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Dispositions (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Dispositions (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposals of businesses		$ (36)	$ (95)	$ (221)
Pending sale \| UniverGas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposals of businesses		(50)
Held-for-Sale, Not Discontinued Operations \| UGI International
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposals of businesses		(3)
Held-for-Sale, Not Discontinued Operations \| UGID
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax impairment charges		3	62
Sale \| AmeriGas OLP, Hawaii
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposals of businesses		17
Consideration paid		$ 220
Sale \| UGID
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposals of businesses			(66)
Consideration paid			43
Sale \| France Energy Marketing Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss)			(29)
Sale \| Netherlands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in revenue			$ 42
Pre-tax impairment charges				19
Sale \| European energy marketing business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total settlement consideration	$ 5
Settlement gain (loss)	$ (5)
Sale \| Belgium Energy Marketing Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss)				(6)
Sale \| U.K. Energy Marketing Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss)				$ (215)

Derivative Instruments and Hedging Activities

12 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 18 — Derivative Instruments and Hedging Activities

We are exposed to certain market risks related to our ongoing business operations. Management uses derivative financial and commodity instruments, among other things, to manage: (1) commodity price risk; (2) interest rate risk; and (3) foreign currency exchange rate risk. Although we use derivative financial and commodity instruments to reduce market risk associated with forecasted transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes. The use of derivative instruments is controlled by our risk management and credit policies, which govern, among other things, the derivative instruments we can use, counterparty credit limits and contract authorization limits. Although our commodity derivative instruments extend over a number of years, a significant portion of our commodity derivative instruments economically hedge commodity price risk during the next twelve months. See Note 2 for information on the accounting for our derivative instruments.

The following sections summarize the types of derivative instruments used by the Company to manage these market risks.

Commodity Price Risk

Regulated Utility Operations

Natural Gas

PA Gas Utility’s tariffs contain clauses that permit recovery of all prudently incurred costs of natural gas it sells to retail core-market customers, including the cost of financial instruments used to hedge purchased gas costs. As permitted and agreed to by the PAPUC pursuant to PA Gas Utility’s annual PGC filings, PA Gas Utility currently uses NYMEX natural gas futures and option contracts to reduce commodity price volatility associated with a portion of the natural gas it purchases for its retail core-market customers. See Note 9 for further information on the regulatory accounting treatment for these derivative instruments.

Non-utility Operations

LPG

In order to manage market price risk associated with the Partnership’s fixed-price programs and to reduce the effects of short-term commodity price volatility, the Partnership uses over-the-counter derivative commodity instruments, principally price

swap contracts. In addition, the Partnership and our UGI International operations also use over-the-counter price swap and option contracts to reduce commodity price volatility associated with a portion of their forecasted LPG purchases.

Natural Gas

In order to manage market price risk relating to fixed-price sales contracts for physical natural gas, Midstream & Marketing enters into NYMEX and over-the-counter natural gas futures and over-the-counter and ICE natural gas basis swap contracts. In addition, Midstream & Marketing uses NYMEX and over-the-counter futures and options contracts to economically hedge price volatility associated with the gross margin derived from the purchase and anticipated later near-term sale of natural gas storage inventories. Outside of the financial market, Midstream & Marketing also uses ICE and over-the-counter forward physical contracts. Prior to the exit of substantially all of the Company’s energy marketing business in Europe (see Note 5), UGI International also used natural gas futures and forward contracts to economically hedge market price risk associated with a substantial portion of anticipated volumes under fixed-price sales contracts with its customers.

Electricity

In order to manage market price risk relating to fixed-price sales contracts for electricity, Midstream & Marketing entered into electricity futures and forward contracts. Prior to the sale of UGID in September 2024, Midstream & Marketing, through UGID, also used NYMEX and over-the-counter electricity futures contracts to economically hedge the price of a portion of its anticipated future sales of electricity from its electric generation facilities. Prior to the exit of substantially all of the Company’s energy marketing business in Europe (see Note 5), UGI International also used electricity futures and forward contracts to economically hedge market price risk associated with fixed-price sales and purchase contracts for electricity.

Interest Rate Risk

Certain of our long-term debt agreements have interest rates that are generally indexed to short-term market interest rates. In order to fix the underlying short-term market interest rates, we may enter into pay-fixed, receive-variable interest rate swap agreements and designate such swaps as cash flow hedges.

Energy Services has a variable-rate term loan with an interest rate that is indexed to short-term market interest rates. Energy Services has entered into a forward starting, amortizing, pay-fixed, receive-variable interest rate swap agreement commencing September 30, 2026, that generally fixes the underlying variable interest rate on borrowings at 3.549% through September 2028. We designated this interest rate swap as a cash flow hedge.

In March 2023, in connection with the Energy Services Amended Term Loan Credit Agreement, Energy Services terminated and settled its existing interest rate swap associated with the Energy Services Term Loan Credit Agreement at a $32 gain. This gain was deferred in AOCI and was amortized to interest expense over the remaining term of the initial interest rate swap through July 2024.

The remainder of our long-term debt is typically issued at fixed rates of interest. As this long-term debt matures, we typically refinance such debt with new debt having interest rates reflecting then-current market conditions. In order to reduce market rate risk on the underlying benchmark rate of interest associated with near- to medium-term forecasted issuances of fixed-rate debt, from time to time we enter into IRPAs. We account for IRPAs as cash flow hedges. There were no unsettled IRPAs during any of the periods presented. At September 30, 2025, the amount of pre-tax net (gains) losses associated with interest rate hedges expected to be reclassified into earnings during the next twelve months is $10.

Foreign Currency Exchange Rate Risk

Forward Foreign Currency Exchange Contracts

In order to reduce the volatility in net income associated with our foreign operations, principally as a result of changes in the USD exchange rate to the euro and British pound sterling, we enter into forward foreign currency exchange contracts. We layer in these foreign currency exchange contracts over multi-year periods to eventually equal approximately 90% of anticipated UGI International foreign currency earnings before income taxes. Because these contracts are not designated as hedging instruments, realized and unrealized gains and losses on these contracts are recorded in “Other non-operating income (expense), net” on the Consolidated Statements of Income.

Net Investment Hedges

From time to time, we also enter into certain forward foreign currency exchange contracts to reduce the volatility of the USD value of a portion of our UGI International euro-denominated net investments, including anticipated foreign currency denominated dividends. We account for these foreign currency exchange contracts as net investment hedges and all changes in the fair value of these contracts are reported in the cumulative translation adjustment component in AOCI. We use the spot rate method to measure ineffectiveness of our net investment hedges.

Our euro-denominated long-term debt has also been designated as net investment hedges, representing a portion of our UGI International euro-denominated net investment. We recognized pre-tax gains (losses) associated with these net investment hedges in the cumulative translation adjustment component in AOCI of $(42), $(39) and $(57) during Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively.

Quantitative Disclosures Related to Derivative Instruments

The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at September 30, 2025 and 2024 and the final settlement dates of the Company's open derivative contracts as of September 30, 2025, but excluding those derivatives that qualified for the NPNS exception:


			Notional Amounts (in millions)
			September 30,
Type	Units	Settlements Extending Through	2025		2024
Commodity Price Risk:
Regulated Utility Operations
PA Gas Utility NYMEX natural gas futures and option contracts	Dekatherms	September 2026	28		26


Non-utility Operations
LPG swaps	Gallons	May 2028	608		458
Natural gas futures, forward, basis swap, options and pipeline contracts	Dekatherms	December 2029	237		325




Electricity forward and futures contracts	Kilowatt hours	December 2028	929		1,113

Interest Rate Risk:
Interest rate swaps	Euro	March 2026	€	300	€	300
Interest rate swaps	USD	September 2028	$	1,443	$	1,231

Foreign Currency Exchange Rate Risk:
Forward foreign currency exchange contracts	USD	September 2028	$	500	$	389
Net investment hedge forward foreign exchange contracts	Euro	December 2026	€	106	€	181

Derivative Instrument Credit Risk

We are exposed to risk of loss in the event of nonperformance by our derivative instrument counterparties. Our derivative instrument counterparties principally comprise large energy companies and major U.S. and international financial institutions. We maintain credit policies with regard to our counterparties that we believe reduce overall credit risk. These policies include evaluating and monitoring our counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits or entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate.

We have concentrations of credit risk associated with derivative instruments and we evaluate the creditworthiness of our derivative counterparties on an ongoing basis. As of September 30, 2025, the maximum amount of loss, based upon the gross fair values of the derivative instruments, we would incur if these counterparties failed to perform according to the terms of their contracts was $97. In general, many of our over-the-counter derivative instruments and all exchange contracts call for the

posting of collateral by the counterparty or by the Company in the forms of letters of credit, parental guarantees or cash. At September 30, 2025, we received cash collateral from derivative instrument counterparties totaling $2. In addition, we may have offsetting derivative liabilities and certain accounts payable balances with certain of these counterparties, which further mitigates the previously mentioned maximum amount of losses. Certain of the Partnership’s derivative contracts have credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade of the Partnership’s debt rating. At September 30, 2025, if the credit-risk-related contingent features were triggered, the amount of collateral required to be posted would not be material.

Offsetting Derivative Assets and Liabilities

Derivative assets and liabilities are presented net by counterparty on the Consolidated Balance Sheets if the right of offset exists. We offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty. Our derivative instruments include both those that are executed on an exchange through brokers and centrally cleared and over-the-counter transactions. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency or other conditions.

In general, many of our over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral generally include cash or letters of credit. Cash collateral paid by us to our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on the Consolidated Balance Sheets with our derivative counterparties are not included in the table below but could reduce our net exposure to such counterparties because such balances are subject to master netting or similar arrangements.

Fair Value of Derivative Instruments

The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting, as of September 30:


	2025		2024
Derivative assets:
Derivatives designated as hedging instruments:

Foreign currency contracts	$	1	$	6

Interest rate contracts	—		1
	1		7
Derivatives subject to PGC and DS mechanisms:
Commodity contracts	3		4
Derivatives not designated as hedging instruments:
Commodity contracts	93		129


Total derivative assets – gross	97		140
Gross amounts offset in the balance sheet	(65)		(88)
Cash collateral received	(2)		(14)
Total derivative assets – net (a)	$	30	$	38

Derivative liabilities:
Derivatives designated as hedging instruments:



Interest rate contracts	$	(12)	$	(22)

Derivatives subject to PGC and DS mechanisms:
Commodity contracts	(8)		(1)
Derivatives not designated as hedging instruments:
Commodity contracts	(125)		(151)
Foreign currency contracts	(19)		(9)
	(144)		(160)
Total derivative liabilities – gross	(164)		(183)
Gross amounts offset in the balance sheet	65		88
Cash collateral pledged	19		36
Total derivative liabilities – net	$	(80)	$	(59)

(a) Derivative assets with maturities over one year are included in “Other assets” on the Consolidated Balance Sheets.

Effects of Derivative Instruments

The following tables provide information on the effects of derivative instruments on the Consolidated Statements of Income and changes in AOCI for Fiscal 2025, Fiscal 2024 and Fiscal 2023:


	Gain (Loss) Recognized in AOCI						Gain (Loss) Reclassified from AOCI into Income						Location of Gain (Loss) Reclassified from AOCI into Income
	2025		2024		2023		2025		2024		2023
Cash Flow Hedges:



Interest rate contracts	$	14	$	(19)	$	25	$	3	$	49	$	40	Interest expense

Net Investment Hedges:
Foreign currency contracts	$	(9)	$	(5)	$	(21)


	Gain (Loss) Recognized in Income						Location of Gain (Loss) Recognized in Income
	2025		2024		2023
Derivatives Not Designated as Hedging Instruments:
Commodity contracts	$	(1)	$	1	$	11	Revenues
Commodity contracts	3		(92)		(1,771)		Cost of sales

Commodity contracts	(1)		3		2		Other operating expense (income), net
Foreign currency contracts	(4)		(19)		(23)		Other non-operating income (expense), net
Total	$	(3)	$	(107)	$	(1,781)

We are also a party to a number of other contracts that have elements of a derivative instrument. However, these contracts qualify for NPNS exception accounting because they provide for the delivery of products or services in quantities that are expected to be used in the normal course of operating our business and the price in these contracts are based on an underlying that is directly associated with the price of the product or service being purchased or sold. These contracts include, among others, binding purchase orders, contracts that provide for the purchase and delivery, or sale, of energy products, and service contracts that require the counterparty to provide commodity storage, transportation or capacity service to meet our normal sales commitments.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Nature of Operations	12 Months Ended
Nature of Operations	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1 — Nature of Operations UGI is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services in the U.S. and Europe. We own and operate (1) natural gas and electric distribution utilities; (2) energy marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, electricity generation prior to the sale of UGID in September 2024 and energy services businesses; and (3) retail propane and other LPG marketing and distribution businesses. Our Utilities segment includes UGI Utilities and Mountaineer. PA Gas Utility serves customers in eastern and central Pennsylvania and in portions of one Maryland county, and WV Gas Utility serves customers in West Virginia. Electric Utility serves customers in portions of Luzerne and Wyoming counties in northeastern Pennsylvania. PA Gas Utility is subject to regulation by the PAPUC and FERC and, with respect to its customers in Maryland, the MDPSC. WV Gas Utility is subject to regulation by the WVPSC and FERC. Electric Utility is subject to regulation by the PAPUC and FERC. Energy Services conducts, directly and through subsidiaries and affiliates, energy marketing, including RNG, midstream transmission, LNG storage, natural gas gathering and processing, natural gas and RNG production, and energy services businesses primarily in the eastern region of the U.S., eastern Ohio, the panhandle of West Virginia and California. Energy Services and its subsidiaries’ storage, LNG and portions of its midstream transmission operations are subject to regulation by the FERC. Prior to its sale in September 2024, UGID owned electricity generation facilities principally located in Pennsylvania. See Note 5 for additional information. UGI International, LLC, through its subsidiaries and affiliates, primarily conducts an LPG distribution business throughout much of Europe. The LPG business is conducted principally through our subsidiaries, UGI France, Flaga, AvantiGas, and prior to the sale in June 2025, UniverGas. As of the end of the first quarter of Fiscal 2024, UGI International had exited substantially all of its European energy marketing business which primarily marketed natural gas and electricity to customers through third-party distribution systems in France, Belgium, the Netherlands, and the United Kingdom. See Note 5 for additional information. We conduct a domestic propane marketing and distribution business through AmeriGas Partners. AmeriGas Partners conducts its propane marketing and distribution business through its principal operating subsidiary AmeriGas OLP.

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY) - STATEMENTS OF CASH FLOWS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Condensed Financial Statements, Captions [Line Items]
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 1,227,000,000	$ 1,182,000,000	$ 1,107,000,000
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash provided (used) by investing activities	(699,000,000)	(792,000,000)	(1,077,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on Common Stock	(322,000,000)	(318,000,000)	(308,000,000)
Issuances of debt, net of issuance costs	1,684,000,000	1,321,000,000	1,930,000,000
Issuances of Common Stock	18,000,000	0	12,000,000
Repurchases of Common Stock	(33,000,000)	0	(22,000,000)
Net cash provided (used) by financing activities	(406,000,000)	(506,000,000)	(168,000,000)
Cash, cash equivalents and restricted cash increase (decrease)	127,000,000	(112,000,000)	(129,000,000)
Cash and cash equivalents:
Cash, cash equivalents and restricted cash at end of year	355,000,000	228,000,000	340,000,000
Cash, cash equivalents and restricted cash at beginning of year	228,000,000	340,000,000	469,000,000
Cash and cash equivalents increase (decrease)	127,000,000	(112,000,000)	(129,000,000)
Parent Company
Condensed Financial Statements, Captions [Line Items]
NET CASH PROVIDED BY OPERATING ACTIVITIES	339,000,000	379,000,000	636,000,000
CASH FLOWS FROM INVESTING ACTIVITIES
Net investments in unconsolidated subsidiaries	(30,000,000)	(355,000,000)	(309,000,000)
Net cash provided (used) by investing activities	(30,000,000)	(355,000,000)	(309,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on Common Stock	(322,000,000)	(318,000,000)	(308,000,000)
Issuances of debt, net of issuance costs	898,000,000	1,078,000,000	327,000,000
Repayments of long-term debt	(870,000,000)	(775,000,000)	(333,000,000)
Issuances of Common Stock	18,000,000	0	12,000,000
Repurchases of Common Stock	(33,000,000)	0	(22,000,000)
Payments on Purchase Contracts	0	(12,000,000)	(16,000,000)
Net cash provided (used) by financing activities	(309,000,000)	(27,000,000)	(340,000,000)
Cash, cash equivalents and restricted cash increase (decrease)	0	(3,000,000)	(13,000,000)
Cash and cash equivalents:
Cash, cash equivalents and restricted cash at end of year	4,000,000	4,000,000	7,000,000
Cash, cash equivalents and restricted cash at beginning of year	4,000,000	7,000,000	20,000,000
Cash and cash equivalents increase (decrease)	0	(3,000,000)	(13,000,000)
Dividends from unconsolidated subsidiaries	$ 466,000,000	$ 420,000,000	$ 680,000,000

Summary of Significant Accounting Policies - Property, Plant and Equipment and Related Depreciation (Details) - USD ($)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Public Utility, Property, Plant and Equipment [Line Items]
Depreciation expense included in cost of sales	$ 0	$ 0	$ 0
UGI Utilities, Inc.
Public Utility, Property, Plant and Equipment [Line Items]
Amortization period	5 years

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Sep. 30, 2025	Nov. 14, 2025	Mar. 31, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2025
Current Fiscal Year End Date	--09-30
Document Transition Report	false
Entity File Number	1-11071
Entity Registrant Name	UGI CORP
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2668356
Entity Address, Address Line One	500 North Gulph Road
Entity Address, City or Town	King of Prussia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19406
City Area Code	610
Local Phone Number	337-1000
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	UGI
Security Exchange Name	NYSE
Entity Well-Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 7,075,625,221
Entity Common Stock, Shares Outstanding		214,527,913
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held on January 30, 2026 are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000884614
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Goodwill
Balance at beginning of period	$ 2,871	$ 3,027
Impairment of goodwill	0	(195)	$ (656)
Dispositions	(67)	(12)
Foreign currency translation	48	51
Balance at end of period	2,852	2,871	3,027
Utilities
Goodwill
Balance at beginning of period	432	432
Impairment of goodwill		0
Dispositions	0	0
Foreign currency translation	0	0
Balance at end of period	432	432	432
Midstream & Marketing
Goodwill
Balance at beginning of period	336	336
Impairment of goodwill		0	0
Dispositions	0	0
Foreign currency translation	0	0
Balance at end of period	336	336	336
UGI International
Goodwill
Balance at beginning of period	950	911
Impairment of goodwill		0	0
Dispositions	(41)	(12)
Foreign currency translation	48	51
Balance at end of period	957	950	911
AmeriGas Propane
Goodwill
Balance at beginning of period	1,153	1,348
Impairment of goodwill		(195)	(656)
Dispositions	(26)	0
Foreign currency translation	0	0
Balance at end of period	$ 1,127	$ 1,153	$ 1,348

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

Income (loss) before income taxes comprises the following:


	2025		2024		2023
Domestic	$	580	$	305	$	(346)
Foreign	116		35		(1,491)
Total income (loss) before income taxes	$	696	$	340	$	(1,837)

Schedule of Provisions for Income Taxes

The provisions for income taxes consist of the following:


	2025		2024		2023
Current expense (benefit):
Federal	$	—	$	(25)	$	(1)
State	14		12		37
Foreign	50		32		49

Total current expense (benefit)	64		19		85
Deferred expense (benefit):
Federal	(41)		82		34
State	8		34		(21)
Foreign	(13)		(64)		(433)

Total deferred expense (benefit)	(46)		52		(420)
Total income tax expense (benefit)	$	18	$	71	$	(335)

Schedule of Reconciliation of U.S. Federal Statutory Tax Rate to Effective Tax Rate

A reconciliation from the U.S. federal statutory tax rate to our effective tax rate is as follows:


	2025		2024		2023
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Difference in tax rate due to:
Goodwill impairment not deductible for tax	—		11.6		(7.3)
State income taxes, net of federal benefit	4.6		6.8		(1.7)
Investment tax credits	(12.7)		(6.8)		0.5
Valuation allowance adjustments	(8.8)		(6.3)		1.1
Regulated entity depreciation normalization	(2.0)		(4.5)		0.7
Notional interest deduction	(1.7)		(3.8)		0.7
Nontaxable sale of equity investment	1.5		—		—
Effects of tax rate changes – State, net of federal benefit	(0.7)		3.6		0.2
State NOL adjustment upon disposition	—		2.4		—
Uncertain tax positions	0.8		(2.4)		(0.7)
Impairment of equity investment	—		2.2		—
Federal refund interest accrual	(0.5)		(1.1)		—
Effects of foreign operations	(0.6)		0.1		3.1



Other, net	1.7		(1.9)		0.6
Effective tax rate	2.6	%	20.9	%	18.2	%

Schedule of Deferred Tax Liabilities (Assets)

Deferred tax liabilities (assets) comprise the following at September 30:


	2025		2024
Excess book basis over tax basis of property, plant and equipment	$	1,051	$	994
Intangible assets and goodwill	105		86
Utility regulatory assets	80		74
Investment in AmeriGas Partners	71		31


Other	113		50
Gross deferred tax liabilities	1,420		1,235

Interest expense	(150)		(118)
Operating loss carryforwards	(73)		(72)
Utility regulatory liabilities	(66)		(72)
Foreign tax credit carryforwards	(12)		(49)
Employee-related benefits	(25)		(33)
Investment tax credits	(116)		(26)
Utility environmental liabilities	(19)		(16)
Pension plan liabilities	—		(8)

Derivative instrument liabilities	(19)		(3)

Other	(121)		(58)
Gross deferred tax assets	(601)		(455)
Deferred tax assets valuation allowance	71		130
Net deferred tax liabilities	$	890	$	910

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:



	2025		2024		2023
Unrecognized tax benefits — beginning of year	$	18	$	26	$	5
Additions for tax positions of the current year	7		4		3
Decreases for tax positions taken in prior years	(2)		(11)		—
Increases for tax positions taken in prior years	1		—		19
Settlements with tax authorities/statute lapses	—		(1)		(1)
Unrecognized tax benefits — end of year	$	24	$	18	$	26

Summary of Significant Accounting Policies - Schedule of Reconciliation of the total cash, cash equivalents and restricted cash (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 335	$ 213	$ 241
Restricted cash	20	15	99
Cash, cash equivalents and restricted cash	$ 355	$ 228	$ 340	$ 469

Utility Regulatory Assets and Liabilities and Regulatory Matters - Schedule of Regulatory Assets and Liabilities Associated with Utilities (Details) - UGI Utilities, Inc. - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Regulatory Assets [Line Items]
Regulatory assets	$ 340	$ 319
Regulatory Liabilities [Line Items]
Regulatory liabilities	314	329
Postretirement benefits
Regulatory Liabilities [Line Items]
Regulatory liabilities	14	13
Deferred fuel and power refunds
Regulatory Liabilities [Line Items]
Regulatory liabilities	4	17
State income tax benefits — distribution system repairs
Regulatory Liabilities [Line Items]
Regulatory liabilities	49	44
Excess federal deferred income taxes
Regulatory Liabilities [Line Items]
Regulatory liabilities	239	247
Other
Regulatory Liabilities [Line Items]
Regulatory liabilities	8	8
Income taxes recoverable
Regulatory Assets [Line Items]
Regulatory assets	113	105
Underfunded pension plans
Regulatory Assets [Line Items]
Regulatory assets	100	106
Environmental costs
Regulatory Assets [Line Items]
Regulatory assets	22	28
Deferred fuel and power costs
Regulatory Assets [Line Items]
Regulatory assets	39	0
Removal costs, net
Regulatory Assets [Line Items]
Regulatory assets	30	28
Other
Regulatory Assets [Line Items]
Regulatory assets	$ 36	$ 52

Debt - Narrative (Details)		1 Months Ended				2 Months Ended	6 Months Ended		12 Months Ended
Debt - Narrative (Details)	Jul. 31, 2025 USD ($)	Aug. 31, 2025 USD ($)	May 31, 2025 USD ($)	Feb. 28, 2025 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Nov. 21, 2025 USD ($)	Oct. 17, 2026 USD ($)	Apr. 30, 2026 USD ($)	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Apr. 30, 2025 USD ($)	Nov. 30, 2024 USD ($)	Oct. 31, 2024 USD ($)
Debt Instrument [Line Items]
Loss on extinguishments of debt									$ (10,000,000)	$ (9,000,000)	$ (9,000,000)
Restricted net assets									3,400,000,000
AmeriGas Partners
Debt Instrument [Line Items]
Funding				$ 221,000,000
Notes Payable									200,000,000
AmeriGas Partners \| Subsequent Event
Debt Instrument [Line Items]
Repayments of Notes Payable						$ 35,000,000
Mountaineer
Debt Instrument [Line Items]
Maximum borrowing capacity									150,000,000	150,000,000
Energy Services
Debt Instrument [Line Items]
Maximum borrowing capacity									300,000,000	300,000,000
Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Principal amount									175,000,000
Line of Credit \| Mountaineer \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 20,000,000
Senior Notes Due 2030 \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Principal amount	$ 150,000,000
Interest rate (as a percentage)	5.10%
Default conversion settlement ratio									1
Conversion ratio									0.0362319
Senior Notes Due 2030 \| Senior Notes \| UGI Utilities, Inc. \| Subsequent Event
Debt Instrument [Line Items]
Principal amount						$ 150,000,000
Interest rate (as a percentage)						5.10%
Senior Notes Due 2030 \| Senior Notes \| AmeriGas Partners And AmeriGas Finance Corp.
Debt Instrument [Line Items]
Principal amount			$ 550,000,000
Interest rate (as a percentage)			9.50%
Senior Notes Due 2035 \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Principal amount	$ 125,000,000
Interest rate (as a percentage)	5.68%
Senior Notes Due 2035 \| Senior Notes \| UGI Utilities, Inc. \| Subsequent Event
Debt Instrument [Line Items]
Principal amount						$ 125,000,000
Interest rate (as a percentage)						5.68%
2.95% due June 2026 \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Interest rate (as a percentage)									2.95%
1.59% due June 2026 \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Interest rate (as a percentage)									1.59%
1.64% due September 2026 \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Interest rate (as a percentage)									1.64%
Senior Notes Due 2029 \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Principal amount													$ 50,000,000
Interest rate (as a percentage)													5.24%
Senior Notes Due 2034 \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Principal amount													$ 125,000,000
Interest rate (as a percentage)													5.52%
Mountaineer 2025 Credit Agreement \| Line of Credit \| Mountaineer \| Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 150,000,000
Increase to limit			250,000,000
Mountaineer 2025 Credit Agreement \| Line of Credit \| Mountaineer \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 20,000,000
Senior Notes Due June 1, 2035 \| Senior Notes \| Mountaineer
Debt Instrument [Line Items]
Principal amount												$ 50,000,000
Interest rate (as a percentage)												6.11%
Senior Notes Due June 1, 2037 \| Senior Notes \| Mountaineer
Debt Instrument [Line Items]
Principal amount												$ 20,000,000
Interest rate (as a percentage)												6.21%
AmeriGas Partners Senior Notes \| Senior Notes \| AmeriGas Partners
Debt Instrument [Line Items]
Interest rate (as a percentage)			5.875%
Redemption			$ 664,000,000
Loss on extinguishments of debt									$ 9,000,000
UGI Corporation Credit Facility Agreement \| Line of Credit \| Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300,000,000												$ 475,000,000
Borrowings				$ 221,000,000
Debt term		1 year
UGI Corporation Credit Facility Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity														10,000,000
UGI Corporation Credit Facility Agreement \| Line of Credit \| Senior Secured Notes
Debt Instrument [Line Items]
Maximum borrowing capacity														400,000,000
5.50 Percent Senior Notes \| Senior Notes \| AmeriGas Partners
Debt Instrument [Line Items]
Interest rate (as a percentage)									5.50%
Redeemed									$ 218,000,000
AmeriGas Senior Secured Revolving Credit Facility \| Line of Credit \| Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity										200,000,000				$ 300,000,000
UGI Corporation Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Principal amount					$ 700,000,000
Interest rate (as a percentage)					5.00%
Conversion price (in dollars per share) \| $ / shares									$ 27.60
Interest expense									$ 40,000,000
Effective interest rate (as a percentage)									5.69%
UGI Corporation Senior Notes \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Estimated fair value									$ 894,000,000	$ 744,000,000
UGI Corporation Senior Notes \| Senior Notes \| Period One
Debt Instrument [Line Items]
Market price conversion trigger (as a percentage)					130.00%
Conversion price (in dollars per share) \| $ / shares					$ 27.60
UGI Corporation Senior Notes \| Senior Notes \| Period Two
Debt Instrument [Line Items]
Market price conversion trigger (as a percentage)					98.00%
Energy Services Receivables Facility \| Energy Services \| Receivables Facility \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 75,000,000	$ 150,000,000
Option to increase							$ 50,000,000
Senior Notes Due June 2026 \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Interest rate (as a percentage)	1.59%
Repayments of Secured Debt	$ 100,000,000
Senior Notes Due September 2026 \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Interest rate (as a percentage)	1.64%
Repayments of Secured Debt	$ 75,000,000

Debt (Tables)

12 Months Ended

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.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY) - Narrative (Details) - Parent Company $ in Millions	12 Months Ended
	Sep. 30, 2025 USD ($)
Guarantee Obligations [Line Items]
Surety bonds indemnified	$ 110
Maximum amount authorized to guarantee obligations to suppliers and customers (up to)	375
Current carrying value	$ 283

Derivative Instruments and Hedging Activities - Schedule of Notional Amounts Related to Open Derivative Contracts (Details) € in Millions, kWh in Millions, gal in Millions, DTH in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2025 USD ($) DTH kWh gal	Sep. 30, 2024 USD ($) DTH kWh gal	Sep. 30, 2025 EUR (€) DTH	Sep. 30, 2024 EUR (€) DTH
Interest rate swaps
Derivative [Line Items]
Notional amount	$ 1,443	$ 1,231	€ 300	€ 300
Forward foreign currency exchange contracts
Derivative [Line Items]
Notional amount	$ 500	$ 389	€ 106	€ 181
Natural Gas \| Commodity contracts \| Regulated Utility Operations
Derivative [Line Items]
Notional amount (in units)	28	26	28	26
Natural Gas \| Natural gas futures, forward, basis swap, options and pipeline contracts \| Non-utility Operations
Derivative [Line Items]
Notional amount (in units)	237	325	237	325
LPG swaps \| Commodity contracts \| Non-utility Operations
Derivative [Line Items]
LPG swaps (in gallons) \| gal	608	458
Electricity forward and futures contracts \| Commodity contracts \| Non-utility Operations
Derivative [Line Items]
Electricity forward and futures contracts (in kilowatt hours) \| kWh	929	1,113

Debt - Schedule of Receivables Facility (Details) - Energy Services Receivables Facility - Receivables Facility - Energy Services - USD ($)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Short-term Debt [Line Items]
Trade receivables transferred to ESFC during the year	$ 1,406,000,000	$ 1,324,000,000	$ 1,946,000,000
ESFC trade receivables sold to the bank during the year	125,000,000	336,000,000	535,000,000
ESFC trade receivables - end of year	69,000,000	51,000,000	$ 62,000,000
Outstanding balance of trade receivables sold	17,000,000	$ 0
Borrowings	125,000,000
Repayments	$ 108,000,000

Segment Information - Schedule of Reconciliation of Partnership Adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	$ (19)	$ (10)	$ (1,682)
Loss on extinguishments of debt	(10)	(9)	(9)
Loss associated with impairment of AmeriGas Propane goodwill	0	(195)	(656)
Loss on disposal of business	(36)	(95)	(221)
Midstream & Marketing
Segment Reporting Information [Line Items]
Loss on extinguishments of debt	0	(1)	0
Pre-tax impairment charge
Loss associated with impairment of AmeriGas Propane goodwill		0	0
Loss on disposal of business	0	(66)
Interest income from intersegment loan	0
AmeriGas operations enhancement for growth project		0	0
Restructuring costs		$ (1)
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating and administrative expenses
UGI International
Segment Reporting Information [Line Items]
Loss on extinguishments of debt	0	$ 0	0
Pre-tax impairment charge		(33)
Loss associated with impairment of AmeriGas Propane goodwill		0	0
Loss on disposal of business	(53)	0
Interest income from intersegment loan	12
AmeriGas operations enhancement for growth project		0	0
Restructuring costs		$ (57)
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating and administrative expenses
AmeriGas Propane
Segment Reporting Information [Line Items]
Loss on extinguishments of debt	(9)	$ (8)	(9)
Pre-tax impairment charge
Loss associated with impairment of AmeriGas Propane goodwill		(195)	(656)
Loss on disposal of business	17	0
Interest income from intersegment loan	0
AmeriGas operations enhancement for growth project		(25)	(24)
Restructuring costs		$ (1)
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating and administrative expenses
Revenues \| Midstream & Marketing
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	(1)	$ 0	6
Business Exit Costs		0
Revenues \| UGI International
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	0	1	4
Business Exit Costs		(42)
Revenues \| AmeriGas Propane
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	0	0	0
Business Exit Costs		0
Cost of sales \| Midstream & Marketing
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	38	63	(236)
Cost of sales \| UGI International
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	(48)	(5)	(1,402)
Cost of sales \| AmeriGas Propane
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	1	21	(16)
Other operating expense (income), net \| Midstream & Marketing
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	0	0
Other operating expense (income), net \| UGI International
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	1	(3)
Other operating expense (income), net \| AmeriGas Propane
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	0	0
Other non-operating income (expense), net \| Midstream & Marketing
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	0	0	0
Other non-operating income (expense), net \| UGI International
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	(10)	(31)	(38)
Other non-operating income (expense), net \| AmeriGas Propane
Segment Reporting Information [Line Items]
Unrealized gain (loss) on derivatives	$ 0	0	0
Operating and administrative expenses; Other operating expense (income), net \| Midstream & Marketing
Segment Reporting Information [Line Items]
Business Exit Costs		0	0
Operating and administrative expenses; Other operating expense (income), net \| UGI International
Segment Reporting Information [Line Items]
Business Exit Costs		(13)	(27)
Operating and administrative expenses; Other operating expense (income), net \| AmeriGas Propane
Segment Reporting Information [Line Items]
Business Exit Costs		0	0
(Gain) loss on disposals of businesses \| Midstream & Marketing
Segment Reporting Information [Line Items]
Business Exit Costs		0	0
(Gain) loss on disposals of businesses \| UGI International
Segment Reporting Information [Line Items]
Business Exit Costs		(29)	(221)
(Gain) loss on disposals of businesses \| AmeriGas Propane
Segment Reporting Information [Line Items]
Business Exit Costs		$ 0	$ 0

Accounting Changes	12 Months Ended
Accounting Changes	Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Changes	Note 3 — Accounting Changes New Accounting Standard Adopted in Fiscal 2025 Segment Reporting. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. In the fourth quarter of Fiscal 2025, the Company adopted the new guidance on a retrospective basis. The adoption of the new guidance did not have a material impact on our consolidated financial statements. See Note 22 for enhanced disclosures. Accounting Standards Not Yet Adopted Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40)” which, among other things, removes the prescriptive project stage requirements and allows entities to capitalize internal-use software costs when management authorizes and commits funding to the project and it is probable the software will be completed and used as intended. This new guidance is effective for the Company for annual and interim periods beginning October 1, 2028 (Fiscal 2029). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective, modified, or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted. Measurement of Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326)” which provides a practical expedient that allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. This new guidance is effective for the Company for annual and interim periods beginning October 1, 2026 (Fiscal 2027). Early adoption is permitted. The amendments in this ASU should be adopted using the prospective method. The Company is in the process of assessing the impact on its financial statements and the period in which the new guidance will be adopted. Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40)” which requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. This new guidance is effective for the Company for annual periods beginning October 1, 2027 (Fiscal 2028) and interim periods beginning October 1, 2028 (Fiscal 2029). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted. Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740)” which requires entities to disclose, among other items, disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. This new guidance is effective for the Company for annual periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. This Company will adopt the new guidance effective for the year ending September 30, 2026 and provide the additional disclosures as required by the new guidance.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (i)(1)
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Income Tax Examination [Line Items]
Foreign tax credits		$ 47	$ 17	$ 25
Income tax benefit		(18)	(71)	335
Release of valuation allowance associated with previously disallowed interest expense	$ 31
Income taxes receivable	41	41	56
GILTI taxes		15	2	13
Deferred tax assets relating to operating loss carryforwards	73	73	72
Increase (decrease) in valuation allowance		(59)
Unrecognized tax benefits if recognized would impact the reported effective tax rate	24	24	18	26
Notional interest deduction carryover
Income Tax Examination [Line Items]
Increase (decrease) in valuation allowance		18
Disallowed Interest
Income Tax Examination [Line Items]
Increase (decrease) in valuation allowance		31
Foreign Tax Credit
Income Tax Examination [Line Items]
Increase (decrease) in valuation allowance		(45)
AmeriGas Propane
Income Tax Examination [Line Items]
Operating loss carryforwards	1	1
Other Subsidiaries
Income Tax Examination [Line Items]
Deferred tax assets relating to operating loss carryforwards	73	73
Effects of tax rate changes – State, net of federal benefit
Income Tax Examination [Line Items]
Expense (benefit) from legislation		5	12	4
Decrease in income tax expense due to state tax flow through of accelerated depreciation		11	12	$ 11
Operating loss carryforwards	1,269	1,269
Effects of U.S. tax legislation
Income Tax Examination [Line Items]
Income taxes receivable	41	41	56
Effects of U.S. tax legislation \| Fiscal 2021
Income Tax Examination [Line Items]
Income taxes receivable	36	36	$ 36
Effects of tax rate changes - International \| Administration of the Treasury, Belgium
Income Tax Examination [Line Items]
Operating loss carryforwards	5	5
Effects of tax rate changes - International \| Tax and Customs Administration, Netherlands
Income Tax Examination [Line Items]
Operating loss carryforwards	65	65
Effects of tax rate changes - International \| Flaga
Income Tax Examination [Line Items]
Operating loss carryforwards	10	10
Effects of tax rate changes - International \| UGI France
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 19	$ 19

Debt

12 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Note 6 — Debt

Significant Financing Activities During Fiscal 2025

Utilities

UGI Utilities Senior Notes. In July 2025, UGI Utilities entered into a note purchase agreement with a consortium of lenders. Pursuant to the note purchase agreement, in November 14, 2025, UGI Utilities issued $150 aggregate principal amount of 5.10% Senior Notes due November 15, 2030, and $125 aggregate principal amount of 5.68% Senior Notes due November 15, 2035. These senior notes are unsecured and rank equally with UGI Utilities’ existing outstanding senior debt. The note purchase agreement contains customary covenants and default provisions and requires compliance with certain financial covenants including a leverage ratio and priority debt ratio as defined in the agreement. UGI Utilities used the net proceeds from the issuance of these senior notes to (1) repay the $100 outstanding principal balance of the 1.59% Senior Notes, due June 2026 and $75 outstanding principal balance of the 1.64% Senior Notes, due September 2026; (2) reduce short-term borrowings; and (3) for general corporate purposes. 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.

In November 2024, UGI Utilities entered into a note purchase agreement with a consortium of lenders. Pursuant to the note purchase agreement, UGI Utilities issued $50 aggregate principal amount of 5.24% Senior Notes due November 30, 2029, and $125 aggregate principal amount of 5.52% Senior Notes due November 30, 2034. The note purchase agreement contains customary covenants and default provisions and requires compliance with certain financial covenants including a leverage ratio and priority debt ratio as defined in the agreement. These senior notes are unsecured and rank equally with UGI Utilities’ existing outstanding senior debt. The net proceeds from these issuances were used to reduce short-term borrowings and for general corporate purposes.

Mountaineer 2025 Credit Agreement. In May 2025, Mountaineer entered into the Mountaineer 2025 Credit Agreement providing for borrowings up to $150, including a $20 sublimit for letters of credit. Mountaineer may request an increase in the amount of loan commitments to a maximum aggregate amount of $250, subject to certain terms and conditions. In connection with entering into the Mountaineer 2025 Credit Agreement, Mountaineer paid off in full and terminated the Mountaineer 2023 Credit Agreement, dated as of November 2019. Borrowings under the Mountaineer 2025 Credit Agreement can be used to refinance Mountaineer’s existing indebtedness, finance the working capital needs of Mountaineer and for general corporate purposes. The Mountaineer 2025 Credit Agreement is scheduled to expire in May 2030, and Mountaineer has the option, with the consent of the lenders, to extend the maturity date to May 2031, and then to May 2032.

Borrowings under the Mountaineer 2025 Credit Agreement bear interest, subject to our election, at either (i) the base rate plus the applicable margin, as defined in the agreement or (ii) the adjusted Term SOFR rate plus the applicable margin, as defined in the agreement. The Mountaineer 2025 Credit Agreement contains customary covenants and default provisions and requires compliance with certain financial covenants including a maximum leverage ratio and a minimum interest coverage ratio as defined in the agreement.

Mountaineer Senior Notes. In April 2025, Mountaineer entered into a note purchase agreement with a consortium of lenders. Pursuant to the note purchase agreement, in May 2025, Mountaineer issued $50 aggregate principal amount of 6.11% Senior Notes due June 1, 2035 and $20 aggregate principal amount of 6.21% Senior Notes due June 1, 2037. These senior notes are unsecured and rank equally with Mountaineer’s existing outstanding senior debt. Mountaineer used the net proceeds from the issuance of these senior notes to reduce short-term borrowings and for general corporate purposes. The note purchase agreement contains customary covenants and default provisions and requires compliance with certain financial covenants including a leverage ratio and interest coverage ratio as defined in the agreement.

AmeriGas Propane

AmeriGas Partners Senior Notes. In May 2025, AmeriGas Partners and AmeriGas Finance Corp. issued $550 aggregate principal amount of 9.5% Senior Notes due June 2030. The 9.5% Senior Notes rank equally with AmeriGas Partners’ existing and future outstanding senior notes. The net proceeds from the issuance of the 9.5% Senior Notes, together with cash on hand and other sources of liquidity, were used for the early repayment, pursuant to a tender offer and notice of redemption, of all AmeriGas Partners 5.875% Senior Notes having an aggregate principal amount of $664, plus tender and make whole premiums and accrued and unpaid interest. The 9.5% Senior Notes indenture contains customary covenants and default provisions.

In February 2025, UGI International borrowed $221 under its revolving credit facility. The proceeds from these borrowings were subsequently used to fund an intercompany loan of $221 to AmeriGas Partners. In March 2025, AmeriGas Partners and AmeriGas Finance Corp, using the cash on hand from borrowings under the intercompany loan, redeemed all of the $218 outstanding aggregate principal balance of the 5.50% Senior Notes due May 2025, plus accrued and unpaid interest. As of September 30, 2025, borrowings outstanding on the intercompany loan, due January 2027, were $200 and subsequent to September 30, 2025, the Partnership repaid $35 of such borrowings.

In conjunction with the early repayment of these senior notes, the Partnership recognized a pre-tax loss of $9 primarily comprising tender and make whole premiums and the write-off of unamortized debt issuance costs, which is reflected in “Loss on extinguishments of debt” on the Consolidated Statement of Income.

AmeriGas Senior Secured Revolving Credit Facility. In October 2024, AmeriGas OLP amended the AmeriGas Senior Secured Revolving Credit Facility to increase total commitments from $200 to a total of $300. The maximum borrowings permitted to

be made at any time under the credit agreement is equal to the lesser of (x) the Formula Amount for the borrowing base and (y) the Maximum Revolving Advance Amount, each as defined in the agreement.

UGI Corporation

UGI Corporation 2025 Credit Agreement. In October 2024, UGI entered into a new UGI Corporation 2025 Credit Agreement, consisting of (1) a $475 senior secured revolving credit facility, including a $10 sublimit for letters of credit and (2) a $400 senior secured variable-rate term loan. The revolving credit facility is scheduled to expire in October 2028, and the term loan facility is scheduled to mature in October 2027. Borrowings under the credit agreement are secured by a pledge of UGI’s equity in its material subsidiaries, as defined in the UGI Corporation 2025 Credit Agreement, excluding UGI Utilities and Mountaintop Energy Holdings, LLC, subject to certain additional exceptions and carveouts. Proceeds from the UGI Corporation 2025 Credit Agreement were used to prepay all borrowings under the UGI Corporation Credit Facility Agreement due August 29, 2025 and, concurrent with such repayment, terminated the agreement.

Borrowings under the UGI Corporation 2025 Credit Agreement bear interest, subject to our election, at a rate per annum equal to (i) the alternative base rate plus the applicable rate as defined in the agreement or (ii) the adjusted Term SOFR rate plus the applicable rate as defined in the agreement. The Company has entered into an interest rate swap agreement that will generally fix the underlying market-based interest rate on the variable-rate loan through September 2027. Borrowings under the credit agreement can be used for general corporate purposes and ongoing working capital needs of the Company. Because management currently intends to maintain a substantial portion of the amounts outstanding under the $475 revolving credit facility beyond twelve months, and has the ability to do so under the terms of the UGI Corporation 2025 Credit Agreement, borrowings under this revolving credit facility have been classified as “Long-term debt” on the Consolidated Balance Sheet.

In August 2025, the Company amended its UGI Corporation 2025 Credit Agreement to add an additional revolving credit facility of $300, the borrowings of which, if any, can be used solely to fund the cash consideration in the event of early conversion requests of the UGI Corporation Senior Notes (see “UGI Corporation Senior Notes” below). The $300 credit facility is scheduled to expire in August 2026, and the Company has the option, subject to meeting certain conditions, to convert and extend the credit facility borrowings into a one year term loan. Any borrowings under the $300 credit facility bear interest, subject to our election, at a rate per annum equal to (i) the alternative base rate plus the applicable rate as defined in the agreement or (ii) the adjusted Term SOFR rate plus the applicable rate as defined by the agreement.

UGI Corporation Senior Notes. In June 2024, UGI issued, in an underwritten private placement, an aggregate $700 principal amount of 5.00% UGI Corporation Senior Notes due June 2028. The UGI Corporation Senior Notes are senior, unsecured obligations and rank equal in right of payment with our existing and future senior, unsecured indebtedness. Interest is payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2024, and will mature on June 1, 2028, unless earlier repurchased or converted.

The UGI Corporation Senior Notes are convertible subject to the occurrence of certain events and circumstances. Before March 1, 2028, noteholders will have the right to convert their notes only upon the occurrence of certain events as follows:

1.During any fiscal quarter commencing after the fiscal quarter ending September 30, 2024, if the market price of the Company’s common stock reaches 130% of the conversion price (initially $27.60) for a specified period of time;

2.The trading price of the Notes falls below 98% of the product of the sale price of the Company’s common stock and the conversion rate, for a specified period. The Company is not obligated to track the trading price of the notes unless a holder of the notes provides the Company reasonable evidence that the Notes are trading at 98% of the product of the sale price of the Company’s common stock and the conversion rate, as defined in the indenture;

3.Upon the occurrence of specific corporate events related to specific types of distributions as defined in the indenture; or

4.Upon the occurrence of a Fundamental Change, Make Whole Fundamental Change or Common Stock Change Event as defined in the indenture

From and after March 1, 2028, holders of the UGI Corporation Senior Notes may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date.

Upon conversion, the Company will pay cash up to the aggregate principal amount of the UGI Corporation Senior Notes. For the remainder of the amount in excess of the aggregate principal amount, if applicable, the Company will have the sole right to elect the settlement method upon conversion which can be either entirely in cash or in a combination of cash and shares of its common stock. The default settlement method as defined in the agreement is a combination settlement with a specified dollar amount of $1,000 per $1,000 principal of the UGI Corporation Senior Notes, and any incremental value settled in shares of the Company’s common stock. The initial conversion rate is 36.2319 shares of the Company’s common stock per $1,000 principal amount of the UGI Corporation Senior Notes, which represents an initial conversion price of approximately $27.60 per share of the Company’s common stock. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

The Company may not redeem the UGI Corporation Senior Notes at its option before maturity.

As of September 30, 2025, none of the events permitting the noteholders to convert their notes early existed. Accordingly, the UGI Corporation Senior Notes are classified as “Long-term debt” on the Consolidated Balance Sheet at September 30, 2025.

In Fiscal 2025, the Company recognized $40 of interest expense, related to the UGI Corporation Senior Notes at the effective interest rate of 5.69%. The estimated fair values of the UGI Corporation Senior Notes were $894 and $744 at September 30, 2025 and 2024, respectively. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2).

Credit Facilities and Short-term Borrowings


	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.

(f)Borrowings outstanding have been classified as “Long-term debt” on the Consolidated Balance Sheets.

N.A. - Not applicable

Energy Services Receivables Facility. Energy Services has a Receivables Facility with an issuer of receivables-backed commercial paper. In October 2025, the expiration date of the Receivables Facility was extended to October 2026. The Receivables Facility provides Energy Services with the ability to borrow up to $150 of eligible receivables during the period October 17, 2025 to April 30, 2026, and up to $75 of eligible receivables during the period May 1, 2026 to October 16, 2026, with the option to request consent for an increase of $50. Energy Services uses the Receivables Facility to fund working capital, margin calls under commodity futures contracts, capital expenditures, dividends and for general corporate purposes.

Under the Receivables Facility, Energy Services transfers, on an ongoing basis and without recourse, its trade accounts receivable to its wholly owned, special purpose subsidiary, ESFC, which is consolidated for financial statement purposes. ESFC, in turn, has sold and, subject to certain conditions, may from time to time sell, an undivided interest in some or all of the receivables to a major bank. Amounts sold to the bank are reflected as “Short-term borrowings” on the Consolidated Balance Sheets. ESFC was created and has been structured to isolate its assets from creditors of Energy Services and its affiliates, including UGI. Trade receivables sold to the bank remain on the Company’s balance sheet and the Company reflects a liability equal to the amount advanced by the bank. The Company records interest expense on amounts owed to the bank. Energy Services continues to service, administer and collect trade receivables on behalf of the bank, as applicable.

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

(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.

Long-term Debt

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

(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.

(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.

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

(b)Represents the elimination of the intersegment loan between UGI International and AmeriGas Partners.

Restrictive Covenants

Our long-term debt and credit facility agreements generally contain customary covenants and default provisions which may include, among other things, restrictions on the incurrence of additional indebtedness and also restrict liens, guarantees, investments, loans and advances, payments, mergers, consolidations, asset transfers, transactions with affiliates, sales of assets, acquisitions and other transactions. These agreements contain standard provisions which require compliance with certain financial ratios. Certain of the subsidiaries nonrecourse debt agreements contain cross-default provisions, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. In addition, under the default provisions, a default of a subsidiary results in or is at risk of triggering a cross-default under the debt of the parent company. UGI and its subsidiaries were in compliance with all debt covenants as of September 30, 2025.

Restricted Net Assets

At September 30, 2025, the amount of net assets of UGI’s consolidated subsidiaries that were restricted from transfer to UGI under debt agreements and regulatory requirements under foreign laws totaled approximately $3,400.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]				Accounting Standards Update 2020-06 [Member]
Cash dividends on common stock (in dollars per share)	$ 1.50	$ 1.50	$ 1.47

- Definition

Indicates amendment to accounting standards.

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+ Details

Equity

12 Months Ended

Sep. 30, 2025

Equity [Abstract]

Equity

Note 13 — Equity

On February 2, 2022, the Board of Directors authorized an extension of an existing share repurchase program for up to 8,000,000 shares of Common Stock for an additional four-year period, expiring February 2026. During Fiscal 2025 and Fiscal 2023, the Company purchased and placed in treasury stock 1,000,000 shares and 600,000 shares at a total cost of $33 and $22, respectively. In Fiscal 2024, there were no share repurchases made under the program.

UGI Preferred Stock and Common Stock share activity for Fiscal 2025, Fiscal 2024 and Fiscal 2023 is as follows:


	Preferred Stock	Common Stock
	Issued/Outstanding	Issued	Treasury	Outstanding
Balance at September 30, 2022	220,000	210,560,494	(978,282)	209,582,212
Issued:

Employee and director plans	—	345,558	167,313	512,871


Repurchases of common stock	—	—	(600,000)	(600,000)

Balance at September 30, 2023	220,000	210,906,052	(1,410,969)	209,495,083
Issued:
Settlement of Equity Units	(220,000)	5,054,030	—	5,054,030
Employee and director plans	—	164,250	(27,751)	136,499




Balance at September 30, 2024	—	216,124,332	(1,438,720)	214,685,612
Issued:

Employee and director plans	—	908,950	(118,517)	790,433

Repurchases of common stock	—	—	(1,000,000)	(1,000,000)

Balance at September 30, 2025	—	217,033,282	(2,557,237)	214,476,045

UGI has 5,000,000 shares of UGI Series Preference Stock authorized for issuance. UGI had no shares of UGI Series Preference Stock outstanding at September 30, 2025 and 2024.

Equity Units

In May 2021, the Company issued 2.2 million Equity Units with a total notional value of $220. The Company received approximately $213 of proceeds from the issuance of the Equity Units, net of offering expenses and underwriting costs and commissions, and issued 220,000 shares of Convertible Preferred Stock which was recorded in “Preferred stock” on the accompanying Consolidated Balance Sheet.

Pursuant to the terms of the Equity Units, during Fiscal 2024, the Company announced the unsuccessful final remarketing of its Convertible Preferred Stock. As a result, each holder of an Equity Unit received 2.2973 shares of Common Stock, without par value, with cash paid in lieu of any fractional shares. The Company also (i) made the final contract adjustment payment to settle the 2024 Purchase Contract in full; (ii) canceled the Convertible Preferred Stock; and (iii) in a non-cash transaction, converted the Equity Units into 5,054,030 shares of Common Stock and issued the shares to the holders of the Equity Units under the 2024 Purchase Contract.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Public Utilities, Inventory
Total inventories	$ 385	$ 411
Non-utility LPG and natural gas
Public Utilities, Inventory
Total inventories	162	195
Gas Utility natural gas
Public Utilities, Inventory
Total inventories	67	50
Energy certificates
Public Utilities, Inventory
Total inventories	64	69
Materials, supplies and other
Public Utilities, Inventory
Total inventories	$ 92	$ 97

Segment Information - Schedule of Segment Reporting (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues from external customers	$ 7,287	$ 7,210	$ 8,928
Revenues	7,287	7,210	8,928
Cost of sales	3,654	3,529	6,937
Operating and administrative expenses	2,011	2,132	2,158
Depreciation and amortization	561	551	532
Equity in income (loss) of unconsolidated subsidiaries	5	(19)	2
Other segment income (loss)	41	(245)	(761)
Earnings (loss) before interest expense and income taxes	1,107	734	(1,458)
Interest expense	(411)	(394)	(379)
Income tax benefit (expense)	(18)	(71)	335
Net income (loss) attributable to UGI Corporation	678	269	(1,502)
Total assets	15,462	15,098	15,401
Capital expenditures (including the effects of accruals)	844	805	956
UGI Utilities, Inc.
Segment Reporting Information [Line Items]
Segment expense	388	363	368
Eliminations
Segment Reporting Information [Line Items]
Revenues from external customers	0	0	0
Revenues	(350)	(266)	(326)
Cost of sales	(350)	(266)	(325)
Operating and administrative expenses	(107)	(84)	(85)
Depreciation and amortization	0	0	0
Equity in income (loss) of unconsolidated subsidiaries	0	0	0
Other segment income (loss)	(119)	(84)	(84)
Earnings (loss) before interest expense and income taxes	(12)	0	0
Interest expense	12	0	0
Income tax benefit (expense)	0	0	0
Net income (loss) attributable to UGI Corporation	0	0	0
Total assets	(376)	(733)	(173)
Capital expenditures (including the effects of accruals)	0	0
Eliminations \| UGI Utilities, Inc.
Segment Reporting Information [Line Items]
Revenues	80	49	74
Eliminations \| Midstream & Marketing
Segment Reporting Information [Line Items]
Revenues	270	217	251
Eliminations \| UGI International
Segment Reporting Information [Line Items]
Revenues	0	0	0
Eliminations \| AmeriGas Propane
Segment Reporting Information [Line Items]
Revenues	0	0	0
Operating Segments \| UGI Utilities, Inc.
Segment Reporting Information [Line Items]
Revenues from external customers	1,681	1,549	1,780
Revenues	1,761	1,598	1,854
Cost of sales	774	650	953
Operating and administrative expenses	412	387	392
Depreciation and amortization	178	166	152
Equity in income (loss) of unconsolidated subsidiaries	0	0	0
Other segment income (loss)	6	5	8
Earnings (loss) before interest expense and income taxes	403	400	365
Interest expense	(100)	(93)	(82)
Income tax benefit (expense)	(66)	(70)	(64)
Net income (loss) attributable to UGI Corporation	237	237	219
Total assets	6,434	5,963	5,691
Capital expenditures (including the effects of accruals)	556	482	563
Operating Segments \| Midstream & Marketing
Segment Reporting Information [Line Items]
Revenues from external customers	1,213	1,152	1,596
Revenues	1,483	1,369	1,847
Cost of sales	989	864	1,360
Operating and administrative expenses	129	125	133
Depreciation and amortization	81	86	86
Equity in income (loss) of unconsolidated subsidiaries	6	12	6
Other segment income (loss)	3	7	17
Earnings (loss) before interest expense and income taxes	293	313	291
Interest expense	(49)	(41)	(45)
Income tax benefit (expense)	25	(34)	(53)
Net income (loss) attributable to UGI Corporation	269	238	193
Total assets	3,187	3,183	3,160
Capital expenditures (including the effects of accruals)	114	150	130
Operating Segments \| UGI International
Segment Reporting Information [Line Items]
Revenues	2,119	2,279	2,965
Cost of sales	1,179	1,301	2,045
Operating and administrative expenses	543	578	623
Depreciation and amortization	123	119	116
Equity in income (loss) of unconsolidated subsidiaries	(1)	(5)	(4)
Other segment income (loss)	41	47	57
Earnings (loss) before interest expense and income taxes	314	323	234
Interest expense	(46)	(44)	(37)
Income tax benefit (expense)	(26)	(17)	(25)
Net income (loss) attributable to UGI Corporation	242	262	172
Total assets	3,134	2,906	3,105
Capital expenditures (including the effects of accruals)	93	87	129
Operating Segments \| AmeriGas Propane
Segment Reporting Information [Line Items]
Revenues	2,276	2,271	2,581
Cost of sales	1,054	1,059	1,250
Operating and administrative expenses	924	933	950
Depreciation and amortization	178	178	177
Equity in income (loss) of unconsolidated subsidiaries	0	0	0
Other segment income (loss)	46	41	64
Earnings (loss) before interest expense and income taxes	166	142	268
Interest expense	(144)	(156)	(163)
Income tax benefit (expense)	14	(9)	(34)
Net income (loss) attributable to UGI Corporation	36	(23)	71
Total assets	2,914	3,051	3,415
Capital expenditures (including the effects of accruals)	81	86	134
Corporate & Other
Segment Reporting Information [Line Items]
Revenues from external customers	(2)	(41)	6
Cost of sales	8	(79)	1,654
Operating and administrative expenses	110	193	145
Depreciation and amortization	1	2	1
Equity in income (loss) of unconsolidated subsidiaries	0	(26)	0
Other segment income (loss)	64	(261)	(823)
Earnings (loss) before interest expense and income taxes	(57)	(444)	(2,616)
Interest expense	(84)	(60)	(52)
Income tax benefit (expense)	35	59	511
Net income (loss) attributable to UGI Corporation	(106)	(445)	(2,157)
Total assets	169	728	203
Capital expenditures (including the effects of accruals)	0	0	0
Corporate, Intersegment Eliminations & Other
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0	$ 1

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY) - STATEMENTS OF INCOME (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 7,287	$ 7,210	$ 8,928
Costs and expenses:
Operating and administrative expenses	2,011	2,132	2,158
Other operating expense (income), net	(82)	(62)	(132)
Total costs and expenses	6,180	6,440	10,372
Operating income (loss)	1,107	770	(1,444)
Loss on extinguishments of debt	(10)	(9)	(9)
Income tax benefit (expense)	18	71	(335)
Equity in income (loss) of unconsolidated subsidiaries	5	(19)	2
Net income (loss) attributable to UGI Corporation	678	269	(1,502)
Comprehensive income (loss) attributable to UGI Corporation	$ 758	$ 272	$ (1,378)
Earnings (loss) per common share attributable to UGI Corporation stockholders:
Basic (in dollars per share)	$ 3.15	$ 1.27	$ (7.16)
Diluted (in dollars per share)	$ 3.09	$ 1.25	$ (7.16)
Weighted - average common shares outstanding (thousands):
Basic (in shares)	214,945	211,309	209,806
Diluted (in shares)	219,160	215,271	209,806
Parent Company
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 0	$ 0	$ 0
Costs and expenses:
Operating and administrative expenses	108	100	95
Other operating expense (income), net	(107)	(86)	(83)
Total costs and expenses	1	14	12
Operating income (loss)	(1)	(14)	(12)
Loss on extinguishments of debt	1	0	0
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 (in dollars per share)	$ 3.15	$ 1.27	$ (7.16)
Diluted (in dollars per share)	$ 3.09	$ 1.25	$ (7.16)
Weighted - average common shares outstanding (thousands):
Basic (in shares)	214,945	211,309	209,806
Diluted (in shares)	219,160	215,271	209,806

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 400	$ 370
Midstream & Marketing
Schedule of Equity Method Investments [Line Items]
Carrying Value	396	359
UGI International
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 4	10
Aurum Renewables
Schedule of Equity Method Investments [Line Items]
Ownership Interest	40.00%
Aurum Renewables \| Midstream & Marketing
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 46	$ 47
Ownership Interest		40.00%
Pine Run \| Midstream & Marketing
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 101	$ 86
Ownership Interest	49.00%	49.00%
MBL Bioenergy \| Midstream & Marketing
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 222	$ 206
Ownership Interest	99.99%	99.99%
Other \| Midstream & Marketing
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 27	$ 20
Other
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 0	$ 1

Segment Information (Tables)

12 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables provide information about the Company’s reportable segments and the reconciliation to corresponding consolidated amounts:


	Total		Elim- inations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (d)
2025
Revenues from external customers	$	7,287	$	—	$	1,681	$	1,213	$	2,119	$	2,276	$	(2)
Intersegment revenues	—		(350)		80		270		—		—		—
Cost of sales	3,654		(350)		774		989		1,179		1,054		8
Operating and administrative expenses (b)	2,011		(107)		412		129		543		924		110
Depreciation and amortization	561		—		178		81		123		178		1
Income (loss) from equity investees	5		—		—		6		(1)		—		—
Other segment income (loss) (c)	41		(119)		6		3		41		46		64
Earnings (loss) before interest expense and income taxes	1,107		(12)		403		293		314		166		(57)
Interest expense	(411)		12		(100)		(49)		(46)		(144)		(84)
Income tax benefit (expense)	(18)		—		(66)		25		(26)		14		35

Net income (loss) attributable to UGI	$	678	$	—	$	237	$	269	$	242	$	36	$	(106)
Total assets	$	15,462	$	(376)	$	6,434	$	3,187	$	3,134	$	2,914	$	169

Capital expenditures (including the effects of accruals)	$	844	$	—	$	556	$	114	$	93	$	81	$	—


	Total		Elim- inations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (d)

2024
Revenues from external customers	$	7,210	$	—	$	1,549	$	1,152	$	2,279	$	2,271	$	(41)
Intersegment revenues	—		(266)		49		217		—		—		—
Cost of sales	3,529		(266)		650		864		1,301		1,059		(79)
Operating and administrative expenses (b)	2,132		(84)		387		125		578		933		193
Depreciation and amortization	551		—		166		86		119		178		2
Income (loss) from equity investees	(19)		—		—		12		(5)		—		(26)
Other segment income (loss) (c)	(245)		(84)		5		7		47		41		(261)
Earnings (loss) before interest expense and income taxes	734		—		400		313		323		142		(444)
Interest expense	(394)		—		(93)		(41)		(44)		(156)		(60)
Income tax benefit (expense)	(71)		—		(70)		(34)		(17)		(9)		59

Net income (loss) attributable to UGI	$	269	$	—	$	237	$	238	$	262	$	(23)	$	(445)
Total assets	$	15,098	$	(733)	$	5,963	$	3,183	$	2,906	$	3,051	$	728
Capital expenditures (including the effects of accruals)	$	805	$	—	$	482	$	150	$	87	$	86	$	—



2023
Revenues from external customers	$	8,928	$	—	$	1,780	$	1,596	$	2,965	$	2,581	$	6
Intersegment revenues	—		(326)		74		251		—		—		1
Cost of sales	6,937		(325)		953		1,360		2,045		1,250		1,654
Operating and administrative expenses (b)	2,158		(85)		392		133		623		950		145
Depreciation and amortization	532		—		152		86		116		177		1
Income (loss) from equity investees	2		—		—		6		(4)		—		—
Other segment income (loss) (c)	(761)		(84)		8		17		57		64		(823)
Earnings (loss) before interest expense and income taxes	(1,458)		—		365		291		234		268		(2,616)
Interest expense	(379)		—		(82)		(45)		(37)		(163)		(52)
Income tax benefit (expense)	335		—		(64)		(53)		(25)		(34)		511

Net income (loss) attributable to UGI	$	(1,502)	$	—	$	219	$	193	$	172	$	71	$	(2,157)
Total assets	$	15,401	$	(173)	$	5,691	$	3,160	$	3,105	$	3,415	$	203
Capital expenditures (including the effects of accruals)	$	956			$	563	$	130	$	129	$	134	$	—

(a)Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas Propane.

(b)For the Utilities reportable segment, operating and administrative expenses less revenue-related taxes (i.e. gross receipts and business occupation taxes) is considered a significant segment expense and was $388, $363, and $368 in Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively.

(c)Excluding Corporate & Other, other segment items principally represent other operating and non-operating income and expenses.

(d)Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate, for Fiscal 2025, Fiscal 2024 and Fiscal 2023:


	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane
2025
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Revenues	$	(1)	$	—	$	—
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of Sales	$	38	$	(48)	$	1
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Other operating expense (income), net	$	—	$	1	$	—
Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	(10)	$	—
Loss on extinguishments of debt	Loss on extinguishments of debt	$	—	$	—	$	(9)
Gain (loss) on disposals of businesses	(Gain) loss on disposals of businesses	$	—	$	(53)	$	17









Interest income from intersegment loan	Other operating expense (income), net	$	—	$	12	$	—

2024
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Revenues	$	—	$	1	$	—
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	63	$	(5)	$	21
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Other operating expense (income), net	$	—	$	(3)	$	—
Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	(31)	$	—
Loss on extinguishments of debt	Loss on extinguishments of debt	$	(1)	$	—	$	(8)
Impairments of equity method investments and assets	Income (loss) from equity investees; Other operating expense (income), net			$	(33)
Loss associated with impairment of AmeriGas Propane goodwill	Impairment of goodwill	$	—	$	—	$	(195)
Costs associated with exit of the UGI International energy marketing business	Revenues	$	—	$	(42)	$	—
Costs associated with exit of the UGI International energy marketing business	Operating and administrative expenses; Other operating expense (income), net	$	—	$	(13)	$	—
Costs associated with exit of the UGI International energy marketing business	(Gain) loss on disposals of businesses	$	—	$	(29)	$	—
Loss on disposal of business	(Gain) loss on disposals of businesses	$	(66)	$	—	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(25)
Restructuring costs	Operating and administrative expenses	$	(1)	$	(57)	$	(1)



2023
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Revenues	$	6	$	4	$	—
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of Sales	$	(236)	$	(1,402)	$	(16)

Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	(38)	$	—
Loss on extinguishments of debt	Loss on extinguishments of debt	$	—	$	—	$	(9)
Loss associated with impairment of AmeriGas Propane goodwill	Impairment of goodwill	$	—	$	—	$	(656)
Costs associated with exit of the UGI International energy marketing business	Revenues; Operating and administrative expenses	$	—	$	(27)	$	—
Costs associated with exit of the UGI International energy marketing business	(Gain) loss on disposals of businesses	$	—	$	(221)	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(24)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Shares used in Computing Basic and Diluted Earnings Per Share

Shares used in computing basic and diluted earnings per share are as follows:


Denominator (thousands of shares)	2025	2024	2023
Weighted-average common shares outstanding for basic computation	214,945	211,309	209,806
Incremental shares issuable for stock options, common stock awards and Equity Units (a) (b)	801	3,962	—
UGI Corporation Senior Notes (c)	3,414	—	—
Weighted-average common shares outstanding for diluted computation	219,160	215,271	209,806

(a)For Fiscal 2025 and Fiscal 2024, 6,149 and 8,619 shares, respectively, associated with outstanding stock option awards were excluded from the computation of diluted earnings per share because their effect was antidilutive. For Fiscal 2023, 6,132 of such shares have been excluded as such incremental shares would be antidilutive due to the net loss for the period.

(b)The Equity Units were settled in June 2024. See Note 13 for additional information.

(c)See Note 6 for additional information on the UGI Corporation Senior Notes.

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the corresponding amounts reported on the Consolidated Statements of Cash Flows.


	2025		2024		2023
Cash and cash equivalents	$	335	$	213	$	241
Restricted cash	20		15		99
Cash, cash equivalents and restricted cash	$	355	$	228	$	340

Schedule of Restrictions on Cash and Cash Equivalents


	2025		2024		2023
Cash and cash equivalents	$	335	$	213	$	241
Restricted cash	20		15		99
Cash, cash equivalents and restricted cash	$	355	$	228	$	340

Revenue from Contracts with Customers - Schedule of Disaggregated Revenues By Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 7,147	$ 7,045	$ 8,761
Other revenues	140	165	167
Total revenues	7,287	7,210	8,928
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(350)	(266)	(323)
Other revenues	0	0	(3)
Total revenues	(350)	(266)	(326)
Eliminations \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues	80	49	74
Eliminations \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues	270	217	251
Eliminations \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
Eliminations \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,736	1,552	1,816
Other revenues	25	46	38
Total revenues	1,761	1,598	1,854
Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,483	1,368	1,845
Other revenues	0	1	2
Total revenues	1,483	1,369	1,847
Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,077	2,240	2,927
Other revenues	42	39	38
Total revenues	2,119	2,279	2,965
Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,201	2,193	2,496
Other revenues	75	78	85
Total revenues	2,276	2,271	2,581
Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	(42)	0
Other revenues	(2)	1	7
Total revenues	(2)	(41)	7
Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,656	1,503	1,742
Total Utility \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(80)	(49)	(74)
Total Utility \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,736	1,552	1,816
Total Utility \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Total Utility \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Total Utility \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Total Utility \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	970	873	1,020
Residential \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Residential \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	970	873	1,020
Residential \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Residential \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Residential \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Residential \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	385	344	413
Commercial & Industrial \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Commercial & Industrial \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	385	344	413
Commercial & Industrial \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Commercial & Industrial \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Commercial & Industrial \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Commercial & Industrial \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	196	183	177
Large delivery service \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Large delivery service \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	196	183	177
Large delivery service \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Large delivery service \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Large delivery service \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Large delivery service \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	74	67	89
Off-system sales and capacity releases \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(79)	(48)	(73)
Off-system sales and capacity releases \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	153	115	162
Off-system sales and capacity releases \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Off-system sales and capacity releases \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Off-system sales and capacity releases \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Off-system sales and capacity releases \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	31	36	43
Other \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(1)	(1)	(1)
Other \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	32	37	44
Other \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	5,491	5,542	7,019
Total Non-Utility \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(270)	(217)	(249)
Total Non-Utility \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Total Non-Utility \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,483	1,368	1,845
Total Non-Utility \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,077	2,240	2,927
Total Non-Utility \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,201	2,193	2,496
Total Non-Utility \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	(42)	0
Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3,738	3,733	3,952
Retail \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Retail \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Retail \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Retail \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,785	1,816	1,768
Retail \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,953	1,917	2,184
Retail \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	231	270	325
Wholesale \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Wholesale \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Wholesale \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Wholesale \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	156	180	207
Wholesale \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	75	90	118
Wholesale \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	998	980	2,139
Energy Marketing \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(159)	(96)	(143)
Energy Marketing \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Energy Marketing \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,099	948	1,410
Energy Marketing \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	58	170	872
Energy Marketing \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Energy Marketing \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	(42)	0
Reduction in revenue		42
Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	225	246	251
Pipeline \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Pipeline \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Pipeline \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	225	246	251
Pipeline \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Pipeline \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Pipeline \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	27	10	31
Peaking \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(111)	(121)	(106)
Peaking \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Peaking \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	138	131	137
Peaking \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Peaking \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Peaking \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	21	16	14
Other \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	21	16	14
Other \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		27	33
Electricity Generation \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Electricity Generation \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Electricity Generation \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		27	33
Electricity Generation \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Electricity Generation \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Electricity Generation \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	251	260	274
Other \| Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Operating Segments \| Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Operating Segments \| Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Other \| Operating Segments \| UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	78	74	80
Other \| Operating Segments \| AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	173	186	194
Other \| Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 7,287	$ 7,210	$ 8,928
Costs and expenses:
Cost of sales	3,654	3,529	6,937
Operating and administrative expenses	2,011	2,132	2,158
Depreciation and amortization	561	551	532
Impairment of goodwill	0	195	656
(Gain) loss on disposals of businesses	36	95	221
Other operating expense (income), net	(82)	(62)	(132)
Total costs and expenses	6,180	6,440	10,372
Operating income (loss)	1,107	770	(1,444)
Income (loss) from equity investees	5	(19)	2
Loss on extinguishments of debt	(10)	(9)	(9)
Other non-operating income (expense), net	5	(8)	(7)
Interest expense	(411)	(394)	(379)
Income (loss) before income taxes	696	340	(1,837)
Income tax benefit (expense)	(18)	(71)	335
Net income (loss) attributable to UGI Corporation	$ 678	$ 269	$ (1,502)
Earnings (loss) per common share attributable to UGI Corporation stockholders:
Basic (in dollars per share)	$ 3.15	$ 1.27	$ (7.16)
Diluted (in dollars per share)	$ 3.09	$ 1.25	$ (7.16)
Weighted-average common shares outstanding (thousands):
Basic (in shares)	214,945	211,309	209,806
Diluted (in shares)	219,160	215,271	209,806

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 29, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Pre-tax equity-based compensation expense		$ 18	$ 8	$ 17
After tax equity-based compensation expense		$ 13	$ 6	$ 13
Weighted-average fair value of stock option granted under stock plans (in dollars per share)		$ 6.32	$ 4.17	$ 9.31
Options outstanding (in shares)		6,154,811
Options exercisable (in shares)		5,614,474
Weighted average exercise price (in dollars per share)		$ 43.51
UGI Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost associated with unvested unit awards		$ 1
Weighted-average period of recognition for unvested unit awards		1 year 1 month 6 days
UGI Performance Units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average fair value of stock option granted under stock plans (in dollars per share)		$ 30.26	$ 28.91	$ 44.62
UGI Performance Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award performance period		0 years
Percentage of target award to be granted (as a percentage)		0.00%
UGI Performance Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award performance period		3 years
Percentage of target award to be granted (as a percentage)		200.00%
UGI EPS Performance Unit
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost associated with unvested unit awards		$ 21
Weighted-average period of recognition for unvested unit awards		1 year 9 months 18 days
UGI Unit awards outstanding (in shares)		1,515,989
Weighted average grant date fair value, outstanding (in dollars per share)		$ 31.69
UGI EPS Performance Unit \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award performance period			0 years
Percentage of target award to be granted (as a percentage)			0.00%
UGI EPS Performance Unit \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award performance period			3 years
Percentage of target award to be granted (as a percentage)			200.00%
2021 IAP \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Common Stock awards granted (up to) (in shares)	20,500,000
Expiration period	10 years
Number of common unit awards available for future grant (in shares)		13,473,660

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY) - BALANCE SHEETS (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Current assets
Cash and cash equivalents	$ 335	$ 213	$ 241
Prepaid expenses and other current assets	111	69
Total current assets	1,766	1,651
Other assets	1,436	1,422
Total assets	15,462	15,098	$ 15,401
Current liabilities
Derivative instruments	57	28
Total current liabilities	1,981	2,060
Long-term debt	6,531	6,443
Other noncurrent liabilities	1,168	1,202
Total liabilities	10,676	10,744
Commitments and contingencies (Note 1)
Equity:
Preferred Stock, without par value (authorized - 5,000,000; issued - 0 and 0, respectively)	0	0
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 UGI Corporation stockholders’ equity	4,777	4,345
Total liabilities and equity	$ 15,462	$ 15,098
Condensed Financial Information of Registrant [Abstract]
UGI Preferred Stock, without par value, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0	220,000	220,000
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	217,033,282	216,124,332
Parent Company
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
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)	0	0
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 UGI Corporation stockholders’ equity	4,777	4,345
Total liabilities and equity	$ 6,230	$ 5,799
Condensed Financial Information of Registrant [Abstract]
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	217,033,282	216,124,332

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Other comprehensive income (loss)		$ 10,000,000	$ (14,000,000)	$ 16,000,000
Pre-tax net losses associated with interest rate hedges		10,000,000
Pre-tax (losses) gains associated with net investment hedges		(42,000,000)	(39,000,000)	$ (57,000,000)
Maximum amount of loss		97,000,000
Cash collateral received		$ 2,000,000	14,000,000
Energy Services
Derivative [Line Items]
Fixed rate (as a percentage)		3.549%
IRPA
Derivative [Line Items]
Derivative, notional amount		$ 0	$ 0
Foreign Exchange Forward
Derivative [Line Items]
Potential exposure coverage, percent (as a percentage)		90.00%
Revolver \| Line of Credit
Derivative [Line Items]
Other comprehensive income (loss)	$ 32,000,000

Segment Information

12 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

Note 22 — Segment Information

Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) Utilities; (2) Midstream & Marketing; (3) UGI International; and (4) AmeriGas Propane.

Our Utilities segment primarily derives its revenues from the sale and distribution of natural gas to customers in eastern and central Pennsylvania and in West Virginia. To a much lesser extent, Utilities also derives revenues from the sale and distribution of electricity in two northeastern Pennsylvania counties. Midstream & Marketing derives its revenues principally from the marketing of natural gas, liquid fuels and electricity as well as revenues and fees from storage, pipeline transportation, natural gas gathering, and natural gas and RNG production activities primarily in the Mid-Atlantic region of the U.S. eastern Ohio, the panhandle of West Virginia and California. Prior to the sale of UGID in September 2024, Midstream & Marketing also derived revenues from the sale of electricity through PJM, a regional electricity transmission organization in the eastern U.S. (see Note 5). UGI International derives its revenues principally from the distribution of LPG to retail customers throughout much of Europe. Prior to the sale and wind-down of substantially all of its European energy marking business, UGI International also derived revenue from the marketing of natural gas and electricity to customers in France, the Netherlands, Belgium and the United Kingdom (see Note 5). AmeriGas Propane derives its revenues principally from the sale of propane and related equipment and supplies to retail customers.

Corporate & Other includes UGI’s certain corporate and general expenses as well as interest expense that is not allocated to its reportable segments. Corporate & Other also includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items).

No single customer represents more than ten percent of our consolidated revenues. In addition, all of our reportable segments’ revenues, other than those of UGI International, are derived from sources within the U.S., and all of our reportable segments’ long-lived assets, other than those of UGI International, are located in the U.S. The amounts of revenues and long-lived assets associated with our operations in France represent approximately 20% and 10% of the respective consolidated amounts, in all periods presented.

The accounting policies of our reportable segments are the same as those described in Note 2. Our Chief Executive Officer, who serves as the CODM, measures segment profitability based on “earnings before interest expense and income taxes.” The CODM uses this financial metric by comparing current period results to budgeted and prior year results at the reportable segment level to assess the segment performance and to allocate resources between the segments.

The following tables provide information about the Company’s reportable segments and the reconciliation to corresponding consolidated amounts:


	Total		Elim- inations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (d)
2025
Revenues from external customers	$	7,287	$	—	$	1,681	$	1,213	$	2,119	$	2,276	$	(2)
Intersegment revenues	—		(350)		80		270		—		—		—
Cost of sales	3,654		(350)		774		989		1,179		1,054		8
Operating and administrative expenses (b)	2,011		(107)		412		129		543		924		110
Depreciation and amortization	561		—		178		81		123		178		1
Income (loss) from equity investees	5		—		—		6		(1)		—		—
Other segment income (loss) (c)	41		(119)		6		3		41		46		64
Earnings (loss) before interest expense and income taxes	1,107		(12)		403		293		314		166		(57)
Interest expense	(411)		12		(100)		(49)		(46)		(144)		(84)
Income tax benefit (expense)	(18)		—		(66)		25		(26)		14		35

Net income (loss) attributable to UGI	$	678	$	—	$	237	$	269	$	242	$	36	$	(106)
Total assets	$	15,462	$	(376)	$	6,434	$	3,187	$	3,134	$	2,914	$	169

Capital expenditures (including the effects of accruals)	$	844	$	—	$	556	$	114	$	93	$	81	$	—


	Total		Elim- inations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (d)

2024
Revenues from external customers	$	7,210	$	—	$	1,549	$	1,152	$	2,279	$	2,271	$	(41)
Intersegment revenues	—		(266)		49		217		—		—		—
Cost of sales	3,529		(266)		650		864		1,301		1,059		(79)
Operating and administrative expenses (b)	2,132		(84)		387		125		578		933		193
Depreciation and amortization	551		—		166		86		119		178		2
Income (loss) from equity investees	(19)		—		—		12		(5)		—		(26)
Other segment income (loss) (c)	(245)		(84)		5		7		47		41		(261)
Earnings (loss) before interest expense and income taxes	734		—		400		313		323		142		(444)
Interest expense	(394)		—		(93)		(41)		(44)		(156)		(60)
Income tax benefit (expense)	(71)		—		(70)		(34)		(17)		(9)		59

Net income (loss) attributable to UGI	$	269	$	—	$	237	$	238	$	262	$	(23)	$	(445)
Total assets	$	15,098	$	(733)	$	5,963	$	3,183	$	2,906	$	3,051	$	728
Capital expenditures (including the effects of accruals)	$	805	$	—	$	482	$	150	$	87	$	86	$	—



2023
Revenues from external customers	$	8,928	$	—	$	1,780	$	1,596	$	2,965	$	2,581	$	6
Intersegment revenues	—		(326)		74		251		—		—		1
Cost of sales	6,937		(325)		953		1,360		2,045		1,250		1,654
Operating and administrative expenses (b)	2,158		(85)		392		133		623		950		145
Depreciation and amortization	532		—		152		86		116		177		1
Income (loss) from equity investees	2		—		—		6		(4)		—		—
Other segment income (loss) (c)	(761)		(84)		8		17		57		64		(823)
Earnings (loss) before interest expense and income taxes	(1,458)		—		365		291		234		268		(2,616)
Interest expense	(379)		—		(82)		(45)		(37)		(163)		(52)
Income tax benefit (expense)	335		—		(64)		(53)		(25)		(34)		511

Net income (loss) attributable to UGI	$	(1,502)	$	—	$	219	$	193	$	172	$	71	$	(2,157)
Total assets	$	15,401	$	(173)	$	5,691	$	3,160	$	3,105	$	3,415	$	203
Capital expenditures (including the effects of accruals)	$	956			$	563	$	130	$	129	$	134	$	—

(a)Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas Propane.

(c)Excluding Corporate & Other, other segment items principally represent other operating and non-operating income and expenses.


	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane
2025
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Revenues	$	(1)	$	—	$	—
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of Sales	$	38	$	(48)	$	1
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Other operating expense (income), net	$	—	$	1	$	—
Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	(10)	$	—
Loss on extinguishments of debt	Loss on extinguishments of debt	$	—	$	—	$	(9)
Gain (loss) on disposals of businesses	(Gain) loss on disposals of businesses	$	—	$	(53)	$	17









Interest income from intersegment loan	Other operating expense (income), net	$	—	$	12	$	—

2024
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Revenues	$	—	$	1	$	—
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	63	$	(5)	$	21
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Other operating expense (income), net	$	—	$	(3)	$	—
Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	(31)	$	—
Loss on extinguishments of debt	Loss on extinguishments of debt	$	(1)	$	—	$	(8)
Impairments of equity method investments and assets	Income (loss) from equity investees; Other operating expense (income), net			$	(33)
Loss associated with impairment of AmeriGas Propane goodwill	Impairment of goodwill	$	—	$	—	$	(195)
Costs associated with exit of the UGI International energy marketing business	Revenues	$	—	$	(42)	$	—
Costs associated with exit of the UGI International energy marketing business	Operating and administrative expenses; Other operating expense (income), net	$	—	$	(13)	$	—
Costs associated with exit of the UGI International energy marketing business	(Gain) loss on disposals of businesses	$	—	$	(29)	$	—
Loss on disposal of business	(Gain) loss on disposals of businesses	$	(66)	$	—	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(25)
Restructuring costs	Operating and administrative expenses	$	(1)	$	(57)	$	(1)



2023
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Revenues	$	6	$	4	$	—
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of Sales	$	(236)	$	(1,402)	$	(16)

Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	(38)	$	—
Loss on extinguishments of debt	Loss on extinguishments of debt	$	—	$	—	$	(9)
Loss associated with impairment of AmeriGas Propane goodwill	Impairment of goodwill	$	—	$	—	$	(656)
Costs associated with exit of the UGI International energy marketing business	Revenues; Operating and administrative expenses	$	—	$	(27)	$	—
Costs associated with exit of the UGI International energy marketing business	(Gain) loss on disposals of businesses	$	—	$	(221)	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(24)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 41
-Publisher FASB
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+ Details

Leases - Schedule of Operating and Finance Leases, Liability, Maturity (Details) $ in Millions	Sep. 30, 2025 USD ($)
Operating leases
2026	$ 112
2027	97
2028	83
2029	70
2030	47
After 2030	100
Total Lease Payments	509
Imputed Interest	(82)
Lease Liabilities	427
Finance leases
2026	7
2027	6
2028	6
2029	5
2030	5
After 2030	72
Total Lease Payments	101
Imputed Interest	(46)
Lease Liabilities	$ 55

Revenue from Contracts with Customers (Tables)

12 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues by Reportable Segment

The following tables present our disaggregated revenues by reportable segment:


2025	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	970	$	—	$	970	$	—	$	—	$	—	$	—
Commercial & Industrial	385		—		385		—		—		—		—
Large delivery service	196		—		196		—		—		—		—
Off-system sales and capacity releases	74		(79)		153		—		—		—		—
Other	31		(1)		32		—		—		—		—
Total Utility	1,656		(80)		1,736		—		—		—		—
Non-Utility:
LPG:
Retail	3,738		—		—		—		1,785		1,953		—
Wholesale	231		—		—		—		156		75		—
Energy Marketing	998		(159)		—		1,099		58		—		—
Midstream:
Pipeline	225		—		—		225		—		—		—
Peaking	27		(111)		—		138		—		—		—
Other	21		—		—		21		—		—		—

Other	251		—		—		—		78		173		—
Total Non-Utility	5,491		(270)		—		1,483		2,077		2,201		—
Total revenues from contracts with customers	7,147		(350)		1,736		1,483		2,077		2,201		—
Other revenues (c)	140		—		25		—		42		75		(2)
Total revenues	$	7,287	$	(350)	$	1,761	$	1,483	$	2,119	$	2,276	$	(2)


2024	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	873	$	—	$	873	$	—	$	—	$	—	$	—
Commercial & Industrial	344		—		344		—		—		—		—
Large delivery service	183		—		183		—		—		—		—
Off-system sales and capacity releases	67		(48)		115		—		—		—		—
Other	36		(1)		37		—		—		—		—
Total Utility	1,503		(49)		1,552		—		—		—		—
Non-Utility:
LPG:
Retail	3,733		—		—		—		1,816		1,917		—
Wholesale	270		—		—		—		180		90		—
Energy Marketing (b)	980		(96)		—		948		170		—		(42)
Midstream:
Pipeline	246		—		—		246		—		—		—
Peaking	10		(121)		—		131		—		—		—
Other	16		—		—		16		—		—		—
Electricity Generation	27		—		—		27		—		—		—
Other	260		—		—		—		74		186		—
Total Non-Utility	5,542		(217)		—		1,368		2,240		2,193		(42)
Total revenues from contracts with customers	7,045		(266)		1,552		1,368		2,240		2,193		(42)
Other revenues (c)	165		—		46		1		39		78		1
Total revenues	$	7,210	$	(266)	$	1,598	$	1,369	$	2,279	$	2,271	$	(41)


2023	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	1,020	$	—	$	1,020	$	—	$	—	$	—	$	—
Commercial & Industrial	413		—		413		—		—		—		—
Large delivery service	177		—		177		—		—		—		—
Off-system sales and capacity releases	89		(73)		162		—		—		—		—
Other	43		(1)		44		—		—		—		—
Total Utility	1,742		(74)		1,816		—		—		—		—
Non-Utility:
LPG:
Retail	3,952		—		—		—		1,768		2,184		—
Wholesale	325		—		—		—		207		118		—
Energy Marketing	2,139		(143)		—		1,410		872		—		—
Midstream:
Pipeline	251		—		—		251		—		—		—
Peaking	31		(106)		—		137		—		—		—
Other	14		—		—		14		—		—		—
Electricity Generation	33		—		—		33		—		—		—
Other	274		—		—		—		80		194		—
Total Non-Utility	7,019		(249)		—		1,845		2,927		2,496		—
Total revenues from contracts with customers	8,761		(323)		1,816		1,845		2,927		2,496		—
Other revenues (c)	167		(3)		38		2		38		85		7
Total revenues	$	8,928	$	(326)	$	1,854	$	1,847	$	2,965	$	2,581	$	7

(a)Includes intersegment revenues principally among Midstream & Marketing and Utilities.

(b)Corporate & Other includes reduction of revenues of $42 associated with the early termination of certain DVEP customer contracts. See Note 5 for additional information.

(c)Primarily represents (1) revenues from tank rentals at UGI International and AmeriGas Propane; (2) revenues from alternative revenue programs at Utilities, including the weather normalization adjustment rider for PA Gas Utility beginning November 1, 2022 and for WV Gas Utility beginning October 1, 2024; and (3) gains and losses on commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, none of which are within the scope of ASC 606 and are accounted for in accordance with other GAAP.

Goodwill and Intangible Assets - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Customer relationships	$ 967	$ 985
Trademarks and tradenames	4	4
Noncompete agreements and other	27	27
Accumulated amortization	(712)	(665)
Intangible assets, net (definite-lived)	286	351
Trademarks and tradenames (indefinite-lived)	42	40
Total intangible assets, net	$ 328	$ 391

Employee Retirement Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
ABO	$ 21	$ 24
Fair value of plan assets	25	22
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Contribution made to Pension Plan	15	19
Defined benefit plan, benefit obligation	692	707	$ 623
Payments for defined benefit retirement plan	38	37
Supplemental Employee Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, benefit obligation	26	40
Payments for defined benefit retirement plan	16	0	0
Consolidated balance sheets	23	31
Other Pension, Postretirement and Supplemental Plans
Defined Benefit Plan Disclosure [Line Items]
Consolidated balance sheets	8	8
Costs of benefits under savings plans	24	23	22
U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Contribution made to Pension Plan	13	$ 18	$ 18
Expected future employer contributions to pension plan	$ 18

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	4
France \| Geographic Concentration Risk \| Revenues
Segment Reporting Information [Line Items]
Risk percent	20.00%
France \| Geographic Concentration Risk \| Long-lived Assets
Segment Reporting Information [Line Items]
Risk percent	10.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Equity (Tables)

12 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Common Stock Share Activity

UGI Preferred Stock and Common Stock share activity for Fiscal 2025, Fiscal 2024 and Fiscal 2023 is as follows:


	Preferred Stock	Common Stock
	Issued/Outstanding	Issued	Treasury	Outstanding
Balance at September 30, 2022	220,000	210,560,494	(978,282)	209,582,212
Issued:

Employee and director plans	—	345,558	167,313	512,871


Repurchases of common stock	—	—	(600,000)	(600,000)

Balance at September 30, 2023	220,000	210,906,052	(1,410,969)	209,495,083
Issued:
Settlement of Equity Units	(220,000)	5,054,030	—	5,054,030
Employee and director plans	—	164,250	(27,751)	136,499




Balance at September 30, 2024	—	216,124,332	(1,438,720)	214,685,612
Issued:

Employee and director plans	—	908,950	(118,517)	790,433

Repurchases of common stock	—	—	(1,000,000)	(1,000,000)

Balance at September 30, 2025	—	217,033,282	(2,557,237)	214,476,045

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Derivative Instruments and Hedging Activities - Schedule of Derivative Assets, Liabilities and the Effects of Offsetting (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Derivative assets:
Total derivative assets – gross	$ 97	$ 140
Gross amounts offset in the balance sheet	(65)	(88)
Cash collateral received	(2)	(14)
Total derivative assets – net	30	38
Derivative liabilities:
Total derivative liabilities – gross	(164)	(183)
Gross amounts offset in the balance sheet	65	88
Cash collateral pledged	19	36
Total derivative liabilities – net	(80)	(59)
Interest rate contracts
Derivative liabilities:
Total derivative liabilities – gross		(22)
Commodity contracts
Derivative assets:
Total derivative assets – gross	3	4
Derivative liabilities:
Total derivative liabilities – gross	(8)	(1)
Derivatives designated as hedging instruments:
Derivative assets:
Total derivative assets – gross	1	7
Derivatives designated as hedging instruments: \| Foreign currency contracts
Derivative assets:
Total derivative assets – gross	1	6
Derivatives designated as hedging instruments: \| Interest rate contracts
Derivative assets:
Total derivative assets – gross	0	1
Derivative liabilities:
Total derivative liabilities – gross	(12)	(22)
Derivatives not designated as hedging instruments:
Derivative liabilities:
Total derivative liabilities – gross	(144)	(160)
Derivatives not designated as hedging instruments: \| Foreign currency contracts
Derivative liabilities:
Total derivative liabilities – gross	(19)	(9)
Derivatives not designated as hedging instruments: \| Commodity contracts
Derivative assets:
Total derivative assets – gross	93	129
Derivative liabilities:
Total derivative liabilities – gross	$ (125)	$ (151)

Income Taxes - Schedule of Provisions for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Current expense (benefit):
Federal	$ 0	$ (25)	$ (1)
State	14	12	37
Foreign	50	32	49
Total current expense (benefit)	64	19	85
Deferred expense (benefit):
Federal	(41)	82	34
State	8	34	(21)
Foreign	(13)	(64)	(433)
Total deferred expense (benefit)	(46)	52	(420)
Total income tax expense (benefit)	$ 18	$ 71	$ (335)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) attributable to UGI Corporation	$ 678,000,000	$ 269,000,000	$ (1,502,000,000)
Adjustments to reconcile net income (loss) attributable to UGI Corporation to net cash provided by operating activities:
Depreciation and amortization	561,000,000	551,000,000	532,000,000
Deferred income tax expense (benefit), net	(46,000,000)	52,000,000	(420,000,000)
Provision for uncollectible accounts	37,000,000	61,000,000	69,000,000
Changes in unrealized gains and losses on derivative instruments	19,000,000	10,000,000	1,682,000,000
(Gain) loss on disposals of businesses	36,000,000	95,000,000	221,000,000
Impairment of assets	0	7,000,000	19,000,000
Impairment of goodwill	0	195,000,000	656,000,000
Equity-based compensation expense	18,000,000	8,000,000	17,000,000
Loss on extinguishments of debt	10,000,000	9,000,000	9,000,000
Loss (income) from equity investees	(5,000,000)	19,000,000	(2,000,000)
Settlement of Energy Services interest rate swap, net of amortization	0	(19,000,000)	19,000,000
Gain on sales of fixed assets	(25,000,000)	(22,000,000)	(61,000,000)
Other, net	(36,000,000)	(20,000,000)	19,000,000
Net change in:
Accounts receivable and accrued utility revenues	(35,000,000)	126,000,000	212,000,000
Income taxes receivable	15,000,000	(21,000,000)	91,000,000
Inventories	30,000,000	32,000,000	247,000,000
Utility deferred fuel costs, net of changes in unsettled derivatives	(47,000,000)	(7,000,000)	64,000,000
Accounts payable	(29,000,000)	(99,000,000)	(291,000,000)
Derivative instruments collateral deposits received (paid)	5,000,000	(9,000,000)	(420,000,000)
Other current assets	16,000,000	6,000,000	(36,000,000)
Other current liabilities	25,000,000	(61,000,000)	(18,000,000)
Net cash provided by operating activities	1,227,000,000	1,182,000,000	1,107,000,000
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(837,000,000)	(796,000,000)	(974,000,000)
Acquisitions of businesses and assets, net of cash and restricted cash acquired	0	0	(9,000,000)
Investments in equity method investees	(38,000,000)	(92,000,000)	(146,000,000)
Settlements of net investment hedges	(4,000,000)	3,000,000	22,000,000
Net proceeds from the disposition of businesses and assets	170,000,000	93,000,000	30,000,000
Other, net	10,000,000	0	0
Net cash provided (used) by investing activities	(699,000,000)	(792,000,000)	(1,077,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on Common Stock	(322,000,000)	(318,000,000)	(308,000,000)
Issuances of debt, net of issuance costs	1,684,000,000	1,321,000,000	1,930,000,000
Repayments of long-term debt and finance leases, including redemption premiums	(1,774,000,000)	(1,303,000,000)	(2,031,000,000)
Short-term borrowings (repayments), net	21,000,000	(194,000,000)	267,000,000
Issuances of Common Stock	18,000,000	0	12,000,000
Repurchases of Common Stock	(33,000,000)	0	(22,000,000)
Payments on Purchase Contracts	0	(12,000,000)	(16,000,000)
Net cash provided (used) by financing activities	(406,000,000)	(506,000,000)	(168,000,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	5,000,000	4,000,000	9,000,000
Cash, cash equivalents and restricted cash increase (decrease)	127,000,000	(112,000,000)	(129,000,000)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of year	355,000,000	228,000,000	340,000,000
Cash, cash equivalents and restricted cash at beginning of year	228,000,000	340,000,000	469,000,000
Cash, cash equivalents and restricted cash increase (decrease)	127,000,000	(112,000,000)	(129,000,000)
Cash paid (received) for:
Interest	375,000,000	403,000,000	332,000,000
Income taxes	$ 55,000,000	$ 80,000,000	$ (17,000,000)

Equity Method Investments (Tables)

12 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

Equity method investments which are included within “Other assets” on the Consolidated Balance Sheets, comprises the following as of September 30:


	Carrying Value				Ownership Interest
Investees	2025		2024		2025	2024
Midstream & Marketing
Aurum Renewables	$	46	$	47	40%	40%
Pine Run	101		86		49%	49%
MBL Bioenergy	222		206		99.99%	99.99%
Other	27		20		various	various
Total Midstream & Marketing	396		359
UGI International	4		10		various	various
Other	—		1		various	various
Total investments in equity method investees	$	400	$	370

Employee Retirement Plans

12 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Employee Retirement Plans

Note 8 — Employee Retirement Plans

Defined Benefit Pension and Other Postretirement Plans

The U.S. Pension Plans consist of (1) a defined benefit pension plan for employees hired prior to January 1, 2009, of UGI, UGI Utilities, and certain of UGI’s other domestic wholly owned subsidiaries and (2) a defined benefit pension plan for Mountaineer employees hired prior to January 1, 2023. U.S. Pension Plans’ benefits are based on years of service, age and employee compensation. In addition, certain UGI International employees in France and Belgium are covered by defined benefit pension and postretirement plans. Although the disclosures in the tables below include amounts related to the UGI International plans, such amounts are not material.

We also provide postretirement health care benefits to certain retirees and postretirement life insurance benefits to certain U.S. active and retired employees. The ABOs of our other postretirement benefit plans were $21 and $24 as of September 30, 2025 and 2024, respectively. The fair values of the plan assets of our other postretirement benefit plans was $25 and $22 as of September 30, 2025 and 2024, respectively.

The following table provides a reconciliation of the PBOs of our pension plans (the U.S. Pension Plans and the UGI International pension plans), plan assets, and the related funded status of our pension plans as of September 30, 2025 and 2024. ABO is the present value of benefits earned to date with benefits based upon current compensation levels. PBO is ABO increased to reflect estimated future compensation.


	Pension Benefits
	2025		2024
Change in benefit obligations:
Benefit obligations — beginning of year	$	707	$	623
Service cost	9		8
Interest cost	34		36
Actuarial loss (gain)	(21)		76


Curtailments	(1)		—

Foreign currency	2		2
Benefits paid	(38)		(38)
Benefit obligations — end of year (a)	$	692	$	707
Change in plan assets:
Fair value of plan assets — beginning of year	$	657	$	556
Actual gain (loss) on plan assets	44		118
Foreign currency	1		1
Employer contributions	15		19


Benefits paid	(38)		(37)
Fair value of plan assets — end of year	$	679	$	657
Funded status of the plans — end of year (b)	$	(13)	$	(50)





Amounts recorded in UGI Corporation stockholders’ equity (pre-tax):
Prior service cost	$	3	$	3
Net actuarial loss (gain)	(26)		(9)
Total	$	(23)	$	(6)
Amounts recorded in regulatory assets and liabilities (pre-tax):

Net actuarial loss (gain)	$	100	$	106
Total	$	100	$	106

(a) The ABOs of the U.S. Pension Plans were $620 and $633 as of September 30, 2025 and 2024, respectively.

(b) Amounts are reflected in “Other noncurrent liabilities,” “Other current liabilities,” and “Other assets” on the Consolidated Balance Sheets. Amounts reflected in “Other current liabilities” and “Other assets” are not material.

In Fiscal 2025 and Fiscal 2024, the changes in the pension plans’ PBOs due to actuarial gains and losses are principally the result of changes in discount rates.

Actuarial assumptions for our U.S. Pension Plans are described below. The discount rate assumption was determined by selecting a hypothetical portfolio of high quality corporate bonds appropriate to provide for the projected benefit payments of the plans. The discount rate was then developed as the single rate that equates the market value of the bonds purchased to the discounted value of the plans’ benefit payments. The expected rate of return on assets assumption is based on current and expected asset allocations as well as historical and expected returns on various categories of plan assets (as further described below).


	Pension Plans
	2025		2024		2023
Weighted-average assumptions:
Discount rate – benefit obligations	5.54	%	5.05	%	6.09	%
Discount rate – benefit cost	5.05	%	6.09	%	5.70	%
Expected return on plan assets	7.50	%	7.50	%	7.50	%
Rate of increase in salary levels	3.25	%	3.25	%	3.25	%

The service cost component of our pension and other postretirement plans, net of amounts capitalized, is reflected in “Operating and administrative expenses” on the Consolidated Statements of Income. The non-service cost components, net of amounts capitalized by Utilities as a regulatory asset, are reflected in “Other non-operating income (expense), net” on the Consolidated Statements of Income. Other postretirement benefit cost was not material for all periods presented. Net periodic pension (income) cost includes the following components:


	Pension Benefits
	2025		2024		2023
Service cost	$	9	$	8	$	9
Interest cost	34		36		35
Expected return on assets	(48)		(44)		(45)
Curtailment gain	(1)		—		—

Amortization of:

Actuarial loss (gain)	5		1		(3)


Net benefit cost (income)	$	(1)	$	1	$	(4)

It is our general policy to fund amounts for U.S. Pension Plans benefits equal to at least the minimum required contribution set forth in applicable employee benefit laws. From time to time, we may, at our discretion, contribute additional amounts. During Fiscal 2025, Fiscal 2024 and Fiscal 2023, we made cash contributions to the U.S. Pension Plans of $13, $18 and $18, respectively. The minimum required contributions to the U.S. Pension Plans for Fiscal 2026 are approximately $18.

UGI Utilities has established a VEBA trust to pay certain retiree health care and life insurance benefits by depositing into the VEBA the annual amount of postretirement benefits costs, if any. Assets associated with the VEBA are not material and we do not expect to be required to make any contributions to the VEBA during Fiscal 2026.

Expected payments for postretirement benefits over the next 10 years are not material. Expected payments for pension benefits are as follows:


	Pension Benefits
Fiscal 2026	$	45
Fiscal 2027	$	43
Fiscal 2028	$	45
Fiscal 2029	$	50
Fiscal 2030	$	51
Fiscal 2031 - 2035	$	250

We also sponsor unfunded and non-qualified supplemental executive defined benefit retirement plans. At September 30, 2025 and 2024, the PBOs of these plans, including obligations for amounts held in grantor trusts, totaled $26 and $40, respectively. Costs associated with these plans and amounts recorded in UGI’s stockholder’s equity representing actuarial gains and losses were not material for all periods presented and are excluded from the tables above. During Fiscal 2025, the Company made $16 of payments for the supplemental executive defined benefit retirement plans. During Fiscal 2024, and Fiscal 2023, the payments the Company made with respect to the supplemental executive defined benefit retirement plans were not material. The total fair value of the grantor trust investment assets associated with the supplemental executive defined benefit retirement plans, which are included in “Other assets” on the Consolidated Balance Sheets, totaled $23 and $31 at September 30, 2025 and 2024, respectively.

U.S. Pension Plans’ Assets

The assets of the U.S. Pension Plans are held in trust. The investment policies and asset allocation strategies for the assets in these trusts are determined by the Retirement Plan Committee comprising certain members of UGI’s senior management. The overall investment objective is to minimize projected funded status volatility by more closely aligning the duration of the U.S. Pension Plans’ fixed income portfolio to the duration of its liabilities. The proportion of plan assets allocated to fixed income investments will increase as the funded status increases. Investments are made principally in common collective trust funds that consist of equity investments, bond investments and short-term cash investments, and, to a much less extent, Common Stock and alternative investments.

The targets and actual allocations for the U.S. Pension Plans’ trust assets at September 30 are as follows:


	Actual				Target Asset Allocation (a)
	2025		2024		2025		2024
Equity investments	45.6	%	52.4	%	46.0	%	53.2	%
Fixed income funds & cash equivalents	52.3	%	44.9	%	51.8	%	43.4	%
Alternative investments	2.1	%	2.7	%	2.2	%	3.4	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

(a) There is a permitted range for the allocation of the trust assets for the U.S. Pension Plans which is 5% less than and greater than the target allocation.

Common collective trust funds in the U.S. Pension Plans primarily include investments in U.S., Non-U.S. and global (a mix of U.S. and Non-U.S.) equities, fixed income and short-term cash investments. The fair values of common collective trust funds and cash equivalents are valued at the NAV of units of the collective trusts. The NAVs, as provided by the trustee, are used as a practical expedient to estimate fair value based on the fair values of the underlying investments held by the funds less their liabilities. The fair values of the U.S. Pension Plans trust assets by asset class as of September 30, 2025 and 2024 are as follows:


	2025		2024
U.S. Pension Plans:
Domestic equity investments:



Common Stock	$	27	$	20
Total domestic equity investments (a)	27		20





Common collective trust funds:
U.S. equity index investments	171		188
Non-U.S. equity index investments	100		96
Global equity index investments	—		29
Bond index investments	336		274
Cash equivalents	6		11
Total common collective trust funds (b)	613		598
Alternative investments (b)	14		17
Total	$	654	$	635

(a) Level 1 investments within the fair value hierarchy.

(b) Assets measured at NAV and therefore excluded from the fair value hierarchy.

The expected long-term rates of return on U.S. Pension Plans’ trust assets have been developed using a best estimate of expected returns, volatilities and correlations for each asset class. The estimates are based on historical capital market performance data and future expectations provided by independent consultants. Future expectations are determined by using simulations that provide a wide range of scenarios of future market performance. The market conditions in these simulations consider the long-term relationships between equities and fixed income as well as current market conditions at the start of the simulation. The expected rate begins with a risk-free rate of return with other factors being added such as inflation, duration, credit spreads and equity risk premiums. The rates of return derived from this process are applied to our target asset allocation to develop a reasonable return assumption.

Defined Contribution Plans

We sponsor 401(k) savings plans for eligible employees of UGI and certain of UGI’s domestic subsidiaries. Generally, participants in these plans may contribute a portion of their compensation on either a before-tax basis, or on both a before-tax and after-tax basis. These plans also provide for employer matching contributions at various rates. The cost of benefits under the savings plans totaled $24 in Fiscal 2025, $23 in Fiscal 2024 and $22 in Fiscal 2023. The Company also sponsors certain nonqualified supplemental defined contribution executive retirement plans. These plans generally provide supplemental benefits to certain executives that would otherwise be provided under retirement plans but are prohibited due to limitations imposed by the IRC. The Company makes payments to self-directed grantor trusts with respect to these supplemental defined contribution plans. Such payments during Fiscal 2025, Fiscal 2024 and Fiscal 2023 were not material. At September 30, 2025 and 2024, the total fair values of these grantor trust investment assets, which amounts are included in “Other assets” on the Consolidated Balance Sheets, were $8 and $8, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 42	$ 68
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	217,033,282	216,124,332

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue from Contracts with Customers

12 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 4 — Revenue from Contracts with Customers

The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. The Company generally has the right to consideration from a customer in an amount that corresponds directly with the value to the customer for performance completed to date. As such, we have elected to recognize revenue in the amount to which we have a right to invoice except in the case of certain of Utilities’ large delivery service customers and Midstream & Marketing’s peaking and gathering contracts for which we recognize revenue on a straight-line basis over the term of the contract, consistent with when the performance obligations are satisfied by the Company.

We do not have a significant financing component in our contracts because we receive payment shortly before, at, or shortly after the transfer of control of the good or service. Because the period between the time the performance obligation is satisfied and payment is received is generally one year or less, the Company has elected to apply the significant financing component practical expedient and no amount of consideration has been allocated as a financing component.

The Company’s revenues from contracts with customers are discussed below.

Utility Revenues

Utilities supplies natural gas and electricity and provides distribution services of natural gas and electricity to residential, commercial, and industrial customers who are generally billed at standard regulated tariff rates approved by the regulatory bodies through the ratemaking process. Tariff rates include a component that provides for a reasonable opportunity to recover operating costs and expenses and to earn a return on net investment, and a component that provides for the recovery, subject to reasonableness reviews, of PGC, PGA and DS costs.

Customers may choose to purchase their natural gas and electricity from Utilities, or, alternatively, may contract separately with alternate suppliers. Accordingly, our contracts with customers comprise two promised goods or services: (1) delivery service of natural gas and electricity through the Company’s utility distribution systems and (2) the natural gas or electricity commodity itself for those customers who choose to purchase the natural gas or electricity directly from the Company. Revenue is not recorded for the sale of natural gas or electricity to customers who have contracted separately with alternate suppliers. For those customers who choose to purchase their natural gas or electricity from the Company, the performance obligation includes both the supply of the commodity and the delivery service.

The terms of our core market customer contracts are generally considered day-to-day as customers can discontinue service at any time without penalty. Performance obligations are generally satisfied over time as the natural gas or electricity is delivered to customers, at which point the customers simultaneously receive and consume the benefits provided by the delivery service and, when applicable, the commodity. Amounts are billed to customers based upon the reading of a customer’s meter, which occurs on a cycle basis throughout each reporting period. An unbilled amount is recorded at the end of each reporting period based upon estimated amounts of natural gas or electricity delivered to customers since the date of the last meter reading. These unbilled estimates consider various factors such as historical customer usage patterns, customer rates and weather.

Utilities has certain fixed-term contracts with large commercial and industrial customers to provide natural gas delivery services at contracted rates and at volumes generally based on the customer’s needs. The performance obligation to provide the contracted delivery service for these large commercial and industrial customers is satisfied over time and revenue is generally recognized on a straight-line basis.

Utilities makes off-system sales whereby natural gas delivered to our system in excess of amounts needed to fulfill our distribution system needs is sold to other customers, primarily other distributors of natural gas, based on an agreed-upon price and volume between the Company and the counterparty. Utilities also sells excess natural gas capacity whereby interstate pipeline capacity in excess of amounts needed to meet our customer obligations is sold to other distributors of natural gas based upon an agreed-upon rate. Off-system sales and capacity releases are generally entered into one month at a time and comprise the sale of a specific volume of gas or pipeline capacity at a specific delivery point or points over a specific time. As such, performance obligations associated with off-system sales and capacity release customers are satisfied, and associated revenue is recorded, when the agreed upon volume of natural gas is delivered or capacity is provided, and title is transferred, in accordance with the contract terms.

Electric Utility provides transmission services to PJM by allowing PJM to access Electric Utility’s electricity transmission facilities. In exchange for providing access, PJM pays Electric Utility consideration determined by a formula-based rate approved by the FERC. The formula-based rate, which is updated annually, allows recovery of costs incurred to provide transmission services and return on transmission-related net investment. We recognize revenue over time as we provide transmission service.

Other Utility revenues represent revenues from other ancillary services provided to customers and are generally recorded as the service is provided to customers.

Non-Utility Revenues

LPG. UGI International and AmeriGas Propane record revenue principally from the sale of LPG to retail and wholesale customers. The primary performance obligation associated with the sale of LPG is the delivery of LPG to (1) the customer’s point of delivery for retail customers and (2) the customer’s specified location where LPG is picked up by wholesale customers, at which point control of the LPG is transferred to the customer, the performance obligation is satisfied, and the associated revenue is recognized.

Contracts with customers comprise different types of contracts with varying length terms, fixed or variable prices, and fixed or variable quantities. Contracts with our residential customers, which comprise a substantial number of our customer contracts, are generally one year or less. Customer contracts for the sale of LPG include fixed-price, fixed-quantity contracts under which LPG is provided to customers at a fixed price and a fixed volume, and contracts that provide for the sale of LPG at market prices at date of delivery with no fixed volumes. AmeriGas Propane offers contracts that permit customers to lock in a fixed price for their volumes for a fee and also provide customers with the option to pre-buy a fixed amount of LPG at a fixed price. Amounts received under pre-buy arrangements are recorded as a contract liability when received and recorded as revenue when LPG is delivered and control is transferred to the customer. Fee revenue associated with fixed-price contracts are recorded as contract liabilities and recorded ratably over the contract period.

UGI International and AmeriGas Propane also distribute LPG to customers in portable cylinders. Under certain contracts, filled cylinders are delivered, and control is transferred, to a reseller. In such instances, the reseller is our customer and we record revenue upon delivery to the reseller. Under other contracts, filled cylinders are delivered to a reseller, but the Company retains control of the cylinders. In such instances, we record revenue at the time the reseller transfers control of the cylinder to the end user.

Certain retail LPG customers for AmeriGas Propane receive credits which we account for as variable consideration. We estimate these credits based upon past practices and historical customer experience and we reduce our revenues recognized for these credits.

Energy Marketing. Midstream & Marketing and UGI International operate energy marketing businesses that sell energy commodities, principally natural gas and electricity, to residential, commercial, industrial and wholesale customers. See Note 5 regarding recent transactions related to UGI International’s energy marketing business.

Midstream & Marketing and, prior to the exit of substantially all of its energy marketing business as of the end of the first quarter of Fiscal 2024, UGI International market natural gas and electricity on full-requirements or agreed-upon volume bases under contracts with varying length terms and at fixed or floating prices that are based on market indices adjusted for differences in price between the market location and delivery locations. Performance obligations associated with these contracts primarily comprise the delivery of the natural gas and electricity over a contractual period of time. Performance obligations also include other energy-related ancillary services provided to customers such as capacity. For performance obligations that are satisfied at a point in time such as the delivery of natural gas, revenue is recorded when customers take control of the natural gas. Revenue is recorded for performance obligations that qualify as a series, when customers consume the natural gas or electricity is delivered, which corresponds to the amount invoiced to the customer. For transactions where the price or volume is not fixed, the transaction price is not determined until delivery occurs. The billed amount, and the revenue recorded, is based upon consumption by the customer.

Midstream. Midstream & Marketing provides natural gas pipeline transportation, natural gas gathering, natural gas processing and natural gas underground storage services, which generally contain a performance obligation for the Company to have availability to transport or store a product. Additionally, the Company provides stand-ready services to sell supplemental energy products and related services, primarily LNG and propane-air mixtures during periods of high demand that typically result from cold weather. The Company also sells LNG to end-user customers for use by trucks, drilling rigs and other motored vehicles and equipment, and facilities that are located off the natural gas grid.

Contracts for natural gas transportation and gathering services are typically long-term contracts with terms of up to 30 years, while contracts for storage are typically for one-year or multiple storage season periods. Contracts to provide natural gas during periods of high demand have terms of up to 15 years. Contracts to sell LNG for trucks, drilling rigs and other motor vehicles and facilities are typically short-term (less than one year). Depending on the type of services provided or goods sold, midstream revenues may consist of demand rates, commodity rates, and transportation rates and may include other fees for ancillary services. Pipeline transportation, natural gas gathering and storage services provided and services to stand ready to sell supplemental energy products and services each are considered to have a single performance obligation satisfied through the passage of time ratably based upon providing a stand-ready service generally on a monthly basis. Contracts to sell LNG to end-user customers contain performance obligations to deliver LNG over the term of the contract and revenue is recognized at a point in time when the control of the energy products is transferred to the customer. The price in the contract corresponds to our efforts to satisfy the performance obligation and reflects the consideration we expect to receive for the satisfied performance obligation, and, therefore, the revenue is recognized based on the volume delivered and the price within the contract. In cases where shipping and handling occurs prior to the LNG being delivered to the customer’s storage vessel, we have elected to treat this as a cost of fulfillment and not a separate performance obligation. Revenues are typically billed and payment received monthly. Advance fees received from customers for stand-ready services are deferred as contract liabilities and revenue is recognized ratably over time as the performance obligation is satisfied over a period less than one year.

Electricity Generation. Prior to its sale in September 2024, Midstream & Marketing sold power generated from electricity generation assets in the wholesale electricity markets administered by PJM regional transmission organization. Power contracts with PJM consist of the sale of power, capacity and ancillary services, all of which were considered a bundle of various services. Performance obligations were satisfied over time, generally on a daily basis, as electricity is delivered to and simultaneously consumed by the customer. As such, the Company had elected to recognize revenue in the amount to which we had a right to invoice which was based on market prices at the time of the delivery of the electricity to the customers.

Other. Other revenues from contracts with customers are generated primarily from AmeriGas Propane’s parts and services business. The performance obligations of this business include installation and repair services. The performance obligations under these contracts are satisfied, and revenue is recognized, as control of the product is transferred or the services are rendered. Other LPG revenues from contracts with customers are generated primarily from certain fees UGI International and AmeriGas Propane charge associated with the delivery of LPG, including hazmat safety compliance, inspection, metering, installation, fuel recovery and certain other services. Revenues from fees are typically recorded when the LPG is delivered to the customer or the associated service is completed.

Revenue Disaggregation

The following tables present our disaggregated revenues by reportable segment:


2025	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	970	$	—	$	970	$	—	$	—	$	—	$	—
Commercial & Industrial	385		—		385		—		—		—		—
Large delivery service	196		—		196		—		—		—		—
Off-system sales and capacity releases	74		(79)		153		—		—		—		—
Other	31		(1)		32		—		—		—		—
Total Utility	1,656		(80)		1,736		—		—		—		—
Non-Utility:
LPG:
Retail	3,738		—		—		—		1,785		1,953		—
Wholesale	231		—		—		—		156		75		—
Energy Marketing	998		(159)		—		1,099		58		—		—
Midstream:
Pipeline	225		—		—		225		—		—		—
Peaking	27		(111)		—		138		—		—		—
Other	21		—		—		21		—		—		—

Other	251		—		—		—		78		173		—
Total Non-Utility	5,491		(270)		—		1,483		2,077		2,201		—
Total revenues from contracts with customers	7,147		(350)		1,736		1,483		2,077		2,201		—
Other revenues (c)	140		—		25		—		42		75		(2)
Total revenues	$	7,287	$	(350)	$	1,761	$	1,483	$	2,119	$	2,276	$	(2)


2024	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	873	$	—	$	873	$	—	$	—	$	—	$	—
Commercial & Industrial	344		—		344		—		—		—		—
Large delivery service	183		—		183		—		—		—		—
Off-system sales and capacity releases	67		(48)		115		—		—		—		—
Other	36		(1)		37		—		—		—		—
Total Utility	1,503		(49)		1,552		—		—		—		—
Non-Utility:
LPG:
Retail	3,733		—		—		—		1,816		1,917		—
Wholesale	270		—		—		—		180		90		—
Energy Marketing (b)	980		(96)		—		948		170		—		(42)
Midstream:
Pipeline	246		—		—		246		—		—		—
Peaking	10		(121)		—		131		—		—		—
Other	16		—		—		16		—		—		—
Electricity Generation	27		—		—		27		—		—		—
Other	260		—		—		—		74		186		—
Total Non-Utility	5,542		(217)		—		1,368		2,240		2,193		(42)
Total revenues from contracts with customers	7,045		(266)		1,552		1,368		2,240		2,193		(42)
Other revenues (c)	165		—		46		1		39		78		1
Total revenues	$	7,210	$	(266)	$	1,598	$	1,369	$	2,279	$	2,271	$	(41)


2023	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	1,020	$	—	$	1,020	$	—	$	—	$	—	$	—
Commercial & Industrial	413		—		413		—		—		—		—
Large delivery service	177		—		177		—		—		—		—
Off-system sales and capacity releases	89		(73)		162		—		—		—		—
Other	43		(1)		44		—		—		—		—
Total Utility	1,742		(74)		1,816		—		—		—		—
Non-Utility:
LPG:
Retail	3,952		—		—		—		1,768		2,184		—
Wholesale	325		—		—		—		207		118		—
Energy Marketing	2,139		(143)		—		1,410		872		—		—
Midstream:
Pipeline	251		—		—		251		—		—		—
Peaking	31		(106)		—		137		—		—		—
Other	14		—		—		14		—		—		—
Electricity Generation	33		—		—		33		—		—		—
Other	274		—		—		—		80		194		—
Total Non-Utility	7,019		(249)		—		1,845		2,927		2,496		—
Total revenues from contracts with customers	8,761		(323)		1,816		1,845		2,927		2,496		—
Other revenues (c)	167		(3)		38		2		38		85		7
Total revenues	$	8,928	$	(326)	$	1,854	$	1,847	$	2,965	$	2,581	$	7

(a)Includes intersegment revenues principally among Midstream & Marketing and Utilities.

(b)Corporate & Other includes reduction of revenues of $42 associated with the early termination of certain DVEP customer contracts. See Note 5 for additional information.

Contract Balances

The timing of revenue recognition may differ from the timing of invoicing to customers or cash receipts. Contract assets represent our right to consideration after the performance obligations have been satisfied when such right is conditioned on something other than the passage of time. Contract assets were not material at September 30, 2025 and 2024. Substantially all of our receivables are unconditional rights to consideration and are included in “Accounts receivable” and, in the case of Utilities, “Accrued utility revenues” on the Consolidated Balance Sheets. Amounts billed are generally due within the following month.

Contract liabilities arise when payment from a customer is received before the performance obligations have been satisfied and represent the Company’s obligations to transfer goods or services to a customer for which we have received consideration. The balances of contract liabilities were $132 and $140 at September 30, 2025 and 2024, respectively, and are primarily included in “Deposits and advances” on the Consolidated Balance Sheets. Revenues recognized during Fiscal 2025, Fiscal 2024 and Fiscal 2023 from the amounts included in contract liabilities at September 30, 2024, September 30, 2023 and September 30, 2022 was $101, $120 and $127, respectively.

Remaining Performance Obligations

The Company excludes disclosures related to the aggregate amount of the transaction price allocated to certain performance obligations that are unsatisfied as of the end of the reporting period because these contracts have an initial expected term of one year or less, or we have a right to bill the customer in an amount that corresponds directly with the value of services provided to the customer to date. Certain contracts with customers at Midstream & Marketing and Utilities contain minimum future performance obligations through 2047 and 2053, respectively. At September 30, 2025, the Company expects to record approximately $1.3 billion of revenues related to the minimum future performance obligations over the remaining terms of the related contracts.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes

12 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 — Income Taxes

Income (loss) before income taxes comprises the following:


	2025		2024		2023
Domestic	$	580	$	305	$	(346)
Foreign	116		35		(1,491)
Total income (loss) before income taxes	$	696	$	340	$	(1,837)

The provisions for income taxes consist of the following:


	2025		2024		2023
Current expense (benefit):
Federal	$	—	$	(25)	$	(1)
State	14		12		37
Foreign	50		32		49

Total current expense (benefit)	64		19		85
Deferred expense (benefit):
Federal	(41)		82		34
State	8		34		(21)
Foreign	(13)		(64)		(433)

Total deferred expense (benefit)	(46)		52		(420)
Total income tax expense (benefit)	$	18	$	71	$	(335)

Federal income taxes for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are net of foreign tax credits of $47, $17, and $25, respectively.

A reconciliation from the U.S. federal statutory tax rate to our effective tax rate is as follows:


	2025		2024		2023
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Difference in tax rate due to:
Goodwill impairment not deductible for tax	—		11.6		(7.3)
State income taxes, net of federal benefit	4.6		6.8		(1.7)
Investment tax credits	(12.7)		(6.8)		0.5
Valuation allowance adjustments	(8.8)		(6.3)		1.1
Regulated entity depreciation normalization	(2.0)		(4.5)		0.7
Notional interest deduction	(1.7)		(3.8)		0.7
Nontaxable sale of equity investment	1.5		—		—
Effects of tax rate changes – State, net of federal benefit	(0.7)		3.6		0.2
State NOL adjustment upon disposition	—		2.4		—
Uncertain tax positions	0.8		(2.4)		(0.7)
Impairment of equity investment	—		2.2		—
Federal refund interest accrual	(0.5)		(1.1)		—
Effects of foreign operations	(0.6)		0.1		3.1



Other, net	1.7		(1.9)		0.6
Effective tax rate	2.6	%	20.9	%	18.2	%

In July 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted, introducing certain amendments to the U.S. tax law. Key provisions affecting the Company include: (1) changes to interest expense limitations; (2) expanded bonus deprecation; (3) accelerated expensing of research and development costs; and (4) certain revisions to international tax rules. The Company recorded an income tax benefit of $31 in the fourth quarter of Fiscal 2025 related to the release of a valuation allowance associated with previously disallowed interest expense. The enactment of the OBBBA did not otherwise have a material impact on the Company’s effective tax rate in Fiscal 2025.

In July 2022, tax legislation was enacted in Pennsylvania reducing the state’s corporate net income tax rate from 9.99% to 4.99% over a nine-year period, beginning with an initial reduction to 8.99% beginning in Fiscal 2024. The legislation resulted

in tax expense (benefit) of $5, $12 and $4 in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, based upon the Company’s analysis of future reversals of net deferred tax liabilities.

Federal refund claims of $41 and $56 are included in “Income taxes receivable” on the Consolidated Balance Sheet at September 30, 2025 and 2024, respectively. Refund claims of $36 at September 30, 2025 and 2024, were related to Fiscal 2021 federal net operating losses carried back to Fiscal 2016 under CARES legislation enacted in 2020. The CARES refund claim is under Joint Committee review.

Our effective tax rate is subject to the impact of changes to the taxation of foreign source income made by the TCJA and the high tax exception regulations issued in July 2020. Income tax expense for Fiscal 2025, Fiscal 2024 and Fiscal 2023 includes $15, $2, and $13, respectively, of GILTI taxes that are treated as current period costs and carry no related deferred taxes.

Pennsylvania and West Virginia utility ratemaking practices permit the flow through to ratepayers of state tax benefits resulting from accelerated tax depreciation. For Fiscal 2025, Fiscal 2024 and Fiscal 2023, the beneficial effects of state tax flow through of accelerated depreciation reduced income tax expense by $11, $12, and $11, respectively.

Deferred tax liabilities (assets) comprise the following at September 30:


	2025		2024
Excess book basis over tax basis of property, plant and equipment	$	1,051	$	994
Intangible assets and goodwill	105		86
Utility regulatory assets	80		74
Investment in AmeriGas Partners	71		31


Other	113		50
Gross deferred tax liabilities	1,420		1,235

Interest expense	(150)		(118)
Operating loss carryforwards	(73)		(72)
Utility regulatory liabilities	(66)		(72)
Foreign tax credit carryforwards	(12)		(49)
Employee-related benefits	(25)		(33)
Investment tax credits	(116)		(26)
Utility environmental liabilities	(19)		(16)
Pension plan liabilities	—		(8)

Derivative instrument liabilities	(19)		(3)

Other	(121)		(58)
Gross deferred tax assets	(601)		(455)
Deferred tax assets valuation allowance	71		130
Net deferred tax liabilities	$	890	$	910

At September 30, 2025, we carried foreign net operating loss carryforwards of $10 relating to Flaga, $19 at certain subsidiaries of UGI France, $5 relating to Belgium, and $65 in the Netherlands with no expiration dates. We have state net operating loss carryforwards primarily relating to certain subsidiaries that approximate $1,269 and expire through 2045. We also have federal operating loss carryforwards of $1 for certain operations of AmeriGas Propane. At September 30, 2025, deferred tax assets relating to operating loss carryforwards amounted to $73 related to various UGI subsidiaries.

Valuation allowances against deferred tax assets exist for foreign tax credit carryforwards, net operating loss carryforwards of foreign subsidiaries, capital loss carryforwards and a notional interest deduction. The valuation allowance for all deferred tax assets decreased $59 in Fiscal 2025, which included a decrease of $45 against FTCs and $31 against previously disallowed interest expense, offset by an increase of $18 against the notional interest deduction.

We conduct business and file tax returns in the U.S., and various local, state and foreign jurisdictions. Our U.S. federal income tax returns are settled through the 2021 tax year, and our European tax returns are effectively settled for various years from 2017 to 2021. State and other income tax returns in the U.S. are generally subject to examination for a period of three to five years after the filing of the respective returns.

The Company’s unrecognized tax benefits including amounts related to accrued interest, which if subsequently recognized would be recorded as a benefit to income taxes, amounted to $24, $18, and $26 at September 30, 2025, 2024 and 2023, respectively. Generally, a net reduction in unrecognized tax benefits could occur because of the expiration of the statute of limitations in certain jurisdictions or as a result of settlements with tax authorities. The expected change in unrecognized tax benefits and related interest in the next twelve months as the result of the expiration of certain statutes is not material.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:



	2025		2024		2023
Unrecognized tax benefits — beginning of year	$	18	$	26	$	5
Additions for tax positions of the current year	7		4		3
Decreases for tax positions taken in prior years	(2)		(11)		—
Increases for tax positions taken in prior years	1		—		19
Settlements with tax authorities/statute lapses	—		(1)		(1)
Unrecognized tax benefits — end of year	$	24	$	18	$	26

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Operating Income (Expense), Net and Other Non-Operating Income (Expense), Net

12 Months Ended

Sep. 30, 2025

Component of Operating Income [Abstract]

Other Operating Income (Expense), Net and Other Non-Operating Income (Expense), Net

Note 20 — Other Operating Income (Expense), Net and Other Non-Operating Income (Expense), Net

Other Operating Income (Expense), Net

Other operating income (expense), net, comprises the following:


	2025		2024		2023
Finance charges	$	15	$	16	$	17

Gains on sales of fixed assets, net (a)	25		22		61

Foreign currency transaction gains (losses)	—		2		7
Cylinder deposit income	17		17		23
Interest and interest-related income	12		11		6



Other, net	13		(6)		18
Total other operating income (expense), net	$	82	$	62	$	132

(a)Fiscal 2023 includes a $15 gain on the sale of UGI Corporation’s headquarters building in August 2023.

Other Non-Operating Income (Expense), Net

Other non-operating income (expense), net comprises the following:


	2025		2024		2023
Gains (losses) on foreign currency contracts, net	$	(4)	$	(19)	$	(23)
Amortization of excluded components of certain net investment hedges	2		5		7
Pension and other postretirement plans non-service income, net	7		6		9
Total other non-operating income (expense), net	$	5	$	(8)	$	(7)

Employee Retirement Plans - Schedule of Actuarial Assumptions for U.S. Plans (Details) - Pension Benefits	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Weighted-average assumptions:
Discount rate – benefit obligations	5.54%	5.05%	6.09%
Discount rate – benefit cost	5.05%	6.09%	5.70%
Expected return on plan assets	7.50%	7.50%	7.50%
Rate of increase in salary levels	3.25%	3.25%	3.25%

Leases

12 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

Note 15 — Leases

Lessee

We lease various buildings and other facilities, real estate, vehicles, rail cars and other equipment, the majority of which are operating leases. We determine if a contract is or contains a lease by evaluating whether the contract explicitly or implicitly identifies an asset, whether we have the right to obtain substantially all of the economic benefits of the identified leased asset and to direct its use.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We recognize ROU assets at the lease commencement date at the value of the lease liability adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Lease liabilities are

recognized at the lease commencement date based on the present value of lease payments over the lease term. These payments are discounted using the discount rate implicit in the lease, when available. We apply an incremental borrowing rate, which is developed utilizing a credit notching approach based on information available at the lease commencement date, when the implicit rate is not available.

Lease expense is recognized on a straight-line basis over the expected lease term. Renewal and termination options are not included in the lease term unless we are reasonably certain that such options will be exercised. Leases with an original lease term of one year or less, including consideration of any renewal options assumed to be exercised, are not included in the Consolidated Balance Sheets.

Certain lease arrangements, primarily fleet vehicle leases with lease terms of one to ten years, contain purchase options. The Company generally excludes purchase options in evaluating its leases unless it is reasonably certain that such options will be exercised. Additionally, leases of fleet vehicles often contain residual value guarantees that are due at the end of the lease. Such amounts are included in the determination of lease liabilities when we are reasonably certain that they will be owed.

Certain leasing arrangements require variable payments that are dependent on asset usage or are based on changes in index rates, such as the Consumer Price Index. The variable payments component of such leases cannot be determined at lease commencement and is not recognized in the measurement of ROU assets or lease liabilities, but is recognized in earnings in the period in which the obligation occurs.

Sale-leaseback transaction. During the fourth quarter of Fiscal 2023, AmeriGas OLP completed a sale-leaseback transaction with an independent third party for the land, building and improvements of an office and service center located in Gardena, California. The office and service center was leased back to AmeriGas OLP under an operating lease agreement having an initial six-year term with an option to renew. In conjunction with the transaction, AmeriGas OLP received approximately $32 in cash proceeds which resulted in a pre-tax gain of $29, reflected in “Other operating expense (income), net” on the Fiscal 2023 Consolidated Statement of Income.

ROU assets and lease liabilities recorded in the Consolidated Balance Sheets as of September 30 are as follows:


	2025		2024		Location on the Balance Sheet
ROU assets:
Operating lease ROU assets	$	416	$	417	Other assets
Finance lease ROU assets	52		54		Property, plant and equipment
Total ROU assets	$	468	$	471

Lease liabilities:
Operating lease liabilities — current	$	91	$	86	Other current liabilities
Operating lease liabilities — noncurrent	336		343		Other noncurrent liabilities
Finance lease liabilities — current	3		3		Current maturities of long-term debt
Finance lease liabilities — noncurrent	52		52		Long-term debt
Total lease liabilities	$	482	$	484

The components of lease cost for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are as follows:


	2025		2024		2023
Operating lease cost	$	121	$	111	$	104
Finance lease cost:
Amortization of ROU assets	5		4		3
Interest on lease liabilities	3		3		3
Variable lease cost	—		1		2
Short-term lease cost	6		10		4
Total lease cost	$	135	$	129	$	116

The following table presents the cash and non-cash activity related to lease liabilities included in the Consolidated Statements of Cash Flows during Fiscal 2025, Fiscal 2024 and Fiscal 2023:


	2025		2024		2023
Cash paid related to lease liabilities:
Operating cash flows — operating leases	$	119	$	109	$	103
Operating cash flows — finance leases	$	3	$	4	$	3
Financing cash flows — finance leases	$	3	$	2	$	1

Non-cash lease liability activities:
ROU assets obtained in exchange for operating lease liabilities	$	40	$	84	$	136
ROU assets obtained in exchange for finance lease liabilities	$	2	$	7	$	6

The following table presents the weighted-average remaining lease term and weighted-average discount rate:


Weighted-average remaining lease term (in years)	2025	2024
Operating leases	6.3	6.8
Finance leases	6.3	6.7

Weighted-average discount rate (%)	2025	2024
Operating leases	7.5%	4.8%
Finance leases	6.5%	6.9%

Expected annual lease payments based on maturities of operating and finance leases, as well as a reconciliation to the lease liabilities on the Consolidated Balance Sheet, as of September 30, 2025, were as follows:


	2026		2027		2028		2029		2030		After 2030		Total Lease Payments		Imputed Interest		Lease Liabilities
Operating leases	$	112	$	97	$	83	$	70	$	47	$	100	$	509	$	(82)	$	427
Finance leases	$	7	$	6	$	6	$	5	$	5	$	72	$	101	$	(46)	$	55

Approximately 80% of the operating lease liabilities presented above relate to AmeriGas Propane.

At September 30, 2025, operating and finance leases that had not yet commenced were not material.

Lessor

We enter into lessor arrangements for the purposes of storing, gathering or distributing natural gas and LPG. AmeriGas Propane and UGI International have lessor arrangements that grant customers the right to use small, medium and large storage tanks, which we classify as operating leases. These agreements contain renewal options for periods up to nine years and certain agreements at UGI International contain a purchase option. Energy Services leases certain natural gas gathering assets to customers, which we classify as operating leases. Lease income is generally recognized on a straight-line basis over the lease term and included in “Revenues” on the Consolidated Statements of Income. See Note 4 for additional information on these revenues.

Leases

Note 15 — Leases

Lessee

ROU assets and lease liabilities recorded in the Consolidated Balance Sheets as of September 30 are as follows:


	2025		2024		Location on the Balance Sheet
ROU assets:
Operating lease ROU assets	$	416	$	417	Other assets
Finance lease ROU assets	52		54		Property, plant and equipment
Total ROU assets	$	468	$	471

Lease liabilities:
Operating lease liabilities — current	$	91	$	86	Other current liabilities
Operating lease liabilities — noncurrent	336		343		Other noncurrent liabilities
Finance lease liabilities — current	3		3		Current maturities of long-term debt
Finance lease liabilities — noncurrent	52		52		Long-term debt
Total lease liabilities	$	482	$	484

The components of lease cost for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are as follows:


	2025		2024		2023
Operating lease cost	$	121	$	111	$	104
Finance lease cost:
Amortization of ROU assets	5		4		3
Interest on lease liabilities	3		3		3
Variable lease cost	—		1		2
Short-term lease cost	6		10		4
Total lease cost	$	135	$	129	$	116

The following table presents the cash and non-cash activity related to lease liabilities included in the Consolidated Statements of Cash Flows during Fiscal 2025, Fiscal 2024 and Fiscal 2023:


	2025		2024		2023
Cash paid related to lease liabilities:
Operating cash flows — operating leases	$	119	$	109	$	103
Operating cash flows — finance leases	$	3	$	4	$	3
Financing cash flows — finance leases	$	3	$	2	$	1

Non-cash lease liability activities:
ROU assets obtained in exchange for operating lease liabilities	$	40	$	84	$	136
ROU assets obtained in exchange for finance lease liabilities	$	2	$	7	$	6

The following table presents the weighted-average remaining lease term and weighted-average discount rate:


Weighted-average remaining lease term (in years)	2025	2024
Operating leases	6.3	6.8
Finance leases	6.3	6.7

Weighted-average discount rate (%)	2025	2024
Operating leases	7.5%	4.8%
Finance leases	6.5%	6.9%


	2026		2027		2028		2029		2030		After 2030		Total Lease Payments		Imputed Interest		Lease Liabilities
Operating leases	$	112	$	97	$	83	$	70	$	47	$	100	$	509	$	(82)	$	427
Finance leases	$	7	$	6	$	6	$	5	$	5	$	72	$	101	$	(46)	$	55

Approximately 80% of the operating lease liabilities presented above relate to AmeriGas Propane.

At September 30, 2025, operating and finance leases that had not yet commenced were not material.

Lessor

Leases

Note 15 — Leases

Lessee

ROU assets and lease liabilities recorded in the Consolidated Balance Sheets as of September 30 are as follows:


	2025		2024		Location on the Balance Sheet
ROU assets:
Operating lease ROU assets	$	416	$	417	Other assets
Finance lease ROU assets	52		54		Property, plant and equipment
Total ROU assets	$	468	$	471

Lease liabilities:
Operating lease liabilities — current	$	91	$	86	Other current liabilities
Operating lease liabilities — noncurrent	336		343		Other noncurrent liabilities
Finance lease liabilities — current	3		3		Current maturities of long-term debt
Finance lease liabilities — noncurrent	52		52		Long-term debt
Total lease liabilities	$	482	$	484

The components of lease cost for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are as follows:


	2025		2024		2023
Operating lease cost	$	121	$	111	$	104
Finance lease cost:
Amortization of ROU assets	5		4		3
Interest on lease liabilities	3		3		3
Variable lease cost	—		1		2
Short-term lease cost	6		10		4
Total lease cost	$	135	$	129	$	116

The following table presents the cash and non-cash activity related to lease liabilities included in the Consolidated Statements of Cash Flows during Fiscal 2025, Fiscal 2024 and Fiscal 2023:


	2025		2024		2023
Cash paid related to lease liabilities:
Operating cash flows — operating leases	$	119	$	109	$	103
Operating cash flows — finance leases	$	3	$	4	$	3
Financing cash flows — finance leases	$	3	$	2	$	1

Non-cash lease liability activities:
ROU assets obtained in exchange for operating lease liabilities	$	40	$	84	$	136
ROU assets obtained in exchange for finance lease liabilities	$	2	$	7	$	6

The following table presents the weighted-average remaining lease term and weighted-average discount rate:


Weighted-average remaining lease term (in years)	2025	2024
Operating leases	6.3	6.8
Finance leases	6.3	6.7

Weighted-average discount rate (%)	2025	2024
Operating leases	7.5%	4.8%
Finance leases	6.5%	6.9%


	2026		2027		2028		2029		2030		After 2030		Total Lease Payments		Imputed Interest		Lease Liabilities
Operating leases	$	112	$	97	$	83	$	70	$	47	$	100	$	509	$	(82)	$	427
Finance leases	$	7	$	6	$	6	$	5	$	5	$	72	$	101	$	(46)	$	55

Approximately 80% of the operating lease liabilities presented above relate to AmeriGas Propane.

At September 30, 2025, operating and finance leases that had not yet commenced were not material.

Lessor

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment
Utility	$ 7,034	$ 6,520
Non-utility	7,316	7,153
Total property, plant and equipment	14,350	13,673
Distribution
Property, Plant and Equipment
Utility	6,024	5,595
Transmission
Property, Plant and Equipment
Utility	134	125
General and other
Property, Plant and Equipment
Utility	746	706
Work in process
Property, Plant and Equipment
Utility	130	94
Non-utility	150	258
Land
Property, Plant and Equipment
Non-utility	202	172
Buildings and improvements
Property, Plant and Equipment
Non-utility	$ 445	429
Buildings and improvements \| Minimum
Property, Plant and Equipment
Estimated Useful Life	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment
Estimated Useful Life	40 years
Transportation equipment
Property, Plant and Equipment
Non-utility	$ 242	233
Transportation equipment \| Minimum
Property, Plant and Equipment
Estimated Useful Life	3 years
Transportation equipment \| Maximum
Property, Plant and Equipment
Estimated Useful Life	10 years
Equipment, primarily cylinders and tanks
Property, Plant and Equipment
Non-utility	$ 4,052	3,985
Equipment, primarily cylinders and tanks \| Minimum
Property, Plant and Equipment
Estimated Useful Life	5 years
Equipment, primarily cylinders and tanks \| Maximum
Property, Plant and Equipment
Estimated Useful Life	30 years
Electric generation
Property, Plant and Equipment
Non-utility	$ 48	48
Electric generation \| Minimum
Property, Plant and Equipment
Estimated Useful Life	25 years
Electric generation \| Maximum
Property, Plant and Equipment
Estimated Useful Life	40 years
Pipeline and related assets
Property, Plant and Equipment
Non-utility	$ 1,710	1,598
Pipeline and related assets \| Minimum
Property, Plant and Equipment
Estimated Useful Life	25 years
Pipeline and related assets \| Maximum
Property, Plant and Equipment
Estimated Useful Life	40 years
Other
Property, Plant and Equipment
Non-utility	$ 467	$ 430
Other \| Minimum
Property, Plant and Equipment
Estimated Useful Life	1 year
Other \| Maximum
Property, Plant and Equipment
Estimated Useful Life	12 years

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Changes in AOCI

The tables below present changes in AOCI, net of tax:


	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI - September 30, 2022	$	14	$	37	$	(431)	$	(380)
Other comprehensive income (loss) before reclassification adjustments	5		16		132		153
Amounts reclassified from AOCI	(2)		(27)		—		(29)
Other comprehensive income (loss) attributable to UGI	3		(11)		132		124

AOCI - September 30, 2023	$	17	$	26	$	(299)	$	(256)
Other comprehensive income (loss) before reclassification adjustments	(7)		(14)		56		35
Amounts reclassified from AOCI	—		(35)		3		(32)
Other comprehensive income (loss) attributable to UGI	(7)		(49)		59		3

AOCI - September 30, 2024	$	10	$	(23)	$	(240)	$	(253)
Other comprehensive income (loss) before reclassification adjustments	13		10		59		82
Amounts reclassified from AOCI	—		(2)		—		(2)
Other comprehensive income (loss) attributable to UGI	13		8		59		80

AOCI - September 30, 2025	$	23	$	(15)	$	(181)	$	(173)

Employee Retirement Plans (Tables)

12 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Schedule of Change in Pension Benefits and Other Postretirement Benefits Obligations


	Pension Benefits
	2025		2024
Change in benefit obligations:
Benefit obligations — beginning of year	$	707	$	623
Service cost	9		8
Interest cost	34		36
Actuarial loss (gain)	(21)		76


Curtailments	(1)		—

Foreign currency	2		2
Benefits paid	(38)		(38)
Benefit obligations — end of year (a)	$	692	$	707
Change in plan assets:
Fair value of plan assets — beginning of year	$	657	$	556
Actual gain (loss) on plan assets	44		118
Foreign currency	1		1
Employer contributions	15		19


Benefits paid	(38)		(37)
Fair value of plan assets — end of year	$	679	$	657
Funded status of the plans — end of year (b)	$	(13)	$	(50)





Amounts recorded in UGI Corporation stockholders’ equity (pre-tax):
Prior service cost	$	3	$	3
Net actuarial loss (gain)	(26)		(9)
Total	$	(23)	$	(6)
Amounts recorded in regulatory assets and liabilities (pre-tax):

Net actuarial loss (gain)	$	100	$	106
Total	$	100	$	106

(a) The ABOs of the U.S. Pension Plans were $620 and $633 as of September 30, 2025 and 2024, respectively.

Schedule of Actuarial Assumptions for U.S. Plans

The expected rate of return on assets assumption is based on current and expected asset allocations as well as historical and expected returns on various categories of plan assets (as further described below).


	Pension Plans
	2025		2024		2023
Weighted-average assumptions:
Discount rate – benefit obligations	5.54	%	5.05	%	6.09	%
Discount rate – benefit cost	5.05	%	6.09	%	5.70	%
Expected return on plan assets	7.50	%	7.50	%	7.50	%
Rate of increase in salary levels	3.25	%	3.25	%	3.25	%

Schedule of Net Periodic Pension (Income) Cost

Net periodic pension (income) cost includes the following components:


	Pension Benefits
	2025		2024		2023
Service cost	$	9	$	8	$	9
Interest cost	34		36		35
Expected return on assets	(48)		(44)		(45)
Curtailment gain	(1)		—		—

Amortization of:

Actuarial loss (gain)	5		1		(3)


Net benefit cost (income)	$	(1)	$	1	$	(4)

Schedule of Expected Payments for Pension Benefits

Expected payments for pension benefits are as follows:


	Pension Benefits
Fiscal 2026	$	45
Fiscal 2027	$	43
Fiscal 2028	$	45
Fiscal 2029	$	50
Fiscal 2030	$	51
Fiscal 2031 - 2035	$	250

Schedule of Pension Plans

The targets and actual allocations for the U.S. Pension Plans’ trust assets at September 30 are as follows:


	Actual				Target Asset Allocation (a)
	2025		2024		2025		2024
Equity investments	45.6	%	52.4	%	46.0	%	53.2	%
Fixed income funds & cash equivalents	52.3	%	44.9	%	51.8	%	43.4	%
Alternative investments	2.1	%	2.7	%	2.2	%	3.4	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

(a) There is a permitted range for the allocation of the trust assets for the U.S. Pension Plans which is 5% less than and greater than the target allocation.

Schedule of Fair Value of U.S. Pension Plan and VEBA Trust Assets

The fair values of the U.S. Pension Plans trust assets by asset class as of September 30, 2025 and 2024 are as follows:


	2025		2024
U.S. Pension Plans:
Domestic equity investments:



Common Stock	$	27	$	20
Total domestic equity investments (a)	27		20





Common collective trust funds:
U.S. equity index investments	171		188
Non-U.S. equity index investments	100		96
Global equity index investments	—		29
Bond index investments	336		274
Cash equivalents	6		11
Total common collective trust funds (b)	613		598
Alternative investments (b)	14		17
Total	$	654	$	635

(a) Level 1 investments within the fair value hierarchy.

(b) Assets measured at NAV and therefore excluded from the fair value hierarchy.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Sep. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Audit Committee is responsible for reviewing periodically the effectiveness of the Company's information and technology security policies and the internal controls regarding information and technology security and cybersecurity. We also have several working groups responsible for collaborating on cybersecurity policies and standards. The Global Chief Information Officer and the Global Chief Information Security Officer report to the Audit Committee quarterly on the Company’s cybersecurity program, and to the Board of Directors, as necessary. In the event of a cybersecurity incident, our Global Chief Information Officer and Global Chief Information Security Officer, and others serving in similar capacities, will assess the incident and activate an incident response plan. These officers will escalate review of the incident to business unit leaders and/or members of our executive leadership team, as appropriate. We have a cybersecurity program to protect and preserve the confidentiality, integrity and continued availability of all information owned by, or in the care of, the Company. Our cybersecurity program has a formalized framework that is informed by domestic and international laws, regulations and industry best practices and frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework, to safeguard the confidentiality, integrity and availability of our information and systems. Our Information Security Program serves as the foundation of our cybersecurity program and our Acceptable Use Policy and Information Security Program Policy also provides governance in this area. We partner with other companies, industries and law enforcement to communicate information about the latest cybersecurity threats and leverage threat modeling insights. We conduct cybersecurity assessments against industry cybersecurity frameworks to better enable us to prioritize actions and investments to enhance our cybersecurity capabilities. Our cybersecurity teams work diligently to safeguard Company and customer data by applying layered and defensive mechanisms to proactively provide the security needed to detect and defend against cyber-attacks and to withstand potential impacts. We periodically conduct tabletop exercises and penetration testing to test our defenses. In addition, we provide new hires and employees with cybersecurity training, which is monitored and tracked on an annual basis. We also issue routine phishing campaigns to educate employees on social engineering techniques and informal security awareness exercises are conducted throughout the year.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have a cybersecurity program to protect and preserve the confidentiality, integrity and continued availability of all information owned by, or in the care of, the Company. Our cybersecurity program has a formalized framework that is informed by domestic and international laws, regulations and industry best practices and frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework, to safeguard the confidentiality, integrity and availability of our information and systems.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee is responsible for reviewing periodically the effectiveness of the Company's information and technology security policies and the internal controls regarding information and technology security and cybersecurity. We also have several working groups responsible for collaborating on cybersecurity policies and standards. The Global Chief Information Officer and the Global Chief Information Security Officer report to the Audit Committee quarterly on the Company’s cybersecurity program, and to the Board of Directors, as necessary. In the event of a cybersecurity incident, our Global Chief Information Officer and Global Chief Information Security Officer, and others serving in similar capacities, will assess the incident and activate an incident response plan. These officers will escalate review of the incident to business unit leaders and/or members of our executive leadership team, as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee is responsible for reviewing periodically the effectiveness of the Company's information and technology security policies and the internal controls regarding information and technology security and cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Global Chief Information Officer and the Global Chief Information Security Officer report to the Audit Committee quarterly on the Company’s cybersecurity program, and to the Board of Directors, as necessary. In the event of a cybersecurity incident, our Global Chief Information Officer and Global Chief Information Security Officer, and others serving in similar capacities, will assess the incident and activate an incident response plan. These officers will escalate review of the incident to business unit leaders and/or members of our executive leadership team, as appropriate.
Cybersecurity Risk Role of Management [Text Block]	We also have several working groups responsible for collaborating on cybersecurity policies and standards. The Global Chief Information Officer and the Global Chief Information Security Officer report to the Audit Committee quarterly on the Company’s cybersecurity program, and to the Board of Directors, as necessary. In the event of a cybersecurity incident, our Global Chief Information Officer and Global Chief Information Security Officer, and others serving in similar capacities, will assess the incident and activate an incident response plan. These officers will escalate review of the incident to business unit leaders and/or members of our executive leadership team, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee is responsible for reviewing periodically the effectiveness of the Company's information and technology security policies and the internal controls regarding information and technology security and cybersecurity. We also have several working groups responsible for collaborating on cybersecurity policies and standards. The Global Chief Information Officer and the Global Chief Information Security Officer report to the Audit Committee quarterly on the Company’s cybersecurity program, and to the Board of Directors, as necessary. In the event of a cybersecurity incident, our Global Chief Information Officer and Global Chief Information Security Officer, and others serving in similar capacities, will assess the incident and activate an incident response plan. These officers will escalate review of the incident to business unit leaders and/or members of our executive leadership team, as appropriate.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In the event of a cybersecurity incident, our Global Chief Information Officer and Global Chief Information Security Officer, and others serving in similar capacities, will assess the incident and activate an incident response plan. These officers will escalate review of the incident to business unit leaders and/or members of our executive leadership team, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
Leases - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2025
Lessor, Lease, Description [Line Items]
Operating and finance leases not yet commenced		$ 0
Renewal term (up to)		9 years
Lease Liability Total \| Segment Concentration Risk \| AmeriGas Propane
Lessor, Lease, Description [Line Items]
Risk percent		80.00%
AmeriGas OLP
Lessor, Lease, Description [Line Items]
Sale-leaseback transaction term	6 years
Cash proceeds	$ 32,000,000
Pre tax gain	$ 29,000,000
Minimum \| Vehicles
Lessor, Lease, Description [Line Items]
Operating lease remaining lease term		1 year
Maximum \| Vehicles
Lessor, Lease, Description [Line Items]
Operating lease remaining lease term		10 years

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts Related to Open Derivative Contracts


			Notional Amounts (in millions)
			September 30,
Type	Units	Settlements Extending Through	2025		2024
Commodity Price Risk:
Regulated Utility Operations
PA Gas Utility NYMEX natural gas futures and option contracts	Dekatherms	September 2026	28		26


Non-utility Operations
LPG swaps	Gallons	May 2028	608		458
Natural gas futures, forward, basis swap, options and pipeline contracts	Dekatherms	December 2029	237		325




Electricity forward and futures contracts	Kilowatt hours	December 2028	929		1,113

Interest Rate Risk:
Interest rate swaps	Euro	March 2026	€	300	€	300
Interest rate swaps	USD	September 2028	$	1,443	$	1,231

Foreign Currency Exchange Rate Risk:
Forward foreign currency exchange contracts	USD	September 2028	$	500	$	389
Net investment hedge forward foreign exchange contracts	Euro	December 2026	€	106	€	181

Schedule of Derivative Assets, Liabilities and the Effects of Offsetting

The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting, as of September 30:


	2025		2024
Derivative assets:
Derivatives designated as hedging instruments:

Foreign currency contracts	$	1	$	6

Interest rate contracts	—		1
	1		7
Derivatives subject to PGC and DS mechanisms:
Commodity contracts	3		4
Derivatives not designated as hedging instruments:
Commodity contracts	93		129


Total derivative assets – gross	97		140
Gross amounts offset in the balance sheet	(65)		(88)
Cash collateral received	(2)		(14)
Total derivative assets – net (a)	$	30	$	38

Derivative liabilities:
Derivatives designated as hedging instruments:



Interest rate contracts	$	(12)	$	(22)

Derivatives subject to PGC and DS mechanisms:
Commodity contracts	(8)		(1)
Derivatives not designated as hedging instruments:
Commodity contracts	(125)		(151)
Foreign currency contracts	(19)		(9)
	(144)		(160)
Total derivative liabilities – gross	(164)		(183)
Gross amounts offset in the balance sheet	65		88
Cash collateral pledged	19		36
Total derivative liabilities – net	$	(80)	$	(59)

(a) Derivative assets with maturities over one year are included in “Other assets” on the Consolidated Balance Sheets.

Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Income and Changes in AOCI and Noncontrolling Interest

The following tables provide information on the effects of derivative instruments on the Consolidated Statements of Income and changes in AOCI for Fiscal 2025, Fiscal 2024 and Fiscal 2023:


	Gain (Loss) Recognized in AOCI						Gain (Loss) Reclassified from AOCI into Income						Location of Gain (Loss) Reclassified from AOCI into Income
	2025		2024		2023		2025		2024		2023
Cash Flow Hedges:



Interest rate contracts	$	14	$	(19)	$	25	$	3	$	49	$	40	Interest expense

Net Investment Hedges:
Foreign currency contracts	$	(9)	$	(5)	$	(21)


	Gain (Loss) Recognized in Income						Location of Gain (Loss) Recognized in Income
	2025		2024		2023
Derivatives Not Designated as Hedging Instruments:
Commodity contracts	$	(1)	$	1	$	11	Revenues
Commodity contracts	3		(92)		(1,771)		Cost of sales

Commodity contracts	(1)		3		2		Other operating expense (income), net
Foreign currency contracts	(4)		(19)		(23)		Other non-operating income (expense), net
Total	$	(3)	$	(107)	$	(1,781)

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16 — Commitments and Contingencies Environmental Matters UGI Utilities From the late 1800s through the mid-1900s, UGI Utilities and its former subsidiaries owned and operated a number of MGPs prior to the general availability of natural gas. Some constituents of coal tars and other residues of the manufactured gas process are today considered hazardous substances under the Superfund Law and may be present on the sites of former MGPs. Between 1882 and 1953, UGI Utilities owned the stock of subsidiary gas companies in Pennsylvania and elsewhere and also operated the businesses of some gas companies under agreement. By the early 1950s, UGI Utilities divested all of its utility operations other than certain gas and electric operations. Beginning in 2006 and 2008, UGI Utilities also owned and operated two acquired subsidiaries, with similar histories of owning, and in some cases operating, MGPs in Pennsylvania. UGI Utilities is subject to a COA with the PADEP to address the remediation of specified former MGP sites in Pennsylvania, which is scheduled to terminate at the end of 2035. In accordance with the COA, UGI Utilities is required to either obtain a certain number of points per calendar year based on defined eligible environmental investigatory and/or remedial activities at the MGPs, or make expenditures for such activities in an amount equal to an annual environmental minimum expenditure threshold. The annual minimum expenditure threshold of the COA is $5. At September 30, 2025 and 2024, our aggregate estimated accrued liabilities for environmental investigation and remediation costs related to the COA totaled $63 and $54, respectively. We do not expect the costs for investigation and remediation of hazardous substances at Pennsylvania MGP sites to be material to UGI Utilities’ results of operations because UGI Utilities receives ratemaking recovery of actual environmental investigation and remediation costs associated with the sites covered by the COA. This ratemaking recognition reconciles the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. As such, UGI Utilities has recorded an associated regulatory asset for these costs because recovery of these costs from customers is probable (see Note 9). From time to time, UGI Utilities is notified of sites outside Pennsylvania on which private parties allege MGPs were formerly owned or operated by UGI Utilities or owned or operated by a former subsidiary. Such parties generally investigate the extent of environmental contamination or perform environmental remediation. Management believes that under applicable law, UGI Utilities should not be liable in those instances in which a former subsidiary owned or operated an MGP. There could be, however, significant future costs of an uncertain amount associated with environmental damage caused by MGPs outside Pennsylvania that UGI Utilities directly operated, or that were owned or operated by a former subsidiary of UGI Utilities if a court were to conclude that (1) the subsidiary’s separate corporate form should be disregarded, or (2) UGI Utilities should be considered to have been an operator because of its conduct with respect to its subsidiary’s MGP. Neither the undiscounted nor the accrued liability for environmental investigation and cleanup costs for UGI Utilities’ MGP sites outside Pennsylvania were material for all periods presented. AmeriGas Propane AmeriGas OLP Saranac Lake. In 2008, the NYDEC notified AmeriGas OLP that the NYDEC had placed property purportedly owned by AmeriGas OLP in Saranac Lake, New York on the New York State Registry of Inactive Hazardous Waste Disposal Sites. A site characterization study performed by the NYDEC disclosed contamination related to a former MGP. AmeriGas OLP responded to the NYDEC in 2009 to dispute the contention it was a PRP as it did not operate the MGP and appeared to only own a portion of the site. In 2017, the NYDEC communicated to AmeriGas OLP that the NYDEC had previously issued three RODs related to remediation of the site totaling approximately $28 and requested additional information regarding AmeriGas OLP’s purported ownership. AmeriGas OLP renewed its challenge to designation as a PRP and identified potential defenses. The NYDEC subsequently identified a third party PRP with respect to the site. The NYDEC commenced implementation of the remediation plan in the spring of 2018. In Fiscal 2024, the NYDEC informed AmeriGas OLP that the remediation plan had been completed at a total cost of approximately $19. The New York Office of the Attorney General, as counsel for the NYDEC, invited AmeriGas OLP to participate in settlement discussions. We have a settlement agreement in principle that is being finalized. Other Matters West Reading, Pennsylvania Explosion. On March 24, 2023, an explosion occurred in West Reading, Pennsylvania which resulted in seven fatalities, injuries to at least ten others, and extensive property damage to buildings owned by R.M. Palmer, a local chocolate manufacturer, and neighboring structures. The NTSB investigated and the PAPUC is investigating the West Reading incident. The NTSB investigative team included representatives from the Company, the local fire department and the Pipeline and Hazardous Materials Safety Administration. The Company cooperated with the investigation. In September 2023, OSHA closed their investigation of this matter, without any finding pertaining to UGI Utilities. On December 10, 2024, the NTSB staff presented its draft findings to the NTSB Board. On April 8, 2025, the NTSB released its final report concluding that a fracture in an R.M. Palmer steam pipe created elevated underground temperatures that caused thermal degradation of a UGI Utilities service tee, resulting in a natural gas leak, and recommended UGI Utilities inventory and address risks to plastic gas assets in high-temperature environments. The Company has received claims as a result of the explosion and is involved in lawsuits relative to the incident. With the issuance of the final NTSB report, discovery in the litigation has begun. The Company maintains liability insurance for personal injury, property and casualty damages and believes that third-party claims associated with the explosion, in excess of the Company’s deductible, are recoverable through the Company’s insurance. The Company cannot predict the result of these pending or future claims and legal actions at this time. Regarding these pending claims and legal actions, the Company does not believe, at this early stage, that there is sufficient information available to reasonably estimate a range of loss, if any, or conclude that the final outcome of these matters will or will not have a material effect on our financial statements. In addition to the matters described above, there are other pending claims and legal actions arising in the normal course of our businesses. Although we cannot predict the final results of these pending claims and legal actions, including those described above, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our financial statements.

Employee Retirement Plans - Schedule of Net Periodic Pension (Income) Cost (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 9	$ 8	$ 9
Interest cost	34	36	35
Expected return on assets	(48)	(44)	(45)
Curtailment gain	(1)	0	0
Amortization of:
Actuarial loss (gain)	5	1	(3)
Net benefit cost (income)	$ (1)	$ 1	$ (4)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Leases (Tables)

12 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of ROU Assets and Lease Liabilities

ROU assets and lease liabilities recorded in the Consolidated Balance Sheets as of September 30 are as follows:


	2025		2024		Location on the Balance Sheet
ROU assets:
Operating lease ROU assets	$	416	$	417	Other assets
Finance lease ROU assets	52		54		Property, plant and equipment
Total ROU assets	$	468	$	471

Lease liabilities:
Operating lease liabilities — current	$	91	$	86	Other current liabilities
Operating lease liabilities — noncurrent	336		343		Other noncurrent liabilities
Finance lease liabilities — current	3		3		Current maturities of long-term debt
Finance lease liabilities — noncurrent	52		52		Long-term debt
Total lease liabilities	$	482	$	484

Schedule of Components of Lease Cost

The components of lease cost for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are as follows:


	2025		2024		2023
Operating lease cost	$	121	$	111	$	104
Finance lease cost:
Amortization of ROU assets	5		4		3
Interest on lease liabilities	3		3		3
Variable lease cost	—		1		2
Short-term lease cost	6		10		4
Total lease cost	$	135	$	129	$	116

The following table presents the cash and non-cash activity related to lease liabilities included in the Consolidated Statements of Cash Flows during Fiscal 2025, Fiscal 2024 and Fiscal 2023:


	2025		2024		2023
Cash paid related to lease liabilities:
Operating cash flows — operating leases	$	119	$	109	$	103
Operating cash flows — finance leases	$	3	$	4	$	3
Financing cash flows — finance leases	$	3	$	2	$	1

Non-cash lease liability activities:
ROU assets obtained in exchange for operating lease liabilities	$	40	$	84	$	136
ROU assets obtained in exchange for finance lease liabilities	$	2	$	7	$	6

The following table presents the weighted-average remaining lease term and weighted-average discount rate:


Weighted-average remaining lease term (in years)	2025	2024
Operating leases	6.3	6.8
Finance leases	6.3	6.7

Weighted-average discount rate (%)	2025	2024
Operating leases	7.5%	4.8%
Finance leases	6.5%	6.9%

Schedule of Expected Annual Lease Payments Based on Maturities of Operating Leases


	2026		2027		2028		2029		2030		After 2030		Total Lease Payments		Imputed Interest		Lease Liabilities
Operating leases	$	112	$	97	$	83	$	70	$	47	$	100	$	509	$	(82)	$	427
Finance leases	$	7	$	6	$	6	$	5	$	5	$	72	$	101	$	(46)	$	55

Schedule of Expected Annual Lease Payments Based on Maturities of Finance Leases


	2026		2027		2028		2029		2030		After 2030		Total Lease Payments		Imputed Interest		Lease Liabilities
Operating leases	$	112	$	97	$	83	$	70	$	47	$	100	$	509	$	(82)	$	427
Finance leases	$	7	$	6	$	6	$	5	$	5	$	72	$	101	$	(46)	$	55

Employee Retirement Plans - Schedule of Change in Pension Benefits and Other Postretirement Benefits Obligations (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Change in benefit obligations:
Benefit obligations — beginning of year	$ 707	$ 623
Service cost	9	8	$ 9
Interest cost	34	36	35
Actuarial loss (gain)	(21)	76
Curtailments	(1)	0
Foreign currency	2	2
Benefits paid	(38)	(38)
Benefit obligations — end of year	692	707	623
Change in plan assets:
Fair value of plan assets — beginning of year	657	556
Actual gain (loss) on plan assets	44	118
Foreign currency	1	1
Employer contributions	15	19
Benefits paid	(38)	(37)
Fair value of plan assets — end of year	679	657	$ 556
Funded status of the plans — end of year	(13)	(50)
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax):
Prior service cost	3	3
Net actuarial loss (gain)	(26)	(9)
Total	(23)	(6)
Amounts recorded in regulatory assets and liabilities (pre-tax):
Net actuarial loss (gain)	100	106
Total	100	106
ABO for the pension plans	$ 620	$ 633

Other Operating Income (Expense), Net and Other Non-Operating Income (Expense), Net - Schedule of Other Operating Income (Expense), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment
Finance charges	$ 15	$ 16	$ 17
Gains on sales of fixed assets, net	25	22	61
Foreign currency transaction gains (losses)	0	2	7
Cylinder deposit income	17	17	23
Interest and interest-related income	12	11	6
Other, net	13	(6)	18
Total other operating income (expense), net	$ 82	$ 62	132
Building
Property, Plant and Equipment
Gains on sales of fixed assets, net			$ 15

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	$ 97	$ 140
Liabilities:	(164)	(183)
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-qualified supplemental postretirement grantor trust investments	35	43
Level 1 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-qualified supplemental postretirement grantor trust investments	35	43
Level 2 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-qualified supplemental postretirement grantor trust investments	0	0
Level 3 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-qualified supplemental postretirement grantor trust investments	0	0
Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	3	4
Liabilities:	(8)	(1)
Commodity contracts \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	96	133
Liabilities:	(133)	(152)
Commodity contracts \| Level 1 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	85	106
Liabilities:	(72)	(120)
Commodity contracts \| Level 2 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	11	27
Liabilities:	(61)	(32)
Commodity contracts \| Level 3 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Liabilities:	0	0
Foreign currency contracts \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	1	6
Liabilities:	(19)	(9)
Foreign currency contracts \| Level 1 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Liabilities:	0	0
Foreign currency contracts \| Level 2 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	1	6
Liabilities:	(19)	(9)
Foreign currency contracts \| Level 3 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Liabilities:	0	0
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities:		(22)
Interest rate contracts \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:		1
Liabilities:	(12)
Interest rate contracts \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities:		0
Interest rate contracts \| Level 1 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:		0
Liabilities:	0
Interest rate contracts \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities:		(22)
Interest rate contracts \| Level 2 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:		1
Liabilities:	(12)
Interest rate contracts \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities:		0
Interest rate contracts \| Level 3 \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:		$ 0
Liabilities:	$ 0

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Sep. 30, 2025

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 19 — Accumulated Other Comprehensive Income (Loss)

Other comprehensive income (loss) principally comprises (1) gains and losses on derivative instruments qualifying as cash flow hedges, net of reclassifications to net income; (2) actuarial gains and losses on postretirement benefit plans, net of associated amortization; and (3) foreign currency translation and long-term intra-company transaction adjustments.

The tables below present changes in AOCI, net of tax:


	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI - September 30, 2022	$	14	$	37	$	(431)	$	(380)
Other comprehensive income (loss) before reclassification adjustments	5		16		132		153
Amounts reclassified from AOCI	(2)		(27)		—		(29)
Other comprehensive income (loss) attributable to UGI	3		(11)		132		124

AOCI - September 30, 2023	$	17	$	26	$	(299)	$	(256)
Other comprehensive income (loss) before reclassification adjustments	(7)		(14)		56		35
Amounts reclassified from AOCI	—		(35)		3		(32)
Other comprehensive income (loss) attributable to UGI	(7)		(49)		59		3

AOCI - September 30, 2024	$	10	$	(23)	$	(240)	$	(253)
Other comprehensive income (loss) before reclassification adjustments	13		10		59		82
Amounts reclassified from AOCI	—		(2)		—		(2)
Other comprehensive income (loss) attributable to UGI	13		8		59		80

AOCI - September 30, 2025	$	23	$	(15)	$	(181)	$	(173)

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 132	$ 140
Contract liabilities, recognized revenue	101	$ 120	$ 127
Midstream & Marketing
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 1,300
Natural Gas Transportation and Gathering Services
Disaggregation of Revenue [Line Items]
Term of contract with customer (up to)	30 years
Storage Services
Disaggregation of Revenue [Line Items]
Term of contract with customer (up to)	1 year
Natural Gas
Disaggregation of Revenue [Line Items]
Term of contract with customer (up to)	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Utility Regulatory Assets and Liabilities and Regulatory Matters - Narrative (Details) - USD ($) $ in Millions											12 Months Ended
	Jul. 31, 2025	Jul. 09, 2025	Jan. 27, 2025	Oct. 01, 2024	Jul. 31, 2024	Oct. 06, 2023	Sep. 21, 2023	Jul. 31, 2023	Mar. 06, 2023	Jan. 27, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Oct. 19, 2016
Regulatory Assets [Line Items]
Regulatory asset, amortization period														20 years
Unrealized gain (loss) on derivatives											$ (19)	$ (10)	$ (1,682)
Pennsylvania Public Utility Commission \| UGI Utilities, Inc.
Regulatory Assets [Line Items]
Requested rate increase (decrease)										$ 11
Approved rate increase, amount							$ 9
2025 Infrastructure Replacement And Expansion Plan Expected \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)	$ 24
Capital investments increase (decrease)	274
2025 Infrastructure Replacement and Expansion Plan, Prior Year Under-recovery \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)	5
2025 Infrastructure Replacement and Expansion Plan, Capital Investments 2026 \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Capital investments increase (decrease)	77
2025 Infrastructure Replacement and Expansion Plan, Capital Improvements 2026 Through 2030 \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Capital investments increase (decrease)	$ 445
2024 Infrastructure Replacement And Expansion Plan Expected \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)					$ 19
Capital investments increase (decrease)					197
2024 Infrastructure Replacement and Expansion Plan, Prior Year Under-recovery \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)					3
2024 Infrastructure Replacement and Expansion Plan, Capital Investments 2025 \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Capital investments increase (decrease)					74
2024 Infrastructure Replacement and Expansion Plan, Capital Improvements 2025 Through 2029 \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Capital investments increase (decrease)					$ 418
2023 Infrastructure Replacement and Expansion Plan \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)								$ 10
2023 Infrastructure Replacement and Expansion Plan, Requested Recovery \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)								6
2023 Infrastructure Replacement and Expansion Plan, Capital Improvement 2023 \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Costs associated with capital investments								131
2023 Infrastructure Replacement and Expansion Plan, Capital Improvements 2024 \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Costs associated with capital investments								67
2023 Infrastructure Replacement and Expansion Plan, Expected \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Capital investments increase (decrease)								(12)
2023 Infrastructure Replacement and Expansion Plan, Capital Investments \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)								$ 383
Net Revenue Increase \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)						$ 14			$ 20
Base Rate Case, Base Rate \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)									38
Base Rate Case, Infrastructure Rider \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Requested rate increase (decrease)									$ (18)
Weather Normalization Adjustment Rider \| Public Service Commission of West Virginia \| Mountaineer
Regulatory Assets [Line Items]
Public utilities, rate matters, approved period				5 years
Public utilities, approved rate increase (decrease), percentage threshold				2.00%
2025 Pennsylvania Public Utility Commission For Base Operating Revenues \| Pennsylvania Public Utility Commission \| UGI Utilities, Inc.
Regulatory Assets [Line Items]
Requested rate increase (decrease)			$ 110
Joint Petition for Approval of Settlement \| Pennsylvania Public Utility Commission \| UGI Utilities, Inc.
Regulatory Assets [Line Items]
Requested rate increase (decrease)		$ 70
Postretirement benefits
Regulatory Assets [Line Items]
Regulatory liability, amortization period														10 years
Regulated natural gas utilities
Regulatory Assets [Line Items]
Unrealized gain (loss) on derivatives											$ (5)	$ 2
Minimum
Regulatory Assets [Line Items]
Average remaining depreciable lives of associated property											1 year
Maximum
Regulatory Assets [Line Items]
Average remaining depreciable lives of associated property											65 years
Maximum \| Removal Costs, Net
Regulatory Assets [Line Items]
Regulatory asset, amortization period											5 years

Employee Retirement Plans - Schedule of Fair Value of U.S. Pension Plan and VEBA Trust Assets (Details) - Pension Benefits - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 679	$ 657	$ 556
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	654	635
Equity investments \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	27	20
Common Stock \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	27	20
Total common collective trust funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	613	598
U.S. equity index investments \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	171	188
Non-U.S. equity index investments \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	100	96
Global equity index investments \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	29
Bond index mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	336	274
Cash equivalents \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	11
Alternative investments \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 14	$ 17

Property, Plant and Equipment - Schedule of Average Composite Depreciation Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment
Depreciation	$ 507	$ 496	$ 476
Regulated natural gas utilities
Property, Plant and Equipment
Average composite depreciation rates (as a percentage)	2.50%	2.60%	2.40%
Electric utility
Property, Plant and Equipment
Average composite depreciation rates (as a percentage)	2.40%	2.50%	2.30%

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

12 Months Ended

Sep. 30, 2025

Condensed Financial Information Disclosure [Abstract]

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

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

Note 1 — Commitments and Contingencies:

At September 30, 2025, UGI had agreed to indemnify the issuers of $110 of surety bonds issued on behalf of certain UGI subsidiaries. UGI is authorized to guarantee up to $375 of obligations to suppliers and customers of Energy Services and subsidiaries of which $283 of such obligations were outstanding as of September 30, 2025.

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

(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.

Fair Value Measurements

12 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 17 — Fair Value Measurements

Recurring Fair Value Measurements

The following table presents, on a gross basis, our financial assets and liabilities, including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy as described in Note 2:


	Asset (Liability)
	Level 1		Level 2		Level 3		Total
September 30, 2025:
Derivative instruments:
Assets:
Commodity contracts	$	85	$	11	$	—	$	96
Foreign currency contracts	$	—	$	1	$	—	$	1


Liabilities:
Commodity contracts	$	(72)	$	(61)	$	—	$	(133)
Foreign currency contracts	$	—	$	(19)	$	—	$	(19)

Interest rate contracts	$	—	$	(12)	$	—	$	(12)

Non-qualified supplemental postretirement grantor trust investments (a)	$	35	$	—	$	—	$	35

September 30, 2024
Derivative instruments:
Assets:
Commodity contracts	$	106	$	27	$	—	$	133
Foreign currency contracts	$	—	$	6	$	—	$	6

Interest rate contracts	$	—	$	1	$	—	$	1
Liabilities:
Commodity contracts	$	(120)	$	(32)	$	—	$	(152)
Foreign currency contracts	$	—	$	(9)	$	—	$	(9)
Interest rate contracts	$	—	$	(22)	$	—	$	(22)


Non-qualified supplemental postretirement grantor trust investments (a)	$	43	$	—	$	—	$	43

(a)Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 8).

The fair values of our Level 1 exchange-traded commodity futures and option contracts and non-exchange-traded commodity futures and forward contracts are based upon actively quoted market prices for identical assets and liabilities. Substantially all of the remaining derivative instruments are designated as Level 2. The fair values of certain non-exchange-traded commodity derivatives designated as Level 2 are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of our Level 2 interest rate contracts and foreign currency contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair values of investments held in grantor trusts are derived from quoted market prices as substantially all of the investments in these trusts have active markets.

Nonrecurring Fair Value Measurements

During Fiscal 2025 and Fiscal 2024, in connection with the disposition of UGI International’s cylinder business in the United Kingdom and the disposition of UGID, we recognized a non-cash, pre-tax impairment charge of $3 and $62, respectively, to reduce the carrying amount of the long-lived assets included in the disposal groups to their estimated fair values. The Company determined the estimated fair value of such assets fell within Level 2 of the fair value hierarchy and was based upon the estimated sales price. See Note 5 for additional information on these transactions.

Based on our goodwill impairment evaluation in Fiscal 2024 and Fiscal 2023, the estimated fair value of the AmeriGas Propane reporting unit was determined to be less than its carrying value. As a result, the Company recorded a non-cash pre-tax goodwill impairment charge of $195 and $656 in Fiscal 2024 and Fiscal 2023, respectively. See Note 12 for additional information on the impairment test, including the key assumptions used to determine the fair value of the AmeriGas Propane reporting unit.

Other Financial Instruments

The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). The carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows:


	2025		2024
Carrying amount	$	6,701	$	6,733
Estimated fair value	$	6,777	$	6,663

Financial instruments other than derivative instruments, such as short-term investments and trade accounts receivable, could expose us to concentrations of credit risk. We limit credit risk from short-term investments by investing only in investment-grade commercial paper, money market mutual funds, securities guaranteed by the U.S. Government or its agencies and FDIC insured bank deposits. The credit risk arising from concentrations of trade accounts receivable is limited because we have a large customer base that extends across many different U.S. markets and a number of foreign countries. See Note 18 for information regarding concentrations of credit risk associated with our derivative instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Goodwill and Intangible Assets

12 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 12 — Goodwill and Intangible Assets

Changes in the carrying amount of goodwill by reportable segment are as follows:


	Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Total
Balance September 30, 2023	$	432	$	336	$	911	$	1,348	$	3,027
Impairment of goodwill	—		—		—		(195)		(195)

Dispositions	—		—		(12)		—		(12)

Foreign currency translation	—		—		51		—		51
Balance September 30, 2024	432		336		950		1,153		2,871


Dispositions	—		—		(41)		(26)		(67)


Foreign currency translation	—		—		48		—		48
Balance September 30, 2025	$	432	$	336	$	957	$	1,127	$	2,852

During the fourth quarter of Fiscal 2024, as part of its annual goodwill impairment assessment, the Company performed a quantitative assessment for its AmeriGas Propane reporting unit. In addition, during the third quarter of Fiscal 2023, the Company identified interim impairment indicators related to goodwill within the AmeriGas Propane reporting unit: (1)

AmeriGas Partners issued $500 of Senior Notes at an interest rate of 9.375%, which was significantly higher than the interest rates on the other AmeriGas Propane debt obligations; and (2) financial projections for the AmeriGas Propane reporting unit were reduced significantly compared to previous forecasts following declines in gross margins and customer retention and higher operating expenses. The Company concluded that these events constituted triggering events that indicate that the AmeriGas Propane goodwill may be impaired and, as such, performed an interim impairment test of its goodwill as of May 31, 2023.

Using level 3 inputs, we performed a quantitative assessment of the AmeriGas Propane reporting unit using a weighting of the income and market approaches to determine its fair value. With respect to the income approach, management used a discounted cash flow (“DCF”) method, using unobservable inputs. The significant assumptions in our DCF model include projected EBITDA and a discount rate (and estimates in the discount rate inputs). With respect to the market approach, management used recent transaction market multiples for similar companies in the U.S. The resulting estimates of fair value from the income approach and the market approach were then weighted equally in determining the overall estimated fair value of AmeriGas Propane.

Based on our evaluations in Fiscal 2024 and Fiscal 2023, the estimated fair value of the AmeriGas Propane reporting unit was determined to be less than its carrying value. As a result, the Company recorded a non-cash pre-tax goodwill impairment charge of $195 and $656 in Fiscal 2024 and Fiscal 2023, respectively, included in “Impairment of goodwill” on the Consolidated Statements of Income, to reduce the carrying value of AmeriGas Propane to its fair value. The Company calculated the deferred tax effect using the simultaneous equation method.

Intangible assets comprise the following at September 30:


	2025		2024
Customer relationships	$	967	$	985
Trademarks and tradenames	4		4
Noncompete agreements and other	27		27
Accumulated amortization	(712)		(665)
Intangible assets, net (definite-lived)	286		351
Trademarks and tradenames (indefinite-lived)	42		40
Total intangible assets, net	$	328	$	391

Amortization expense of intangible assets was $54, $55 and $56 for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Estimated amortization expense of intangible assets during the next five fiscal years is as follows: Fiscal 2026 — $47; Fiscal 2027 — $25; Fiscal 2028 — $16; Fiscal 2029 — $14; Fiscal 2030 — $12.

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 121	$ 111	$ 104
Finance lease cost:
Amortization of ROU assets	5	4	3
Interest on lease liabilities	3	3	3
Variable lease cost	0	1	2
Short-term lease cost	6	10	4
Total lease cost	135	129	116
Cash paid related to lease liabilities:
Operating cash flows — operating leases	119	109	103
Operating cash flows — finance leases	3	4	3
Financing cash flows — finance leases	3	2	1
Non-cash lease liability activities:
ROU assets obtained in exchange for operating lease liabilities	40	84	136
ROU assets obtained in exchange for finance lease liabilities	$ 2	$ 7	$ 6
Weighted-average remaining lease term (in years)
Operating leases	6 years 3 months 18 days	6 years 9 months 18 days
Finance leases	6 years 3 months 18 days	6 years 8 months 12 days
Weighted-average discount rate (%)
Operating leases	7.50%	4.80%
Finance leases	6.50%	6.90%

Employee Retirement Plans - Schedule of Expected Payments for Pension Benefits (Details) - Pension Benefits $ in Millions	Sep. 30, 2025 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Fiscal 2026	$ 45
Fiscal 2027	43
Fiscal 2028	45
Fiscal 2029	50
Fiscal 2030	51
Fiscal 2031 - 2035	$ 250

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity - Narrative (Details) - USD ($)			12 Months Ended
Equity - Narrative (Details) - USD ($)	Feb. 02, 2022	May 25, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Repurchases of Common Stock			$ 33,000,000	$ 0	$ 22,000,000
UGI Preferred Stock, without par value, shares authorized (in shares)			5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)			0	0
Common Stock
Class of Stock [Line Items]
Maximum number of shares authorized for repurchase (up to) (in shares)	8,000,000
Stock repurchase program period	4 years
Stock Repurchased During Period, Shares			(1,000,000)		(600,000)
Common Stock \| Treasury stock
Class of Stock [Line Items]
Stock Repurchased During Period, Shares			(1,000,000)		(600,000)
Capital Units \| Preferred stock, without par value
Class of Stock [Line Items]
Units and shares sold (in shares)		2,200,000
Notional value		$ 220,000,000
Issuance of Preferred Stock, net of issuance costs		$ 213,000,000
Capital Units \| Common Stock
Class of Stock [Line Items]
Equity unit received by each holder (in shares)				2.2973
Converted equity units (in shares)				5,054,030
Convertible Preferred Stock \| Preferred stock, without par value
Class of Stock [Line Items]
Units and shares sold (in shares)		220,000

Employee Retirement Plans - Schedule of Pension Plans (Details) - U.S. - Pension Benefits	Sep. 30, 2025	Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans
Actual	100.00%	100.00%
Target Asset Allocation	100.00%	100.00%
Permitted target allocation range	5.00%
Equity investments
Defined Benefit Plans and Other Postretirement Benefit Plans
Actual	45.60%	52.40%
Target Asset Allocation	46.00%	53.20%
Fixed income funds & cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans
Actual	52.30%	44.90%
Target Asset Allocation	51.80%	43.40%
Alternative investments
Defined Benefit Plans and Other Postretirement Benefit Plans
Actual	2.10%	2.70%
Target Asset Allocation	2.20%	3.40%

Equity-Based Compensation	12 Months Ended
Equity-Based Compensation	Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Note 14 — Equity-Based Compensation The Company grants equity-based awards to employees and non-employee directors comprising UGI stock options and Common Stock-based equity instruments. We recognized total pre-tax equity-based compensation expense of $18 ($13 after-tax), $8 ($6 after-tax) and $17 ($13 after-tax) in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. UGI Equity-Based Compensation Plans and Awards. On January 29, 2021, the Company’s shareholders approved the 2021 IAP. Under the 2021 IAP, awards representing up to 20,500,000 shares of Common Stock may be granted. UGI Unit Awards granted to employees and non-employee directors, including dividend equivalents, are settled in shares of Common Stock and cash. The 2021 IAP supersedes and replaces the 2013 OICP for awards granted on or after February 1, 2021. The terms and conditions of the 2013 OICP will continue to govern any outstanding awards granted thereunder. Similar to the 2013 OICP, under the 2021 IAP, we may grant options to acquire shares of Common Stock, SARs, UGI Units (comprising “Stock Units” and “UGI Performance Units”), other equity-based awards and cash to key employees and non-employee directors. The exercise price for options may not be less than the fair market value on the grant date. Awards granted under the 2021 IAP may vest immediately or ratably over a period of years, and stock options can be exercised no later than ten years from the grant date. Except in the event of retirement, death or disability, each grant, unless paid, will terminate when the participant ceases to be employed. There are certain change of control and retirement eligibility conditions that, if met, generally result in accelerated vesting or elimination of further service requirements. There were 13,473,660 shares of Common Stock available for future grants under the 2021 IAP at September 30, 2025. UGI Stock Option Awards. We measure the fair value of stock options using a Black-Scholes option pricing model that uses certain key assumptions for such options related to the expected life, volatility, dividend yield and the Company’s risk-free rate at the valuation date. The per share weighted average fair value of stock options granted under our option plans was $6.32, $4.17 and $9.31 in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. As of September 30, 2025, there was $1 of unrecognized compensation cost associated with unvested stock options that is expected to be recognized over a weighted-average period of 1.1 years. There were 6,154,811 stock options outstanding at September 30, 2025, of which, 5,614,474 stock options were exercisable with a weighted-average option price of $43.51. UGI Unit Awards. Awards of UGI Stock Units entitle the grantee to shares of Common Stock or cash once the service condition is met. Awards of UGI Performance Units subject to market-based conditions granted prior to Fiscal 2025 entitle the grantee to shares of Common Stock or cash subject to UGI’s TSR percentile rank relative to companies in the UGI comparator group. Awards of UGI Performance Units subject to market-based conditions granted in Fiscal 2025 entitle the grantee to shares of Common Stock or cash subject to UGI’s annualized absolute TSR performance. In either case, recipients of UGI Performance Units subject to market-based conditions are awarded a target number of such awards. The number of UGI Performance Units subject to market-based conditions ultimately paid at the end of the performance period (generally 3 years) may be higher or lower than the target amount, or even zero, based on either UGI’s TSR percentile rank relative to companies in the UGI comparator group or UGI’s absolute TSR performance, depending on the year of grant. Grantees may receive 0% to 200% of the target award granted. Awards granted vest ratably over the performance period. In Fiscal 2024 and Fiscal 2023, the Company granted UGI EPS Performance Unit awards. UGI EPS Performance Units entitle the grantee to shares of Common Stock or cash once the service condition is met and subject to the achievement of a UGI EPS goal, which is a non-market performance condition. Recipients of UGI EPS Performance Units are awarded a target number of UGI EPS Performance Units. The number of UGI EPS Performance Units ultimately paid at the end of the service period (generally 3 years) may be higher or lower than the target amount, or even zero, based upon the actual EPS performance of the company. Grantees may receive 0% to 200% of the target award granted. Awards granted vest ratably over the performance period. The fair value of UGI Stock Units on the grant date is equal to the market price of UGI Stock on the grant date plus the fair value of dividend equivalents if applicable. The fair value of UGI Performance Units is estimated using a Monte Carlo valuation model. The fair value associated with the target award is accounted for as equity and the fair value of the award over the target, as well as all dividend equivalents, is accounted for as a liability. The fair value of UGI EPS Performance Units is equal to the market price of UGI stock on the grant date plus the fair value of dividend equivalents if applicable. The weighted-average grant date fair value of UGI Stock Units, UGI Performance Units and UGI EPS Performance Units granted to employees during Fiscal 2025, Fiscal 2024, and Fiscal 2023 was $30.26, $28.91 and $44.62, respectively. As of September 30, 2025, there was a total of $21 unrecognized compensation cost associated with UGI Unit awards outstanding that is expected to be recognized over a weighted-average period of 1.8 years. As of September 30, 2025, there were 1,515,989 UGI Unit awards outstanding with a weighted-average grant-date fair value of $31.69 per share.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to UGI Corporation	$ 678	$ 269	$ (1,502)
Net gains (losses) on derivative instruments (net of tax of $(4), $5, and $(9), respectively)	10	(14)	16
Reclassifications of net losses (gains) on derivative instruments (net of tax of $1, $14, and $13, respectively)	(2)	(35)	(27)
Foreign currency translation adjustments (net of tax of $14, $14, and $21, respectively)	10	12	68
Foreign currency gains (losses) on long-term intra-company transactions	49	47	64
Benefit plans, principally actuarial gains (losses) (net of tax of $(5), $2, and $(2), respectively)	13	(7)	5
Reclassifications of benefit plans actuarial losses (gains) and net prior service cost (benefit) (net of tax of $0, $0, and $1, respectively)	0	0	(2)
Other comprehensive income	80	3	124
Comprehensive income (loss) attributable to UGI Corporation	$ 758	$ 272	$ (1,378)

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
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
UGI Utilities, Inc.
Debt Instrument [Line Items]
Unamortized debt issuance costs	(7)	(7)
Total long-term debt	2,124	1,889
Midstream & Marketing
Debt Instrument [Line Items]
Unamortized debt issuance costs	(11)	(13)
Total long-term debt	807	814
UGI International
Debt Instrument [Line Items]
Unamortized debt issuance costs	(5)	(6)
Total long-term debt	829	787
AmeriGas Propane
Debt Instrument [Line Items]
Unamortized debt issuance costs	(14)	(10)
Total long-term debt	1,741	1,877
UGI Corporation
Debt Instrument [Line Items]
Unamortized debt issuance costs	(16)	(19)
Total long-term debt	1,347	1,311
UGI Corporation \| Eliminations
Debt Instrument [Line Items]
Total long-term debt	$ (200)	0
4.12% due September 2046 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	4.12%
Long-term debt, gross	$ 200	200
4.98% due March 2044 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	4.98%
Long-term debt, gross	$ 175	175
3.12% due April 2050 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	3.12%
Long-term debt, gross	$ 150	150
4.55% due February 2049 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	4.55%
Long-term debt, gross	$ 150	150
4.12% due October 2046 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	4.12%
Long-term debt, gross	$ 100	100
6.21% due September 2036 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	6.21%
Long-term debt, gross	$ 100	100
2.95% due June 2026 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	2.95%
Long-term debt, gross	$ 100	100
1.59% due June 2026 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	1.59%
Long-term debt, gross	$ 100	100
1.64% due September 2026 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	1.64%
Long-term debt, gross	$ 75	75
4.75% due July 2032 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	4.75%
Long-term debt, gross	$ 90	90
4.99% due September 2052 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	4.99%
Long-term debt, gross	$ 85	85
6.02% due November 2030 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	6.02%
Long-term debt, gross	$ 25	25
6.10% due November 2033 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	6.10%
Long-term debt, gross	$ 150	150
6.40% due November 2053 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	6.40%
Long-term debt, gross	$ 75	75
5.24% due November 2029 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	5.24%
Long-term debt, gross	$ 50	0
5.52% due November 2034 \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	5.52%
Long-term debt, gross	$ 125	0
6.13% due October 2034 \| UGI Utilities, Inc. \| Medium-Term Note
Debt Instrument [Line Items]
Interest rate (as a percentage)	6.13%
Long-term debt, gross	$ 20	20
6.50% due August 2033 \| UGI Utilities, Inc. \| Medium-Term Note
Debt Instrument [Line Items]
Interest rate (as a percentage)	6.50%
Long-term debt, gross	$ 20	20
Mountaineer senior notes \| UGI Utilities, Inc. \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	264	196
Variable-rate term loan \| UGI Utilities, Inc. \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	76	83
Variable-rate term loan \| Midstream & Marketing \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	778	786
Variable-rate term loan \| UGI International \| Term Loan Due March 2028
Debt Instrument [Line Items]
Long-term debt, gross	352	335
Other \| UGI Utilities, Inc. \| Other
Debt Instrument [Line Items]
Long-term debt, gross	1	2
Other \| Midstream & Marketing \| Other
Debt Instrument [Line Items]
Long-term debt, gross	40	41
Other \| UGI International \| Other
Debt Instrument [Line Items]
Long-term debt, gross	13	12
Other \| AmeriGas Propane
Debt Instrument [Line Items]
Long-term debt, gross	$ 200	0
2.50% Senior Notes due December 2029 \| UGI International \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	2.50%
Long-term debt, gross	$ 469	446
5.50% due May 2025 \| AmeriGas Propane \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	5.50%
Long-term debt, gross	$ 0	218
5.875% due August 2026 \| AmeriGas Propane \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	5.875%
Long-term debt, gross	$ 0	664
5.75% due May 2027 \| AmeriGas Propane \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	5.75%
Long-term debt, gross	$ 512	512
9.375% due June 2028 \| AmeriGas Propane \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	9.375%
Long-term debt, gross	$ 493	493
9.50% due June 2030 \| AmeriGas Propane \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)	9.50%
Long-term debt, gross	$ 550	0
Credit Facility Maturing August 2025 \| UGI Corporation \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	0	115
Credit Facility Maturing October 2028 \| UGI Corporation \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	263	0
3-year Term loan \| UGI Corporation \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	0	300
5-year Term Loan \| UGI Corporation \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	0	215
Due October \| UGI Corporation \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	400	0
UGI Corporation Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percentage)			5.00%
UGI Corporation Senior Notes \| UGI Corporation \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 700	$ 700

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Current assets
Cash and cash equivalents	$ 335	$ 213
Restricted cash	20	15
Accounts receivable (less allowances for doubtful accounts of $42 and $68, respectively)	714	709
Accrued utility revenues	35	36
Income taxes receivable	41	56
Inventories	385	411
Derivative instruments	23	29
Prepaid expenses	102	113
Other current assets	111	69
Total current assets	1,766	1,651
Property, plant and equipment
Non-utility	7,316	7,153
Utility	7,034	6,520
Total property, plant and equipment	14,350	13,673
Accumulated depreciation	(5,270)	(4,910)
Net property, plant, and equipment	9,080	8,763
Goodwill	2,852	2,871
Intangible assets, net	328	391
Other assets	1,436	1,422
Total assets	15,462	15,098
Current liabilities
Current maturities of long-term debt	117	235
Short-term borrowings	486	465
Accounts payable	511	544
Employee compensation and benefits accrued	203	196
Deposits and advances	188	199
Derivative instruments	57	28
Other current liabilities	419	393
Total current liabilities	1,981	2,060
Noncurrent liabilities
Long-term debt	6,531	6,443
Deferred income taxes	973	1,008
Derivative instruments	23	31
Other noncurrent liabilities	1,168	1,202
Total liabilities	10,676	10,744
Commitments and contingencies (Note 16)
UGI Corporation stockholders’ equity:
Preferred Stock, without par value (authorized – 5,000,000 shares; issued – 0 and 0 Series A shares, respectively)	0	0
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 loss	(173)	(253)
Treasury stock, at cost	(93)	(56)
Total UGI Corporation stockholders’ equity	4,777	4,345
Noncontrolling interests	9	9
Total equity	4,786	4,354
Total liabilities and equity	$ 15,462	$ 15,098

Utility Regulatory Assets and Liabilities and Regulatory Matters

12 Months Ended

Sep. 30, 2025

Regulated Operations [Abstract]

Utility Regulatory Assets and Liabilities and Regulatory Matters

Note 9 — Utility Regulatory Assets and Liabilities and Regulatory Matters

The following regulatory assets and liabilities associated with our Utilities reportable segment are included in our Consolidated Balance Sheets at September 30:


	2025		2024
Regulatory assets (a):
Income taxes recoverable	$	113	$	105
Underfunded pension plans	100		106
Environmental costs	22		28
Deferred fuel and power costs	39		—
Removal costs, net	30		28
Other	36		52
Total regulatory assets	$	340	$	319
Regulatory liabilities (a):
Postretirement benefits	$	14	$	13

Deferred fuel and power refunds	4		17
State income tax benefits — distribution system repairs	49		44

Excess federal deferred income taxes	239		247
Other	8		8
Total regulatory liabilities	$	314	$	329

(a) Regulatory assets are recorded in “Other current assets” and “Other assets” on the Consolidated Balance Sheets. Regulatory liabilities are recorded in “Other current liabilities” and “Other noncurrent liabilities” on the Consolidated Balance Sheets.

Other than removal costs, Utilities currently does not recover a rate of return on the regulatory assets included in the table above.

Income taxes recoverable. This regulatory asset is the result of recording deferred tax liabilities pertaining to temporary tax differences principally as a result of the pass through to ratepayers of the tax benefit on accelerated tax depreciation for state income tax purposes, and the flow through of accelerated tax depreciation for federal income tax purposes for certain years prior to 1981. These deferred taxes have been reduced by deferred tax assets pertaining to utility deferred investment tax credits. Utilities has recorded regulatory income tax assets related to these deferred tax liabilities representing future revenues recoverable through the ratemaking process over the average remaining depreciable lives of the associated property ranging from 1 to approximately 65 years.

Underfunded pension plans. This regulatory asset represents the portion of net actuarial losses and prior service costs (credits) associated with Gas Utility and Electric Utility pension benefits which are probable of being recovered through future rates based upon established regulatory practices. These regulatory assets are adjusted annually or more frequently under certain circumstances when the funded status of the plans is remeasured. These costs are amortized over the average remaining future service lives of plan participants.

Environmental costs. Environmental costs principally represent estimated probable future environmental remediation and investigation costs that PA Gas Utility expects to incur, primarily at MGP sites in Pennsylvania, in conjunction with a remediation COA with the PADEP. Pursuant to base rate orders, PA Gas Utility receives ratemaking recognition of its estimated environmental investigation and remediation costs associated with its environmental sites. This ratemaking recognition balances the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. The period over which PA Gas Utility expects to recover these costs will depend upon future remediation activity. For additional information on environmental costs, see Note 16.

Removal costs, net. This regulatory asset represents costs incurred, net of salvage, associated with the retirement of depreciable utility plant of UGI Utilities. As required by PAPUC ratemaking, removal costs include actual costs incurred associated with

asset retirement obligations. Consistent with prior ratemaking treatment, UGI Utilities expects to recover these costs over five years.

Postretirement benefits. This regulatory liability represents the difference between amounts recovered through rates by PA Gas Utility and Electric Utility and actual costs incurred in accordance with accounting for postretirement benefits. A portion of this liability will be refunded to customers over the average remaining future service lives of plan participants. Another portion of this liability represents overcollections for which refund periods have been established within ratemaking proceedings. With respect to Gas Utility, postretirement benefit overcollections are generally being refunded to customers over a ten-year period beginning October 19, 2016. With respect to Electric Utility, the overcollections are being refunded to ratepayers over a 20-year period effective October 27, 2018.

Deferred fuel and power - costs and refunds. Utilities’ tariffs contain clauses that permit recovery of all prudently incurred purchased gas and power costs through the application of PGC rates, PGA rates and DS tariffs. These clauses provide for periodic adjustments to PGC, PGA and DS rates for differences between the total amount of purchased gas and electric generation supply costs billed to customers and recoverable costs incurred. Net underbilled costs are classified as a regulatory asset and net overbillings are classified as a regulatory liability.

WV Gas Utility uses fixed-price contracts to reduce volatility in the cost of gas it purchases for retail core-market customers. To lower winter bills for residential customers, the WVPSC removed transportation and storage costs from the volumetric rate and created a fixed monthly pipeline demand charge applicable only to residential customers effective December 1, 2022.

PA Gas Utility uses derivative instruments to reduce volatility in the cost of gas it purchases for retail core-market customers. Realized and unrealized gains or losses on natural gas derivative instruments are included in deferred fuel and power costs or refunds. Net unrealized gains (losses) on such contracts at September 30, 2025 and 2024 were $(5) and $2, respectively.

State income tax benefits — distribution system repairs. This regulatory liability represents Pennsylvania state income tax benefits, net of federal benefit, resulting from the deduction for income tax purposes of repair and maintenance costs associated with UGI Utilities’ assets that are capitalized for regulatory and GAAP reporting. The tax benefits associated with these repair and maintenance deductions will be reflected as a reduction to income tax expense over the remaining tax lives of the related book assets.

Excess federal deferred income taxes. This regulatory liability is the result of remeasuring Utilities’ federal deferred income tax liabilities on utility plant due to the enactment of the TCJA on December 22, 2017. In order for our utility assets to continue to be eligible for accelerated tax depreciation, current law requires that excess federal deferred income taxes resulting from the remeasurement be amortized no more rapidly than over the remaining lives of the assets that gave rise to the excess federal deferred income taxes, ranging from 1 year to approximately 65 years. This regulatory liability has been increased to reflect the tax benefit generated by the amortization of the excess deferred federal income taxes and is being amortized and credited to tax expense.

Other. Other regulatory assets and liabilities comprise a number of deferred items including, among others, certain fair value adjustments related to the Mountaineer Acquisition, certain information technology costs, energy efficiency conservation costs and rate case expenses.

Other Regulatory Matters

UGI Utilities. On January 27, 2025, PA Gas Utility filed a request with the PAPUC to increase its base operating revenues for residential, commercial and industrial customers by $110 annually. On September 11, 2025, the PAPUC issued a final order approving a settlement providing for a $70 annual base distribution rate increase, effective October 28, 2025, and maintenance of the Weather Normalization Adjustment through the end of its pilot period with modification.

On January 27, 2023, Electric Utility filed a request with the PAPUC to increase its annual base distribution revenues by $11. On September 21, 2023, the PAPUC issued a final order approving a settlement providing for a $9 annual base distribution rate increase for Electric Utility, effective October 1, 2023.

Mountaineer. On July 31, 2025, WV Gas Utility submitted its 2025 IREP filing to the WVPSC requesting recovery of $24, an increase of $5, for costs associated with capital investments after December 31, 2022, that total $274, including $77 in calendar year 2026. The filing included capital investments totaling $445 over the 2026 - 2030 period. An order from the WVPSC is expected in December, with new rates to be effective January 1, 2026.

On July 31, 2024, WV Gas Utility submitted its 2024 IREP filing to the WVPSC requesting recovery of $19, which includes $3 of prior year under-recovery, for costs associated with capital investments after December 31, 2022, that total $197, including $74 in calendar year 2025. The filing included capital investments totaling $418 over the 2025 - 2029 period. On October 28, 2024, the WVPSC issued an order approving WV Gas Utility’s request, with new rates effective January 1, 2025.

On July 31, 2023, WV Gas Utility submitted its 2023 IREP filing to the WVPSC requesting recovery of $10, an increase of $6, for costs associated with capital investments after December 31, 2022, that total $131, including $67 in calendar year 2024. With new base rates expected to be effective January 1, 2024, revenues from IREP rates would decrease by $12. The filing included capital investments totaling $383 over the 2024 - 2028 period. On December 20, 2023, the WVPSC issued a final order approving a settlement effective January 1, 2024.

On March 6, 2023, WV Gas Utility submitted a base rate case filing with the WVPSC seeking a net revenue increase of $20, which consisted of an increase in base rates of $38 and a decrease in the IREP rates of $18 annually. On October 6, 2023, the WVPSC issued a final order approving a settlement providing for a $14 net revenue increase, effective January 1, 2024. The WVPSC also approved a five-year weather normalization adjustment rider pilot program beginning October 1, 2024, which adjusts residential and small commercial distribution billings when weather deviates more than 2% from normal during the October-May heating season.

Derivative Instruments and Hedging Activities - Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Income and Changes in AOCI and Noncontrolling Interest (Details) - Derivatives Not Designated as Hedging Instruments: - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	$ (3)	$ (107)	$ (1,781)
Interest rate contracts \| Cash Flow Hedges:
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in AOCI	14	(19)	25
Interest rate contracts \| Cash Flow Hedges: \| Interest expense
Derivative Instruments, Gain (Loss)
Gain (Loss) Reclassified from AOCI into Income	3	49	40
Commodity contracts \| Revenues
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	(1)	1	11
Commodity contracts \| Cost of sales
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	3	(92)	(1,771)
Commodity contracts \| Other operating expense (income), net
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	(1)	3	2
Foreign currency contracts \| Other non-operating income (expense), net
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	(4)	(19)	(23)
Foreign currency contracts \| Net Investment Hedges:
Derivative Instruments, Gain (Loss)
Foreign currency contracts	$ (9)	$ (5)	$ (21)

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Allowance for doubtful accounts
Valuation and Qualifying Account
Balance at beginning of year	$ 68	$ 71	$ 64
Charged (credited) to costs and expenses	37	61	69
Other	(63)	(64)	(62)
Balance at end of year	42	68	71
Deferred tax assets valuation allowance
Valuation and Qualifying Account
Balance at beginning of year	130	141	141
Charged (credited) to costs and expenses	18	16	(38)
Other	(77)	(27)	38
Balance at end of year	$ 71	$ 130	$ 141

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Goodwill [Line Items]
Impairment of goodwill	$ 0	$ 195,000,000	$ 656,000,000
Amortization expense of intangible assets	54,000,000	55,000,000	56,000,000
Fiscal 2026	47,000,000
Fiscal 2027	25,000,000
Fiscal 2028	16,000,000
Fiscal 2029	14,000,000
Fiscal 2030	$ 12,000,000
Senior Notes Due 2028 \| Senior Notes \| AmeriGas Partners and AmeriGas Finance Corp.
Goodwill [Line Items]
Principal amount				$ 500,000,000
Interest rate (as a percentage)				9.375%
AmeriGas Propane
Goodwill [Line Items]
Impairment of goodwill		$ 195,000,000	$ 656,000,000

Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value	$ 6,701	$ 6,733
Estimated fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value	$ 6,777	$ 6,663

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Dispositions	12 Months Ended
Dispositions	Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Note 5 — Dispositions Global LPG Business Transactions As part of the Company’s ongoing global LPG business portfolio optimization efforts, the Company is strategically divesting operations in non-core markets to focus resources where it can achieve superior operational results and deliver enhanced customer value. UGI International. In October 2025, UGI International, through a wholly-owned subsidiary, entered into a definitive agreement to divest its LPG distribution business in Austria. The Company expects to recognize a gain upon closing, which is expected in the first quarter of Fiscal 2026, subject to customary closing conditions and working capital adjustments. In June 2025, UGI International, through a wholly-owned subsidiary, completed the sale of UniverGas, its LPG distribution business in Italy. In conjunction with the sale, during Fiscal 2025, the Company recorded a pre-tax loss of $50, which is reflected in "(Gain) loss on disposals of businesses" on the Consolidated Statements of Income and included in the UGI International reportable segment. In June 2025, UGI International, through a wholly-owned subsidiary, entered into a definitive agreement to divest its cylinder business in the United Kingdom. Accordingly, the assets and liabilities associated with this business, primarily comprised of long-lived assets, qualify as held for sale and have been reflected in “Other current assets” and “Other current liabilities,” respectively, on the Consolidated Balance Sheet at September 30, 2025. During Fiscal 2025, the Company recognized a non-cash, pre-tax impairment charge of $3 to record such assets at estimated fair value less costs to sell, which is reflected in "(Gain) loss on disposals of businesses" on the Consolidated Statement of Income and included in the UGI International reportable segment. The sale was completed in October 2025. AmeriGas Propane. In September 2025, AmeriGas OLP completed the sale of its propane business located in Hawaii. The transaction included the sale of approximately 750,000 gallons of propane storage facilities and multiple delivery fleet assets. In conjunction with the sale, during Fiscal 2025, the Company recorded a pre-tax gain of $17, which is reflected in "(Gain) loss on disposals of businesses" on the Consolidated Statements of Income and included in the AmeriGas Propane reportable segment. The transaction is subject to customary post-closing working capital adjustments. The Company has received or expects to receive total net cash proceeds of approximately $220 from the aforementioned divestitures. UGID In June 2024, Energy Services entered into a Stock Purchase Agreement to sell all of its ownership interest in UGID. UGID owns and operates the Hunlock Creek Energy Center located in Wilkes-Barre, PA, a 169-megawatt natural gas-fueled electricity generating station. The sale of UGID was completed in September 2024, for net cash proceeds of $43. In conjunction with the sale, during Fiscal 2024, the Company recorded a pre-tax loss of $66, which amount is included in “(Gain) loss on disposals of businesses” on the Consolidated Statement of Income and included in the Midstream & Marketing reportable segment. UGI International Energy Marketing Transactions As of the end of the first quarter of Fiscal 2024, pursuant to its previously announced decision, the Company had exited substantially all of its European energy marketing business which primarily marketed natural gas and electricity to customers through third-party distribution systems in France, the Netherlands, Belgium and the United Kingdom. France. In October 2023, UGI International, through a wholly-owned subsidiary, sold substantially all of its energy marketing business located in France. In conjunction with the sale, during Fiscal 2024, the Company recorded a pre-tax loss of $29, which amount is reflected in “(Gain) loss on disposals of businesses” on the Consolidated Statements of Income. Netherlands. In September 2023, a substantial number of DVEP’s customers agreed to modify their energy marketing contracts whereby the Company would continue to provide the delivery of electricity and natural gas at fixed prices through December 31, 2023, with the Company’s obligations to provide future services terminated effective January 1, 2024. As consideration for the early termination of such contracts, the Company has agreed to make cash payments to the customers equal to the fair values of specific commodity derivative instruments associated with periods after December 31, 2023. The early termination agreements with DVEP customers are considered contract modifications and the cash consideration paid to these customers has been reflected as a reduction in revenues, on a pro-rata basis, over the remaining performance period of such agreements through December 31, 2023. During Fiscal 2024, the Company reduced its revenues from these customers by $42, which represents the pro-rated performance obligation from October 1, 2023 through December 31, 2023. Additionally, in December 2023, DVEP completed a sale of a substantial portion of its power purchase agreements for a total consideration to the buyer of $5 and recorded a loss of $5, which is reflected in “Other operating expense (income), net” on the Consolidated Statements of Income. During Fiscal 2023, the Company recorded a $19 pre-tax impairment charge to reduce the carrying values of certain assets associated with its energy marketing business in the Netherlands, comprising property, plant and equipment and intangible assets. The impairment charge is reflected in “Operating and administrative expenses” on the Consolidated Statements of Income and included in the UGI International reportable segment. Belgium. In September 2023, UGI International, through a wholly-owned subsidiary, sold its energy marketing business located in Belgium. In conjunction with the sale, during Fiscal 2023, the Company recorded a pre-tax loss of $6, which amount is reflected in “(Gain) loss on disposals of businesses” on the Consolidated Statements of Income. United Kingdom. In October 2022, UGI International, through a wholly-owned subsidiary, sold its energy marketing business located in the U.K. In conjunction with the sale, during Fiscal 2023, the Company recorded a pre-tax loss of $215 which amount is reflected in “(Gain) loss on disposals of businesses” on the Consolidated Statements of Income.

Audit Information	12 Months Ended
Audit Information	Sep. 30, 2025
Auditor Information [Abstract]
Auditor Name	KPMG, LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	185

Debt - Schedule of Principal Repayments of Long-term Debt (Details) - USD ($)	Nov. 21, 2025	Sep. 30, 2025	Jul. 31, 2025
Debt Instrument [Line Items]
2026		$ 117,000,000
2027		592,000,000
2028		1,995,000,000
2029		273,000,000
2030		1,837,000,000
Eliminations
Debt Instrument [Line Items]
2026		(35,000,000)
2027		(165,000,000)
2028		0
2029		0
2030		0
Utilities
Debt Instrument [Line Items]
2026		107,000,000
2027		70,000,000
2028		40,000,000
2029		0
2030		70,000,000
Utilities \| Senior Notes
Debt Instrument [Line Items]
Principal amount		175,000,000
Utilities \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Repurchased aggregate principal amount	$ 175,000,000
Utilities \| Senior Notes Due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 150,000,000
Interest rate (as a percentage)			5.10%
Utilities \| Senior Notes Due 2030 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Principal amount	$ 150,000,000
Interest rate (as a percentage)	5.10%
Utilities \| Senior Notes Due 2035 \| Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 125,000,000
Interest rate (as a percentage)			5.68%
Utilities \| Senior Notes Due 2035 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Principal amount	$ 125,000,000
Interest rate (as a percentage)	5.68%
Midstream & Marketing
Debt Instrument [Line Items]
2026		8,000,000
2027		8,000,000
2028		8,000,000
2029		8,000,000
2030		746,000,000
UGI International
Debt Instrument [Line Items]
2026		2,000,000
2027		2,000,000
2028		354,000,000
2029		2,000,000
2030		471,000,000
AmeriGas Propane
Debt Instrument [Line Items]
2026		35,000,000
2027		677,000,000
2028		493,000,000
2029		0
2030		550,000,000
UGI Corporation
Debt Instrument [Line Items]
2026		0
2027		0
2028		1,100,000,000
2029		263,000,000
2030		$ 0

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis


	Asset (Liability)
	Level 1		Level 2		Level 3		Total
September 30, 2025:
Derivative instruments:
Assets:
Commodity contracts	$	85	$	11	$	—	$	96
Foreign currency contracts	$	—	$	1	$	—	$	1


Liabilities:
Commodity contracts	$	(72)	$	(61)	$	—	$	(133)
Foreign currency contracts	$	—	$	(19)	$	—	$	(19)

Interest rate contracts	$	—	$	(12)	$	—	$	(12)

Non-qualified supplemental postretirement grantor trust investments (a)	$	35	$	—	$	—	$	35

September 30, 2024
Derivative instruments:
Assets:
Commodity contracts	$	106	$	27	$	—	$	133
Foreign currency contracts	$	—	$	6	$	—	$	6

Interest rate contracts	$	—	$	1	$	—	$	1
Liabilities:
Commodity contracts	$	(120)	$	(32)	$	—	$	(152)
Foreign currency contracts	$	—	$	(9)	$	—	$	(9)
Interest rate contracts	$	—	$	(22)	$	—	$	(22)


Non-qualified supplemental postretirement grantor trust investments (a)	$	43	$	—	$	—	$	43

(a)Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 8).

Schedule of Carrying Amount and Estimated Fair Value of Long-term Debt

The carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows:


	2025		2024
Carrying amount	$	6,701	$	6,733
Estimated fair value	$	6,777	$	6,663

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

12 Months Ended

Sep. 30, 2025

Condensed Financial Information Disclosure [Abstract]

Balance Sheets

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

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.

Other Operating Income (Expense), Net and Other Non-Operating Income (Expense), Net - Schedule of Other Non-Operating Income (Expense), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Component of Operating Income [Abstract]
Gains (losses) on foreign currency contracts, net	$ (4)	$ (19)	$ (23)
Amortization of excluded components of certain net investment hedges	2	5	7
Pension and other postretirement plans non-service income, net	7	6	9
Total other non-operating income (expense), net	$ 5	$ (8)	$ (7)

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of Unrecognized Tax Benefits
Unrecognized tax benefits — beginning of year	$ 18	$ 26	$ 5
Additions for tax positions of the current year	7	4	3
Decreases for tax positions taken in prior years	(2)	(11)	0
Increases for tax positions taken in prior years	1	0	19
Settlements with tax authorities/statute lapses	0	(1)	(1)
Unrecognized tax benefits — end of year	$ 24	$ 18	$ 26

Property, Plant and Equipment (Tables)

12 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment comprise the following at September 30:


	2025		2024		Estimated Useful Life
Utility:
Distribution	$	6,024	$	5,595
Transmission	134		125
General and other	746		706
Work in process	130		94
Total utility	7,034		6,520

Non-utility:
Land	202		172
Buildings and improvements	445		429		10 - 40 years
Transportation equipment	242		233		3 - 10 years
Equipment, primarily cylinders and tanks	4,052		3,985		5 - 30 years
Electric generation	48		48		25 - 40 years
Pipeline and related assets	1,710		1,598		25 - 40 years
Other	467		430		1 - 12 years
Work in process	150		258
Total non-utility	7,316		7,153
Total property, plant and equipment	$	14,350	$	13,673

Schedule of Average Composite Depreciation Rates

The average composite depreciation rates at our Gas Utility and Electric Utility were as follows:


	2025		2024		2023
Regulated natural gas utilities	2.5	%	2.6	%	2.4	%
Electric utility	2.4	%	2.5	%	2.3	%

Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

Our consolidated financial statements are prepared in accordance with GAAP and the rules and regulations of the SEC. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions.

Principles of Consolidation

The consolidated financial statements include the accounts of UGI and its controlled subsidiary companies which are majority owned or VIEs. An entity is a VIE when its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, or its equity investors, as a group, lack the characteristics of having a controlling financial interest. We consolidate VIEs when we are determined to be the primary beneficiary.

We report outside ownership interests in other consolidated but less than 100%-owned subsidiaries, as noncontrolling interests. We eliminate intercompany accounts and transactions when we consolidate. Noncontrolling interests were not material for all periods presented.

We account for privately held equity securities of entities without readily determinable fair values in which we do not have control, but have significant influence over operating and financial policies, under the equity method. See Note 21 for additional information.

Effects of Regulation

Certain of our subsidiaries account for the financial effects of regulation in accordance with ASC 980. In accordance with this guidance, incurred costs that would otherwise be charged to expense are capitalized and recorded as regulatory assets when it is probable that the incurred costs will be recovered through rates in the future. Similarly, we recognize regulatory liabilities when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have not yet been incurred. Regulatory assets and liabilities are classified as current if, upon initial recognition, the entire amount related to that item will be recovered or refunded within a year of the balance sheet date. Generally, regulatory assets and regulatory liabilities are amortized into expense and income over the periods authorized by the respective regulatory body. See Note 9 for additional information regarding the effects of rate regulation on our utility operations.

Fair Value Measurements

The Company applies fair value measurements on a recurring and, as otherwise required under ASC 820, on a nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements performed on a recurring basis principally relate to derivative instruments and investments held in supplemental executive retirement plan grantor trusts.

ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

•Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date.

•Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means.

•Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability.

Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. We evaluate the need for credit adjustments to our derivative instrument fair values. These credit adjustments were not material to the fair values of our derivative instruments.

Derivative Instruments

Derivative instruments are reported on the Consolidated Balance Sheets at their fair values, unless the NPNS exception is elected. The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes.

Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in AOCI, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. We discontinue cash flow hedge accounting if occurrence of the forecasted transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly effective. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of the commodity derivative instruments used by Utilities are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in the cumulative translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated.

Cash flows from derivative instruments, other than certain net investment hedges, are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Cash flows from net investment hedges are included in cash flows from investing activities on the Consolidated Statements of Cash Flows.

See Note 18 for a more detailed description of the derivative instruments we use, our accounting for derivatives, our objectives for using them and other information.

Business Combination Purchase Price Allocations

From time to time, the Company enters into material business combinations. The purchase price is allocated to the various assets acquired and liabilities assumed at their estimated fair value as of the acquisition date with the residual of the purchase price allocated to goodwill. Fair values of assets acquired and liabilities assumed are based upon available information. Estimating fair values is generally subject to significant judgment, estimates and assumptions especially with respect to intangible assets. The allocation of the purchase price may be modified up to one year after the acquisition date, under certain circumstances, as more information is obtained about the fair value of assets acquired and liabilities assumed.

Foreign Currency Translation

Balance sheets of international subsidiaries are translated into USD using the exchange rate at the balance sheet date. Income statements and equity investee results are translated into USD using an average exchange rate for each reporting period. Where the local currency is the functional currency, translation adjustments are recorded in other comprehensive income. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise with the impact of subsequent changes in such rates reflected in the income statement. The functional currency of a significant portion of our international operations is the euro.

Revenue Recognition

The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Certain revenues such as revenue from leases, financial instruments and other revenues are not within the scope of ASC 606 because they are not from contracts with customers. Such revenues are accounted for in accordance with other GAAP. Revenue-related taxes collected on behalf of customers and remitted to taxing authorities, principally sales and use taxes, are not included in revenues. Gross receipts taxes at Midstream & Marketing, WV Gas Utility and Electric Utility are presented on a gross basis. The Company has elected to use the practical expedient to expense the costs to obtain contracts when incurred for contracts that have a term less than one year. The costs incurred to obtain contracts that have durations of longer than one year are not material. See Note 4 for additional information regarding the Company’s revenue from contracts with customers.

Accounts Receivable

Accounts receivable are reported on the Consolidated Balance Sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. Provisions for uncollectible accounts are established based upon our collection experience, the assessment of the collectability of specific amounts and the Company’s best estimate of current expected credit losses. Accounts receivable are written off in the period in which the receivable is deemed uncollectible.

LPG Delivery Expenses

Expenses associated with the delivery of LPG to customers of the Partnership and our UGI International operations (including vehicle expenses, expenses of delivery personnel, vehicle repair and maintenance and general liability expenses) are classified as “Operating and administrative expenses” on the Consolidated Statements of Income. Depreciation expense associated with the Partnership and UGI International delivery vehicles is classified in “Depreciation and amortization” on the Consolidated Statements of Income.

Income Taxes

AmeriGas Partners and AmeriGas OLP are not directly subject to federal income taxes. Instead, their taxable income or loss is allocated to the individual partners. We record income taxes on (1) our share of the Partnership’s current taxable income or loss and (2) the differences between the book and tax basis of our investment in the Partnership. AmeriGas OLP has subsidiaries which operate in corporate form and are directly subject to federal and state income taxes. Legislation in certain states allows for taxation of partnership income and the accompanying financial statements reflect state income taxes resulting from such legislation.

Utilities records deferred income taxes in the Consolidated Statements of Income resulting from the use of accelerated tax depreciation methods based upon amounts recognized for ratemaking purposes. Utilities also records a deferred income tax liability for tax benefits, principally the result of accelerated tax depreciation for state income tax purposes, that are flowed through to ratepayers when temporary differences originate and records a regulatory income tax asset for the probable increase in future revenues that will result when the temporary differences reverse.

We are amortizing deferred investment tax credits related to UGI Utilities’ plant additions over the service lives of the related property. UGI Utilities reduces its deferred income tax liability for the future tax benefits that will occur when investment tax credits, which are not taxable, are amortized. We also reduce the regulatory income tax asset for the probable reduction in future revenues that will result when such deferred investment tax credits amortize. Investment tax credits associated with Midstream & Marketing’s qualifying renewable natural gas property under the Inflation Reduction Act of 2022 are reflected in income taxes.

We record interest on underpayments and overpayments of income taxes, and income tax penalties, in “Income tax benefit (expense)” on the Consolidated Statements of Income. Interest income or expense recognized was not material for all periods presented.

See Note 7 for additional information.

Earnings Per Common Share

Basic earnings per share attributable to UGI Corporation stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI Corporation include the effects of dilutive stock options, common stock awards, UGI Corporation Senior Notes, and, prior to their June 2024 settlement, Equity Units. Shares used in computing basic and diluted earnings per share are as follows:


Denominator (thousands of shares)	2025	2024	2023
Weighted-average common shares outstanding for basic computation	214,945	211,309	209,806
Incremental shares issuable for stock options, common stock awards and Equity Units (a) (b)	801	3,962	—
UGI Corporation Senior Notes (c)	3,414	—	—
Weighted-average common shares outstanding for diluted computation	219,160	215,271	209,806

(b)The Equity Units were settled in June 2024. See Note 13 for additional information.

(c)See Note 6 for additional information on the UGI Corporation Senior Notes.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash on hand, cash in banks and highly liquid investments with maturities of three months or less when purchased. Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal.


	2025		2024		2023
Cash and cash equivalents	$	335	$	213	$	241
Restricted cash	20		15		99
Cash, cash equivalents and restricted cash	$	355	$	228	$	340

Inventories

Our inventories are stated at the lower of cost or net realizable value. We determine cost using an average cost method for non-utility LPG and natural gas and utility inventories; specific identification for appliances; and the FIFO method for all other inventories.

The Company accounts for renewable energy certificates as inventory, which generally represents costs incurred to generate a certificate for sale. The Company recognizes revenue from the sale of renewable energy certificates when control of the certificate is transferred to the buyer, and the cost of the certificate, if any, is then recorded within “Cost of sales” on the Consolidated Statements of Income.

Property, Plant and Equipment and Related Depreciation

We record property, plant and equipment at the lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs, and for certain operations subject to cost-of-service rate regulation, AFUDC. We also include in property, plant and equipment costs associated with computer software we develop or obtain for use in our businesses. The amounts assigned to property, plant and equipment of acquired businesses are based upon estimated fair value at date of acquisition. When we retire or otherwise dispose of non-utility plant and equipment, we eliminate the associated cost and accumulated depreciation and recognize any resulting gain or loss in "Other operating expense (income), net" on the Consolidated Statements of Income. For property subject to cost of service rate regulation, upon retirement we charge the original cost to accumulated depreciation for financial accounting purposes. Costs incurred to retire UGI Utilities plant and

equipment, net of salvage, are recorded in regulatory assets and amortized over five years, consistent with prior ratemaking treatment.

We record depreciation expense on non-utility plant and equipment on a straight-line basis over estimated economic useful lives. We record depreciation expense for Utilities’ plant and equipment on a straight-line basis based upon the projected service lives of the various classes of its depreciable property. We classify amortization of computer software and related IT system installation costs included in property, plant and equipment as depreciation expense. No depreciation expense is included in cost of sales on the Consolidated Statements of Income.

Goodwill and Intangible Assets

Intangible Assets. We amortize intangible assets, primarily consisting of customer relationships, over their estimated useful lives unless we determine their lives to be indefinite. We test definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the associated carrying amounts may be impaired. Determining whether an impairment loss occurred requires comparing the carrying amount to the estimated fair value of the asset. Intangible assets with indefinite lives are not amortized but are tested for impairment annually (and more frequently if events or changes in circumstances between annual tests indicate that it is more likely than not that they are impaired) and written down to fair value, if impaired.

Goodwill. We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below an operating segment (a component) if it constitutes a business for which discrete financial information is available and regularly reviewed by segment management. Components are aggregated into a single reporting unit if they have similar economic characteristics. Each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired.

For certain of our reporting units with goodwill, we assess qualitative factors to determine whether it is more likely than not that the fair value of such reporting unit is less than its carrying amount. For our other reporting units with goodwill, we bypass the qualitative assessment and perform the quantitative assessment by comparing the fair values of the reporting units with their carrying amounts, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to such excess but not to exceed the total amount of the goodwill of the reporting unit.

With respect to AmeriGas Propane Fiscal 2024 annual goodwill impairment test, the Company performed a quantitative assessment and determined that goodwill was impaired. In addition, during the third quarter of Fiscal 2023, the Company identified interim impairment indicators at its AmeriGas Propane reporting unit and, as such, performed an interim impairment test of its goodwill as of May 31, 2023. Based on such impairment tests, the Company recognized a non-cash pre-tax goodwill impairment charge of $195 and $656 in Fiscal 2024 and Fiscal 2023, respectively.

See Note 12 for additional information on the impairment charges at the AmeriGas Propane reporting unit.

With respect to AmeriGas Propane Fiscal 2025 annual goodwill impairment test, the Company performed a quantitative assessment. Based on our evaluation, we determined that AmeriGas Propane’s fair value exceeded its carrying value by more than 25%. While the Company believes that its judgments used in the quantitative assessment of AmeriGas Propane’s fair value are reasonable based upon currently available facts and circumstances, if AmeriGas Propane were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in an impairment. There is $1.1 billion of goodwill in the AmeriGas Propane reporting unit as of September 30, 2025.

Accumulated goodwill impairment was $851 at September 30, 2025 and 2024. Except for the previously mentioned impairment charges at the AmeriGas Propane reporting unit, there were no other impairments of goodwill recognized in all periods presented. The Company will continue to monitor its reporting units and related goodwill for any possible future non-cash impairment charges.

Impairment of Long-Lived Assets

Impairment testing for long-lived assets (or an asset group) is required when circumstances indicate that such assets may be impaired. If it is determined that a triggering event has occurred, we perform a recoverability test based upon estimated undiscounted cash flow projections expected to be realized over the remaining useful life of the long-lived asset. If the undiscounted cash flows used in the recoverability test are less than the long-lived asset's carrying amount, we determine its fair value. If the fair value is determined to be less than its carrying amount, the long-lived asset is reduced to its estimated fair value and an impairment loss is recognized in an amount equal to such shortfall. When determining whether a long-lived asset has been impaired, management groups assets at the lowest level that has identifiable cash flows that are independent of other assets.

The impairments of AmeriGas Propane’s goodwill in Fiscal 2024 and Fiscal 2023 were determined to be a triggering event requiring an impairment analysis of AmeriGas Propane’s long-lived and definite lived intangible assets. Accordingly, the Company performed a recoverability test of AmeriGas Propane’s long-lived assets, including right-of-use (“ROU”) assets and definite lived intangible assets, as of July 31, 2024, the measurement date of our annual goodwill impairment test, and May 31, 2023, using estimated undiscounted cash flow projections expected to be generated over the remaining useful life of the primary asset of the asset group at the lowest level with identifiable cash flows that are independent of other assets. Based on the recoverability tests performed, we determined that (1) AmeriGas Propane’s long-lived assets, including ROU assets and definite lived intangible assets, were recoverable and, as such, no impairment charges were recorded; and (2) no adjustments to the remaining useful lives were necessary as of July 31, 2024 and May 31, 2023. There were no such triggering events in Fiscal 2025.

See Note 17 for information on the impairment loss associated with the disposal of UGID during Fiscal 2024. No other material provisions for impairments of long-lived assets were recorded in all periods presented.

Refundable Tank and Cylinder Deposits

Included in “Other noncurrent liabilities” on our Consolidated Balance Sheets are customer paid deposits on tanks and cylinders primarily owned by subsidiaries of UGI France of $246 and $243 at September 30, 2025 and 2024, respectively. Deposits are refundable to customers when the tanks or cylinders are returned in accordance with contract terms.

Environmental Matters

We are subject to environmental laws and regulations intended to mitigate or remove the effects of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current or former operating sites.

Environmental reserves are accrued when assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. Amounts recorded as environmental liabilities on the Consolidated Balance Sheets represent our best estimate of costs expected to be incurred or, if no best estimate can be made, the minimum liability associated with a range of expected environmental investigation and remediation costs. These estimates are based upon a number of factors including whether the Company will be responsible for such remediation, the scope and cost of the remediation work to be performed, the portion of costs that will be shared with other potentially responsible parties, the timing of the remediation and possible impact of changes in technology, and the regulations and requirements of local governmental authorities. Our estimated liability for environmental contamination is reduced to reflect anticipated participation of other responsible parties but is not reduced for possible recovery from insurance carriers. If the amount and timing of cash payments associated with environmental investigation and cleanup are reliably determinable, such liabilities are discounted to reflect the time value of money. We intend to pursue recovery of incurred costs through all appropriate means, including regulatory relief. PA Gas Utility receives ratemaking recognition of environmental investigation and remediation costs associated with in-state environmental sites. This ratemaking recognition balances the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. See Note 16 for additional information.

Loss Contingencies Subject to Insurance

We are subject to risk of loss for general, automobile and product liability, and workers’ compensation claims for which we obtain insurance coverage under insurance policies that are subject to self-insured retentions or deductibles. We record accruals when it is probable that a liability exists and the amount or range of amounts can be reasonably estimated. When no amount within a range of possible loss is a better estimate than any other amount within the range, liabilities recorded are based upon the low end of the range. For litigation and pending claims including those covered by insurance policies, the analysis of probable loss is performed on a case by case basis and includes an evaluation of the nature of the claim, the procedural status of the matter, the probability or likelihood of success in prosecuting or defending the claim, the information available with respect to the claim, the opinions and views of outside counsel and other advisors, and past experience in similar matters. With respect to unasserted claims arising from unreported incidents, we may use the work of specialists to estimate the ultimate losses to be incurred using actuarially determined loss development factors applied to actual claims data. Our estimated reserves for loss contingencies may differ materially from the ultimate liability and such reserves may change materially as more information becomes available and estimated reserves are adjusted. We maintain insurance coverage such that our net exposure for claims covered by insurance would be limited to the self-insured retentions or deductibles, claims above which would be paid by the insurance carrier. For such claims, we record a receivable related to the amount of the liability expected to be paid by insurance.

Employee Retirement Plans

We use a market-related value of plan assets and an expected long-term rate of return to determine the expected return on assets of our U.S. pension and other postretirement plans. The market-related value of plan assets, other than equity investments, is based upon fair values. The market-related value of equity investments is calculated by rolling forward the prior-year’s market-related value with contributions, disbursements and the expected return on plan assets. One third of the difference between the expected and the actual value is then added to or subtracted from the expected value to determine the new market-related value See Note 8 for additional information.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Total UGI Corporation stockholders’ equity	Preferred stock, without par value	Preferred stock, without par value Cumulative effect of change in accounting - ASU 2020-06	Common stock, without par value	Common stock, without par value Cumulative effect of change in accounting - ASU 2020-06	Retained earnings	Retained earnings Cumulative effect of change in accounting - ASU 2020-06	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests
Balance, beginning of year at Sep. 30, 2022			$ 162	$ 5	$ 1,483	$ (6)	$ 4,841	$ 1	$ (380)	$ (40)	$ 8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock issued in connection with employee and director plans, net of tax withheld					8					7
Equity-based compensation expense					18
Net income (loss) attributable to UGI	$ (1,502)						(1,502)
Cash dividends on common stock ($1.50, $1.50, and $1.47 per share, respectively)							(308)
Losses on treasury stock transactions in connection with employee and director plans							(5)
Other comprehensive income (loss)	16								124
Repurchases of common stock										(22)
Balance, ending of year at Sep. 30, 2023	4,394	$ 4,386	167		1,503		3,027		(256)	(55)	8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of Equity Units			(167)		166
Equity-based compensation expense					7
Net income (loss) attributable to UGI	269						269
Cash dividends on common stock ($1.50, $1.50, and $1.47 per share, respectively)							(318)
Other comprehensive income (loss)	(14)								3
Reacquired common stock – employee and director plans										(1)
Other											1
Balance, ending of year at Sep. 30, 2024	4,354	4,345	0		1,676		2,978		(253)	(56)	9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock issued in connection with employee and director plans, net of tax withheld					18
Equity-based compensation expense					15
Net income (loss) attributable to UGI	678						678
Cash dividends on common stock ($1.50, $1.50, and $1.47 per share, respectively)							(322)
Other comprehensive income (loss)	10								80
Repurchases of common stock										(33)
Reacquired common stock – employee and director plans										(4)
Balance, ending of year at Sep. 30, 2025	$ 4,786	$ 4,777	$ 0		$ 1,709		$ 3,334		$ (173)	$ (93)	$ 9

Income Taxes - Schedule of Deferred Tax Liabilities (Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Excess book basis over tax basis of property, plant and equipment	$ 1,051	$ 994
Intangible assets and goodwill	105	86
Utility regulatory assets	80	74
Investment in AmeriGas Partners	71	31
Other	113	50
Gross deferred tax liabilities	1,420	1,235
Interest expense	(150)	(118)
Operating loss carryforwards	(73)	(72)
Utility regulatory liabilities	(66)	(72)
Foreign tax credit carryforwards	(12)	(49)
Employee-related benefits	(25)	(33)
Investment tax credits	(116)	(26)
Utility environmental liabilities	(19)	(16)
Pension plan liabilities	0	(8)
Derivative instrument liabilities	(19)	(3)
Other	(121)	(58)
Gross deferred tax assets	(601)	(455)
Deferred tax assets valuation allowance	71	130
Net deferred tax liabilities	$ 890	$ 910

Property, Plant and Equipment

12 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 11 — Property, Plant and Equipment

Property, plant and equipment comprise the following at September 30:


	2025		2024		Estimated Useful Life
Utility:
Distribution	$	6,024	$	5,595
Transmission	134		125
General and other	746		706
Work in process	130		94
Total utility	7,034		6,520

Non-utility:
Land	202		172
Buildings and improvements	445		429		10 - 40 years
Transportation equipment	242		233		3 - 10 years
Equipment, primarily cylinders and tanks	4,052		3,985		5 - 30 years
Electric generation	48		48		25 - 40 years
Pipeline and related assets	1,710		1,598		25 - 40 years
Other	467		430		1 - 12 years
Work in process	150		258
Total non-utility	7,316		7,153
Total property, plant and equipment	$	14,350	$	13,673

The average composite depreciation rates at our Gas Utility and Electric Utility were as follows:


	2025		2024		2023
Regulated natural gas utilities	2.5	%	2.6	%	2.4	%
Electric utility	2.4	%	2.5	%	2.3	%

Depreciation expense totaled $507, $496 and $476 for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.

Utility Regulatory Assets and Liabilities and Regulatory Matters (Tables)

12 Months Ended

Sep. 30, 2025

Regulated Operations [Abstract]

Schedule of Regulatory Assets

The following regulatory assets and liabilities associated with our Utilities reportable segment are included in our Consolidated Balance Sheets at September 30:


	2025		2024
Regulatory assets (a):
Income taxes recoverable	$	113	$	105
Underfunded pension plans	100		106
Environmental costs	22		28
Deferred fuel and power costs	39		—
Removal costs, net	30		28
Other	36		52
Total regulatory assets	$	340	$	319
Regulatory liabilities (a):
Postretirement benefits	$	14	$	13

Deferred fuel and power refunds	4		17
State income tax benefits — distribution system repairs	49		44

Excess federal deferred income taxes	239		247
Other	8		8
Total regulatory liabilities	$	314	$	329

Schedule of Regulatory Liabilities

The following regulatory assets and liabilities associated with our Utilities reportable segment are included in our Consolidated Balance Sheets at September 30:


	2025		2024
Regulatory assets (a):
Income taxes recoverable	$	113	$	105
Underfunded pension plans	100		106
Environmental costs	22		28
Deferred fuel and power costs	39		—
Removal costs, net	30		28
Other	36		52
Total regulatory assets	$	340	$	319
Regulatory liabilities (a):
Postretirement benefits	$	14	$	13

Deferred fuel and power refunds	4		17
State income tax benefits — distribution system repairs	49		44

Excess federal deferred income taxes	239		247
Other	8		8
Total regulatory liabilities	$	314	$	329

Goodwill and Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill by reportable segment are as follows:


	Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Total
Balance September 30, 2023	$	432	$	336	$	911	$	1,348	$	3,027
Impairment of goodwill	—		—		—		(195)		(195)

Dispositions	—		—		(12)		—		(12)

Foreign currency translation	—		—		51		—		51
Balance September 30, 2024	432		336		950		1,153		2,871


Dispositions	—		—		(41)		(26)		(67)


Foreign currency translation	—		—		48		—		48
Balance September 30, 2025	$	432	$	336	$	957	$	1,127	$	2,852

Schedule of Finite-Lived Intangible Assets

Intangible assets comprise the following at September 30:


	2025		2024
Customer relationships	$	967	$	985
Trademarks and tradenames	4		4
Noncompete agreements and other	27		27
Accumulated amortization	(712)		(665)
Intangible assets, net (definite-lived)	286		351
Trademarks and tradenames (indefinite-lived)	42		40
Total intangible assets, net	$	328	$	391

Schedule of Indefinite-Lived Intangible Assets

Intangible assets comprise the following at September 30:


	2025		2024
Customer relationships	$	967	$	985
Trademarks and tradenames	4		4
Noncompete agreements and other	27		27
Accumulated amortization	(712)		(665)
Intangible assets, net (definite-lived)	286		351
Trademarks and tradenames (indefinite-lived)	42		40
Total intangible assets, net	$	328	$	391

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 580	$ 305	$ (346)
Foreign	116	35	(1,491)
Income (loss) before income taxes	$ 696	$ 340	$ (1,837)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Equity - Schedule of Common Stock Share Activity (Details) - shares	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance - Shares Outstanding (in shares)	0
Beginning balance - Shares Issued (in shares)	0	220,000	220,000
Beginning balance - Shares Issued (in shares)	216,124,332
Ending balance - Shares Outstanding (in shares)	0	0
Ending balance - Shares Issued (in shares)	0	0	220,000
Ending balance - Shares Issued (in shares)	217,033,282	216,124,332
Preferred stock, without par value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance - Shares Outstanding (in shares)	0	220,000	220,000
Settlement of Equity Units - Shares Issued/Outstanding (in shares)		(220,000)
Ending balance - Shares Outstanding (in shares)	0	0	220,000
Ending balance - Shares Issued (in shares)	0
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance - Shares Issued (in shares)	216,124,332	210,906,052	210,560,494
Beginning balance - Shares Outstanding (in shares)	214,685,612	209,495,083	209,582,212
Employee and director plans - Shares Issued/Treasury (in shares)	908,950	164,250	345,558
Employee and director plans - shares Outstanding (in shares)	790,433	136,499	512,871
Repurchases of common stock - Shares Treasury/Outstanding (in shares)	(1,000,000)		(600,000)
Settlement of Equity Units - Shares Issued/Outstanding (in shares)		5,054,030
Settlement of Equity Units - Shares Outstanding (in shares)		5,054,030
Ending balance - Shares Issued (in shares)	217,033,282	216,124,332	210,906,052
Ending balance - Shares Outstanding (in shares)	214,476,045	214,685,612	209,495,083
Common Stock \| Treasury stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance - Treasury Shares (in shares)	(1,438,720)	(1,410,969)	(978,282)
Employee and director plans - Shares Issued/Treasury (in shares)	118,517	27,751	167,313
Repurchases of common stock - Shares Treasury/Outstanding (in shares)	(1,000,000)		(600,000)
Ending balance - Treasury Shares (in shares)	(2,557,237)	(1,438,720)	(1,410,969)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (losses) gains on derivative instruments, net of tax	$ (4)	$ 5	$ (9)
Reclassifications of net (gains) losses on derivative instruments, net of tax	1	14	13
Foreign currency translation adjustments, net of tax	14	14	21
Benefit plans, principally actuarial (losses) gains, net of tax	(5)	2	(2)
Reclassifications of benefit plans actuarial (gains) losses and net prior service cost (benefit), net of tax	$ 0	$ 0	$ 1

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Sep. 30, 2025 USD ($) subsidiary	Sep. 30, 2024 USD ($)	Dec. 31, 2017 USD ($) record_of_decision	Mar. 24, 2023 person
Loss Contingencies
Environmental expenditures cap during calendar year	$ 5,000,000
West Reading, Pennsylvania Explosion
Loss Contingencies
Number of fatalities \| person				7
Number of injuries \| person				10
MGP sites in Pennsylvania
Loss Contingencies
Accrual for environmental loss contingencies	$ 63,000,000	$ 54,000,000
UGI Utilities, Inc.
Loss Contingencies
Number of subsidiaries acquired with similar histories \| subsidiary	2
AmeriGas OLP \| Saranac Lake, New York \| NYDEC ROD
Loss Contingencies
Loss contingency, number of remediation plans \| record_of_decision			3
Estimated remediation plan cost			$ 28,000,000
AmeriGas OLP \| Saranac Lake, New York \| New York State Department of Environment Conservation Remediation Plan
Loss Contingencies
Remediation expense		$ 19,000,000

Equity Method Investments

12 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Note 21 — Equity Method Investments

Equity method investments which are included within “Other assets” on the Consolidated Balance Sheets, comprises the following as of September 30:


	Carrying Value				Ownership Interest
Investees	2025		2024		2025	2024
Midstream & Marketing
Aurum Renewables	$	46	$	47	40%	40%
Pine Run	101		86		49%	49%
MBL Bioenergy	222		206		99.99%	99.99%
Other	27		20		various	various
Total Midstream & Marketing	396		359
UGI International	4		10		various	various
Other	—		1		various	various
Total investments in equity method investees	$	400	$	370

Aurum Renewables. In January 2023, the Company, through its wholly owned indirect subsidiary, entered into a joint venture agreement with a third party Archaea Holdings, LLC (“Archaea”). The primary purpose of the joint venture, Aurum Renewables LLC, is to upgrade landfill gas from the Commonwealth Environmental Systems landfill located in Hegins, Pennsylvania to pipeline-quality RNG. Pursuant to this agreement, the Company contributed its existing 11 megawatt landfill gas-to-electricity facility, as non-cash consideration, in return for a 40% equity interest in the joint venture. Aurum Renewables is expected to have the capacity to produce approximately 9,600 standard cubic feet of landfill gas per minute of pipeline-quality RNG. Archaea led the development, engineering, construction, and operation of the new RNG facility, and Energy Services will take a lead role in marketing the RNG produced by the facility. Aurum Renewables is a VIE whereby the Company has determined that it is not the primary beneficiary since it does not direct the activities that most significantly impact the entity’s economic performance. The project was operational as of September 30, 2024.

Pine Run. Pine Run is a company jointly owned by UGI Pine Run, LLC (a wholly-owned subsidiary of Energy Services) and Stonehenge Energy Resources. Pine Run Midstream operates dry gas gathering pipelines and compression assets in western Pennsylvania. Pine Run is not a VIE and accounted for as an equity method investment as we have the ability to exercise significant influence, but not control, over the entity.

MBL Bioenergy. MBL Bioenergy is a company jointly owned by UGI Dakota, LLC (a wholly-owned subsidiary of Energy Services), Sevana Bioenergy and a subsidiary of California Bioenergy. The sole purpose of MBL Bioenergy is the development of RNG projects in South Dakota comprising three dairy waste anaerobic digester systems. MBL Bioenergy is a VIE whereby the Company has determined that it is not the primary beneficiary since it does not direct the activities that most significantly impact the entity’s economic performance. In addition to consent being required for all equity holders for significant activities, such as major procurement, construction contracting and offtake, our partners manage the day-to-day project management and operations for MBL Bioenergy and its subsidiaries.

Other Equity Method Investments. The carrying values of our other equity investments totaled $31 at both September 30, 2025 and 2024, and principally comprise a number of investments in biomass and other renewable energy projects at Energy Services.

The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. The Company evaluates equity method investments for other-than temporary impairment (“OTTI”) on at least a quarterly basis. During Fiscal 2024, UGI International recognized a pre-tax OTTI loss of $26 related to its investment in this joint venture that invests in renewable energy projects. This loss was recorded in “Income (loss) from equity investees” on the Consolidated Statements of Income.

Our maximum exposure to loss related to these investments is limited to the amount invested.

Equity Method Investments - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2023 standardCubicFeet MW	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Pre-tax impairment charge			$ 26
Other
Schedule of Equity Method Investments [Line Items]
Pre-tax impairment charge		$ 31	$ 31
Aurum Renewables
Schedule of Equity Method Investments [Line Items]
Landfill gas units \| MW	11
Effective ownership interest in AmeriGas OLP (as a percentage)	40.00%
Expected production capacity per day \| standardCubicFeet	9,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Impairment of goodwill	$ 0	$ 195	$ 656
Accumulated goodwill impairment	851	$ 851
AmeriGas Propane
Goodwill [Line Items]
Impairment of goodwill	$ 1,100
Fair value in excess of carrying value	25.00%

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of goodwill	$ 0	$ 195	$ 656
AmeriGas Propane
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of goodwill		195	$ 656
Held-for-Sale, Not Discontinued Operations \| UGID
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Pre-tax impairment charges	$ 3	$ 62

- Definition

+ References + Details

Summary of Significant Accounting Policies - Schedule of Shares used in Computing Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Denominator (thousands of shares)
Weighted-average common shares outstanding for basic computation (in shares)	214,945	211,309	209,806
Incremental shares issuable for stock options, common stock awards and Equity Units (in shares)	801	3,962	0
UGI Corporation Senior Notes	3,414	0	0
Weighted-average common shares outstanding for diluted computation (in shares)	219,160	215,271	209,806
Antidilutive securities excluded from computation of earnings per share (in shares)	6,149	8,619	6,132

Inventories

12 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventories

Note 10 — Inventories

Inventories comprise the following at September 30:


	2025		2024
Non-utility LPG and natural gas	$	162	$	195
Gas Utility natural gas	67		50
Energy certificates	64		69
Materials, supplies and other	92		97
Total inventories	$	385	$	411

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Contract length (less than)	one year

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our consolidated financial statements are prepared in accordance with GAAP and the rules and regulations of the SEC. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of UGI and its controlled subsidiary companies which are majority owned or VIEs. An entity is a VIE when its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, or its equity investors, as a group, lack the characteristics of having a controlling financial interest. We consolidate VIEs when we are determined to be the primary beneficiary. We report outside ownership interests in other consolidated but less than 100%-owned subsidiaries, as noncontrolling interests. We eliminate intercompany accounts and transactions when we consolidate. Noncontrolling interests were not material for all periods presented.
Equity Method Investments	We account for privately held equity securities of entities without readily determinable fair values in which we do not have control, but have significant influence over operating and financial policies, under the equity method. See Note 21 for additional information.
Effects of Regulation	Effects of Regulation Certain of our subsidiaries account for the financial effects of regulation in accordance with ASC 980. In accordance with this guidance, incurred costs that would otherwise be charged to expense are capitalized and recorded as regulatory assets when it is probable that the incurred costs will be recovered through rates in the future. Similarly, we recognize regulatory liabilities when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have not yet been incurred. Regulatory assets and liabilities are classified as current if, upon initial recognition, the entire amount related to that item will be recovered or refunded within a year of the balance sheet date. Generally, regulatory assets and regulatory liabilities are amortized into expense and income over the periods authorized by the respective regulatory body. See Note 9 for additional information regarding the effects of rate regulation on our utility operations.
Fair Value Measurements	Fair Value Measurements The Company applies fair value measurements on a recurring and, as otherwise required under ASC 820, on a nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements performed on a recurring basis principally relate to derivative instruments and investments held in supplemental executive retirement plan grantor trusts. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: •Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. •Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. •Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. We evaluate the need for credit adjustments to our derivative instrument fair values. These credit adjustments were not material to the fair values of our derivative instruments.
Derivative Instruments	Derivative Instruments Derivative instruments are reported on the Consolidated Balance Sheets at their fair values, unless the NPNS exception is elected. The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes. Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in AOCI, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. We discontinue cash flow hedge accounting if occurrence of the forecasted transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly effective. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of the commodity derivative instruments used by Utilities are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in the cumulative translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated. Cash flows from derivative instruments, other than certain net investment hedges, are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Cash flows from net investment hedges are included in cash flows from investing activities on the Consolidated Statements of Cash Flows.
Business Combination Purchase Price Allocations	Business Combination Purchase Price Allocations From time to time, the Company enters into material business combinations. The purchase price is allocated to the various assets acquired and liabilities assumed at their estimated fair value as of the acquisition date with the residual of the purchase price allocated to goodwill. Fair values of assets acquired and liabilities assumed are based upon available information. Estimating fair values is generally subject to significant judgment, estimates and assumptions especially with respect to intangible assets. The allocation of the purchase price may be modified up to one year after the acquisition date, under certain circumstances, as more information is obtained about the fair value of assets acquired and liabilities assumed.
Foreign Currency Translation	Foreign Currency Translation Balance sheets of international subsidiaries are translated into USD using the exchange rate at the balance sheet date. Income statements and equity investee results are translated into USD using an average exchange rate for each reporting period. Where the local currency is the functional currency, translation adjustments are recorded in other comprehensive income. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise with the impact of subsequent changes in such rates reflected in the income statement. The functional currency of a significant portion of our international operations is the euro.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Certain revenues such as revenue from leases, financial instruments and other revenues are not within the scope of ASC 606 because they are not from contracts with customers. Such revenues are accounted for in accordance with other GAAP. Revenue-related taxes collected on behalf of customers and remitted to taxing authorities, principally sales and use taxes, are not included in revenues. Gross receipts taxes at Midstream & Marketing, WV Gas Utility and Electric Utility are presented on a gross basis. The Company has elected to use the practical expedient to expense the costs to obtain contracts when incurred for contracts that have a term less than one year. The costs incurred to obtain contracts that have durations of longer than one year are not material. See Note 4 for additional information regarding the Company’s revenue from contracts with customers.
Accounts Receivable	Accounts Receivable Accounts receivable are reported on the Consolidated Balance Sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. Provisions for uncollectible accounts are established based upon our collection experience, the assessment of the collectability of specific amounts and the Company’s best estimate of current expected credit losses. Accounts receivable are written off in the period in which the receivable is deemed uncollectible.
LPG Delivery Expenses	LPG Delivery Expenses Expenses associated with the delivery of LPG to customers of the Partnership and our UGI International operations (including vehicle expenses, expenses of delivery personnel, vehicle repair and maintenance and general liability expenses) are classified as “Operating and administrative expenses” on the Consolidated Statements of Income. Depreciation expense associated with the Partnership and UGI International delivery vehicles is classified in “Depreciation and amortization” on the Consolidated Statements of Income.
Income Taxes	Income Taxes AmeriGas Partners and AmeriGas OLP are not directly subject to federal income taxes. Instead, their taxable income or loss is allocated to the individual partners. We record income taxes on (1) our share of the Partnership’s current taxable income or loss and (2) the differences between the book and tax basis of our investment in the Partnership. AmeriGas OLP has subsidiaries which operate in corporate form and are directly subject to federal and state income taxes. Legislation in certain states allows for taxation of partnership income and the accompanying financial statements reflect state income taxes resulting from such legislation. Utilities records deferred income taxes in the Consolidated Statements of Income resulting from the use of accelerated tax depreciation methods based upon amounts recognized for ratemaking purposes. Utilities also records a deferred income tax liability for tax benefits, principally the result of accelerated tax depreciation for state income tax purposes, that are flowed through to ratepayers when temporary differences originate and records a regulatory income tax asset for the probable increase in future revenues that will result when the temporary differences reverse. We are amortizing deferred investment tax credits related to UGI Utilities’ plant additions over the service lives of the related property. UGI Utilities reduces its deferred income tax liability for the future tax benefits that will occur when investment tax credits, which are not taxable, are amortized. We also reduce the regulatory income tax asset for the probable reduction in future revenues that will result when such deferred investment tax credits amortize. Investment tax credits associated with Midstream & Marketing’s qualifying renewable natural gas property under the Inflation Reduction Act of 2022 are reflected in income taxes. We record interest on underpayments and overpayments of income taxes, and income tax penalties, in “Income tax benefit (expense)” on the Consolidated Statements of Income. Interest income or expense recognized was not material for all periods presented. See Note 7 for additional information.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per share attributable to UGI Corporation stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI Corporation include the effects of dilutive stock options, common stock awards, UGI Corporation Senior Notes, and, prior to their June 2024 settlement, Equity Units.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on hand, cash in banks and highly liquid investments with maturities of three months or less when purchased. Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal.
Inventories	Inventories Our inventories are stated at the lower of cost or net realizable value. We determine cost using an average cost method for non-utility LPG and natural gas and utility inventories; specific identification for appliances; and the FIFO method for all other inventories. The Company accounts for renewable energy certificates as inventory, which generally represents costs incurred to generate a certificate for sale. The Company recognizes revenue from the sale of renewable energy certificates when control of the certificate is transferred to the buyer, and the cost of the certificate, if any, is then recorded within “Cost of sales” on the Consolidated Statements of Income.
Property, Plant and Equipment and Related Depreciation	Property, Plant and Equipment and Related Depreciation We record property, plant and equipment at the lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs, and for certain operations subject to cost-of-service rate regulation, AFUDC. We also include in property, plant and equipment costs associated with computer software we develop or obtain for use in our businesses. The amounts assigned to property, plant and equipment of acquired businesses are based upon estimated fair value at date of acquisition. When we retire or otherwise dispose of non-utility plant and equipment, we eliminate the associated cost and accumulated depreciation and recognize any resulting gain or loss in "Other operating expense (income), net" on the Consolidated Statements of Income. For property subject to cost of service rate regulation, upon retirement we charge the original cost to accumulated depreciation for financial accounting purposes. Costs incurred to retire UGI Utilities plant and equipment, net of salvage, are recorded in regulatory assets and amortized over five years, consistent with prior ratemaking treatment. We record depreciation expense on non-utility plant and equipment on a straight-line basis over estimated economic useful lives. We record depreciation expense for Utilities’ plant and equipment on a straight-line basis based upon the projected service lives of the various classes of its depreciable property. We classify amortization of computer software and related IT system installation costs included in property, plant and equipment as depreciation expense. No depreciation expense is included in cost of sales on the Consolidated Statements of Income.
Intangible Assets	Intangible Assets. We amortize intangible assets, primarily consisting of customer relationships, over their estimated useful lives unless we determine their lives to be indefinite. We test definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the associated carrying amounts may be impaired. Determining whether an impairment loss occurred requires comparing the carrying amount to the estimated fair value of the asset. Intangible assets with indefinite lives are not amortized but are tested for impairment annually (and more frequently if events or changes in circumstances between annual tests indicate that it is more likely than not that they are impaired) and written down to fair value, if impaired.
Goodwill	Goodwill. We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below an operating segment (a component) if it constitutes a business for which discrete financial information is available and regularly reviewed by segment management. Components are aggregated into a single reporting unit if they have similar economic characteristics. Each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired. For certain of our reporting units with goodwill, we assess qualitative factors to determine whether it is more likely than not that the fair value of such reporting unit is less than its carrying amount. For our other reporting units with goodwill, we bypass the qualitative assessment and perform the quantitative assessment by comparing the fair values of the reporting units with their carrying amounts, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to such excess but not to exceed the total amount of the goodwill of the reporting unit. With respect to AmeriGas Propane Fiscal 2024 annual goodwill impairment test, the Company performed a quantitative assessment and determined that goodwill was impaired. In addition, during the third quarter of Fiscal 2023, the Company identified interim impairment indicators at its AmeriGas Propane reporting unit and, as such, performed an interim impairment test of its goodwill as of May 31, 2023. Based on such impairment tests, the Company recognized a non-cash pre-tax goodwill impairment charge of $195 and $656 in Fiscal 2024 and Fiscal 2023, respectively. See Note 12 for additional information on the impairment charges at the AmeriGas Propane reporting unit. With respect to AmeriGas Propane Fiscal 2025 annual goodwill impairment test, the Company performed a quantitative assessment. Based on our evaluation, we determined that AmeriGas Propane’s fair value exceeded its carrying value by more than 25%. While the Company believes that its judgments used in the quantitative assessment of AmeriGas Propane’s fair value are reasonable based upon currently available facts and circumstances, if AmeriGas Propane were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in an impairment. There is $1.1 billion of goodwill in the AmeriGas Propane reporting unit as of September 30, 2025. Accumulated goodwill impairment was $851 at September 30, 2025 and 2024. Except for the previously mentioned impairment charges at the AmeriGas Propane reporting unit, there were no other impairments of goodwill recognized in all periods presented. The Company will continue to monitor its reporting units and related goodwill for any possible future non-cash impairment charges.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Impairment testing for long-lived assets (or an asset group) is required when circumstances indicate that such assets may be impaired. If it is determined that a triggering event has occurred, we perform a recoverability test based upon estimated undiscounted cash flow projections expected to be realized over the remaining useful life of the long-lived asset. If the undiscounted cash flows used in the recoverability test are less than the long-lived asset's carrying amount, we determine its fair value. If the fair value is determined to be less than its carrying amount, the long-lived asset is reduced to its estimated fair value and an impairment loss is recognized in an amount equal to such shortfall. When determining whether a long-lived asset has been impaired, management groups assets at the lowest level that has identifiable cash flows that are independent of other assets. The impairments of AmeriGas Propane’s goodwill in Fiscal 2024 and Fiscal 2023 were determined to be a triggering event requiring an impairment analysis of AmeriGas Propane’s long-lived and definite lived intangible assets. Accordingly, the Company performed a recoverability test of AmeriGas Propane’s long-lived assets, including right-of-use (“ROU”) assets and definite lived intangible assets, as of July 31, 2024, the measurement date of our annual goodwill impairment test, and May 31, 2023, using estimated undiscounted cash flow projections expected to be generated over the remaining useful life of the primary asset of the asset group at the lowest level with identifiable cash flows that are independent of other assets. Based on the recoverability tests performed, we determined that (1) AmeriGas Propane’s long-lived assets, including ROU assets and definite lived intangible assets, were recoverable and, as such, no impairment charges were recorded; and (2) no adjustments to the remaining useful lives were necessary as of July 31, 2024 and May 31, 2023. There were no such triggering events in Fiscal 2025.
Refundable Tank and Cylinder Deposits	Refundable Tank and Cylinder Deposits Included in “Other noncurrent liabilities” on our Consolidated Balance Sheets are customer paid deposits on tanks and cylinders primarily owned by subsidiaries of UGI FranceDeposits are refundable to customers when the tanks or cylinders are returned in accordance with contract terms.
Environmental Matters	Environmental Matters We are subject to environmental laws and regulations intended to mitigate or remove the effects of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current or former operating sites. Environmental reserves are accrued when assessments indicate that it is probable that a liability has been incurred and an amount can be reasonably estimated. Amounts recorded as environmental liabilities on the Consolidated Balance Sheets represent our best estimate of costs expected to be incurred or, if no best estimate can be made, the minimum liability associated with a range of expected environmental investigation and remediation costs. These estimates are based upon a number of factors including whether the Company will be responsible for such remediation, the scope and cost of the remediation work to be performed, the portion of costs that will be shared with other potentially responsible parties, the timing of the remediation and possible impact of changes in technology, and the regulations and requirements of local governmental authorities. Our estimated liability for environmental contamination is reduced to reflect anticipated participation of other responsible parties but is not reduced for possible recovery from insurance carriers. If the amount and timing of cash payments associated with environmental investigation and cleanup are reliably determinable, such liabilities are discounted to reflect the time value of money. We intend to pursue recovery of incurred costs through all appropriate means, including regulatory relief. PA Gas Utility receives ratemaking recognition of environmental investigation and remediation costs associated with in-state environmental sites. This ratemaking recognition balances the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites.
Loss Contingencies Subject to Insurance	Loss Contingencies Subject to Insurance We are subject to risk of loss for general, automobile and product liability, and workers’ compensation claims for which we obtain insurance coverage under insurance policies that are subject to self-insured retentions or deductibles. We record accruals when it is probable that a liability exists and the amount or range of amounts can be reasonably estimated. When no amount within a range of possible loss is a better estimate than any other amount within the range, liabilities recorded are based upon the low end of the range. For litigation and pending claims including those covered by insurance policies, the analysis of probable loss is performed on a case by case basis and includes an evaluation of the nature of the claim, the procedural status of the matter, the probability or likelihood of success in prosecuting or defending the claim, the information available with respect to the claim, the opinions and views of outside counsel and other advisors, and past experience in similar matters. With respect to unasserted claims arising from unreported incidents, we may use the work of specialists to estimate the ultimate losses to be incurred using actuarially determined loss development factors applied to actual claims data. Our estimated reserves for loss contingencies may differ materially from the ultimate liability and such reserves may change materially as more information becomes available and estimated reserves are adjusted. We maintain insurance coverage such that our net exposure for claims covered by insurance would be limited to the self-insured retentions or deductibles, claims above which would be paid by the insurance carrier. For such claims, we record a receivable related to the amount of the liability expected to be paid by insurance.
Employee Retirement Plans	Employee Retirement Plans We use a market-related value of plan assets and an expected long-term rate of return to determine the expected return on assets of our U.S. pension and other postretirement plans. The market-related value of plan assets, other than equity investments, is based upon fair values. The market-related value of equity investments is calculated by rolling forward the prior-year’s market-related value with contributions, disbursements and the expected return on plan assets. One third of the difference between the expected and the actual value is then added to or subtracted from the expected value to determine the new market-related value
New Accounting Standard Adopted in Fiscal 2025	New Accounting Standard Adopted in Fiscal 2025 Segment Reporting. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. In the fourth quarter of Fiscal 2025, the Company adopted the new guidance on a retrospective basis. The adoption of the new guidance did not have a material impact on our consolidated financial statements. See Note 22 for enhanced disclosures. Accounting Standards Not Yet Adopted Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40)” which, among other things, removes the prescriptive project stage requirements and allows entities to capitalize internal-use software costs when management authorizes and commits funding to the project and it is probable the software will be completed and used as intended. This new guidance is effective for the Company for annual and interim periods beginning October 1, 2028 (Fiscal 2029). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective, modified, or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted. Measurement of Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326)” which provides a practical expedient that allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. This new guidance is effective for the Company for annual and interim periods beginning October 1, 2026 (Fiscal 2027). Early adoption is permitted. The amendments in this ASU should be adopted using the prospective method. The Company is in the process of assessing the impact on its financial statements and the period in which the new guidance will be adopted. Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40)” which requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. This new guidance is effective for the Company for annual periods beginning October 1, 2027 (Fiscal 2028) and interim periods beginning October 1, 2028 (Fiscal 2029). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted. Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740)” which requires entities to disclose, among other items, disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. This new guidance is effective for the Company for annual periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. This Company will adopt the new guidance effective for the year ending September 30, 2026 and provide the additional disclosures as required by the new guidance.

Summary of Significant Accounting Policies - Refundable Tank and Cylinder Deposits and Environmental Matters (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Accounting Policies [Abstract]
Customer paid deposits primarily on owned tanks and cylinders	$ 246	$ 243

Debt - Schedule of Credit Facilities and Short-term Borrowings (Details)	12 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2025 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)
Letter of Credit \| Line of Credit
Short-term Debt [Line Items]
Borrowings	$ 1,600,000,000
Repayments	1,596,000,000
AmeriGas OLP
Short-term Debt [Line Items]
Maximum borrowing capacity	128,000,000		$ 200,000,000
Borrowings Outstanding	0		51,000,000
Letters of Credit and Guarantees Outstanding	2,000,000		0
Available Borrowing Capacity	$ 126,000,000		$ 149,000,000
Weighted Average Interest Rate - End of Year			7.29%	7.29%
UGI International LLC
Short-term Debt [Line Items]
Maximum borrowing capacity \| €		€ 500,000,000		€ 500,000,000
Borrowings Outstanding \| €		170,000,000		115,000,000
Letters of Credit and Guarantees Outstanding \| €		0		€ 0
Available Borrowing Capacity		€ 330,000,000	$ 385,000,000
Weighted Average Interest Rate - End of Year	6.00%	6.00%	4.88%	4.88%
Energy Services
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 300,000,000		$ 300,000,000
Borrowings Outstanding	0		0
Letters of Credit and Guarantees Outstanding	0		0
Available Borrowing Capacity	300,000,000		300,000,000
Energy Services \| Letter of Credit \| Energy Services Credit Agreement \| Line of Credit
Short-term Debt [Line Items]
Maximum borrowing capacity	50,000,000
UGI Utilities
Short-term Debt [Line Items]
Maximum borrowing capacity	375,000,000		375,000,000
Borrowings Outstanding	200,000,000		190,000,000
Letters of Credit and Guarantees Outstanding	0		0
Available Borrowing Capacity	$ 175,000,000		$ 185,000,000
Weighted Average Interest Rate - End of Year	5.13%	5.13%	5.92%	5.92%
UGI Utilities \| Letter of Credit \| UGI Utilities, Inc. Credit Agreement \| Line of Credit
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 50,000,000
Mountaineer
Short-term Debt [Line Items]
Maximum borrowing capacity	150,000,000		$ 150,000,000
Borrowings Outstanding	69,000,000		96,000,000
Letters of Credit and Guarantees Outstanding	0		0
Available Borrowing Capacity	$ 81,000,000		$ 54,000,000
Weighted Average Interest Rate - End of Year	5.53%	5.53%	6.56%	6.56%
Mountaineer \| Letter of Credit \| Line of Credit
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 20,000,000
UGI Corporation
Short-term Debt [Line Items]
Maximum borrowing capacity	475,000,000		$ 300,000,000
Borrowings Outstanding	263,000,000		115,000,000
Letters of Credit and Guarantees Outstanding	0		0
Available Borrowing Capacity	$ 212,000,000		$ 185,000,000
Weighted Average Interest Rate - End of Year	6.63%	6.63%	7.45%	7.45%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
ROU assets:
Operating lease ROU assets	$ 416	$ 417
Finance lease ROU assets	52	54
Total ROU assets	$ 468	$ 471
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Lease liabilities:
Operating lease liabilities — current	$ 91	$ 86
Operating lease liabilities — noncurrent	336	343
Finance lease liabilities — current	3	3
Finance lease liabilities — noncurrent	52	52
Total lease liabilities	$ 482	$ 484
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-Term Debt and Lease Obligation, Current	Long-Term Debt and Lease Obligation, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt

Debt - Schedule of Long-term Debt Instruments (Footnotes) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
UGI International
Debt Instrument [Line Items]
Fixed rate (as a percentage)	3.10%	3.10%
Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Principal amount	$ 175,000,000
Line of Credit \| UGI Corporation
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	6.64%	7.45%
Mountaineer senior notes \| Senior Notes \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Principal amount	$ 250,000,000	$ 180,000,000
Unamortized premium	$ 14,000,000	$ 16,000,000
Mountaineer senior notes \| Senior Notes \| UGI Utilities, Inc. \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percentage)	3.50%
Mountaineer senior notes \| Senior Notes \| UGI Utilities, Inc. \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percentage)	6.21%
Variable-rate term loan \| Term Loan \| UGI Utilities, Inc.
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	3.92%	3.92%
Fixed rate (as a percentage)	2.82%
Quarterly installments	$ 2,000,000
Variable-rate term loan \| Term Loan \| Midstream & Marketing
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	7.39%	7.09%
Quarterly installments	$ 2,000,000
Variable-rate term loan \| Term Loan Due March 2028 \| UGI International
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	4.94%	4.95%
Due September 2026 \| Midstream & Marketing
Debt Instrument [Line Items]
Fixed rate (as a percentage)	4.53%
Due September 2028 \| Midstream & Marketing
Debt Instrument [Line Items]
Fixed rate (as a percentage)	3.55%
Other
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	9.13%
3-year Term loan \| Term Loan \| UGI Corporation
Debt Instrument [Line Items]
Effective interest rate (as a percentage)		6.09%
5-year Term Loan \| Term Loan \| UGI Corporation
Debt Instrument [Line Items]
Effective interest rate (as a percentage)		6.75%
Due October \| UGI Corporation
Debt Instrument [Line Items]
Fixed rate (as a percentage)	3.61%
Due October \| Term Loan \| UGI Corporation
Debt Instrument [Line Items]
Effective interest rate (as a percentage)	6.09%

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Operating Loss Carryforwards [Line Items]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Difference in tax rate due to:
Goodwill impairment not deductible for tax	0.00%	11.60%	(7.30%)
State income taxes, net of federal benefit	4.60%	6.80%	(1.70%)
Investment tax credits	(12.70%)	(6.80%)	0.50%
Valuation allowance adjustments	(8.80%)	(6.30%)	1.10%
Regulated entity depreciation normalization	(2.00%)	(4.50%)	0.70%
Notional interest deduction	(1.70%)	(3.80%)	0.70%
Nontaxable sale of equity investment	1.50%	0.00%	0.00%
State NOL adjustment upon disposition	0.00%	2.40%	0.00%
Uncertain tax positions	0.80%	(2.40%)	(0.70%)
Impairment of equity investment	0.00%	2.20%	0.00%
Federal refund interest accrual	(0.50%)	(1.10%)	0.00%
Effects of foreign operations	(0.60%)	0.10%	3.10%
Other, net	1.70%	(1.90%)	0.60%
Effective tax rate	2.60%	20.90%	18.20%
Effects of tax rate changes – State, net of federal benefit
Difference in tax rate due to:
Effects of tax rate changes – State, net of federal benefit	(0.70%)	3.60%	0.20%

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	$ 4,354	$ 4,394
Other comprehensive income (loss) before reclassification adjustments	82	35	$ 153
Amounts reclassified from AOCI	(2)	(32)	(29)
Other comprehensive income	80	3	124
Balance, ending of year	4,786	4,354	4,394
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	(253)	(256)	(380)
Balance, ending of year	(173)	(253)	(256)
Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	10	17	14
Other comprehensive income (loss) before reclassification adjustments	13	(7)	5
Amounts reclassified from AOCI	0	0	(2)
Other comprehensive income	13	(7)	3
Balance, ending of year	23	10	17
Derivative Instruments
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	(23)	26	37
Other comprehensive income (loss) before reclassification adjustments	10	(14)	16
Amounts reclassified from AOCI	(2)	(35)	(27)
Other comprehensive income	8	(49)	(11)
Balance, ending of year	(15)	(23)	26
Foreign Currency
AOCI Attributable to Parent, Net of Tax
Balance, beginning of year	(240)	(299)	(431)
Other comprehensive income (loss) before reclassification adjustments	59	56	132
Amounts reclassified from AOCI	0	3	0
Other comprehensive income	59	59	132
Balance, ending of year	$ (181)	$ (240)	$ (299)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Other Operating Income (Expense), Net and Other Non-Operating Income (Expense), Net (Tables)

12 Months Ended

Sep. 30, 2025

Component of Operating Income [Abstract]

Schedule of Other Operating Income (Expense), Net

Other operating income (expense), net, comprises the following:


	2025		2024		2023
Finance charges	$	15	$	16	$	17

Gains on sales of fixed assets, net (a)	25		22		61

Foreign currency transaction gains (losses)	—		2		7
Cylinder deposit income	17		17		23
Interest and interest-related income	12		11		6



Other, net	13		(6)		18
Total other operating income (expense), net	$	82	$	62	$	132

(a)Fiscal 2023 includes a $15 gain on the sale of UGI Corporation’s headquarters building in August 2023.

Schedule of Other Non-Operating Income (Expense), Net

Other non-operating income (expense), net comprises the following:


	2025		2024		2023
Gains (losses) on foreign currency contracts, net	$	(4)	$	(19)	$	(23)
Amortization of excluded components of certain net investment hedges	2		5		7
Pension and other postretirement plans non-service income, net	7		6		9
Total other non-operating income (expense), net	$	5	$	(8)	$	(7)

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Sep. 30, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

UGI CORPORATION AND SUBSIDIARIES

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(Millions of dollars)


	Balance at beginning of year		Charged (credited) to costs and expenses		Other			Balance at end of year
Year Ended September 30, 2025
Reserves deducted from assets in the consolidated balance sheet:
Allowance for doubtful accounts	$	68	$	37	$	(63)	(1)	$	42


Other reserves:






Deferred tax assets valuation allowance	$	130	$	18	$	(77)	(2)	$	71


Year Ended September 30, 2024
Reserves deducted from assets in the consolidated balance sheet:
Allowance for doubtful accounts	$	71	$	61	$	(64)	(1)	$	68

Other reserves:





Deferred tax assets valuation allowance	$	141	$	16	$	(27)	(2)	$	130


Year Ended September 30, 2023
Reserves deducted from assets in the consolidated balance sheet:
Allowance for doubtful accounts	$	64	$	69	$	(62)	(1)	$	71

Other reserves:






Deferred tax assets valuation allowance	$	141	$	(38)	$	38	(2)	$	141

(1)Uncollectible accounts written off, net of recoveries.

(2)Primarily a notional interest deduction valuation allowance adjustment.

Inventories (Tables)

12 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories comprise the following at September 30:


	2025		2024
Non-utility LPG and natural gas	$	162	$	195
Gas Utility natural gas	67		50
Energy certificates	64		69
Materials, supplies and other	92		97
Total inventories	$	385	$	411