024, UGI entered into a new UGI Corporation 2025 Credit Agreement. The effective interest rate on credit facility borrowings was 6.64% at September 30, 2025, compared to 7.45% at September 30, 2024 under the prior UGI Corporation Credit Facility Agreement. (g)At September 30, 2024, the effective interest rate on the term loan was 6.09%. The term loan was repaid early in October 2024. (h)At September 30, 2024, the effective interest rate on the term loan was 6.75%. The term loan was repaid early in October 2024. (i)At September 30, 2025, the effective interest rate on the term loan was 6.09%. We have entered into pay-fixed, receive-variable interest rate swaps to effectively fix the underlying variable rate at approximately 3.61% on a portion of these borrowings through September 2027.
Schedule of Principal Repayments of Long-term Debt | Scheduled principal repayments of long-term debt for each of the next five fiscal years ending September 30 are as follows:
| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030
Utilities (a) | $ | 107 |  |  | $ | 70 |  |  | $ | 40 |  |  | $ | — |  |  | $ | 70 |
Midstream & Marketing | 8 |  |  | 8 |  |  | 8 |  |  | 8 |  |  | 746 |
UGI International | 2 |  |  | 2 |  |  | 354 |  |  | 2 |  |  | 471 |
AmeriGas Propane | 35 |  |  | 677 |  |  | 493 |  |  | — |  |  | 550 |
UGI Corporation | — |  |  | — |  |  | 1,100 |  |  | 263 |  |  | — |
Eliminations (b) | (35) |  |  | (165) |  |  | — |  |  | — |  |  | — |
Total | $ | 117 |  |  | $ | 592 |  |  | $ | 1,995 |  |  | $ | 273 |  |  | $ | 1,837 |
(a)Subsequent to September 30, 2025, UGI Utilities issued $150 of 5.10% Senior Notes due November 15, 2030, and $125 of 5.68% Senior Notes due November 15, 2035. A portion of the net proceeds from the issuance were used to repay $175 aggregate principal amount of existing senior notes which were set to mature in June and September 2026. As of September 30, 2025, the $175 aggregate principal amount of these senior notes has been classified as long-term debt on the Consolidated Balance Sheets based on the Company’s intent and ability to refinance these short-term obligations on a long-term basis. (b)Represents the elimination of the intersegment loan between UGI International and AmeriGas Partners.

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