Ferrellgas Partners Reports Q2 Earnings Growth, Unit Conversion

Ferrellgas Partners ( (FGPR) ) just unveiled an update.

Ferrellgas Partners reported on March 5, 2026, that for its second fiscal quarter ended January 31, 2026, gross profit rose about 1% to deliver a $3.3 million increase in net earnings to $102.2 million, as lower propane prices reduced revenue but were more than offset by a 10% decline in product costs and tighter expense control. Adjusted EBITDA climbed 6% to $166.1 million, driven by lower general and administrative and lease expenses, while operational efficiencies boosted margin per gallon by roughly 6% and operating income per gallon by about 13% amid regionally mixed winter weather.

The company highlighted extensive winter preparedness, including upgraded supply infrastructure, expanded telematics, added drivers and trucks, and new distribution locations, which enabled it to meet elevated eastern U.S. demand during Winter Storm Fern and support community relief efforts. Retail initiatives such as higher tank-set growth, improved residential conversion rates, expansion of Auto Fill delivery, and new national accounts underpinned profitable volume gains, while the board approved an $82.32 per Class B Unit cash distribution on March 4, 2026, triggering the threshold for converting all 1.3 million outstanding Class B Units into Class A Units shortly after the payment date.

The most recent analyst rating on (FGPR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Ferrellgas Partners stock, see the FGPR Stock Forecast page.

Spark’s Take on FGPR Stock

According to Spark, TipRanks’ AI Analyst, FGPR is a Neutral.

The score is held back primarily by weak financial statement quality—sharp revenue decline, earnings instability, and a stressed balance sheet with high debt and negative equity—despite supportive positive cash flow. Technicals are a notable positive with an uptrend across moving averages and favorable momentum. Valuation remains unattractive/less informative due to losses (negative P/E), while earnings-call and recent events add some support through refinancing, contract wins, and capital-structure actions but do not fully offset leverage and profitability risks.

To see Spark’s full report on FGPR stock, click here.

More about Ferrellgas Partners

Ferrellgas Partners, L.P. is a propane distribution company that serves customers in all 50 U.S. states, the District of Columbia, and Puerto Rico through its operating partnership and subsidiaries. Its Blue Rhino propane exchange brand is sold at more than 64,000 locations nationwide, and employees indirectly own a stake in the partnership through an employee stock ownership plan.

The company focuses on residential, commercial, and national account propane customers, supported by a national footprint and investments in supply infrastructure, telematics, and logistics. This network allows Ferrellgas to reallocate resources across regions and manage seasonal demand, particularly during peak winter heating periods.

Average Trading Volume: 4,505

Technical Sentiment Signal: Buy

Current Market Cap: $343.5M

Find detailed analytics on FGPR stock on TipRanks’ Stock Analysis page.