0001104659-26-110592 | 10-K | XBRL Viewer

Supplemental financial statement information

E. Supplemental financial statement information

Inventories

Inventories consist of the following:


	July 31, 2026		July 31, 2025
Propane gas and related products	$	62,305	$	66,052
Appliances, parts and supplies, and other		19,703		21,755
Inventories	$	82,008	$	87,807

In addition to inventories on hand, Ferrellgas enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of July 31, 2026, Ferrellgas had committed, for supply procurement purposes, to deliver approximately 0.1 million gallons of propane at fixed prices, net of contracts to deliver.

Property, plant and equipment, net

Property, plant and equipment, net consist of the following:


	Estimated useful lives	July 31, 2026		July 31, 2025
Land	Indefinite	$	43,902	$	43,318
Land improvements	2-20		17,736		16,986
Buildings and improvements	20		92,283		90,945
Vehicles, including transport trailers ⁽¹⁾	8-20		144,156		137,032
Bulk equipment and district facilities	5-30		124,130		123,306
Tanks, cylinders and customer equipment	2-30		840,895		857,142
Computer and office equipment	2-5		98,780		95,140
Construction in progress	n/a		8,873		14,206
			1,370,755		1,378,075
Less: accumulated depreciation			780,580		775,383
Property, plant and equipment, net		$	590,175	$	602,692

(1)	Includes 35 vehicles under failed sale-leaseback transactions as of July 31, 2026 and 2025. See the Certain cash flow and non-cash activities section in Note E “Supplemental financial statement information” and Note J “Leases” for additional information.

Depreciation expense totaled $76.6 million, $74.5 million and $76.7 million for fiscal 2026, 2025 and 2024, respectively.

Prepaid expenses and other current assets

Ferrellgas Partners

Prepaid expenses and other current assets consist of the following:


	July 31, 2026		July 31, 2025
Broker margin deposit assets	$	8,438	$	6,222
Price risk management asset		5,060		3,244
Other prepaid expenses		9,514		13,458
Other		10,446		7,547
Prepaid expenses and other current assets	$	33,458	$	30,471

The operating partnership

Prepaid expenses and other current assets consist of the following:


	July 31, 2026		July 31, 2025
Broker margin deposit assets	$	8,438	$	6,222
Price risk management asset		5,060		3,244
Other prepaid expenses		9,514		13,458
Other		10,426		7,465
Prepaid expenses and other current assets	$	33,438	$	30,389

Other assets, net

Other assets, net consist of the following:


	July 31, 2026		July 31, 2025
Finance lease ROU assets	$	54,976	$	37,803
Other		34,752		30,899
Other assets, net	$	89,728	$	68,702

Other current liabilities

Ferrellgas Partners

Other current liabilities consist of the following:


	July 31, 2026		July 31, 2025
Accrued interest	$	19,233	$	28,318
Accrued payroll		7,307		31,072
Accrued insurance		21,575		15,314
Broker margin deposit liability		3,760		2,193
Accrued senior preferred units distributions		16,843		17,280
Accrued miscellaneous		10,988		47,578
Deferred income/gain		41,472		44,040
Other		50,648		29,359
Other current liabilities	$	171,826	$	215,154

The operating partnership

Other current liabilities consist of the following:


		July 31, 2026			July 31, 2025
Accrued interest		$	19,233		$	28,318
Accrued payroll			7,307			31,072
Accrued insurance			21,575			15,314
Broker margin deposit liability			3,760			2,193
Accrued senior preferred units distributions			16,843			17,280
Accrued miscellaneous			10,988			47,578
Deferred income/gain			41,472			44,040
Other			48,900			28,767
Other current liabilities		$	170,078		$	214,562

Shipping and handling expenses

Shipping and handling expenses are classified in the following consolidated statements of operations line items:


		For the year ended July 31,
		2026			2025			2024
Operating expense - personnel, vehicle, plant and other		$	307,219		$	295,763		$	283,627
Depreciation and amortization expense			20,188			16,662			13,231
Operating expense - equipment lease expense			4,595			10,410			13,775
Shipping and handling expenses		$	332,002		$	322,835		$	310,633

Cash, cash equivalents and restricted cash

Ferrellgas maintains its cash and cash equivalents in various bank accounts that, at times, may exceed federally insured limits. Ferrellgas’ cash and cash equivalent accounts have been placed with high credit quality financial institutions. For purposes of the consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. In January 2025, a $10.6 million restricted cash deposit was released when the Company settled the related outstanding litigation. There is no restricted cash as of July 31, 2026 and 2025.

Certain cash flow and non-cash activities

Certain cash flow and significant non-cash activities are presented below:


	For the year ended July 31,
	2026		2025			2024
Cash paid for:
Interest	$	126,465	$	96,072		$	89,151
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	—	$	635		$	1,585
Change in accruals for property, plant and equipment additions	$	(263)	$	(274)		$	1,168
Lease liabilities arising from operating ROU assets	$	13,519	$	13,415		$	14,204
Lease liabilities arising from finance ROU assets	$	34,777	$	23,371		$	5,356
Accrued senior preferred units distributions	$	16,843	$	17,280		$	17,538
Acquisition of assets in failed sale-leaseback	$	—	$	5,032		$	2,496
Change in liability in connection with failed sale-leaseback	$	(1,272)	$	3,946		$	2,353

Contingencies and commitments (Details) - USD ($) $ in Millions			12 Months Ended
	Aug. 27, 2026	Oct. 27, 2025	Jul. 31, 2026	Jul. 31, 2025	Mar. 31, 2021	Mar. 30, 2021
Contingencies and commitments
Interest rate (as a percent)			6.70%
Senior Notes 9.250 Percent Due 2031
Contingencies and commitments
Aggregate principal amount		$ 650.0
Interest rate, as a percent		9.25%	9.25%	9.25%
Percentage of offering price at which debt is issued		100.00%
Net proceeds		$ 637.5
Senior Notes 5.375 Percent Due 2026
Contingencies and commitments
Aggregate principal amount		$ 650.0	$ 650.0
Interest rate, as a percent		5.375%	5.375%	5.375%
Senior Notes 5.875 Percent Due 2029
Contingencies and commitments
Aggregate principal amount					$ 825.0
Interest rate, as a percent			5.875%	5.875%	5.875%
Revolving Credit Facility
Contingencies and commitments
Line of credit facility, maximum borrowing capacity		$ 350.0	$ 350.0			$ 308.8
Amount of increase due to accordion feature		50.0
Sublimit, after initial period		300.0
Borrowings under credit facility			87.5
Revolving Credit Facility \| Subsequent Event
Contingencies and commitments
Borrowings under credit facility	$ 20.0
Interest rate (as a percent)	7.00%
Ferrellgas Partners Finance Corp
Contingencies and commitments
Debt securities outstanding			0.0
Ferrellgas Finance Corp \| Senior Notes 9.250 Percent Due 2031
Contingencies and commitments
Aggregate principal amount		$ 650.0
Interest rate, as a percent		9.25%
Percentage of offering price at which debt is issued		100.00%
Net proceeds		$ 637.5
Ferrellgas Finance Corp \| Senior Notes 5.375 Percent Due 2026
Contingencies and commitments
Aggregate principal amount		$ 650.0
Interest rate, as a percent		5.375%
Ferrellgas Finance Corp \| Senior Notes 5.875 Percent Due 2029
Contingencies and commitments
Liability as co-issuer			825.0
Ferrellgas Finance Corp \| Revolving Credit Facility
Contingencies and commitments
Line of credit facility, maximum borrowing capacity		$ 350.0
Amount of increase due to accordion feature		50.0
Sublimit, after initial period		$ 300.0
Borrowings under credit facility			$ 87.5
Interest rate (as a percent)			6.70%
Ferrellgas Finance Corp \| Revolving Credit Facility \| Subsequent Event
Contingencies and commitments
Borrowings under credit facility	$ 20.0
Interest rate (as a percent)	7.00%

Fair value measurements (Tables)

12 Months Ended

Jul. 31, 2026

Fair value measurements

Schedule of financial assets and liabilities measured at fair value on a recurring basis


	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical			Significant Other
	Assets and Liabilities			Observable Inputs			Unobservable Inputs
	(Level 1)			(Level 2)			(Level 3)			Total
July 31, 2026:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—		$	5,370		$	—		$	5,370
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—		$	(9,468)		$	—		$	(9,468)

July 31, 2025:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—		$	3,570		$	—		$	3,570
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—		$	(3,654)		$	—		$	(3,654)

Debt - Covenants and Loss on Extinguishment (Details)	12 Months Ended
Debt - Covenants and Loss on Extinguishment (Details)	Jul. 31, 2026 USD ($) item
Senior Notes 9.250 Percent Due 2031 And Senior Notes 5.875 Percent Due 2029
Debt
Number of quarters for required fixed charge coverage ratio	4
Minimum \| Revolving Credit Facility
Debt
Interest coverage ratio	2.5
Available capacity necessary for cash distributions	$ 50,000,000
Available capacity as percentage of Borrowing Base, necessary for cash distributions	15.00%
Maximum \| Revolving Credit Facility
Debt
Secured leverage ratio	2.5
Maximum \| Senior Notes 9.250 Percent Due 2031 And Senior Notes 5.875 Percent Due 2029
Debt
Required fixed charge coverage ratio	1.75%
Maximum \| Senior Notes 5.875 Percent Due 2029
Debt
Total net leverage ratio	5
Maximum \| Debt Covenant, First Specified Period \| Revolving Credit Facility
Debt
Total net leverage ratio	5.25
Maximum \| Scenario, Any Quarter Ending Prior To April 30 2027
Debt
Total net leverage ratio	5.25
Maximum \| Scenario, Any Quarter Ending Prior To April 30 2027 \| Senior Notes 9.250 Percent Due 2031
Debt
Total net leverage ratio	5.25
Maximum \| Scenario, Any Quarter Ending On Or After April 30 2027 \| Revolving Credit Facility
Debt
Total net leverage ratio	5
Maximum \| Scenario, Any Quarter Ending On Or After April 30 2027 \| Senior Notes 9.250 Percent Due 2031
Debt
Total net leverage ratio	5

Leases - Maturity (Details) $ in Thousands	Jul. 31, 2026 USD ($)
Operating leases
2027	$ 15,645
2028	10,341
2029	7,491
2030	3,628
2031	2,277
Thereafter	6,363
Total lease payments, Operating Leases	45,745
Less: Imputed interest	(7,884)
Present value of lease liabilities, Operating Leases	37,861
Finance leases
2027	22,172
2028	15,728
2029	12,312
2030	5,918
2031	4,285
Thereafter	4,687
Total lease payments, Finance Leases	65,102
Less: Imputed interest	(9,013)
Present value of lease liabilities, Finance Leases	56,089
Operating and finance leases
2027	37,817
2028	26,069
2029	19,803
2030	9,546
2031	6,562
Thereafter	11,050
Total lease payments	110,847
Less: Imputed interest	(16,897)
Present value of lease liabilities	$ 93,950

Preferred units - Issuer Redemption Right (Details) $ / shares in Units, $ in Millions	Jul. 31, 2026 USD ($) $ / shares
Preferred units
Redemption right price percentage MOIC	1.47
Purchase price per Preferred Units \| $ / shares	$ 1,000
Redemption right price percentage of IRR	12.25%
Basis point added	150
Partial redemption minimum amount \| $	$ 25.0

Acquisitions and dispositions - Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Acquisitions and dispositions
Gain (loss) on asset sales and disposals	$ (4,774)	$ (2,957)	$ (2,819)

Goodwill and intangible assets, net - Estimated Amortization Expense (Details) $ in Thousands	Jul. 31, 2026 USD ($)
Goodwill and intangible assets, net
2027	$ 6,803
2028	6,351
2029	5,936
2030	4,659
2031	$ 4,179

Derivative instruments and hedging activities - Effect on Condensed Consolidated Statements of Comprehensive Income and Change in FV (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Derivative instruments and hedging activities
Gain (loss) recognized due to ineffectiveness	$ 0	$ 0
Commodity derivatives
Derivative instruments and hedging activities
Amount of (Loss) Gain Recognized in AOCI	(14,677)	6,258	$ 3,448
Gain (loss) recognized due to ineffectiveness	0	0	0
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization \| Commodity derivatives
Derivative instruments and hedging activities
Amount of Gain (Loss) Reclassified from AOCI into Income	$ (10,662)	$ 8,400	$ 2,472

Leases - Assets and Liabilities (Details) $ in Thousands	Jul. 31, 2026 USD ($) item	Jul. 31, 2025 USD ($) item
Assets and Liabilities, Lessee [Abstract]
Vehicles under failed sale lease back \| item	35	35
Operating Lease, Right-of-Use Asset	$ 36,571	$ 39,045
Finance lease ROU assets	$ 54,976	$ 37,803
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Total leased assets	$ 91,547	$ 76,848
Current operating lease liabilities	15,257	16,082
Current financing lease liabilities	$ 19,024	$ 12,391
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent operating lease liabilities	$ 22,604	$ 24,079
Noncurrent financing lease liabilities	$ 37,065	$ 27,161
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total leased liabilities	$ 93,950	$ 79,713

Debt - Loss on Extinguishment of Debt (Details) $ in Thousands	12 Months Ended
	Jul. 31, 2026 USD ($)
Debt
Debt extinguishment costs	$ 1,556
Unamortized deferred financing costs	1,447
Total loss on extinguishment of debt	$ 3,003

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Jul. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The Company has cybersecurity risk management processes in place intended to protect the confidentiality, integrity, and availability of our critical infrastructure, systems and information. Our cybersecurity risk management is integrated into the Company’s enterprise risk management strategy. Our information technology security team works in partnership with internal auditors and external consultants in the identification, evaluation, and management of cybersecurity risks. We also have processes in place designed to evaluate potential risks associated with third-party service providers. Our cybersecurity program is aligned with the National Institute of Standards and Technology Cybersecurity Framework and includes an incident response plan. Additionally, we have business continuity and disaster recovery plans in place to prepare for any potential disruptions. With respect to our employees, we provide training for personnel regarding cybersecurity threats, and to communicate the Company’s evolving information security policies, standards, processes and practices.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our information technology security team works in partnership with internal auditors and external consultants in the identification, evaluation, and management of cybersecurity risks. We also have processes in place designed to evaluate potential risks associated with third-party service providers. Our cybersecurity program is aligned with the National Institute of Standards and Technology Cybersecurity Framework and includes an incident response plan. Additionally, we have business continuity and disaster recovery plans in place to prepare for any potential disruptions. With respect to our employees, we provide training for personnel regarding cybersecurity threats, and to communicate the Company’s evolving information security policies, standards, processes and practices.
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]	Governance Our executive management team, including our Chief Executive Officer, works with our information technology security team to assess and manage our overall risk exposure. The Audit Committee of our Board of Directors oversees those efforts and receives reports from the executive management team periodically, as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of our Board of Directors oversees those efforts and receives reports from the executive management team periodically, as appropriate
Cybersecurity Risk Role of Management [Text Block]	Our executive management team, including our Chief Executive Officer, works with our information technology security team to assess and manage our overall risk exposure. The Audit Committee of our Board of Directors oversees those efforts and receives reports from the executive management team periodically, as appropriate
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our executive management team, including our Chief Executive Officer
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Supplemental financial statement information - Inventories (Details) $ in Thousands, gal in Millions	12 Months Ended
	Jul. 31, 2026 USD ($) gal	Jul. 31, 2025 USD ($)
Supplemental financial statement information
Propane gas and related products	$ 62,305	$ 66,052
Appliances, parts and supplies, and other	19,703	21,755
Inventories	$ 82,008	$ 87,807
Supply procurement contract duration	36 months
Net procurement of fixed priced propane by Ferrellgas in gallons \| gal	0.1

Schedule II Valuation And Qualifying Accounts

12 Months Ended

Jul. 31, 2026

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Schedule II Valuation And Qualifying Accounts

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


		Balance at			Charged to							Balance
		beginning			cost and							at end
Description		of period			expenses			Other				of period
Year ended July 31, 2026
Allowance for credit losses		$	4,330		$	3,803		$	(3,719)	⁽¹⁾		$	4,414
Year ended July 31, 2025
Allowance for credit losses		$	5,818		$	4,331		$	(5,819)	⁽¹⁾		$	4,330
Year ended July 31, 2024
Allowance for credit losses		$	6,658		$	1,518		$	(2,358)	⁽¹⁾		$	5,818

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

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Schedule II Valuation And Qualifying Accounts

FERRELLGAS, L.P. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


		Balance at			Charged to							Balance
		beginning			cost and							at end
Description		of period			expenses			Other				of period
Year ended July 31, 2026
Allowance for credit losses		$	4,330		$	3,803		$	(3,719)	⁽¹⁾		$	4,414
Year ended July 31, 2025
Allowance for credit losses		$	5,818		$	4,331		$	(5,819)	⁽¹⁾		$	4,330
Year ended July 31, 2024
Allowance for credit losses		$	6,658		$	1,518		$	(2,358)	⁽¹⁾		$	5,818

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

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.

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Equity (Deficit) - Limited Partner Units (Details) - shares	Jul. 31, 2026	Jul. 31, 2025	Mar. 30, 2021
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	11,357,605		97,152,665
Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	11,357,605	4,857,605	4,857,605
James E. Ferrell \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	253,772	238,172
Ferrell Companies \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	1,126,468	1,126,468
FCI Trading Corp. \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	9,784	9,784
Ferrell Propane, Inc. \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	2,560	2,560
Public Common Unitholders \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	9,965,021	3,480,621

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 31, 2026
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
Rule 10b5-1 Arrangement Modified [Flag]	false
Non-Rule 10b5-1 Arrangement Modified [Flag]	false

Income taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Income taxes
Current expense	$ 914	$ 1,369	$ 689
Deferred (benefit) expense	(4)	3	(3)
Income tax expense	910	1,372	686
Ferrellgas, L.P.
Income taxes
Current expense	909	1,315	637
Deferred (benefit) expense	(4)	3	(3)
Income tax expense	$ 905	$ 1,318	$ 634

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Equity (Deficit) - Operating Partnership has Recognized Distributions (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 16, 2026	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Limited Partners' Capital Account [Line Items]
General partner distributions		$ 1,000	$ 1,000	$ 1,000
Limited Partner
Limited Partners' Capital Account [Line Items]
Distributions paid	$ 107,000	357,000		99,900
Ferrell Companies \| Ferrellgas Partners LP
Limited Partners' Capital Account [Line Items]
Distributions paid		$ 107,016		100,000
Ferrell Companies \| Ferrellgas Inc., General Partner
Limited Partners' Capital Account [Line Items]
Distributions paid				$ 1,010

Preferred units

12 Months Ended

Jul. 31, 2026

Preferred units

Preferred units

H. Preferred units

On March 30, 2021, pursuant to an Investment Agreement, the operating partnership issued an aggregate of 700,000 Preferred Units (the “Preferred Units”), having an aggregate initial liquidation preference of $700.0 million. As of July 31, 2026 and 2025, these 700,000 Preferred Units are classified in the “Mezzanine Equity” section of the consolidated balance sheets.

As described in greater detail under “Issuer Redemption Right” below, the Redemption Price for the Preferred Units is based upon the greater of the amount that would result in a 1.47x MOIC (defined below) and the amount that would result in a 12.25% internal rate of return.

“MOIC” means, with respect to a Preferred Unit, a multiple on invested capital equal to the quotient determined by dividing (A) the sum of (x) the aggregate amount of all distributions made in cash with respect to such Preferred Unit prior to the applicable date of determination, with certain exclusions, plus (y) each Redemption Price paid in cash in respect of such Preferred Unit, on or prior to the applicable date of determination, by (B) the Purchase Price (defined below) of such Preferred Unit.

The preferences, rights, privileges and other terms of the Preferred Units are set forth in the OpCo LPA Amendment entered into by the general partner on March 30, 2021 (along with the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P. (the “Amended OpCo LPA”)) and are described below.

Issuer Redemption Right

The operating partnership has the right to redeem all or a portion of the Preferred Units for cash, pro rata and at any time and from time to time, including in connection with a Change of Control (as defined in the OpCo LPA Amendment), at an amount per Preferred Unit (the “Redemption Price”) equal to, without duplication, the sum of (a) the greater of (i) the amount necessary to result in a MOIC (as defined above) of 1.47x in respect of the purchase price, before discount, of such Preferred Unit, which is $1,000 per Preferred Unit (the “Purchase Price”), and (ii) the amount necessary to result in the applicable internal rate of return equal to 12.25%, which is increased by 150 basis points if the operating partnership has elected to pay more than four Quarterly Distributions (as defined below) in PIK Units (as defined below) and (b) the accumulated but unpaid Quarterly Distributions to the date of redemption, if any. A partial redemption of the Preferred Units is permitted only in the event the aggregate amount to be paid in respect of all Preferred Units included in such partial redemption is at least $25.0 million.

Investor Redemption Right

In the event that no Class B Units are outstanding and no more than 233,300 Preferred Units are outstanding, at any time on and after March 30, 2031, the Required Holders may elect, by delivery of written notice, to have the operating partnership fully redeem each remaining outstanding Preferred Unit for an amount in cash equal to the Redemption Price. “Required Holders” refers to both (i) holders owning at least 33.3% of the total Preferred Units outstanding at any time and (ii) certain initial affiliated purchasers, for so long as such initial affiliated purchasers collectively own at least 25% of the Preferred Units outstanding at such time.

In the event that no Class B Units are outstanding and more than 233,300 Preferred Units are outstanding, the Required Holders will have the right to trigger a sale of the operating partnership after March 30, 2031. If the operating partnership fails to consummate a sale that would pay the Redemption Price in full within 180 days of written notice requiring such sale, the Required Holders will have the right to appoint a majority of the members of the Board of Directors of the general partner and initiate a sale of the operating partnership.

All Class B Units were converted into Class A Units on March 16, 2026. See Note I “Equity (Deficit)” for more information.

Change of Control

Upon a Change of Control (as defined in the OpCo LPA Amendment), the Required Holders will have the option to require the redemption of all or a portion of the Preferred Units in cash in an amount equal to the Redemption Price; provided, that such Redemption Price shall not be payable unless the operating partnership shall have first made any required change of control offer pursuant to the indentures governing the 2029 Notes and the 2031 Notes and purchased all such 2029 Notes and 2031 Notes tendered pursuant to such offer (unless otherwise waived by such noteholders); provided, further that the Redemption Price shall be paid immediately following the purchase of such tendered Notes (if any).

Fair Value of Embedded Derivatives

Ferrellgas identified the investor redemption right and the change in control option as embedded derivatives that require bifurcation as they are not clearly and closely related to the debt host contract and has concluded that the fair values at issuance and at July 31, 2026 and 2025, are immaterial to the financial statements.

Distributions

Pursuant to the OpCo LPA Amendment, the operating partnership is required to pay to the holders of each Preferred Unit a cumulative, quarterly distribution (the “Quarterly Distribution”) at the Distribution Rate (as defined below) on the Purchase Price.

“Distribution Rate” means a rate per annum of (a) 8.956% through March 30, 2026, (b) 9.706% for the four-quarter period ending March 30, 2027, (c) 10.456% for the four-quarter period ending March 30, 2028, and (d) 11.125% for all periods after March 30, 2028, subject to a maximum rate of 11.125% and to other adjustments and exceptions described in the following paragraphs.

The Quarterly Distribution may be paid in cash or, at the election of the operating partnership, “in kind” through the issuance of additional Preferred Units (“PIK Units”) at the quarterly Distribution Rate plus an applicable premium that escalates each year from 75 bps to 300 bps so long as the Preferred Units remain outstanding. In the event the operating partnership fails to make any Quarterly Distribution in cash, such Quarterly Distribution will automatically be paid in PIK Units.

The Distribution Rate on the Preferred Units will increase upon violation of certain protective provisions for the benefit of Preferred Unit holders notwithstanding the cap mentioned above.

During fiscal 2026, quarterly distributions aggregating to $65.7 million, were paid in cash, net of tax, to holders of Preferred Units. This included $1.6 million of Additional Amounts (as defined below) payable to certain holders of Preferred Units related to the side letters outlined in the OpCo LPA Amendment. As of July 31, 2026, the Quarterly Distribution accrued was $18.5 million with $16.7 million paid in cash to holders of Preferred Units on August 15, 2026. The remaining Quarterly Distribution accrual of $1.8 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to side letters.

During fiscal 2025, quarterly distributions aggregating to $64.3 million, were paid in cash, net of tax, to holders of Preferred Units. This included $1.6 million of Additional Amounts payable to certain holders of Preferred Units related to the side letters. As of July 31, 2025, the Quarterly Distribution accrued was $17.3 million with $15.2 million paid in cash to holders of Preferred Units on August 15, 2025. The remaining Quarterly Distribution accrual of $2.1 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to side letters.

During fiscal 2024, quarterly distributions aggregating to $64.7 million, were paid in cash, net of tax, to holders of Preferred Units. This included $2.0 million of Additional Amounts payable to certain holders of Preferred Units related to the side letters. As of July 31, 2024, the Quarterly Distribution accrued was $17.5 million with $15.4 million paid in cash to holders of Preferred Units on August 15, 2024. The remaining Quarterly Distribution accrual of $2.1 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to side letters.

Tax Distributions

For any quarter in which the operating partnership makes a Quarterly Distribution in PIK Units in lieu of cash, it will be required to make a subsequent cash tax distribution for such quarter in an amount equal to the (i) the lesser of (x) 25% and (y) the highest combined federal, state and local tax rate applicable for corporations organized in New York, multiplied by (ii) the excess (if any) of (A) one-fourth (1/4th) of the estimated taxable income to be allocated to the holders of Preferred Units for the year in which the Quarterly Tax Payment Date (which refers to certain specified dates that next follow a Quarterly Distribution date on which PIK Units were issued) occurs, over (B) any cash paid on the Quarterly Distribution date immediately preceding the Quarterly Tax Payment Date on which a quarterly tax amount would otherwise be paid (such amount, the “Tax Distribution”). Tax Distributions are treated as advances against, and reduce, future cash distributions for any reason, including payments in redemption of Preferred Units or PIK Units, or payments to the holders in their capacity as such pursuant to any side letter or other agreement.

Additional Amounts for Certain Purchasers

The operating partnership is required to pay certain additional amounts of cash (the “Additional Amounts”) as necessary to certain holders of Preferred Units that hold their interests through a “blocker,” which is a U.S. entity that is owned and organized by certain original purchasers of Preferred Units who are non-U.S. persons or tax exempt for U.S. tax purposes and is treated as a corporation for U.S. tax purposes. Only certain original purchasers of Preferred Units who hold their Preferred Units through such blockers are, and none of their transferees is, entitled to Additional Amounts. Additional Amounts are capped at the lesser of: (a) the product of 20% multiplied by taxable income allocated to a “blocker” (as defined) divided by 0.8, and (b) the actual taxes payable by the “blocker” as a result of holding Senior Preferred Units.

Board Rights

For so long as at least 140,000 Preferred Units remain outstanding, holders of the Preferred Units have the right to designate one director to the Board of the general partner, subject to approval by the general partner.

Protective Provisions

The OpCo LPA Amendment and the Sixth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. (the “Amended Ferrellgas Partners LPA”) include, among other things, certain covenants for the benefit of holders of Preferred Units applicable to the operating partnership and, in certain instances, Ferrellgas Partners, for so long as at least $35 million of Preferred Units and PIK Units remain outstanding. These covenants include, among other things, limitations on (i) effecting a Change of Control, (ii) amending organizational documents, (iii) issuing certain equity securities, (iv) issuing Preferred Units, (v) filing for bankruptcy, (vi) non-ordinary course investments, and (vii) incurring certain levels of indebtedness.

Ranking and Liquidation Preference

The Preferred Units rank senior to any other class or series of equity interests of the operating partnership (including the partnership interests held by Ferrellgas Partners and the general partner). Upon a liquidation, dissolution or winding up of the operating partnership, each holder of Preferred Units will be entitled to receive, prior and in preference to any distribution of any assets of the operating partnership to the holders of any other class or series of equity interests in the operating partnership (including Ferrellgas Partners and the general partner), an amount per Preferred Unit equal to the Redemption Price.

Restrictions on Cash Distributions to Ferrellgas Partners and the General Partner

The operating partnership is permitted to make distributions of Available Cash (as defined in the Amended OpCo LPA) to Ferrellgas Partners only if (i) the operating partnership has made all required Quarterly Distributions (in cash or PIK Units), Tax Distributions and payments of Additional Amounts, (ii) the operating partnership has redeemed all PIK Units issued, (iii) the operating partnership’s consolidated net leverage (defined generally to mean the ratio of the operating partnership’s consolidated total net debt (including the total redemption price of all outstanding Preferred Units and PIK Units but excluding certain letters of credit and capital lease obligations) as of each Quarterly Distribution Date to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is below 7.00x, net of cash, immediately before and after giving effect to such distribution, (iv) the operating partnership has at least $100 million of liquidity, consisting of unrestricted cash on hand and available capacity under the Credit Agreement or any replacement thereof, and (v) the operating partnership is in compliance with the other protective provisions in the OpCo LPA Amendment.

Leases - Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cash Flow (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Leases
Operating cash flows, operating leases	$ 17,516	$ 25,816	$ 29,019
Operating cash flows, financing leases	15,751	11,109	9,377
Financing cash flows, financing leases	$ 19,234	$ 11,320	$ 5,363

Preferred units - Distributions (Details) - USD ($) $ in Thousands				12 Months Ended
	Aug. 15, 2026	Aug. 15, 2025	Aug. 15, 2024	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Preferred units
Quarterly distribution accrued						$ 17,500
Cash distribution	$ 16,700	$ 15,200	$ 15,400	$ 65,729	$ 64,257	64,719
Preferred units additional quarterly distribution				1,600	1,600	2,000
Preferred units additional quarterly distribution accrued				18,500	17,300	$ 2,100
Preferred units additional amounts payable pursuant to side letters				$ 1,800	$ 2,100
Cash tax distribution rate				25.00%
Tax rate multiplied by estimated taxable income percentage				0.25%
Additional distribution, percentage of taxable income				20.00%
Additional distribution, divisor				0.8
Minimum
Preferred units
Applicable premium distribution rate				0.75
Maximum
Preferred units
Applicable premium distribution rate				3
Year One, Period From April 01, 2025 to March 31, 2026
Preferred units
Preferred units distribution rate				8.956%
Year Two, Period From April 01, 2026 to March 31, 2027
Preferred units
Preferred units distribution rate				9.706%
Year Three, Period From April 01, 2027 to March 31, 2028
Preferred units
Preferred units distribution rate				10.456%
Year Four And Thereafter, Period From April 01, 2028
Preferred units
Preferred units distribution rate				11.125%
Year Four And Thereafter, Period From April 01, 2028 \| Maximum
Preferred units
Preferred units distribution rate				11.125%

Preferred units - Issuance (Details) - USD ($) $ in Millions	Mar. 30, 2021	Jul. 31, 2026	Jul. 31, 2025
Preferred units
Preferred units issued (in shares)	700,000
Preferred Units aggregate initial liquidation preference	$ 700.0
Preferred units, units outstanding		700,000	700,000

The aggregate liquidation preference (or restrictions) of stock classified as temporary equity that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Transactions with related parties (Details) $ in Thousands	12 Months Ended
Transactions with related parties (Details) $ in Thousands	Jul. 31, 2026 USD ($) employee	Jul. 31, 2025 USD ($)	Jul. 31, 2024 USD ($)	Jan. 15, 2026 USD ($)
Transactions with related parties
Number of employees \| employee	0
Ferrellgas Inc., General Partner
Transactions with related parties
Operating expense	$ 302,367	$ 310,002	$ 316,056
General and administrative expense	$ 45,357	$ 46,598	$ 35,386
Ferrellgas Partners Finance Corp And Ferrellgas, L.P \| Letter of Credit
Transactions with related parties
Credit facility, Aggregate principal amount				$ 37,500

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.

Transactions with related parties

Debt - Debt Activity (Details) - USD ($) $ in Thousands				12 Months Ended
Debt - Debt Activity (Details) - USD ($) $ in Thousands	Aug. 27, 2026	Oct. 27, 2025	Mar. 30, 2021	Jul. 31, 2026	Jul. 31, 2025	Mar. 31, 2021
Debt
Short-term borrowings				$ 87,500
Weighted average interest rate (as a percent)				6.70%
Revolving Credit Facility
Debt
Short-term borrowings				$ 87,500
Term of credit facility			4 years
Line of credit facility, maximum borrowing capacity		$ 350,000	$ 308,800	350,000
Amount of increase due to accordion feature		50,000
Sublimit, after initial period		$ 300,000
Borrowing base, fixed portion				$ 250,000
Additional capacity, percentage applied to accounts receivable				80.00%
Additional capacity, percentage applied to inventory				70.00%
Borrowings under credit facility				$ 87,500
Revolving Credit Facility \| Subsequent Event
Debt
Borrowings under credit facility	$ 20,000
Weighted average interest rate (as a percent)	7.00%
Revolving Credit Facility \| Base Rate
Debt
Interest rate, as a percent				0.50%
Revolving Credit Facility \| SOFR
Debt
Interest rate, as a percent				1.00%
Undrawn funds fee (as a percent)				0.375%
Revolving Credit Facility \| Maximum \| SOFR
Debt
Undrawn funds fee (as a percent)				0.50%
Eurodollar Loans \| Minimum \| Secured Overnight Financing Rate
Debt
Margin added to variable rate (as a percent)				2.25%
Eurodollar Loans \| Maximum \| Secured Overnight Financing Rate
Debt
Margin added to variable rate (as a percent)				3.25%
Non-Eurodollar Loans \| Minimum \| Secured Overnight Financing Rate
Debt
Margin added to variable rate (as a percent)				1.25%
Non-Eurodollar Loans \| Maximum \| Secured Overnight Financing Rate
Debt
Margin added to variable rate (as a percent)				2.25%
Senior Notes 5.375 Percent Due 2026
Debt
Interest rate, as a percent		5.375%		5.375%	5.375%
Aggregate principal amount		$ 650,000		$ 650,000
Senior Notes 5.875 Percent Due 2029
Debt
Interest rate, as a percent				5.875%	5.875%	5.875%
Aggregate principal amount						$ 825,000
Senior Notes 9.250 Percent Due 2031
Debt
Interest rate, as a percent		9.25%		9.25%	9.25%
Aggregate principal amount		$ 650,000
Percentage of offering price at which debt is issued		100.00%
Net proceeds		$ 637,500
Percentage of redemption price		100.00%
Senior Notes 9.250 Percent Due 2031 \| Debt Instrument, Redemption, Period One, One Or More Occasions
Debt
Percentage of redemption price		109.25%
Percentage of redemption price redeemed		40.00%

Summary of significant accounting policies (Details) $ in Thousands		12 Months Ended
	Mar. 16, 2026 shares	Jul. 31, 2026 USD ($) item subsidiary
Summary of significant accounting policies
Number of reporting units \| item		1
Goodwill impairment recognized \| $		$ 0
Reporting unit, percentage of fair value in excess of carrying amount		169.00%
Accounts receivable collection period		30 days
Revenue recognized over a straight-line basis, term		1 year
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Number of taxable subsidiaries		1
Class B Limited Partner Units
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Converted outstanding Class B Units into Class A Units \| shares	1,300,000
Ferrellgas Partners LP \| Non-Controlling Interest
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
General partner ownership interest		1.00%
Minimum [Member]
Summary of significant accounting policies
Property, plant and equipment useful life		2 years
Intangible asset useful life		5 years
Maximum [Member]
Summary of significant accounting policies
Property, plant and equipment useful life		30 years
Intangible asset useful life		15 years
Ferrellgas, L.P.
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Number of taxable subsidiaries		3

Acquisitions and dispositions - Fair Value Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2025	Jul. 31, 2024	Jul. 31, 2026
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Goodwill, Name of Segment [Extensible Enumeration]	Propane and related equipment sales	Propane and related equipment sales	Propane and related equipment sales
Goodwill	$ 257,155	$ 257,000	$ 257,155
Business Combination, Series of Individually Immaterial Business Combinations \| Propane and related equipment sales
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Customer tanks, buildings, land and other	2,024	3,263
Goodwill	149
Aggregate fair value of net assets acquired	4,391	18,084
Business Combination, Series of Individually Immaterial Business Combinations \| Propane and related equipment sales \| Customer Lists
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Finite-lived Intangible Assets Acquired	1,828	14,564
Business Combination, Series of Individually Immaterial Business Combinations \| Propane and related equipment sales \| Non-Compete Agreements
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Finite-lived Intangible Assets Acquired	390	$ 257
Ferrellgas, L.P.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Goodwill	$ 257,155		$ 257,155

Leases - Assumptions (Details)	Jul. 31, 2026	Jul. 31, 2025
Leases
Operating Lease, Weighted Average Remaining Lease Term	4 years 6 months	4 years 7 months 6 days
Finance Lease, Weighted Average Remaining Lease Term	4 years 4 months 24 days	4 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	7.10%	7.20%
Finance Lease, Weighted Average Discount Rate, Percent	7.10%	7.30%

Transactions with related parties

12 Months Ended

Jul. 31, 2026

Transactions with related parties

N. Transactions with related parties

Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the consolidated statements of operations as follows:


	For the year ended July 31,
	2026		2025		2024
Operating expense	$	302,367	$	310,002	$	316,056
General and administrative expense	$	45,357	$	46,598	$	35,386

See additional discussions about transactions with the general partner and related parties in Note I “Equity (Deficit).”

Issuance of letters of credit on behalf of Ferrellgas Partners by the operating partnership

As of July 31, 2025, as described in Note G “Debt,” the Operating partnership guaranteed the issuance of a $37.5 million letter of credit related to a final settlement payment, which was paid on January 15, 2026.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Schedule of Lease Assets and Liabilities

Leases (Tables)

12 Months Ended

Jul. 31, 2026

Leases


Leases	Classification		July 31, 2026		July 31, 2025
Assets
Operating lease assets	Operating lease ROU assets	$	36,571	$	39,045
Financing lease assets	Other assets, net		54,976		37,803
Total leased assets		$	91,547	$	76,848

Liabilities
Current
Operating	Current operating lease liabilities	$	15,257	$	16,082
Financing	Other current liabilities		19,024		12,391
Noncurrent
Operating	Operating lease liabilities		22,604		24,079
Financing	Other liabilities		37,065		27,161
Total leased liabilities		$	93,950	$	79,713

Schedule of Lease Costs


			For the year ended July 31,
Leases expense		Classification	2026		2025		2024
Operating lease expense		Operating expense - personnel, vehicle, plant and other	$	10,676	$	10,088	$	9,166
		Operating expense - equipment lease expense		11,336		17,586		20,727
		General and administrative expense		224		894		347
Total operating lease expense				22,236		28,568		30,240

Short-term expense		Operating expense - personnel, vehicle, plant and other		9,407		9,731		9,952
		General and administrative expense		31		609		351
Total short-term expense				9,438		10,340		10,303

Variable lease expense		Operating expense - personnel, vehicle, plant and other		897		843		1,168
		Operating expense - equipment lease expense		1,809		779		745
Total variable lease expense				2,706		1,622		1,913

Finance lease expense:
Amortization of leased assets		Depreciation and amortization expense		17,510		10,614		7,128
Interest on lease liabilities		Interest expense		4,176		2,816		2,110
Total finance lease expense				21,686		13,430		9,238

Total lease expense			$	56,066	$	53,960	$	51,694

Schedule of Minimum Annual Payments Under Existing Operating Leases


Maturities of lease liabilities		Operating leases		Finance leases		Total
2027	$	15,645	$	22,172	$	37,817
2028		10,341		15,728		26,069
2029		7,491		12,312		19,803
2030		3,628		5,918		9,546
2031		2,277		4,285		6,562
Thereafter		6,363		4,687		11,050
Total lease payments	$	45,745	$	65,102	$	110,847
Less: Imputed interest		(7,884)		(9,013)		(16,897)
Present value of lease liabilities	$	37,861	$	56,089	$	93,950

Schedule of Minimum Annual Payments Under Existing Finance Leases


Maturities of lease liabilities		Operating leases		Finance leases		Total
2027	$	15,645	$	22,172	$	37,817
2028		10,341		15,728		26,069
2029		7,491		12,312		19,803
2030		3,628		5,918		9,546
2031		2,277		4,285		6,562
Thereafter		6,363		4,687		11,050
Total lease payments	$	45,745	$	65,102	$	110,847
Less: Imputed interest		(7,884)		(9,013)		(16,897)
Present value of lease liabilities	$	37,861	$	56,089	$	93,950

Schedule of Operating and Finance Lease Assumptions


	As of July 31, 2026		As of July 31, 2025
Lease type	Weighted-average remaining lease term (years)	Weighted-average discount rate	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	4.5	7.1%	4.6	7.2%
Finance leases	4.4	7.1%	4.8	7.3%

Schedule of Cash Flow Information


	For the year ended July 31,
	2026		2025		2024
Cash paid for amounts included in the measurement of lease liabilities for operating leases:
Operating cash flows	$	17,516	$	25,816	$	29,019

Cash paid for amounts included in the measurement of lease liabilities for financing leases:
Operating cash flows	$	15,751	$	11,109	$	9,377
Financing cash flows	$	19,234	$	11,320	$	5,363

Contingencies and commitments	12 Months Ended
Contingencies and commitments	Jul. 31, 2026
Contingencies and commitments
Contingencies and commitments	O. Contingencies and commitments Litigation Ferrellgas’ policy is to expense litigation costs as incurred. Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to the handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane. As a result, at any given time, we can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. We are not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on our consolidated financial condition, results of operations and cash flows. Long-term debt-related commitments Ferrellgas has long and short-term payment obligations under agreements such as the indentures governing our senior notes. See Note G “Debt” for a description of these debt obligations and a schedule of future maturities.
Ferrellgas Partners Finance Corp
Contingencies and commitments
Contingencies and commitments	B. Contingencies and commitments Partners Finance Corp. serves as co-issuer and co-obligor for debt securities of Ferrellgas Partners. As of July 31, 2026, Ferrellgas Partners had no debt securities outstanding, and Partners Finance Corp. therefore was not liable as co-issuer for any such debt securities.
Ferrellgas Finance Corp
Contingencies and commitments
Contingencies and commitments	B. Contingencies and commitments Finance Corp. serves as co-issuer and co-obligor for debt securities of the operating partnership. On October 27, 2025, the operating partnership and Ferrellgas Finance Corp. (collectively, the “Issuers”) issued $650.0 million aggregate principal amount of 9.250% senior notes due January 15, 2031 (the “2031 Notes”) at an offering price equal to 100% of the principal amount thereof. Net proceeds of approximately $637.5 million, after deducting the initial purchasers’ discount and offering expenses were used, together with cash on hand, to redeem all $650.0 million aggregate principal amount of the Issuers’ 5.375% senior notes due April 1, 2026. As of July 31, 2026, Finance Corp. was liable as co-issuer and co-obligor for the operating partnership’s (i) $825 million aggregate principal amount of unsecured senior notes due April 1, 2029, issued on March 30, 2021, and (ii) the 2031 Notes. Finance Corp. is also liable for borrowings under the operating partnership’s Credit Facility. On October 27, 2025, the operating partnership entered into the Seventh Amendment to the Credit Agreement which, among other things, extended the maturity date to October 27, 2028 and increased the maximum borrowing capacity to $350.0 million, with availability subject to a periodic borrowing base calculation, and an accordion feature allowing for increases by up to $50.0 million in the aggregate subject to customary conditions. The Credit Agreement includes a sublimit not to exceed $300.0 million for the issuance of letters of credit. Short-term borrowings under the Credit Facility were $87.5 million as of July 31, 2026 at a weighted-average interest rate of 6.7%. On August 27, 2026, the operating partnership borrowed an additional $20.0 million at a 7.0% interest rate for working capital requirements.

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.

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Summary of significant accounting policies

Equity (Deficit) - Units Issued and Redemption (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 16, 2026	Mar. 04, 2026	Mar. 30, 2021
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty
Limited Partners' Capital Account [Line Items]
Aggregate principal amount			$ 357.0
Interest rate, as a percent			8.625%
Class A Limited Partner Units
Limited Partners' Capital Account [Line Items]
Converted outstanding Class B Units into Class A Units	5
Aggregate number of units issued upon conversion	6,500,000
Class B Limited Partner Units
Limited Partners' Capital Account [Line Items]
Units issued			1,300,000
Cash distributions declared per common unit		$ 82.32
Distribution to limited partner		$ 107.0
Converted outstanding Class B Units into Class A Units	1,300,000

Summary of significant accounting policies

12 Months Ended

Jul. 31, 2026

Summary of significant accounting policies

B. Summary of significant accounting policies

(1) Accounting estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for expected credit losses, fair value of reporting unit, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use assets (“ROU assets”) and lease liability and fair values of derivative contracts.

(2) Principles of consolidation and basis of presentation

Certain prior year amounts have been reclassified to conform to the current-year presentation.

Ferrellgas Partners

The consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas Partners, its wholly-owned subsidiary, Ferrellgas Partners Finance Corp., and the operating partnership, its majority-owned subsidiary, after elimination of all intercompany accounts and transactions. We have determined that the operating partnership is a variable interest entity for whom Ferrellgas Partners has no ability through voting rights or similar rights to make decisions and thus does not have the power to direct the activities of the operating partnership that most significantly impact economic performance. However, we have determined that the accounts of Ferrellgas Partners’ majority-owned subsidiary should be included because Ferrellgas Partners is most closely associated with the operations of the operating partnership due to the fact that Ferrellgas Partners has the obligation to absorb the losses of and the right to receive benefits from the operating partnership that are significant to the operating partnership and substantially all the assets and liabilities of Ferrellgas Partners consist of the operating partnership. The operating partnership includes the accounts of its wholly-owned subsidiaries. The general partner’s approximate 1% general partner interest in the operating partnership is accounted for as a noncontrolling interest.

The operating partnership

The consolidated financial statements present the consolidated financial position, results of operations and cash flows of the operating partnership and its subsidiaries after elimination of all intercompany accounts and transactions. The operating partnership consolidates the following wholly-owned entities: Bridger Logistics, LLC, Blue Rhino Global Sourcing, Inc., FNA Canada, Inc., Ferrellgas Finance Corp, and Ferrellgas Receivables, LLC.

(3) Fair value measurements

Ferrellgas measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability.

The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest.

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

●

Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

(4) Accounts receivable

Accounts receivable are reported on the consolidated balance sheets at the gross outstanding amount adjusted for an allowance for expected credit losses. 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 and the assessment of the collectability of specific amounts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. Schedule II, Valuation and Qualifying Accounts, provides a summary of the changes in our allowance for expected credit losses.

(5) Inventories

Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods.

(6) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from 2 to 30 years and recorded within “Depreciation and amortization expense.” Long-lived assets are tested for impairment, using Ferrellgas’ best estimates based on reasonable and supportable assumptions and projections, whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group.

(7) Goodwill

Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Goodwill is tested for impairment annually during the second fiscal quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. Ferrellgas has determined that it has one reporting unit for goodwill impairment testing purposes. As of July 31, 2026, this reporting unit contains goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of the reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to the reporting unit as of the date of the evaluation on a specific identification basis. To the extent the reporting unit’s carrying value exceeds its fair value, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit’s recorded amount of goodwill. Ferrellgas completed its most recent annual goodwill impairment test on January 31, 2026 and did not incur an impairment loss. The estimated fair value of the reporting unit exceeded its carrying value by approximately 169% in fiscal 2026.

(8) Intangible assets

Intangible assets with finite useful lives, consisting of customer related assets and non-compete agreements are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from 5 to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Indefinite-lived intangible assets are tested for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group.

(9) Derivative instruments and hedging activities

Commodity Price Risk.

Ferrellgas’ overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane prices.

Ferrellgas’ risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts.

Ferrellgas’ risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas’ positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas’ gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane-related financial derivatives are designated as cash flow hedges.

Ferrellgas’ risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. We enter into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of our financial derivative instruments are reported on the consolidated balance sheets at fair value.

Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas’ consolidated financial statements until settled.

On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure, and that designation as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas’ risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of sales - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets,” “Other assets, net,” “Other current liabilities,” or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in other comprehensive income.

Interest Rate Risk.

Fluctuations in interest rates subject the operating partnership to interest rate risk. Decreases in interest rates increase the fair value of the operating partnership’s fixed rate debt, while increases in interest rates subject the operating partnership to the risk of increased interest expense related to its variable rate borrowings.

The operating partnership may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets,” “Other assets, net,” “Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations.

The operating partnership may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets,” “Other assets, net,” “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statements of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur.

(10) Leases

Ferrellgas uses the short-term lease recognition exemption for all leases with a lease term of 12 months or less at inception, meaning it does not recognize ROU assets or lease liabilities for those leases. Ferrellgas also does not separate lease and non-lease components for its most significant leasing activity, which includes vehicle and real estate leases.

Ferrellgas determines if an arrangement is a lease or contains a lease at inception. Ferrellgas leases certain transportation and computer equipment and real estate, predominantly through operating leases. Ferrellgas has an immaterial amount of leases in which it is the lessor. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the lease commencement date. Ferrellgas determines the lease term by assuming the exercise of renewal options that are reasonably certain. The lease term is used to determine whether a lease is finance or operating and is used to calculate rent expense. Additionally, the depreciable life of leased assets and leasehold improvements is limited by the expected lease term. Operating lease balances are classified as operating lease ROU assets, and current and long-term operating lease liabilities on Ferrellgas’ consolidated balance sheet. Finance leases are classified in “Other assets, net,” “Other current liabilities,” and “Other liabilities” on the consolidated balance sheet. Delivery vehicles and distribution technology under operating leases by Ferrellgas are classified within “Operating expense – equipment lease expense.” Delivery vehicles and distribution technology under finance leases are classified within “Depreciation and amortization expense.”

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of Ferrellgas’ leases do not provide an implicit discount rate, Ferrellgas uses its incremental borrowing rate adjusted for the lease term to represent the rate it would have to pay to borrow on a collateralized basis based on the information available at the commencement date in determining the present value of lease payments. Lease terms may include options to extend or terminate the lease and Ferrellgas adjusts the life of the lease when it is reasonably certain that it will exercise an option.

(11) Revenue recognition

Revenues from Ferrellgas’ propane operations and related equipment sales are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Accounts receivable allowances are determined based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas offers “even pay” and other billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment, is recognized at the time of delivery or installation. Shipping and handling revenues and expenses for sales of propane, appliances and equipment are recognized at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year.

(12) Shipping and handling expenses

Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense – personnel, vehicle, plant and other” in the consolidated statements of operations. See Note E “Supplemental financial statement information” for the financial statement presentation of shipping and handling expenses.

(13) Cost of sales

“Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas’ customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas’ portable propane tanks. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment.

(14) Operating expense

“Operating expense – personnel, vehicle, plant and other” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses.

(15) General and administrative expense

“General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions.

(16) Unit-based compensation

The Company’s Board of Directors adopted the Ferrellgas, Inc. 2025 Non-Employee Director Phantom Unit Plan (the “Phantom Plan”) effective in June 2025, which awards equity-based incentives to our non-employee directors. Phantom unit awards are linked to the value of our Class A units on the date of grant and once vested, are settled in cash and paid on the first to occur of (i) termination of service without cause, (ii) a change of control, or (iii) on the third anniversary of the grant date.

Phantom units are accounted for as liability-based awards in accordance with the provisions of ASC 718, Compensation – Stock Compensation. Compensation expense is initially based on the fair value of the award on the grant date. The liability is remeasured and adjusted at the end of each reporting period until settled. Compensation expense is recognized ratably over the vesting period. See Note Q “Unit-based compensation” for more information. Compensation expense previously recognized is adjusted for any forfeited awards in the period of forfeiture.

(17) Income taxes

Ferrellgas Partners

Ferrellgas Partners is a publicly-traded master limited partnership with one subsidiary that is a taxable corporation. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore subject to federal income tax unless a qualifying income test is satisfied. If this qualifying income test is satisfied, the publicly-traded partnership will be treated as a partnership for Federal income tax purposes. Based on Ferrellgas’ calculations, Ferrellgas Partners satisfies the qualifying income test. As a result, except for the taxable corporations, Ferrellgas Partners’ earnings or losses for Federal income tax purposes are included in the tax returns of the individual partners, Ferrellgas Partners’ unitholders. Accordingly, the consolidated financial statements of Ferrellgas Partners reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Ferrellgas Partners unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas Partners’ partnership agreement and differences between Ferrellgas Partners’ financial reporting fiscal year end and its calendar tax year end.

The operating partnership

The operating partnership is a limited partnership and owns three subsidiaries that are taxable corporations. As a result, except for the taxable corporations, the operating partnership’s earnings or losses for federal income tax purposes are included in the tax returns of the individual partners. Accordingly, the consolidated financial statements of the operating partnership reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to partners as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas, L.P.’s partnership agreement and differences between the operating partnership’s financial reporting fiscal year end and limited partners’ tax year end.

See Note P “Income taxes” for additional information.

(18) Sales taxes

Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations.

(19) Net loss per Class A Unitholders’ interest

Net loss per the Class A Unitholders’ interest for Ferrellgas Partners is computed by dividing “Net earnings (loss) attributable to Ferrellgas Partners, L.P.,” after deducting for distributions to preferred unitholders and Class B Unitholders, and the general partner’s approximate 1% interest, by the weighted average number of outstanding Class A Units and the dilutive effect, if any, of outstanding unit options. See Note S “Net loss per Unitholders’ interest” for further discussion about these calculations.

(20) Loss contingencies

In the normal course of business, Ferrellgas is involved in various claims and legal proceedings. A liability is recorded for such matters when it is probable that a loss has been incurred, and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred.

(21) Class B Units Valuation

The Class B Units are classified in equity and are an equity host instrument. Based on Ferrellgas’ determination that the Class B Units are an equity host, Ferrellgas determined that all features of the Class B Units were either clearly and closely related to the equity host or did not meet the definition of a derivative and, therefore, did not require bifurcation as a derivative. The Class B Units were recognized at their fair value at issuance. The fair value of the Class B Units was estimated based on a valuation model, including the use of Monte Carlo simulations of operating results and available cash flow for a Class B paydown. The significant assumptions in the forecasted operating results and forecasted available cash flow for Class B paydown included forecasted adjusted EBITDA, maintenance and growth capital expenditures, and debt service charges. The significant assumptions used in the Monte Carlo simulations included the cash flow volatility, equity volatility, forecasted available cash flow for Class B paydown, and the discount rates. On March 16, 2026, all 1.3 million outstanding Class B Units were converted into Class A Units. See Note I “Equity (Deficit)” for further information.

(22) New accounting standards

Recently adopted accounting pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). In addition to new disclosures associated with the reconciliation of the effective tax rate to the statutory rate, ASU 2023-09 requires information related to taxes paid to be disaggregated for federal and state taxes and further disaggregated for specific jurisdictions to the extent they exceed a quantitative threshold. ASU 2023-09 is effective prospectively with an option for retrospective application for fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 as of August 1, 2025 on a prospective basis. The adoption of this guidance added annual disclosures related to income taxes but did not have any impact on its consolidated financial statements. See Note P “Income taxes” for more information.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”), which amends certain aspects of existing hedge accounting guidance to more closely align with the economics of an entity’s risk management activities. ASU 2025-09 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods on a prospective basis. Early adoption is permitted. The Company prospectively adopted ASU 2025-09 as of February 1, 2026. The guidance had no impact on the Company’s consolidated financial statements or disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which is intended to clarify interim reporting requirements and requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods either prospectively or retrospectively. Early adoption is permitted. The Company prospectively adopted ASU 2025-11 as of May 1, 2026. The guidance will not have a significant impact on the Company’s interim disclosures.

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires the disaggregation, in the notes to the financial statements, of certain cost and expense captions presented on the face of the Company’s Statement of Operations, to provide enhanced transparency to investors. The update may be applied either prospectively or retrospectively. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company plans to adopt ASU 2024-03 starting with our Form 10-K for the year ended July 31, 2028, and our quarterly reports on Form 10-Q starting with our quarterly report for the quarter ended October 31, 2028, as clarified by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The Company is currently evaluating the impact ASU 2024-03 will have on its disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which introduces a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses on current accounts receivable and current contract assets under ASC Topic 606, Revenue from Contracts with Customers. ASU 2025-05 is effective prospectively for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company plans to adopt ASU 2025-05 as of August 1, 2026, and elect the practical expedient. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which clarifies and modernizes the guidance to reflect the evolution of software development from a sequential to an agile development method. ASU 2025-06 removes all references to project stages to reflect this change in software development and requires capitalization of software costs to begin when management has authorized and committed to funding the project and it is probable the project will be completed and used to perform the intended function. The amendments do not change what internal-use software costs can be capitalized or when such capitalization ceases. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The amendments may be adopted either prospectively, using a modified transition approach, or retrospectively. The Company is currently evaluating the impact ASU 2025-06 will have on its consolidated financial statements and disclosures.

In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) ("ASU 2026-02"), to improve the accounting and disclosure of environmental credits and environmental credit obligations. The guidance applies to entities with operations subject to environmental regulations and those that acquire environmental credits to achieve targets related to carbon footprint initiatives. Under ASU 2026-02, an entity will recognize and measure environmental credit assets based on their intended use as well as how the credits were obtained. Environmental credit obligations will be recognized and measured depending on whether an entity holds and expects to use compliance environmental credits to settle that obligation. For public companies, the guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. ASU 2026-02 is to be adopted retrospectively, through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. The Company is currently evaluating the impact ASU 2026-02 will have on its consolidated financial statements and disclosures.

Income taxes - Deferred Taxes (Details) $ in Thousands	Jul. 31, 2025 USD ($)
Income taxes
Deferred tax assets (included in Other assets, net)	$ 11
Deferred tax liabilities (included in Other liabilities)	(7)
Net deferred tax asset	4
Ferrellgas, L.P.
Income taxes
Deferred tax assets (included in Other assets, net)	11
Deferred tax liabilities (included in Other liabilities)	(7)
Net deferred tax asset	$ 4

Partnership organization and formation	12 Months Ended
Partnership organization and formation	Jul. 31, 2026
Partnership organization and formation
Partnership organization and formation	A. Partnership organization and formation Ferrellgas Partners Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed on April 19, 1994, and is a publicly traded limited partnership. Ferrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, Ferrellgas Partners Finance Corp. and Ferrellgas, L.P. (the “operating partnership”). Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of any debt securities issued by Ferrellgas Partners. Our activities are primarily conducted through the operating partnership. Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. These agreements contain specific provisions for the allocation of net earnings and loss to each of the partners for purposes of maintaining the partner capital accounts. Ferrellgas, Inc. (the “general partner”), a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to the operating partnership’s Preferred Units, owns an approximate 0.4% general partner economic interest in Ferrellgas Partners and an approximate 1.0% general partner economic interest in the operating partnership, and, therefore, an effective 1.4% general partner economic interest. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99.0% limited partner interest in the operating partnership. Our general partner performs all management functions for us. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. As of July 31, 2026, Ferrell Companies Inc., a Kansas corporation (“Ferrell Companies”), the parent company of our general partner, beneficially owns approximately 10.0% of Ferrellgas Partners’ outstanding Class A Units. Ferrell Companies is owned 100% by an employee stock ownership trust. The operating partnership The operating partnership was formed on April 22, 1994, and accounts for substantially all of our consolidated assets, sales and operating earnings. The operating partnership is a limited partnership that owns and operates propane distribution and related assets. Ferrellgas Partners and the holders of the Preferred Units (as defined in Note H “Preferred units”) are the only limited partners of the operating partnership. The operating partnership owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt securities issued by the operating partnership. The operating partnership is primarily engaged in the retail distribution of propane and related equipment sales. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico.
Ferrellgas Partners Finance Corp
Partnership organization and formation
Partnership organization and formation	A. Formation Ferrellgas Partners Finance Corp. (the “Partners Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (“Ferrellgas Partners”). Ferrellgas Partners contributed $1,000 to the Partners Finance Corp. on April 8, 1996 in exchange for 1,000 shares of common stock. Partners Finance Corp. has nominal assets, does not conduct any operations and has no employees.
Ferrellgas Finance Corp
Partnership organization and formation
Partnership organization and formation	A. Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). The Partnership contributed $1,000 to Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock. Finance Corp. has nominal assets, does not conduct any operations and has no employees.

Income taxes - Disaggregation of earnings before income taxes (Details) $ in Thousands	12 Months Ended
	Jul. 31, 2026 USD ($)
Income taxes
United States	$ 71,678
Foreign	1,057
Earnings before income taxes	72,735
Ferrellgas, L.P.
Income taxes
United States	74,180
Foreign	1,057
Earnings before income taxes	$ 75,237

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

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Goodwill and intangible assets, net

Derivative instruments and hedging activities - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Derivative instruments and hedging activities
Gain (loss) recognized due to ineffectiveness	$ 0	$ 0
Total Asset Derivatives	5,370	3,570
Total Liability Derivatives	9,468	3,654
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsNoncurrent
Derivative instruments and hedging activities
Commodity derivatives-propane swap assets	310	326
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesCurrent
Derivative instruments and hedging activities
Commodity derivatives-propane swap liabilities	8,864	3,306
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Derivative instruments and hedging activities
Commodity derivatives-propane swap liabilities	604	348
Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Derivative instruments and hedging activities
Commodity derivatives-propane swap assets	$ 5,060	$ 3,244

Unit-based compensation

12 Months Ended

Jul. 31, 2026

Unit-based compensation.

Unit-based compensation

Q. Unit-based compensation

Non-employee Director Phantom Unit Plan

The Board adopted the Phantom Plan in June 2025. Under the terms of the Phantom Plan, the Board’s Compensation Committee may grant Phantom Unit awards annually to non-employee Directors for the right to receive cash compensation, once vested, equal to the fair market value of the Company’s Class A Units, subject to any maximum payment value the Compensation Committee may set.

Once vested, the grants will be paid on the first to occur of (i) termination of service without cause, (ii) a change of control, or (iii) the third anniversary of the grant date. The 2026 and 2025 grants are subject to an aggregate maximum payment value of $3.0 million and $2.6 million, respectively.

Grants awarded subsequent to fiscal 2025 will vest 100% on the first anniversary of the grant date or upon the grantee’s death (if before). Once vested, awards will be paid as noted above. In the event a grantee terminates his or her services as a director, unvested awards will be forfeited. In the event a grantee’s services terminate for cause, both vested and unvested awards will be forfeited.

The table below summarizes activity related to the Phantom Plan as of July 31, 2026:


	Phantom Units
Outstanding, July 31, 2025 ⁽¹⁾		89,103
Granted ⁽²⁾		64,259
Paid ⁽³⁾		(12,729)
Forfeited		(8,492)
Outstanding, July 31, 2026		132,141
_____________

(1)	The 2025 grants vested September 25, 2025 and are expected to be paid in July 2028.

(2)	The 2026 grants will vest on October 9, 2026 and are expected to be paid in October 2028.

(3)	Represents vested 2025 grant paid to director upon termination of service.

As of July 31, 2026 and 2025, we recognized non-cash compensation expense of $2.7 million and $0.4 million, respectively, for the grants in accordance with FASB ASC Topic 718, Compensation – Stock Compensation. As of July 31, 2026, the 2025 grants of 76,374 are fully vested. The 2026 grants have a weighted-average remaining contractual term of 0.2 years for vesting purposes as of July 31, 2026. The fair value of each grant is estimated on each balance sheet date using the average closing price of one Class A Unit for the ten trading days preceding the applicable measurement date as quoted on the OTC market, per the Phantom Plan. The grants have a fair value of $22.67 per Unit as of July 31, 2026.

Goodwill and intangible assets, net

12 Months Ended

Jul. 31, 2026

Goodwill and intangible assets, net

F. Goodwill and intangible assets, net

Goodwill and intangible assets, net consist of the following:


		July 31, 2026									July 31, 2025
		Gross Carrying			Accumulated						Gross Carrying			Accumulated
		Amount			Amortization			Net			Amount			Amortization			Net
Goodwill, net		$	257,155		$	—		$	257,155		$	257,155		$	—		$	257,155

Intangible assets, net
Amortized intangible assets
Customer-related		$	392,963		$	(346,855)		$	46,108		$	392,963		$	(340,134)		$	52,829
Non-compete agreements			29,284			(27,216)			2,068			29,284			(26,683)			2,601
			422,247			(374,071)			48,176			422,247			(366,817)			55,430

Unamortized intangible assets
Trade names & trademarks			51,021			—			51,021			51,021			—			51,021
Total intangible assets, net		$	473,268		$	(374,071)		$	99,197		$	473,268		$	(366,817)		$	106,451

The carrying amount of goodwill increased from $257.0 million as of July 31, 2024 to $257.2 million as of July 31, 2025. The increase of just over $0.1 million related to a fiscal 2025 acquisition. See Note C “Acquisitions and dispositions” for more information. There were no changes to goodwill in fiscal 2026.

Customer related intangible assets have estimated lives of 15 years and non-compete agreements and other intangible assets have estimated lives ranging from 5 to 10 years. Ferrellgas intends to utilize all acquired trademarks and trade names and does not believe there are any legal, regulatory, contractual, competitive, economical or other factors that would limit their useful lives. Therefore, trademarks and trade names have indefinite useful lives. Customer related intangibles carry a weighted average life of 15 years, and non-compete agreements and other intangibles carry a weighted average life of 9 years.

Aggregate amortization expense related to intangible assets, net:


For the year ended July 31,
2026		$	7,254
2025			7,922
2024			9,281

Estimated amortization expense:


For the year ended July 31,
2027		$	6,803
2028			6,351
2029			5,936
2030			4,659
2031			4,179

Goodwill and intangible assets, net - Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Goodwill and intangible assets, net
Aggregate amortization expense	$ 7,254	$ 7,922	$ 9,281

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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Debt

12 Months Ended

Jul. 31, 2026

Debt

Debt

G. Debt

Short-term borrowings

Ferrellgas classifies borrowings under its Credit Facility (as defined below) as short-term because they are primarily used to fund working capital needs that management intends to pay down within the twelve month period following the balance sheet date. As of July 31, 2026, we had $87.5 million in short-term borrowings. For further discussion, see the “Senior secured revolving credit facility” section below.

Long-term debt


		July 31, 2026			July 31, 2025
Unsecured senior notes
Fixed rate, 5.375%, due 2026 ⁽¹⁾		$	—		$	650,000
Fixed rate, 5.875%, due 2029			825,000			825,000
Fixed rate, 9.250%, due 2031 ⁽²⁾			650,000			—

Notes payable
9.1% and 8.9% weighted average interest rate at July 31, 2026 and 2025, respectively, due 2027 to 2032, net of unamortized discount of $470 and $800 at July 31, 2026 and 2025, respectively			2,900			4,748
Total debt, excluding unamortized debt issuance and other costs			1,477,900			1,479,748
Unamortized debt issuance and other costs			(20,161)			(12,108)
Less: current portion of long-term debt ⁽³⁾			1,310			652,178
Long-term debt		$	1,456,429		$	815,462

_______________________________

(1)	The senior notes due 2026 were redeemed in full on October 27, 2025. See “Senior unsecured notes” section below.

(2)	The senior notes due 2031 were issued on October 27, 2025. See “Senior unsecured notes” section below.

(3)	As of July 31, 2025, this included the $650.0 million aggregate principal amount of 5.375% senior notes due April 1, 2026.

Senior secured revolving credit facility

The operating partnership, the general partner and certain of the operating partnership’s subsidiaries as guarantors are parties to a credit agreement dated March 30, 2021, as amended from time to time (as so amended, including by the Seventh Amendment (as defined below), the “Credit Agreement”), with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and the lenders and issuing lenders party thereto from time to time, which prior to the Seventh Amendment, provided for a four-year revolving credit facility (as modified by the Seventh Amendment, the “Credit Facility”), with a maturity date of December 31, 2025, in an aggregate principal amount of up to $308.8 million.

On October 27, 2025, the operating partnership entered into the Seventh Amendment to the Credit Agreement (the “Seventh Amendment”) which, among other things, extended the maturity date to October 27, 2028 and increased the maximum borrowing capacity to $350.0 million, with availability subject to a periodic borrowing base calculation, and an accordion feature allowing for increases by up to $50.0 million in the aggregate subject to customary conditions. The Credit Agreement includes a sublimit not to exceed $300.0 million for the issuance of letters of credit.

During the year ended July 31, 2026, the operating partnership borrowed $87.5 million under the Credit Facility at a weighted-average interest rate of 6.7%.

On August 27, 2026, the operating partnership borrowed an additional $20.0 million under the Credit Facility at a 7.0% interest rate for working capital requirements.

All borrowings under the Credit Facility are guaranteed by the general partner and the direct and indirect subsidiaries of the operating partnership (other than Ferrellgas Finance Corp., Ferrellgas Receivables, LLC, Bridger Logistics, LLC and all of the direct and indirect subsidiaries of Bridger Logistics, LLC) and a limited-recourse guaranty from Ferrellgas Partners (limited to its equity interests in the operating partnership). Additionally, all borrowings are secured, on a first priority basis, by substantially all of the assets of the operating partnership and its subsidiaries and all of the equity interests in the operating partnership held by the general partner and Ferrellgas Partners.

Availability under the Credit Facility is, at any time, an amount equal to (a) the lesser of the lenders’ revolving commitments ($350.0 million initially following the Seventh Amendment) and the Borrowing Base (as defined below) minus (b) the sum of the aggregate outstanding amount of borrowings under the Credit Facility plus the undrawn amount of outstanding letters of credit under the Credit Facility plus unreimbursed drawings in respect of letters of credit (unless otherwise converted into revolving loans). The “Borrowing Base” equals the sum of: (a) $250.0 million, plus (b) 80% of the eligible accounts receivable of the operating partnership and its subsidiaries, plus (c) 70% of the eligible propane inventory of the operating partnership and its subsidiaries, valued at weighted average cost, less (d) certain reserves, as determined and subject to certain modifications by the administrative agent in its permitted discretion.

Amounts borrowed under the Credit Facility bear interest, at the operating partnership’s option, at either (a) for base rate loans, (i) a base rate determined by reference to the highest of (A) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect, (B) the NYFRB Rate from time to time plus 0.50% per annum and (C) the term Secured Overnight Financing Rate (“Term SOFR”) for a one-month interest period plus 1.00% per annum plus (ii) a margin of 1.25% to 2.25% per annum depending on the operating partnership’s total net leverage ratio or (b) for term benchmark loans, (i) a rate determined by reference to the Term SOFR plus (ii) a margin of 2.25% to 3.25% per annum depending on the operating partnership’s total net leverage ratio. The operating partnership will be required to pay an undrawn fee to the lenders on the average daily unused amount of the Credit Facility at a rate of 0.375% to 0.50% per annum.

The Credit Agreement contains customary representations, warranties, covenants and events of default and requires the operating partnership to maintain the following covenants:


Financial Covenant		Ratio
Minimum interest coverage ratio ⁽¹⁾		2.50x
Maximum secured leverage ratio ⁽²⁾		2.50x
Maximum total net leverage ratio ⁽³⁾		5.25x

(1)	Defined generally as the ratio of adjusted EBITDA to cash interest expense.

(2)	Defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA.

(3)	Defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA.

In addition to the financial covenants, the Credit Agreement includes covenants that may (or if not met will) restrict the ability of the operating partnership to take certain actions. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, redemptions of Preferred Units conditional to a refinancing event, and other restricted payments if (i) availability under the Credit Facility exceeds the greater of $50.0 million and 15% of the commitments and (ii) the operating partnership’s total net leverage ratio is not greater than (x) 5.25 to 1.0 for any quarter ending prior to April 30, 2027 and (y) 5.0 to 1.0 for any quarter ending on or after April 30, 2027. As of July 31, 2026, the operating partnership is in compliance with all of its debt covenants.

Senior unsecured notes

On October 27, 2025, the operating partnership and Ferrellgas Finance Corp. (collectively, the “Issuers”) issued $650.0 million aggregate principal amount of 9.250% senior notes due 2031 (the “2031 Notes”) at an offering price equal to 100% of the principal amount thereof. Net proceeds of approximately $637.5 million, after deducting the initial purchasers’ discount and offering expenses, were used, together with cash on hand, to redeem all $650.0 million aggregate principal amount of the Issuers’ 5.375% senior notes due April 1, 2026 (the “2026 Notes”).

The 2031 Notes were issued pursuant to an indenture dated October 27, 2025 and will mature on January 15, 2031. Interest is payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2026. The 2031 Notes are a senior unsecured obligation of the Issuers and are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the general partner and all domestic subsidiaries of the operating partnership other than Ferrellgas Finance Corp., Ferrellgas Receivables, LLC, Bridger Logistics, LLC and all of the subsidiaries of Bridger Logistics, LLC. At any time prior to January 15, 2028, the 2031 Notes may be redeemed at the Issuers’ option, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2031 Notes redeemed, plus a make-whole premium and accrued and unpaid interest. Additionally, prior to January 15, 2028, the Issuers may, at their option, on any one or more occasions redeem up to 40% of the principal amount of the 2031 Notes in an amount not in excess of certain equity offerings at a redemption price of 109.250% of the principal amount of the 2031 Notes, plus accrued and unpaid interest. On and after January 15, 2028, the Issuers have the right to redeem the 2031 Notes, in whole or in part, at the redemption prices set forth in the indenture governing the 2031 Notes, plus accrued and unpaid interest.

The operating partnership also has $825.0 million aggregate principal amount of 5.875% senior notes due April 1, 2029 (the “2029 Notes”) issued and outstanding pursuant to an indenture dated March 30, 2021. The 2029 Notes are a senior unsecured obligation of the Issuers and are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the general partner and all domestic subsidiaries of the operating partnership other than Ferrellgas Finance Corp., Ferrellgas Receivables, LLC, Bridger Logistics, LLC and all of the subsidiaries of Bridger Logistics, LLC. The 2029 Notes may be redeemed at the Issuers’ option, in whole or in part, at par plus accrued and unpaid interest.

The indentures governing the 2029 Notes and 2031 Notes contain customary affirmative and negative covenants restricting, among other things, the ability of the operating partnership and its restricted subsidiaries to take certain actions. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, Ferrellgas Partners and the general partner, redemptions of Preferred Units and other restricted payments (i) only in limited amounts specified in the indentures and (ii) only if the operating partnership’s net leverage ratio (defined generally to mean the ratio of consolidated total net debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is not greater than:

●

under the indenture governing the 2029 Notes, 5.00 to 1.00, and

●

under the indenture governing the 2031 Notes, (i) 5.25 to 1.00 through the four-quarter period ending January 31, 2027 and (ii) 5.00 to 1.00 for the four-quarter period ending April 30, 2027 and thereafter,

in each case, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. Further, if the operating partnership’s consolidated fixed charge coverage ratio (defined generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated fixed charges, both as adjusted for certain, specified items) is equal to or less than 1.75 to 1.00 (on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events), the amount of distributions and other restricted payments the operating partnership is permitted to make under the indentures is further limited. As of July 31, 2026, the operating partnership is in compliance with all of its debt covenants.

Loss on extinguishment of debt

As discussed above, all of the 2026 Notes were redeemed on October 27, 2025. This transaction resulted in a loss on extinguishment of debt, with the components listed below:


	For the year ended
	July 31, 2026
Debt extinguishment costs	$	1,556
Unamortized deferred financing costs		1,447
Total loss on extinguishment of debt	$	3,003

The scheduled annual principal payments on long-term debt are as follows:


		Scheduled
Payment due by fiscal year		principal payments
2027		$	1,310
2028			910
2029			825,550
2030			200
2031			650,200
Thereafter			200
Total		$	1,478,370

A final settlement payment of $37.5 million was made on January 15, 2026. This was the final payment for the letters of credit issued on January 15, 2025. Letters of credit were also used to secure insurance arrangements, product purchases and commodity hedges. Letters of credit outstanding at July 31, 2026 and 2025 totaled $115.8 million and $121.9 million, respectively.

At July 31, 2026, Ferrellgas had available borrowing capacity under its Credit Facility of $146.7 million. Assets subject to lien under the Credit Facility were $363.9 million as of July 31, 2026. Ferrellgas incurred undrawn and commitment fees of $0.8 million during fiscal 2026 and 2025, and $1.0 million during fiscal 2024, respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of calculation of the basic and diluted net loss per Class A Unitholders' interest

Net loss per Unitholders' interest (Tables)

12 Months Ended

Jul. 31, 2026

Net loss per Unitholders' interest


	For the year ended July 31,
	2026		2025		2024

	(in thousands, except per unit amounts)
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$	71,733	$	(15,566)	$	110,216
Less: Distributions to preferred unitholders		65,231		64,068		64,778
Less: Distributions to Class B unitholders		107,016		—		99,996
Less: General partner’s interest in net earnings (loss)		1,245		(155)		1,102
Undistributed net loss attributable to Class A unitholders	$	(101,759)	$	(79,479)	$	(55,660)
Weighted average Class A Units outstanding (in thousands)		7,322.5		4,857.6		4,857.6
Basic and diluted net loss per Class A Unit	$	(13.90)	$	(16.36)	$	(11.46)

Fair value measurements - Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025
Fair value measurements
Commodity derivatives, assets	$ 5,370	$ 3,570
Commodity derivatives, liabilities	(9,468)	(3,654)
Level 1
Fair value measurements
Commodity derivatives, assets	0	0
Commodity derivatives, liabilities	0	0
Level 2
Fair value measurements
Commodity derivatives, assets	5,370	3,570
Commodity derivatives, liabilities	(9,468)	(3,654)
Level 3
Fair value measurements
Commodity derivatives, assets	0	0
Commodity derivatives, liabilities	$ 0	$ 0

Schedule I Parent Only Statements - STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Cash flows from operating activities:
Net earnings (loss)	$ 71,825	$ (16,373)	$ 110,677
Reconciliation of net earnings (loss) to net cash (used in) provided by operating activities:
Other	9,917	12,943	8,754
Net cash (used in) provided by operating activities	152,660	136,349	245,570
Cash flows from investing activities:
Net cash provided by investing activities	(75,529)	(80,802)	(85,045)
Cash flows from financing activities:
Distributions to Class B unitholders	(107,016)		(99,996)
Proceeds from issuance of long-term debt	650,000
Net cash used in financing activities	(125,592)	(82,824)	(173,712)
Net (decrease) increase in cash and cash equivalents	(48,461)	(27,277)	(13,187)
Cash, cash equivalents and restricted cash - beginning of period	96,883	124,160	137,347
Cash, cash equivalents and restricted cash - end of period	48,422	96,883	124,160
Parent Company [Member]
Cash flows from operating activities:
Net earnings (loss)	71,733	(15,566)	110,216
Reconciliation of net earnings (loss) to net cash (used in) provided by operating activities:
Other	2,334	405	63
Equity in (earnings) loss of Ferrellgas, L.P.	(74,240)	15,034	(109,957)
Net cash (used in) provided by operating activities	(173)	(127)	322
Cash flows from investing activities:
Distributions received from Ferrellgas, L.P.	107,016		100,000
Net cash provided by investing activities	107,016		100,000
Cash flows from financing activities:
Distributions to Class B unitholders	(107,016)		(99,996)
Net cash used in financing activities	(107,016)		(99,996)
Net (decrease) increase in cash and cash equivalents	(173)	(127)	326
Cash, cash equivalents and restricted cash - beginning of period	301	428	102
Cash, cash equivalents and restricted cash - end of period	$ 128	$ 301	$ 428

Revenue from contracts with customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Revenue from contracts with customers
Accounts receivable collection period	30 days
Residential customer, annual cost spread period	12 months
Rental income recognition period	1 year
Total revenues	$ 1,864,014	$ 1,938,337	$ 1,837,116
Contract assets and liabilities
Contract assets	9,834	8,775	6,199
Contract liabilities
Deferred revenue	41,232	43,490	50,175
Deferred revenue recognized	31,100	37,900
Accounts receivable, net	$ 128,059	127,510	120,600
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01
Revenue from contracts with customers
Remaining performance obligation recognition period	1 year
Propane and related equipment revenues
Revenue from contracts with customers
Total revenues	$ 1,864,014	1,938,337	1,837,116
Retail - Sales to End Users
Revenue from contracts with customers
Total revenues	1,204,880	1,254,562	1,206,226
Wholesale - Sales to Resellers
Revenue from contracts with customers
Total revenues	536,395	552,405	510,756
Other Gas Sales
Revenue from contracts with customers
Total revenues	15,327	21,126	14,457
Other
Revenue from contracts with customers
Total revenues	$ 107,412	$ 110,244	$ 105,677

Preferred units - Board Rights, Protective Provisions (Details)	Jul. 31, 2026 USD ($) director shares
Preferred units
Minimum preferred units outstanding to designate director to board by unit holders \| shares	140,000
Number of director to the Board permitted to designate by unit holders \| director	1
Minimum value outstanding for director appointment \| $	$ 35

Schedule I Parent Only Statements - BALANCE SHEETS (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024	Jul. 31, 2023	Mar. 30, 2021
ASSETS
Cash and cash equivalents	$ 48,422	$ 96,883	$ 124,160	$ 137,347
Prepaid expenses and other current assets	33,458	30,471
Total assets	1,364,773	1,416,716
LIABILITIES, MEZZANINE EQUITY AND DEFICIT
Other current liabilities	171,826	215,154
Other liabilities	51,668	40,457
Partners' deficit
General partner unitholder	(70,214)	(70,845)
Accumulated other comprehensive loss	(4,070)	(95)
Total Ferrellgas Partners, L.P. deficit	(1,121,279)	(1,020,632)
Total liabilities and partners' deficit	$ 1,364,773	$ 1,416,716
Limited partner unitholders, units outstanding	11,357,605				97,152,665
General partner unitholder, units outstanding	49,496	49,496
Class A Limited Partner Units
Partners' deficit
Limited partner unitholders	$ (1,046,995)	$ (1,332,704)
Limited partner unitholders, units outstanding	11,357,605	4,857,605			4,857,605
Class B Limited Partner Units
Partners' deficit
Limited partner unitholders		$ 383,012
Limited partner unitholders, units outstanding		1,300,000
Parent Company [Member]
ASSETS
Cash and cash equivalents	$ 128	$ 301	$ 428	$ 102
Prepaid expenses and other current assets	20	82
Total assets	148	383
LIABILITIES, MEZZANINE EQUITY AND DEFICIT
Other current liabilities	1,748	592
Investment in Ferrellgas, L.P.	1,118,563	1,020,423
Other liabilities	1,116
Partners' deficit
General partner unitholder	(70,214)	(70,845)
Accumulated other comprehensive loss	(4,070)	(95)
Total Ferrellgas Partners, L.P. deficit	(1,121,279)	(1,020,632)
Total liabilities and partners' deficit	$ 148	$ 383
General partner unitholder, units outstanding	49,496	49,496
Parent Company [Member] \| Class A Limited Partner Units
Partners' deficit
Limited partner unitholders	$ (1,046,995)	$ (1,332,704)
Limited partner unitholders, units outstanding	11,357,605	4,857,605
Parent Company [Member] \| Class B Limited Partner Units
Partners' deficit
Limited partner unitholders		$ 383,012
Limited partner unitholders, units outstanding		1,300,000

Equity (Deficit) (Tables)

12 Months Ended

Jul. 31, 2026

Limited Partners' Capital Account [Line Items]

Schedule of limited partner units


	July 31, 2026	July 31, 2025
Public Class A Unitholders ⁽¹⁾	9,965,021	3,480,621
James E. Ferrell ⁽²⁾	253,772	238,172
Ferrell Companies⁽³⁾	1,126,468	1,126,468
FCI Trading Corp. ⁽⁴⁾	9,784	9,784
Ferrell Propane, Inc.⁽⁵⁾	2,560	2,560
Total	11,357,605	4,857,605

(1)	These Class A Units are traded on the OTC Market under the symbol “FGPR.” As described above, all 1.3 million Class B Units were converted into 6.5 million aggregate Class A Units on March 16, 2026.

(2)

Effective August 5, 2024, James E. Ferrell was appointed to serve as Chairman of the Board of Directors of our general partner. He is a related party. JEF Capital Management owns 237,942 of these Class A Units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, holds 230 Class A Units, for which James E. Ferrell is the trustee and sole beneficiary. Additionally, 15,600 Class A Units are directly held by Mr. Ferrell in IRA accounts.

(3)

Ferrell Companies is the owner of the general partner and an approximate 9.9% direct owner of Ferrellgas Partners’ Class A Units and thus a related party. Ferrell Companies also beneficially owns 9,784 and 2,560 Class A Units of Ferrellgas Partners held by FCI Trading Corp. (“FCI Trading”) and Ferrell Propane, Inc. (“Ferrell Propane”), respectively, bringing Ferrell Companies’ total beneficial ownership of Class A Units to 10.0%.

(4)	FCI Trading is an affiliate of the general partner and thus a related party.

(5)	Ferrell Propane is controlled by the general partner and thus a related party.

Limited Partners' Capital Account [Line Items]

Schedule of recognized distributions of operating partnership


	For the year ended July 31,
	2026		2025		2024
Ferrellgas Partners	$	107,016	$	—	$	100,000
General partner		—		—		1,010

Debt - Maturities (Details) $ in Thousands	Jul. 31, 2026 USD ($)
Debt
2027	$ 1,310
2028	910
2029	825,550
2030	200
20301	650,200
Thereafter	200
Total	$ 1,478,370

Leases

12 Months Ended

Jul. 31, 2026

Leases

Leases

J. Leases

Ferrellgas has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Variable lease components include lease payments with payment escalation based on the Consumer Price Index, and other variable items, such as common area maintenance and taxes.

Key assumptions include the discount rate, the impact of purchase options and renewal options on Ferrellgas’ lease term, as well as the assessment of residual value guarantees.

Ferrellgas’ transportation equipment leases generally have purchase options. However, in most circumstances Ferrellgas is not certain if it will exercise the purchase option at lease inception. As circumstances dictate, it may instead return the existing equipment to the lessor and sign a new lease. Ferrellgas’ transportation equipment leases often contain residual value guarantees, but they are not reflected in Ferrellgas’ lease liabilities as its lease rates are such that residual value guarantees are not expected to be owed at the end of its leases.

Ferrellgas has 35 vehicles as of July 31, 2026 and 2025, under what would have been deemed finance leases resulting in failed sale-leaseback transactions. The related finance obligation is included in Other current liabilities and Other liabilities in the consolidated balance sheets for fiscal 2026 and 2025. See the Property, plant and equipment, net and Certain cash flow and non-cash activities sections in Note E “Supplemental financial statement information” for additional information.

Ferrellgas’ real estate leases will often have an option to extend the lease, but it is typically not reasonably certain of exercising extension options. As customer demand changes over time, Ferrellgas typically maintains the ability to move to more advantageous locations, relocate to other leased and owned locations, or discontinue service from particular locations.

The following table provides the operating and financing ROU assets and lease liabilities as of July 31, 2026 and 2025:


Leases	Classification		July 31, 2026		July 31, 2025
Assets
Operating lease assets	Operating lease ROU assets	$	36,571	$	39,045
Financing lease assets	Other assets, net		54,976		37,803
Total leased assets		$	91,547	$	76,848

Liabilities
Current
Operating	Current operating lease liabilities	$	15,257	$	16,082
Financing	Other current liabilities		19,024		12,391
Noncurrent
Operating	Operating lease liabilities		22,604		24,079
Financing	Other liabilities		37,065		27,161
Total leased liabilities		$	93,950	$	79,713

The following table provides the lease expenses for the years ended July 31, 2026, 2025 and 2024:


			For the year ended July 31,
Leases expense		Classification	2026		2025		2024
Operating lease expense		Operating expense - personnel, vehicle, plant and other	$	10,676	$	10,088	$	9,166
		Operating expense - equipment lease expense		11,336		17,586		20,727
		General and administrative expense		224		894		347
Total operating lease expense				22,236		28,568		30,240

Short-term expense		Operating expense - personnel, vehicle, plant and other		9,407		9,731		9,952
		General and administrative expense		31		609		351
Total short-term expense				9,438		10,340		10,303

Variable lease expense		Operating expense - personnel, vehicle, plant and other		897		843		1,168
		Operating expense - equipment lease expense		1,809		779		745
Total variable lease expense				2,706		1,622		1,913

Finance lease expense:
Amortization of leased assets		Depreciation and amortization expense		17,510		10,614		7,128
Interest on lease liabilities		Interest expense		4,176		2,816		2,110
Total finance lease expense				21,686		13,430		9,238

Total lease expense			$	56,066	$	53,960	$	51,694

Minimum annual payments under existing operating and finance lease liabilities as of July 31, 2026 are as follows:


Maturities of lease liabilities		Operating leases		Finance leases		Total
2027	$	15,645	$	22,172	$	37,817
2028		10,341		15,728		26,069
2029		7,491		12,312		19,803
2030		3,628		5,918		9,546
2031		2,277		4,285		6,562
Thereafter		6,363		4,687		11,050
Total lease payments	$	45,745	$	65,102	$	110,847
Less: Imputed interest		(7,884)		(9,013)		(16,897)
Present value of lease liabilities	$	37,861	$	56,089	$	93,950

The following table represents the weighted-average remaining lease term and discount rate as of July 31, 2026 and 2025, respectively:


	As of July 31, 2026		As of July 31, 2025
Lease type	Weighted-average remaining lease term (years)	Weighted-average discount rate	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	4.5	7.1%	4.6	7.2%
Finance leases	4.4	7.1%	4.8	7.3%

Cash flow information is presented below:


	For the year ended July 31,
	2026		2025		2024
Cash paid for amounts included in the measurement of lease liabilities for operating leases:
Operating cash flows	$	17,516	$	25,816	$	29,019

Cash paid for amounts included in the measurement of lease liabilities for financing leases:
Operating cash flows	$	15,751	$	11,109	$	9,377
Financing cash flows	$	19,234	$	11,320	$	5,363

Segment reporting (Details) $ in Thousands	12 Months Ended
Segment reporting (Details) $ in Thousands	Jul. 31, 2026 USD ($) segment	Jul. 31, 2025 USD ($)	Jul. 31, 2024 USD ($)
Segment reporting
Number of reportable segment \| segment	1
Revenues	$ 1,864,014	$ 1,938,337	$ 1,837,116
Operating expense - equipment lease expense	14,212	18,720	21,585
Depreciation and amortization expense	107,076	98,426	98,471
Interest expense	124,910	108,064	98,223
Loss on extinguishment of debt	3,003
Income tax expense	910	1,372	686
Net earnings (loss)	71,825	(16,373)	110,677
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	71,733	(15,566)	110,216
Ferrellgas, L.P.
Segment reporting
Revenues	1,864,014	1,938,337	1,837,116
Operating expense - equipment lease expense	14,212	18,720	21,585
Depreciation and amortization expense	107,076	98,426	98,471
Interest expense	124,910	108,064	98,223
Loss on extinguishment of debt	3,003
Income tax expense	905	1,318	634
Net earnings (loss)	74,332	(15,841)	110,418
Propane operation and related equipment sales segment
Segment reporting
Revenues	1,864,014	1,938,337	1,837,116
Cost of sales	840,061	915,521	853,971
Personnel	351,539	353,494	344,941
Vehicle	116,193	108,572	110,305
Plant and other	183,526	168,768	146,356
Operating expense - equipment lease expense	14,212	18,720	21,585
Other segment items	6,327	3,156	1,562
Litigation settlement		125,000
General and administrative expense	44,432	53,617	50,339
Depreciation and amortization expense	107,076	98,426	98,471
Interest expense	124,910	108,064	98,223
Loss on extinguishment of debt	3,003
Income tax expense	910	1,372	686
Net earnings (loss)	$ 71,825	(16,373)	110,677
Other segment description	Other segment items include “Non-cash employee stock ownership plan compensation expense,” “Loss on asset sales and disposals” and “Other income, net”
Propane operation and related equipment sales segment \| Ferrellgas, L.P.
Segment reporting
Revenues	$ 1,864,014	1,938,337	1,837,116
Cost of sales	840,061	915,521	853,971
Personnel	351,539	353,494	344,941
Vehicle	116,193	108,572	110,305
Plant and other	183,526	168,768	146,356
Operating expense - equipment lease expense	14,212	18,720	21,585
Other segment items	6,380	3,171	1,885
Litigation settlement		125,000
General and administrative expense	41,877	53,124	50,327
Depreciation and amortization expense	107,076	98,426	98,471
Interest expense	124,910	108,064	98,223
Loss on extinguishment of debt	3,003
Income tax expense	905	1,318	634
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$ 74,332	$ (15,841)	$ 110,418
Other segment description	Other segment items include “Non-cash employee stock ownership plan compensation expense,” “Loss on asset sales and disposals” and “Other income, net”

Goodwill and intangible assets, net - Components (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Goodwill and intangible assets, net
Goodwill, gross carrying amount	$ 257,155	$ 257,155
Goodwill, net	257,155	257,155	$ 257,000
Amortizable intangible assets, gross carrying amount	422,247	422,247
Amortizable intangible assets, accumulated amortization	(374,071)	(366,817)
Amortizable intangible assets, net	48,176	55,430
Intangible assets gross excluding goodwill	473,268	473,268
Intangible assets amortization and impairment net excluding goodwill	(374,071)	(366,817)
Intangible assets net excluding goodwill	99,197	106,451
Customer-related
Goodwill and intangible assets, net
Amortizable intangible assets, gross carrying amount	392,963	392,963
Amortizable intangible assets, accumulated amortization	(346,855)	(340,134)
Amortizable intangible assets, net	46,108	52,829
Non-compete agreements
Goodwill and intangible assets, net
Amortizable intangible assets, gross carrying amount	29,284	29,284
Amortizable intangible assets, accumulated amortization	(27,216)	(26,683)
Amortizable intangible assets, net	2,068	2,601
Trade names & trademarks
Goodwill and intangible assets, net
Indefinite-lived intangible assets (excluding goodwill)	$ 51,021	$ 51,021

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jul. 31, 2026	Aug. 31, 2026	Jan. 30, 2026
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 31, 2026
Document Transition Report	false
Securities Act File Number	001-11331
Entity Registrant Name	Ferrellgas Partners L P
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1698480
Entity Address, Address Line One	One Liberty Plaza
Entity Address, City or Town	Liberty
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64068
City Area Code	816
Local Phone Number	792-1600
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 71,586,765
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Kansas City, Missouri
Entity Central Index Key	0000922358
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Limited Partner Units
Document And Entity Information
Entity Common Stock, Shares Outstanding		11,357,605
Ferrellgas, L.P.
Document And Entity Information
Document Type	10-K
Document Period End Date	Jul. 31, 2026
Securities Act File Number	000-50182
Entity Registrant Name	FERRELLGAS L P
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1698481
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Kansas City, Missouri
Entity Central Index Key	0000922359
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Amendment Flag	false
Ferrellgas Partners Finance Corp
Document And Entity Information
Document Type	10-K
Document Period End Date	Jul. 31, 2026
Securities Act File Number	333-06693-02
Entity Registrant Name	Ferrellgas Partners Finance Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1742520
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		1,000
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Kansas City, Missouri
Entity Central Index Key	0001012493
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Amendment Flag	false
Ferrellgas Finance Corp
Document And Entity Information
Document Type	10-K
Document Period End Date	Jul. 31, 2026
Securities Act File Number	000-50183
Entity Registrant Name	FERRELLGAS FINANCE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1866671
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		1,000
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Kansas City, Missouri
Entity Central Index Key	0000922360
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Amendment Flag	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jul. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment reporting

12 Months Ended

Jul. 31, 2026

Segment reporting.

Segment reporting

T. Segment reporting

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

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

Ferrellgas Partners

Reconciliation of segment results to consolidated Net earnings (loss)


	Year ended July 31,
	2026		2025		2024
Revenues	$	1,864,014	$	1,938,337	$	1,837,116
Less:
Cost of sales		840,061		915,521		853,971
Operating expense - personnel, vehicle, plant and other:
Personnel ⁽¹⁾		351,539		353,494		344,941
Vehicle ⁽¹⁾		116,193		108,572		110,305
Plant and other ⁽¹⁾		183,526		168,768		146,356
Operating expense - equipment lease expense		14,212		18,720		21,585
Other segment items ⁽²⁾		6,327		3,156		1,562
General and administrative expense:
Litigation settlement ⁽¹⁾		—		125,000		—
General and administrative expense		44,432		53,617		50,339
Depreciation and amortization expense		107,076		98,426		98,471
Interest expense		124,910		108,064		98,223
Loss on extinguishment of debt		3,003		—		—
Income tax expense		910		1,372		686
Net earnings (loss)	$	71,825	$	(16,373)	$	110,677

______________________

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

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

The Operating partnership

Reconciliation of segment results to consolidated Net earnings (loss)


		Year ended July 31,
		2026			2025			2024
Revenues		$	1,864,014		$	1,938,337		$	1,837,116
Less:
Cost of sales			840,061			915,521			853,971
Operating expense - personnel, vehicle, plant and other:
Personnel ⁽¹⁾			351,539			353,494			344,941
Vehicle ⁽¹⁾			116,193			108,572			110,305
Plant and other ⁽¹⁾			183,526			168,768			146,356
Operating expense - equipment lease expense			14,212			18,720			21,585
Other segment items ⁽²⁾			6,380			3,171			1,885
General and administrative expense:
Litigation settlement ⁽¹⁾			—			125,000			—
General and administrative expense			41,877			53,124			50,327
Depreciation and amortization expense			107,076			98,426			98,471
Interest expense			124,910			108,064			98,223
Loss on extinguishment of debt			3,003			—			—
Income tax expense			905			1,318			634
Net earnings (loss)		$	74,332		$	(15,841)		$	110,418

_________________

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

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

The entire disclosure for segment reporting.

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CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - Ferrellgas Inc., General Partner - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Operating expense	$ 302,367	$ 310,002	$ 316,056
General and administrative expense	$ 45,357	$ 46,598	$ 35,386

Unit-based compensation (Details) - Non-employee Director Phantom Unit Plan 2025 $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 31, 2026 USD ($) D $ / shares shares	Jul. 31, 2025 USD ($) shares
Unit-based compensation
Aggregate maximum payment value \| $	$ 3.0	$ 2.6
Vesting percentage of any subsequent grants	100.00%
Non-cash compensation expense \| $	$ 2.7	$ 0.4
Number of units vested	76,374
Weighted-average remaining contractual term	2 months 12 days
Threshold number of trading days \| D	10
Phantom Units
Outstanding, beginning balance (Phantom Units)	89,103
Granted	64,259
Paid	(12,729)
Forfeited	(8,492)
Outstanding, ending balance (Phantom Units)	132,141	89,103
Class A Limited Partner Units
Weighted-Average Fair Value per Unit
Granted (Weighted-Average Fair Value per Unit) \| $ / shares	$ 22.67

Derivative instruments and hedging activities - AOCI Rollforward (Details) $ in Thousands, MMBbls in Millions	12 Months Ended
	Jul. 31, 2026 USD ($) MMBbls	Jul. 31, 2025 USD ($)	Jul. 31, 2024 USD ($)
Derivative instruments and hedging activities
Partners' capital balance	$ (1,029,128)	$ (949,688)	$ (898,791)
Change in value of risk management commodity derivatives	(14,677)	6,258	3,448
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net	10,662	(8,400)	(2,472)
Partners' capital balance	(1,129,684)	(1,029,128)	(949,688)
Reclassification of net losses to earnings during next 12 months	(3,800)
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net	$ 0	0	0
Number of barrels of propane covered by cash flow hedges \| MMBbls	3.4
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative instruments and hedging activities
Partners' capital balance	$ (83)	2,059	1,083
Change in value of risk management commodity derivatives	(14,677)	6,258	3,448
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net	10,662	(8,400)	(2,472)
Partners' capital balance	(4,098)	(83)	2,059
Ferrellgas, L.P.
Derivative instruments and hedging activities
Partners' capital balance	(1,028,919)	(950,011)	(898,851)
Change in value of risk management commodity derivatives	(14,677)	6,258	3,448
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net	10,662	(8,400)	(2,472)
Partners' capital balance	(1,126,968)	(1,028,919)	(950,011)
Ferrellgas, L.P. \| Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative instruments and hedging activities
Partners' capital balance	(95)	2,025	1,059
Change in value of risk management commodity derivatives	(14,677)	6,258	3,448
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net	10,662	(8,400)	(2,472)
Less: amount attributable to noncontrolling interests	(40)	(22)	10
Partners' capital balance	$ (4,070)	$ (95)	$ 2,025

Partnership organization and formation (Details)	12 Months Ended
Partnership organization and formation (Details)	Jul. 31, 2026 USD ($) employee state subsidiary shares
Partnership organization and formation
Number of subsidiaries \| subsidiary	2
Number of employees	0
Ferrellgas, L.P.
Partnership organization and formation
Number of states in which entity operates \| state	50
Ferrellgas Partners LP \| Ferrellgas, L.P.
Partnership organization and formation
Limited partner interest	99.00%
Ferrellgas Partners LP \| Ferrellgas Partners Finance Corp
Partnership organization and formation
Ownership percentage	100.00%
Ferrell Companies \| Ferrellgas Partners LP \| Class A Limited Partner Units
Partnership organization and formation
Ownership percentage	10.00%
Ferrellgas Inc., General Partner \| Ferrellgas
Partnership organization and formation
General partner ownership interest	1.40%
Ferrellgas Inc., General Partner \| Ferrellgas Partners LP
Partnership organization and formation
General partner ownership interest	0.40%
Ferrellgas Inc., General Partner \| Ferrellgas, L.P.
Partnership organization and formation
General partner ownership interest	1.00%
Ferrellgas, L.P. \| Ferrellgas Finance Corp
Partnership organization and formation
Ownership percentage	100.00%
Ferrellgas Partners Finance Corp
Partnership organization and formation
Corporation formation proceeds from partnership \| $	$ 1,000
Corporation formation shares granted to partnership \| shares	1,000
Number of employees	0
Ferrellgas Finance Corp
Partnership organization and formation
Corporation formation proceeds from partnership \| $	$ 1,000
Corporation formation shares granted to partnership \| shares	1,000
Number of employees	0
Ferrellgas Employee Stock Ownership Trust \| Ferrell Companies
Partnership organization and formation
Ownership percentage	100.00%

Employee benefits (Details) $ in Thousands	12 Months Ended
Employee benefits (Details) $ in Thousands	Jul. 31, 2026 USD ($) employee	Jul. 31, 2025 USD ($)	Jul. 31, 2024 USD ($)
Employee benefits
Number of employees \| employee	0
Non-cash employee stock ownership plan compensation charge	$ 3,881	$ 3,143	$ 3,234
Contributions to defined contribution plan	5,700	5,100	4,800
Ferrellgas, L.P.
Employee benefits
Non-cash employee stock ownership plan compensation charge	$ 3,881	$ 3,143	$ 3,234

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.

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Acquisitions and dispositions

Supplemental financial statement information - Property, Plant And Equipment (Details) $ in Thousands	12 Months Ended
	Jul. 31, 2026 USD ($) item	Jul. 31, 2025 USD ($) item	Jul. 31, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,370,755	$ 1,378,075
Less: accumulated depreciation	780,580	775,383
Property, plant and equipment, net	$ 590,175	$ 602,692
Vehicles under failed sale lease back \| item	35	35
Depreciation	$ 76,600	$ 74,500	$ 76,700
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	43,902	43,318
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 17,736	16,986
Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Property, plant and equipment, gross	$ 92,283	90,945
Vehicles, including transport trailers
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	144,156	137,032
Bulk equipment and district facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	124,130	123,306
Tanks, cylinders and customer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	840,895	857,142
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	98,780	95,140
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 8,873	$ 14,206
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minimum \| Land improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minimum \| Vehicles, including transport trailers
Property, Plant and Equipment [Line Items]
Estimated useful lives	8 years
Minimum \| Bulk equipment and district facilities
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Minimum \| Tanks, cylinders and customer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minimum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Maximum \| Land improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Maximum \| Vehicles, including transport trailers
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Maximum \| Bulk equipment and district facilities
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Maximum \| Tanks, cylinders and customer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Maximum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Fair value measurements - Other Financial Instruments (Details) $ in Millions	12 Months Ended
	Jul. 31, 2026 USD ($) D	Jul. 31, 2025 USD ($)
Fair value measurements
Fair value assets, transfer from level 1 to level 2	$ 0.0	$ 0.0
Fair value assets, transfer from level 2 to level 1	0.0	0.0
Fair value liabilities, transfer from level 1 to level 2	0.0	0.0
Fair value liabilities, transfer from level 2 to level 1	0.0	0.0
Fair value assets, transfer into and out of level 3	0.0	0.0
Fair value liabilities, transfer into and out of level 3	0.0	0.0
Level 2
Fair value measurements
Long-term debt, fair value	$ 1,485.9	$ 1,404.9
Non-employee Director Phantom Unit Plan 2025
Fair value measurements
Threshold number of trading days \| D	10

Acquisitions and dispositions

12 Months Ended

Jul. 31, 2026

Acquisitions and dispositions

C. Acquisitions and dispositions

Acquisitions

Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of operations from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas’ consolidated balance sheets or results of operations.

Propane operations and related equipment sales

Fiscal 2026

The Company did not make any acquisitions during fiscal 2026.

Fiscal 2025

In addition to a $0.2 million measurement period adjustment related to Eastern Sierra Propane, Ferrellgas acquired propane distribution assets of one independent distributor, with a value of $4.2 million in the following transaction during fiscal 2025:

●

Kilhoffer Propane Co., based in Oklahoma, acquired in October 2024.

Fiscal 2024

During fiscal 2024, Ferrellgas acquired propane distribution assets of one independent distributor, with a value of $18.1 million in the following transaction:

●

Eastern Sierra Propane, based in California, acquired in January 2024.

These acquisitions were funded as follows on their dates of acquisition, including any adjustments identified during the measurement period:


		For the year ended July 31,
		2025			2024
Cash payments, net of cash acquired		$	3,756		$	16,499
Issuance of liabilities and other costs and considerations			635			1,585
Aggregate fair value of transactions		$	4,391		$	18,084

The aggregate fair values for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period:


		For the year ended July 31,
		2025			2024
Customer tanks, buildings, land and other		$	2,024		$	3,263
Goodwill			149			—
Customer lists			1,828			14,564
Non-compete agreements			390			257
Aggregate fair value of net assets acquired		$	4,391		$	18,084

Dispositions

We incurred a loss on asset sales and disposals of $4.8 million, $3.0 million and $2.8 million in fiscal 2026, 2025 and 2024, respectively.

Transactions with related parties (Tables)

12 Months Ended

Jul. 31, 2026

Transactions with related parties

Schedule of allocation of transaction costs with related parties


	For the year ended July 31,
	2026		2025		2024
Operating expense	$	302,367	$	310,002	$	316,056
General and administrative expense	$	45,357	$	46,598	$	35,386

Net loss per Unitholders' interest

12 Months Ended

Jul. 31, 2026

Net loss per Unitholders' interest

Net loss per Unitholders' interest

S. Net loss per Unitholders’ interest

Below is a calculation of the basic and diluted net loss per Class A Unitholders’ interest in the consolidated statements of operations for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net loss per Class A Unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of Ferrellgas’ business, the dilutive effect of the two-class method typically impacts only the three months ended January 31.

There was not a dilutive effect resulting from this guidance on basic and diluted net loss per Class A Unitholders’ interest for fiscal 2026, 2025 and 2024.

In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, in periods with net losses, there are no dilutive securities.

Calculation of basic and diluted net loss per Class A Units


	For the year ended July 31,
	2026		2025		2024

	(in thousands, except per unit amounts)
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$	71,733	$	(15,566)	$	110,216
Less: Distributions to preferred unitholders		65,231		64,068		64,778
Less: Distributions to Class B unitholders		107,016		—		99,996
Less: General partner’s interest in net earnings (loss)		1,245		(155)		1,102
Undistributed net loss attributable to Class A unitholders	$	(101,759)	$	(79,479)	$	(55,660)
Weighted average Class A Units outstanding (in thousands)		7,322.5		4,857.6		4,857.6
Basic and diluted net loss per Class A Unit	$	(13.90)	$	(16.36)	$	(11.46)

Class B Units considerations

The Class B Units met the definition of a participating security, and the two-class method was required. For any periods in which earnings were recognized, the earnings were first allocated 100% to the Class B Units until the allocation equaled the cumulative amount of all distributions paid to the Class B Units. Any remaining undistributed net earnings were allocated between the Class B Units and the Class A Units on a six-to-one basis as if all undistributed earnings had been distributed to each class of units in accordance with their distribution rights. For any periods in which losses were recognized, no effect was given to the Class B Units as they did not contractually participate in the losses of Ferrellgas.

On March 4, 2026, the board of directors of the general partner declared an aggregate cash distribution of approximately $107.0 million to the holders of Class B Units and approved Ferrellgas Partners’ intent to elect to convert the Class B Units into Class A Units. The distribution was paid on March 13, 2026 and all Class B Units were converted to Class A Units on March 16, 2026. See Note I “Equity (Deficit)” for more information.

Debt (Tables)

12 Months Ended

Jul. 31, 2026

Debt

Schedule of debt components


		July 31, 2026			July 31, 2025
Unsecured senior notes
Fixed rate, 5.375%, due 2026 ⁽¹⁾		$	—		$	650,000
Fixed rate, 5.875%, due 2029			825,000			825,000
Fixed rate, 9.250%, due 2031 ⁽²⁾			650,000			—

Notes payable
9.1% and 8.9% weighted average interest rate at July 31, 2026 and 2025, respectively, due 2027 to 2032, net of unamortized discount of $470 and $800 at July 31, 2026 and 2025, respectively			2,900			4,748
Total debt, excluding unamortized debt issuance and other costs			1,477,900			1,479,748
Unamortized debt issuance and other costs			(20,161)			(12,108)
Less: current portion of long-term debt ⁽³⁾			1,310			652,178
Long-term debt		$	1,456,429		$	815,462

_______________________________

(1)	The senior notes due 2026 were redeemed in full on October 27, 2025. See “Senior unsecured notes” section below.

(2)	The senior notes due 2031 were issued on October 27, 2025. See “Senior unsecured notes” section below.

(3)	As of July 31, 2025, this included the $650.0 million aggregate principal amount of 5.375% senior notes due April 1, 2026.

Schedule of financial covenant ratio


Financial Covenant		Ratio
Minimum interest coverage ratio ⁽¹⁾		2.50x
Maximum secured leverage ratio ⁽²⁾		2.50x
Maximum total net leverage ratio ⁽³⁾		5.25x

(1)	Defined generally as the ratio of adjusted EBITDA to cash interest expense.

(2)	Defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA.

(3)	Defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA.

Schedule of components of loss on extinguishment of debt


	For the year ended
	July 31, 2026
Debt extinguishment costs	$	1,556
Unamortized deferred financing costs		1,447
Total loss on extinguishment of debt	$	3,003

Schedule of annual principal payments on long-term debt


		Scheduled
Payment due by fiscal year		principal payments
2027		$	1,310
2028			910
2029			825,550
2030			200
2031			650,200
Thereafter			200
Total		$	1,478,370

Preferred units - Investor Redemption Right (Details)	Jul. 31, 2026 D shares
Preferred units
Percentage of preferred units held by initial affiliated purchasers	25.00%
Days for consummation of sale and payment of redemption price in full \| D	180
Minimum
Preferred units
Percentage of preferred units held	33.30%
Class B Limited Partner Units
Preferred units
Threshold units outstanding for right to fully redeem outstanding units in cash	0
Threshold units outstanding for right to trigger sale	0
Preferred Units
Preferred units
Threshold units outstanding for right to trigger sale	233,300
Preferred Units \| Maximum
Preferred units
Threshold units outstanding for right to fully redeem outstanding units in cash	233,300

Acquisitions and dispositions (Tables)

12 Months Ended

Jul. 31, 2026

Acquisitions and dispositions

Schedule of funding of acquisitions


		For the year ended July 31,
		2025			2024
Cash payments, net of cash acquired		$	3,756		$	16,499
Issuance of liabilities and other costs and considerations			635			1,585
Aggregate fair value of transactions		$	4,391		$	18,084

Schedule of aggregate fair value of transaction


		For the year ended July 31,
		2025			2024
Customer tanks, buildings, land and other		$	2,024		$	3,263
Goodwill			149			—
Customer lists			1,828			14,564
Non-compete agreements			390			257
Aggregate fair value of net assets acquired		$	4,391		$	18,084

Supplemental financial statement information - Other current liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025
Supplemental financial statement information
Accrued interest	$ 19,233	$ 28,318
Accrued payroll	7,307	31,072
Accrued insurance	21,575	15,314
Broker margin deposit liability	3,760	2,193
Accrued senior preferred units distributions	16,843	17,280
Accrued miscellaneous	10,988	47,578
Deferred income/gain	41,472	44,040
Other	50,648	29,359
Other current liabilities	171,826	215,154
Ferrellgas, L.P.
Supplemental financial statement information
Accrued interest	19,233	28,318
Accrued payroll	7,307	31,072
Accrued insurance	21,575	15,314
Broker margin deposit liability	3,760	2,193
Accrued senior preferred units distributions	16,843	17,280
Accrued miscellaneous	10,988	47,578
Deferred income/gain	41,472	44,040
Other	48,900	28,767
Other current liabilities	$ 170,078	$ 214,562

Income taxes (Tables)

12 Months Ended

Jul. 31, 2026

Schedule of income tax expense


		For the year ended July 31,
		2026			2025			2024
Current expense		$	914		$	1,369		$	689
Deferred (benefit) expense			(4)			3			(3)
Income tax expense		$	910		$	1,372		$	686


	July 31, 2026
Current
Federal	$	—
State and Local		567
Foreign		347
		914

Deferred
State and Local		(4)
		(4)

Total income tax expense	$	910

Schedule of deferred taxes


		July 31,
		2026			2025
Deferred tax assets (included in Other assets, net)		$	—		$	11
Deferred tax liabilities (included in Other liabilities)			—			(7)
Net deferred tax asset		$	—		$	4

Schedules of cash paid for taxes


	July 31, 2026
Income Taxes
Federal	$	—
State and Local
Texas Franchise Tax		281
Oregon Corporate Activity Tax		183
Other		88
Foreign		347
Cash paid for income taxes, net of refunds received	$	899

Schedules of disaggregation of earnings before income taxes


	July 31, 2026
United States	$	71,678
Foreign		1,057
Earnings before income taxes	$	72,735

Schedule of income tax expense


	For the year ended July 31,
	2026		2025		2024
Current expense	$	909	$	1,315	$	637
Deferred (benefit) expense		(4)		3		(3)
Income tax expense	$	905	$	1,318	$	634


	July 31, 2026
Current
Federal	$	—
State and Local		562
Foreign		347
		909

Deferred
State and Local		(4)
		(4)

Total income tax expense	$	905

Schedule of deferred taxes


	July 31,
	2026		2025
Deferred tax assets (included in Other assets, net)	$	—	$	11
Deferred tax liabilities (included in Other liabilities)		—		(7)
Net deferred tax asset	$	—	$	4

Schedules of cash paid for taxes


	July 31, 2026
Income Taxes
Federal	$	—
State and Local
Texas Franchise Tax		281
Oregon Corporate Activity Tax		183
Other		83
Foreign		347
Cash paid for income taxes, net of refunds received	$	894

Schedules of disaggregation of earnings before income taxes


	July 31, 2026
United States	$	74,180
Foreign		1,057
Earnings before income taxes	$	75,237

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025
Allowance for doubtful accounts	$ 4,414	$ 4,330
Amortizable intangible assets, accumulated amortization	$ 374,071	$ 366,817
Senior preferred units, units outstanding	700,000	700,000
Limited partner unitholders, units outstanding	11,357,605
General partner unitholder, units outstanding	49,496	49,496
Class A Limited Partner Units
Limited partner unitholders, units outstanding	11,357,605	4,857,605
Class B Limited Partner Units
Limited partner unitholders, units outstanding		1,300,000
Ferrellgas, L.P.
Allowance for doubtful accounts	$ 4,414	$ 4,330
Amortizable intangible assets, accumulated amortization	$ 374,071	$ 366,817
Senior preferred units, units outstanding	700,000	700,000
Ferrellgas Partners Finance Corp
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	2,000	2,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000
Ferrellgas Finance Corp
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	2,000	2,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000

Supplemental financial statement information - Shipping and handling (Details) - USD ($)
$ in Thousands

12 Months Ended

Jul. 31, 2026

Jul. 31, 2025

Jul. 31, 2024

Operating expense - personnel, vehicle, plant and other

^[1]

$ 651,258

$ 630,834

$ 601,602

107,076

98,426

98,471

14,212

18,720

21,585

Shipping and Handling

Operating expense - personnel, vehicle, plant and other

307,219

295,763

283,627

20,188

16,662

13,231

Shipping and handling expenses

4,595

10,410

13,775

$ 332,002

$ 322,835

$ 310,633

[1]	Includes $302.4 million, $310.0 million, and $316.1 million for the years ended July 31, 2026, 2025 and 2024, respectively, of compensation and benefits expense paid to employees of the general partner.

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Comprehensive income (loss):
Net earnings (loss)	$ 71,825	$ (16,373)	$ 110,677
Other comprehensive (loss) income:
Change in value of risk management derivatives	(14,677)	6,258	3,448
Reclassification of losses (gains) on derivatives to earnings, net	10,662	(8,400)	(2,472)
Other comprehensive (loss) income:	(4,015)	(2,142)	976
Comprehensive income (loss)	67,810	(18,515)	111,653
Comprehensive (income) loss attributable to noncontrolling interest	(52)	829	(471)
Comprehensive income (loss) attributable to Ferrellgas Partners, L.P.	67,758	(17,686)	111,182
Ferrellgas, L.P.
Comprehensive income (loss):
Net earnings (loss)	74,332	(15,841)	110,418
Other comprehensive (loss) income:
Change in value of risk management derivatives	(14,677)	6,258	3,448
Reclassification of losses (gains) on derivatives to earnings, net	10,662	(8,400)	(2,472)
Other comprehensive (loss) income:	(4,015)	(2,142)	976
Comprehensive income (loss)	$ 70,317	$ (17,983)	$ 111,394

Subsequent events (Details)	12 Months Ended
Subsequent events (Details)	Jul. 31, 2026
Subsequent events
Events or transactions	0
Ferrellgas Partners Finance Corp
Subsequent events
Events or transactions	0
Ferrellgas Finance Corp
Subsequent events
Events or transactions	0

Income taxes

12 Months Ended

Jul. 31, 2026

Ferrellgas Partners Finance Corp

Income Taxes

P. Income taxes

Ferrellgas Partners

Income tax expense consisted of the following:


		For the year ended July 31,
		2026			2025			2024
Current expense		$	914		$	1,369		$	689
Deferred (benefit) expense			(4)			3			(3)
Income tax expense		$	910		$	1,372		$	686

Deferred taxes consisted of the following:


		July 31,
		2026			2025
Deferred tax assets (included in Other assets, net)		$	—		$	11
Deferred tax liabilities (included in Other liabilities)			—			(7)
Net deferred tax asset		$	—		$	4

The operating partnership

Income tax expense consisted of the following:


	For the year ended July 31,
	2026		2025		2024
Current expense	$	909	$	1,315	$	637
Deferred (benefit) expense		(4)		3		(3)
Income tax expense	$	905	$	1,318	$	634

Deferred taxes consisted of the following:


	July 31,
	2026		2025
Deferred tax assets (included in Other assets, net)	$	—	$	11
Deferred tax liabilities (included in Other liabilities)		—		(7)
Net deferred tax asset	$	—	$	4

Cash Paid for Taxes

We adopted ASU 2023-09 on a prospective basis for the year ended July 31, 2026. Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 is as follows:

Ferrellgas Partners


	July 31, 2026
Income Taxes
Federal	$	—
State and Local
Texas Franchise Tax		281
Oregon Corporate Activity Tax		183
Other		88
Foreign		347
Cash paid for income taxes, net of refunds received	$	899

Cash paid for income taxes (net of refunds received) was $1.3 million and $0.7 million in fiscal 2025 and fiscal 2024, respectively.

The operating partnership


	July 31, 2026
Income Taxes
Federal	$	—
State and Local
Texas Franchise Tax		281
Oregon Corporate Activity Tax		183
Other		83
Foreign		347
Cash paid for income taxes, net of refunds received	$	894

Cash paid for income taxes (net of refunds received) was $1.3 million and $0.6 million in fiscal 2025 and fiscal 2024, respectively.

Disaggregation of Earnings Before Income Taxes

Ferrellgas Partners

Earnings before income taxes was as follows:


	July 31, 2026
United States	$	71,678
Foreign		1,057
Earnings before income taxes	$	72,735

The operating partnership

Earnings before income taxes was as follows:


	July 31, 2026
United States	$	74,180
Foreign		1,057
Earnings before income taxes	$	75,237

Disaggregation of Income Tax Expense

Ferrellgas Partners

Income tax expense attributable to earnings before income taxes consist of:


	July 31, 2026
Current
Federal	$	—
State and Local		567
Foreign		347
		914

Deferred
State and Local		(4)
		(4)

Total income tax expense	$	910

The operating partnership

Income tax expense attributable to earnings before income taxes consist of:


	July 31, 2026
Current
Federal	$	—
State and Local		562
Foreign		347
		909

Deferred
State and Local		(4)
		(4)

Total income tax expense	$	905

Foreign amounts relate to operations in Puerto Rico.

Income Taxes

C. Income taxes

Income taxes have been computed separately as the Partners Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities.

Due to the inability of the Partners Finance Corp. to utilize the deferred tax benefit of $8,570 associated with the net operating loss carryforward of $40,810 generated during and prior to fiscal 2026, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2026 or 2025, and there is no net deferred tax asset as of July 31, 2026 and 2025. The net operating loss carryforwards generated after July 31, 2018 are carried forward indefinitely but are limited to 80% of the taxable income in any one period. The net operating losses generated as of or prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2038.

Ferrellgas Finance Corp

Income Taxes

C. Income taxes

Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities.

Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $22,091 associated with the net operating loss carryforward of $105,196 generated during and prior to fiscal 2026, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2026 or 2025, and there is no net deferred tax asset as of July 31, 2026 and 2025. The net operating loss carryforwards generated after July 31, 2018 are carried forward indefinitely, but are limited to 80% of the taxable income in any one period. The net operating losses generated as of or prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2038.

The entire disclosure for income tax.

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Fair value measurements

12 Months Ended

Jul. 31, 2026

Fair value measurements

Fair value measurements

L. Fair value measurements

Derivative financial instruments

The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of July 31, 2026 and 2025:


	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical			Significant Other
	Assets and Liabilities			Observable Inputs			Unobservable Inputs
	(Level 1)			(Level 2)			(Level 3)			Total
July 31, 2026:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—		$	5,370		$	—		$	5,370
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—		$	(9,468)		$	—		$	(9,468)

July 31, 2025:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—		$	3,570		$	—		$	3,570
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—		$	(3,654)		$	—		$	(3,654)

Methodology

The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. There were no transfers between Levels 1, 2, or 3 during the years ended July 31, 2026 and 2025.

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. At July 31, 2026 and 2025, the estimated fair value of Ferrellgas’ long-term debt instruments was $1,485.9 million and $1,404.9 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgas’ consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.

See Note Q “Unit-based compensation”. Ferrellgas accrues for vested phantom units as a liability and adjusts that liability on a recurring basis based on the average market price of its Class A units for the ten trading days preceding each balance sheet date, which is a Level 1 valuation based on the observable inputs for quoted market prices.

Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Quarterly distribution of available cash

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Cash flows from operating activities:
Net earnings (loss)	$ 71,825,000	$ (16,373,000)	$ 110,677,000
Reconciliation of net earnings (loss) to net cash provided by operating activities
Depreciation and amortization expense	107,076,000	98,426,000	98,471,000
Non-cash employee stock ownership plan compensation expense	3,881,000	3,143,000	3,234,000
Loss on asset sales and disposals	4,774,000	2,957,000	2,819,000
Loss on extinguishment of debt	3,003,000
Provision for expected credit losses	3,803,000	4,331,000	1,518,000
Other	9,917,000	12,943,000	8,754,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts receivable	(4,352,000)	(11,214,000)	37,234,000
Inventories	5,799,000	8,225,000	2,072,000
Prepaid expenses and other current assets	(6,346,000)	2,739,000	(1,683,000)
Accounts payable	5,784,000	(2,472,000)	(2,454,000)
Accrued interest expense	(9,085,000)	(1,074,000)	381,000
Other current liabilities	(47,635,000)	20,925,000	(14,376,000)
Other assets and liabilities	4,216,000	13,793,000	(1,077,000)
Net cash provided by operating activities	152,660,000	136,349,000	245,570,000
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(3,756,000)	(16,499,000)
Capital expenditures	(77,315,000)	(80,004,000)	(70,856,000)
Proceeds from sale of assets	1,786,000	2,958,000	2,310,000
Net cash used in investing activities	(75,529,000)	(80,802,000)	(85,045,000)
Cash flows from financing activities:
Distributions to Ferrellgas, Inc.			(1,010,000)
Preferred unit distributions	(65,729,000)	(64,257,000)	(64,719,000)
Distribution to Class B Unitholders	(107,016,000)		(99,996,000)
Payments on long-term debt	(2,178,000)	(2,515,000)	(2,592,000)
Proceeds from issuance of long-term debt	650,000,000
Payment for settlement and early extinguishment of liabilities	(650,000,000)
Proceeds from short-term borrowings	87,500,000	10,000,000
Repayments of short-term borrowings		(10,000,000)
Cash paid for financing costs	(17,663,000)	(8,678,000)	(2,385,000)
Cash payments for principal portion of lease liability	(19,234,000)	(11,320,000)	(5,363,000)
Other, net	(1,272,000)	3,946,000	2,353,000
Net cash used in financing activities	(125,592,000)	(82,824,000)	(173,712,000)
Net change in cash, cash equivalents and restricted cash	(48,461,000)	(27,277,000)	(13,187,000)
Cash, cash equivalents and restricted cash - beginning of period	96,883,000	124,160,000	137,347,000
Cash, cash equivalents and restricted cash - end of period	48,422,000	96,883,000	124,160,000
Ferrellgas, L.P.
Cash flows from operating activities:
Net earnings (loss)	74,332,000	(15,841,000)	110,418,000
Reconciliation of net earnings (loss) to net cash provided by operating activities
Depreciation and amortization expense	107,076,000	98,426,000	98,471,000
Non-cash employee stock ownership plan compensation expense	3,881,000	3,143,000	3,234,000
Loss on asset sales and disposals	4,774,000	2,957,000	2,819,000
Loss on extinguishment of debt	3,003,000
Provision for expected credit losses	3,803,000	4,331,000	1,518,000
Other	8,802,000	12,943,000	8,754,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts receivable	(4,352,000)	(11,214,000)	37,234,000
Inventories	5,799,000	8,225,000	2,072,000
Prepaid expenses and other current assets	(6,409,000)	2,801,000	(1,685,000)
Accounts payable	5,784,000	(2,472,000)	(2,454,000)
Accrued interest expense	(9,085,000)	(1,074,000)	381,000
Other current liabilities	(48,791,000)	20,458,000	(14,437,000)
Other assets and liabilities	4,216,000	13,793,000	(1,077,000)
Net cash provided by operating activities	152,833,000	136,476,000	245,248,000
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(3,756,000)	(16,499,000)
Capital expenditures	(77,315,000)	(80,004,000)	(70,856,000)
Proceeds from sale of assets	1,786,000	2,958,000	2,310,000
Net cash used in investing activities	(75,529,000)	(80,802,000)	(85,045,000)
Cash flows from financing activities:
Distributions to Ferrellgas, Inc.			(1,010,000)
Preferred unit distributions	(65,729,000)	(64,257,000)	(64,719,000)
Distribution to Class B Unitholders	(107,016,000)		(100,000,000)
Payments on long-term debt	(2,178,000)	(2,515,000)	(2,592,000)
Proceeds from issuance of long-term debt	650,000,000
Payment for settlement and early extinguishment of liabilities	(650,000,000)
Proceeds from short-term borrowings	87,500,000	10,000,000
Repayments of short-term borrowings		(10,000,000)
Cash paid for financing costs	(17,663,000)	(8,678,000)	(2,385,000)
Cash payments for principal portion of lease liability	(19,234,000)	(11,320,000)	(5,363,000)
Other, net	(1,272,000)	3,946,000	2,353,000
Net cash used in financing activities	(125,592,000)	(82,824,000)	(173,716,000)
Net change in cash, cash equivalents and restricted cash	(48,288,000)	(27,150,000)	(13,513,000)
Cash, cash equivalents and restricted cash - beginning of period	96,582,000	123,732,000	137,245,000
Cash, cash equivalents and restricted cash - end of period	48,294,000	96,582,000	123,732,000
Ferrellgas Partners Finance Corp
Cash flows from operating activities:
Net earnings (loss)	(315)	(366)	(636)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Net cash provided by operating activities	(315)	(366)	(636)
Cash flows from financing activities:
Capital contribution	315	366	636
Net cash used in financing activities	315	366	636
Net change in cash, cash equivalents and restricted cash	0	0	0
Ferrellgas Finance Corp
Cash flows from operating activities:
Net earnings (loss)	(356)	(325)	(677)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Net cash provided by operating activities	(356)	(325)	(677)
Cash flows from financing activities:
Capital contribution	356	325	677
Net cash used in financing activities	356	325	677
Net change in cash, cash equivalents and restricted cash	$ 0	$ 0	$ 0

Debt - Security (Details) - USD ($) $ in Thousands		12 Months Ended
Debt - Security (Details) - USD ($) $ in Thousands	Jan. 15, 2026	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024	Oct. 27, 2025
Debt
Final settlement payment		$ 650,000
Letters of credit outstanding		115,800	$ 121,900
Commitment fees		800	$ 800	$ 1,000
Revolving Credit Facility
Debt
Available borrowing capacity		146,700
Assets subject to lien under the Credit Facility		363,900
Senior Notes 5.375 Percent Due 2026
Debt
Aggregate principal amount		650,000			$ 650,000
Final settlement payment	$ 37,500
Ferrellgas, L.P.
Debt
Final settlement payment		$ 650,000

Goodwill and intangible assets, net - Lives (Details)	12 Months Ended
Goodwill and intangible assets, net - Lives (Details)	Jul. 31, 2026
Minimum
Goodwill and intangible assets, net
Intangible asset useful life	5 years
Maximum
Goodwill and intangible assets, net
Intangible asset useful life	15 years
Customer Lists
Goodwill and intangible assets, net
Intangible asset, weighted average useful life	15 years
Customer Lists \| Maximum
Goodwill and intangible assets, net
Intangible asset useful life	15 years
Non Compete Agreements And Other Intangible Assets
Goodwill and intangible assets, net
Intangible asset, weighted average useful life	9 years
Non Compete Agreements And Other Intangible Assets \| Minimum
Goodwill and intangible assets, net
Intangible asset useful life	5 years
Non Compete Agreements And Other Intangible Assets \| Maximum
Goodwill and intangible assets, net
Intangible asset useful life	10 years

Quarterly distribution of available cash

12 Months Ended

Jul. 31, 2026

Quarterly distribution of available cash

D. Quarterly distribution of available cash

Ferrellgas is required by its partnership agreements to make quarterly cash distributions of all of its “available cash.” Available cash is defined in its partnership agreements as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements.

Ferrellgas Partners

Reserves may be established in order to provide for the proper conduct of Ferrellgas Partners’ business, to comply with any contractual obligations and restrictions, and to provide funds for distributions with respect to any one or more of the next four fiscal quarters. To the extent Ferrellgas Partners has available cash for a particular fiscal quarter, distributions of such cash are required to be made within 45 days after the end of such fiscal quarter to holders of record on the applicable record date, subject to the terms and preferences of the Class B Units. All Class B Units were converted to Class A Units on March 16, 2026. To the extent distributions are made in respect of the Class A Units, pro rata distributions are also made to the general partner. See Note I “Equity (Deficit)” for further discussion.

The operating partnership

Reserves may be established in order to provide for the proper conduct of the operating partnership’s business, to comply with contractual obligations and restrictions, including the restrictions on distributions in the indentures governing the $825.0 million aggregate principal amount of 5.875% senior notes due April 1, 2029 (the “2029 Notes”) and the $650.0 million aggregate principal amount of 9.250% senior notes due January 15, 2031 (the “2031 Notes”), the credit agreement dated March 30, 2021, as amended from time to time, entered into by the operating partnership, the general partner and certain of the operating partnership’s subsidiaries as guarantors (as amended, the “Credit Agreement”) and the First Amendment to the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P., executed on March 30, 2021 (the “OpCo LPA Amendment”), and to provide funds for distributions with respect to any one or more of the next four fiscal quarters. To the extent the operating partnership has available cash for a particular fiscal quarter, distributions of such cash are required to be made within 45 days after the end of such fiscal quarter, subject to the terms of the OpCo LPA Amendment.

While any Preferred Units remain outstanding, after giving effect to required payments and distributions in respect of the Preferred Units, distributions by the operating partnership of its available cash will be made solely to Ferrellgas Partners. If and when there are no longer any Preferred Units outstanding, distributions by the operating partnership of its available cash will be made approximately 99% to Ferrellgas Partners and approximately 1% to the general partner.

Debt - Components Of Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Oct. 27, 2025	Jul. 31, 2025	Mar. 31, 2021
Debt
Total long-term debt	$ 1,477,900		$ 1,479,748
Unamortized debt issuance and other costs	(20,161)		(12,108)
Less: current portion of long-term debt	1,310		652,178
Long-term debt	$ 1,456,429		815,462
Weighted average interest rate (as a percent)	6.70%
Fixed rate, 5.375%, due 2026
Debt
Unsecured senior notes			$ 650,000
Interest rate, as a percent	5.375%	5.375%	5.375%
Aggregate principal amount	$ 650,000	$ 650,000
Fixed rate, 5.875%, due 2029
Debt
Unsecured senior notes	$ 825,000		$ 825,000
Interest rate, as a percent	5.875%		5.875%	5.875%
Aggregate principal amount				$ 825,000
Fixed rate, 9.250%, due 2031
Debt
Unsecured senior notes	$ 650,000
Interest rate, as a percent	9.25%	9.25%	9.25%
Aggregate principal amount		$ 650,000
Notes payable
Debt
Notes payable	$ 2,900		$ 4,748
Weighted average interest rate (as a percent)	9.10%		8.90%
Unamortized discount	$ 470		$ 800

Leases - Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Expenses (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Leases
Operating lease expense	$ 22,236	$ 28,568	$ 30,240
Short-term expense	9,438	10,340	10,303
Variable lease expense	2,706	1,622	1,913
Finance lease expense	21,686	13,430	9,238
Total lease expense	56,066	53,960	51,694
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Leases
Operating lease expense	224	894	347
Short-term expense	31	609	351
Finance lease expense	17,510	10,614	7,128
Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseDebt
Leases
Finance lease expense	4,176	2,816	2,110
Location, Statement of Income, Balance [Axis]: us-gaap:OperatingLeaseExpense
Leases
Operating lease expense	11,336	17,586	20,727
Variable lease expense	1,809	779	745
Location, Statement of Income, Balance [Axis]: us-gaap:OtherCostAndExpenseOperating
Leases
Operating lease expense	10,676	10,088	9,166
Short-term expense	9,407	9,731	9,952
Variable lease expense	$ 897	$ 843	$ 1,168

CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (DEFICIT) - USD ($)	Ferrellgas Partners Finance Corp Common Stock	Ferrellgas Partners Finance Corp Additional Paid-in Capital	Ferrellgas Partners Finance Corp Accumulated deficit	Ferrellgas Partners Finance Corp	Ferrellgas Finance Corp Common Stock	Ferrellgas Finance Corp Additional Paid-in Capital	Ferrellgas Finance Corp Accumulated deficit	Ferrellgas Finance Corp	Total
Stockholders' equity balance at Jul. 31, 2023	$ 1,000	$ 42,207	$ (43,207)		$ 1,000	$ 104,564	$ (105,564)
Stockholders' equity balance (in shares) at Jul. 31, 2023	1,000				1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution		636		$ 636		677	0	$ 677
us-gaap:NetIncomeLoss			(636)	(636)		0	(677)	(677)	$ 110,216,000
Stockholders' equity balance at Jul. 31, 2024	$ 1,000	42,843	(43,843)		$ 1,000	105,241	(106,241)
Stockholders' equity balance (in shares) at Jul. 31, 2024	1,000				1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution		366		366		325	0	325
us-gaap:NetIncomeLoss			(366)	(366)		0	(325)	(325)	(15,566,000)
Stockholders' equity balance at Jul. 31, 2025	$ 1,000	43,209	(44,209)		$ 1,000	105,566	(106,566)
Stockholders' equity balance (in shares) at Jul. 31, 2025	1,000				1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution		315		315		356	0	356
us-gaap:NetIncomeLoss			(315)	$ (315)		0	(356)	$ (356)	$ 71,733,000
Other						(861)	861
Stockholders' equity balance at Jul. 31, 2026	$ 1,000	$ 43,524	$ (44,524)		$ 1,000	$ 105,061	$ (106,061)
Stockholders' equity balance (in shares) at Jul. 31, 2026	1,000				1,000

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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

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Schedule of goodwill and intangible assets, net

Goodwill and intangible assets, net (Tables)

12 Months Ended

Jul. 31, 2026

Goodwill and intangible assets, net


		July 31, 2026									July 31, 2025
		Gross Carrying			Accumulated						Gross Carrying			Accumulated
		Amount			Amortization			Net			Amount			Amortization			Net
Goodwill, net		$	257,155		$	—		$	257,155		$	257,155		$	—		$	257,155

Intangible assets, net
Amortized intangible assets
Customer-related		$	392,963		$	(346,855)		$	46,108		$	392,963		$	(340,134)		$	52,829
Non-compete agreements			29,284			(27,216)			2,068			29,284			(26,683)			2,601
			422,247			(374,071)			48,176			422,247			(366,817)			55,430

Unamortized intangible assets
Trade names & trademarks			51,021			—			51,021			51,021			—			51,021
Total intangible assets, net		$	473,268		$	(374,071)		$	99,197		$	473,268		$	(366,817)		$	106,451

Schedule of aggregate amortization expense


For the year ended July 31,
2026		$	7,254
2025			7,922
2024			9,281

Schedule of estimated amortization expense


For the year ended July 31,
2027		$	6,803
2028			6,351
2029			5,936
2030			4,659
2031			4,179

CONSOLIDATED STATEMENTS OF DEFICIT - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF DEFICIT - USD ($)	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance	$ (1,029,128,000)	$ (949,688,000)	$ (898,791,000)
Contributions in connection with non-cash ESOP compensation charges	3,881,000	3,143,000	3,234,000
Distributions			(1,010,000)
Distributions to Class B unitholders	(107,016,000)		(99,996,000)
Net earnings allocated to preferred units	(65,231,000)	(64,068,000)	(64,778,000)
Net earnings	71,825,000	(16,373,000)	110,677,000
Other comprehensive income (loss)	(4,015,000)	(2,142,000)	976,000
Partners' capital balance	(1,129,684,000)	(1,029,128,000)	(949,688,000)
Accumulated other comprehensive income
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance	(95,000)	2,025,000	1,059,000
Other comprehensive income (loss)	(3,975,000)	(2,120,000)	966,000
Partners' capital balance	(4,070,000)	(95,000)	2,025,000
Parent
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance	(1,020,632,000)	(941,989,000)	(891,598,000)
Contributions in connection with non-cash ESOP compensation charges	3,842,000	3,111,000	3,201,000
Distributions			0
Distributions to Class B unitholders	(107,016,000)		(99,996,000)
Net earnings allocated to Class B Units	0		0
Net earnings allocated to preferred units	(65,231,000)	(64,068,000)	(64,778,000)
Conversion of Class B Units	0
Net earnings	71,733,000	(15,566,000)	110,216,000
Other comprehensive income (loss)	(3,975,000)	(2,120,000)	966,000
Partners' capital balance	(1,121,279,000)	(1,020,632,000)	(941,989,000)
Non-controlling interest
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance	(8,496,000)	(7,699,000)	(7,193,000)
Contributions in connection with non-cash ESOP compensation charges	39,000	32,000	33,000
Distributions			(1,010,000)
Distributions to Class B unitholders	0		0
Net earnings allocated to Class B Units	0		0
Net earnings allocated to preferred units	0	0	0
Conversion of Class B Units	0
Net earnings	92,000	(807,000)	461,000
Other comprehensive income (loss)	(40,000)	(22,000)	10,000
Partners' capital balance	$ (8,405,000)	$ (8,496,000)	$ (7,699,000)
Limited partner unitholders \| Class A Limited Partner Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance (in shares)	4,857,600	4,857,600	4,857,600
Partners' capital balance	$ (1,332,704,000)	$ (1,256,946,000)	$ (1,205,103,000)
Contributions in connection with non-cash ESOP compensation charges	3,804,000	3,080,000	3,169,000
Net earnings allocated to Class B Units	(107,016,000)		(99,996,000)
Net earnings allocated to preferred units	(64,579,000)	(63,427,000)	(64,130,000)
Conversion of Class B Units	$ 383,012,000
Conversion of Class B Units - shares	6,500,000
Net earnings	$ 70,488,000	(15,411,000)	109,114,000
Partners' capital balance	$ (1,046,995,000)	$ (1,332,704,000)	$ (1,256,946,000)
Partners' capital balance (in shares)	11,357,600	4,857,600	4,857,600
Limited partner unitholders \| Class B Limited Partner Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance (in shares)	1,300,000	1,300,000	1,300,000
Partners' capital balance	$ 383,012,000	$ 383,012,000	$ 383,012,000
Distributions to Class B unitholders	(107,016,000)		(99,996,000)
Net earnings allocated to Class B Units	107,016,000		99,996,000
Conversion of Class B Units	$ (383,012,000)
Conversion of Class B Units - shares	(1,300,000)
Partners' capital balance		$ 383,012,000	$ 383,012,000
Partners' capital balance (in shares)		1,300,000	1,300,000
General partner unitholders
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance (in shares)	49,500	49,500	49,500
Partners' capital balance	$ (70,845,000)	$ (70,080,000)	$ (70,566,000)
Contributions in connection with non-cash ESOP compensation charges	38,000	31,000	32,000
Net earnings allocated to preferred units	(652,000)	(641,000)	(648,000)
Net earnings	1,245,000	(155,000)	1,102,000
Partners' capital balance	$ (70,214,000)	$ (70,845,000)	$ (70,080,000)
Partners' capital balance (in shares)	49,500	49,500	49,500
Ferrellgas, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance	$ (1,028,919,000)	$ (950,011,000)	$ (898,851,000)
Contributions in connection with non-cash ESOP compensation charges	3,881,000	3,143,000	3,234,000
Distributions	(107,016,000)		(101,010,000)
Net earnings allocated to preferred units	(65,231,000)	(64,068,000)	(64,778,000)
Net earnings	74,332,000	(15,841,000)	110,418,000
Other comprehensive income (loss)	(4,015,000)	(2,142,000)	976,000
Partners' capital balance	(1,126,968,000)	(1,028,919,000)	(950,011,000)
Ferrellgas, L.P. \| Accumulated other comprehensive income
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance	(83,000)	2,059,000	1,083,000
Other comprehensive income (loss)	(4,015,000)	(2,142,000)	976,000
Partners' capital balance	(4,098,000)	(83,000)	2,059,000
Ferrellgas, L.P. \| Limited partner unitholders
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance	(1,020,328,000)	(944,337,000)	(892,717,000)
Contributions in connection with non-cash ESOP compensation charges	3,842,000	3,111,000	3,201,000
Distributions	(107,016,000)		(100,000,000)
Net earnings allocated to preferred units	(65,231,000)	(64,068,000)	(64,778,000)
Net earnings	74,240,000	(15,034,000)	109,957,000
Partners' capital balance	(1,114,493,000)	(1,020,328,000)	(944,337,000)
Ferrellgas, L.P. \| General partner unitholders
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance	(8,508,000)	(7,733,000)	(7,217,000)
Contributions in connection with non-cash ESOP compensation charges	39,000	32,000	33,000
Distributions			(1,010,000)
Net earnings	92,000	(807,000)	461,000
Partners' capital balance	(8,377,000)	(8,508,000)	(7,733,000)
Ferrellgas Partners Finance Corp
Increase (Decrease) in Partners' Capital [Roll Forward]
Net earnings	$ (315)	$ (366)	$ (636)

Derivative instruments and hedging activities - Margin Balances (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025
Derivative instruments and hedging activities
Derivative Asset, Fair Value of Collateral	$ 8,749	$ 7,171
Derivative Liability, Fair Value of Collateral	3,760	2,442
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsNoncurrent
Derivative instruments and hedging activities
Derivative Asset, Fair Value of Collateral	311	949
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesCurrent
Derivative instruments and hedging activities
Derivative Liability, Fair Value of Collateral	3,760	2,193
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Derivative instruments and hedging activities
Derivative Liability, Fair Value of Collateral		249
Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Derivative instruments and hedging activities
Derivative Asset, Fair Value of Collateral	$ 8,438	$ 6,222

Schedule I Parent Only Balance Sheets, Statements Of Operations And Cash Flows

12 Months Ended

Jul. 31, 2026

Schedule I Parent Only Statements

Parent only financial information

Schedule I

FERRELLGAS PARTNERS, L.P.
PARENT ONLY
BALANCE SHEETS
(in thousands, except unit data)


		July 31, 2026			July 31, 2025
ASSETS

Cash and cash equivalents		$	128		$	301
Prepaid expenses and other current assets			20			82
Total assets		$	148		$	383

LIABILITIES AND PARTNERS’ DEFICIT

Other current liabilities		$	1,748		$	592
Investment in Ferrellgas, L.P.			1,118,563			1,020,423
Other liabilities			1,116			—

Partners’ deficit
Class A (11,357,605 and 4,857,605 units outstanding at 2026 and 2025, respectively)			(1,046,995)			(1,332,704)
Class B (1,300,000 units outstanding at 2025)			—			383,012
General partner unitholder (49,496 units outstanding at 2026 and 2025)			(70,214)			(70,845)
Accumulated other comprehensive loss			(4,070)			(95)
Total Ferrellgas Partners, L.P. partners’ deficit			(1,121,279)			(1,020,632)
Total liabilities and partners’ deficit		$	148		$	383

FERRELLGAS PARTNERS, L.P.

PARENT ONLY

STATEMENTS OF OPERATIONS

(in thousands)


		For the year ended July 31,
		2026			2025			2024
Equity in earnings (loss) of Ferrellgas, L.P.		$	74,240		$	(15,034)		$	109,957
Operating, general and administrative expense			(2,555)			(493)			(12)

Operating income (loss)			71,685			(15,527)			109,945

Other income, net			53			15			323
Income tax expense⁽¹⁾			(5)			(54)			(52)

Net earnings (loss)			71,733			(15,566)			110,216

Less: Distributions to Class B Unitholders			107,016			—			99,996

Net (loss) earnings attributable to Ferrellgas, L.P.		$	(35,283)		$	(15,566)		$	10,220

(1) Cash paid for income taxes, net of refunds, during the year ended July 31, 2026 was $5 thousand.

FERRELLGAS PARTNERS, L.P.

PARENT ONLY

STATEMENTS OF CASH FLOWS

(in thousands)


		For the year ended July 31,
		2026			2025			2024
Cash flows from operating activities:
Net earnings (loss)		$	71,733		$	(15,566)		$	110,216
Reconciliation of net earnings (loss) to net cash (used in) provided by operating activities:
Other			2,334			405			63
Equity in (earnings) loss of Ferrellgas, L.P.			(74,240)			15,034			(109,957)
Net cash (used in) provided by operating activities			(173)			(127)			322

Cash flows from investing activities:
Distributions received from Ferrellgas, L.P.			107,016			—			100,000
Net cash provided by investing activities			107,016			—			100,000

Cash flows from financing activities:
Distributions paid to Class B unitholders			(107,016)			—			(99,996)
Net cash used in financing activities			(107,016)			—			(99,996)

Net (decrease) increase in cash and cash equivalents			(173)			(127)			326
Cash and cash equivalents - beginning of year			301			428			102
Cash and cash equivalents - end of year		$	128		$	301		$	428

CONSOLIDATED BALANCE SHEETS - USD ($)	Jul. 31, 2026	Jul. 31, 2025
Current assets:
Cash and cash equivalents	$ 48,422,000	$ 96,883,000
Accounts receivable (net of allowance for expected credit losses of $4,414 and $4,330 at July 31, 2026 and 2025, respectively)	128,059,000	127,510,000
Inventories	82,008,000	87,807,000
Prepaid expenses and other current assets	33,458,000	30,471,000
Total current assets	291,947,000	342,671,000
Property, plant and equipment, net	590,175,000	602,692,000
Goodwill, net	257,155,000	257,155,000
Intangible assets (net of accumulated amortization of $374,071 and $366,817 at July 31, 2026 and 2025, respectively)	99,197,000	106,451,000
Operating lease right-of-use assets	36,571,000	39,045,000
Other assets, net	89,728,000	68,702,000
Total assets	1,364,773,000	1,416,716,000
Current liabilities:
Accounts payable	36,514,000	31,083,000
Short-term borrowings	87,500,000
Current portion of long-term debt	1,310,000	652,178,000
Current operating lease liabilities	15,257,000	16,082,000
Other current liabilities	171,826,000	215,154,000
Total current liabilities	312,407,000	914,497,000
Long-term debt	1,456,429,000	815,462,000
Operating lease liabilities	22,604,000	24,079,000
Other liabilities	51,668,000	40,457,000
Contingencies and commitments
Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at July 31, 2026 and 2025)	651,349,000	651,349,000
Deficit:
General partner unitholder	(70,214,000)	(70,845,000)
Accumulated other comprehensive loss	(4,070,000)	(95,000)
Total Ferrellgas Partners, L.P. deficit	(1,121,279,000)	(1,020,632,000)
Noncontrolling interest	(8,405,000)	(8,496,000)
Total deficit	(1,129,684,000)	(1,029,128,000)
STOCKHOLDER'S EQUITY
Total liabilities, mezzanine equity and deficit	1,364,773,000	1,416,716,000
Class A Limited Partner Units
Deficit:
Limited partner unitholders	(1,046,995,000)	(1,332,704,000)
Class B Limited Partner Units
Deficit:
Limited partner unitholders		383,012,000
Ferrellgas, L.P.
Current assets:
Cash and cash equivalents	48,294,000	96,582,000
Accounts receivable (net of allowance for expected credit losses of $4,414 and $4,330 at July 31, 2026 and 2025, respectively)	128,059,000	127,510,000
Inventories	82,008,000	87,807,000
Prepaid expenses and other current assets	33,438,000	30,389,000
Total current assets	291,799,000	342,288,000
Property, plant and equipment, net	590,175,000	602,692,000
Goodwill, net	257,155,000	257,155,000
Intangible assets (net of accumulated amortization of $374,071 and $366,817 at July 31, 2026 and 2025, respectively)	99,197,000	106,451,000
Operating lease right-of-use assets	36,571,000	39,045,000
Other assets, net	89,728,000	68,702,000
Total assets	1,364,625,000	1,416,333,000
Current liabilities:
Accounts payable	36,514,000	31,083,000
Short-term borrowings	87,500,000
Current portion of long-term debt	1,310,000	652,178,000
Current operating lease liabilities	15,257,000	16,082,000
Other current liabilities	170,078,000	214,562,000
Total current liabilities	310,659,000	913,905,000
Long-term debt	1,456,429,000	815,462,000
Operating lease liabilities	22,604,000	24,079,000
Other liabilities	50,552,000	40,457,000
Contingencies and commitments
Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at July 31, 2026 and 2025)	651,349,000	651,349,000
Deficit:
Limited partner unitholders	(1,114,493,000)	(1,020,328,000)
General partner unitholder	(8,377,000)	(8,508,000)
Accumulated other comprehensive loss	(4,098,000)	(83,000)
Total deficit	(1,126,968,000)	(1,028,919,000)
STOCKHOLDER'S EQUITY
Total liabilities, mezzanine equity and deficit	1,364,625,000	1,416,333,000
Ferrellgas Partners Finance Corp
Current liabilities:
Contingencies and commitments
STOCKHOLDER'S EQUITY
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	43,524	43,209
Accumulated deficit	(44,524)	(44,209)
Ferrellgas Finance Corp
Current liabilities:
Contingencies and commitments
STOCKHOLDER'S EQUITY
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	105,061	105,566
Accumulated deficit	$ (106,061)	$ (106,566)

Goodwill and intangible assets, net - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Goodwill and intangible assets, net
Goodwill	$ 257,155	$ 257,155	$ 257,000
Acquisition		$ 100
Changes to goodwill	$ 0

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.

Derivative instruments and hedging activities

Supplemental financial statement information - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025
Supplemental financial statement information
Broker margin deposit assets	$ 8,438	$ 6,222
Price risk management asset	5,060	3,244
Other prepaid expenses	9,514	13,458
Other	10,446	7,547
Prepaid expenses and other current assets	33,458	30,471
Finance lease ROU assets	54,976	37,803
Other	34,752	30,899
Ferrellgas, L.P.
Supplemental financial statement information
Broker margin deposit assets	8,438	6,222
Price risk management asset	5,060	3,244
Other prepaid expenses	9,514	13,458
Other	10,426	7,465
Prepaid expenses and other current assets	$ 33,438	$ 30,389

Derivative instruments and hedging activities

12 Months Ended

Jul. 31, 2026

Derivative instruments and hedging activities

M. Derivative instruments and hedging activities

Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges.

Derivative instruments and hedging activity

During the years ended July 31, 2026 and 2025, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges.

The following tables provide a summary of the fair value of derivatives within Ferrellgas’ consolidated balance sheets as of July 31, 2026 and 2025:


	Final	July 31, 2026
	Maturity	Asset Derivatives			Liability Derivatives
Derivative Instrument	Date	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments	December 2028
Commodity derivatives - propane		Prepaid expenses and other current assets	$	5,060	Other current liabilities	$	8,864
Commodity derivatives - propane		Other assets, net		310	Other liabilities		604
		Total	$	5,370	Total	$	9,468


	Final	July 31, 2025
	Maturity	Asset Derivatives			Liability Derivatives
Derivative Instrument	Date	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments	December 2026
Commodity derivatives - propane		Prepaid expenses and other current assets	$	3,244	Other current liabilities	$	3,306
Commodity derivatives - propane		Other assets, net		326	Other liabilities		348
		Total	$	3,570	Total	$	3,654

Ferrellgas’ exchange traded commodity derivative contracts require a cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against the cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of July 31, 2026 and 2025:


	July 31, 2026
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	8,438	Other current liabilities	$	3,760
	Other assets, net		311	Other liabilities		—
	Total	$	8,749	Total	$	3,760


	July 31, 2025
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	6,222	Other current liabilities	$	2,193
	Other assets, net		949	Other liabilities		249
	Total	$	7,171	Total	$	2,442

The following tables provide a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2026, 2025 and 2024 due to derivatives designated as cash flow hedging instruments:


		For the year ended July 31, 2026
					Amount of Loss
		Amount of Loss		Location of Loss	Reclassified from
		Recognized in		Reclassified from	AOCI into Income
Derivative Instrument		AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives		$	(14,677)	Cost of sales - propane and other gas liquids sales	$	(10,662)	$	—


		For the year ended July 31, 2025
							Amount of Gain
		Amount of Gain			Location of Gain		Reclassified from
		Recognized in			Reclassified from		AOCI into Income
Derivative Instrument		AOCI			AOCI into Income		Effective portion			Ineffective portion
Commodity derivatives		$	6,258		Cost of sales - propane and other gas liquids sales		$	8,400		$	—


		For the year ended July 31, 2024
							Amount of Gain
		Amount of Gain			Location of Gain		Reclassified from
		Recognized in			Reclassified from		AOCI into Income
Derivative Instrument		AOCI			AOCI into Income		Effective portion			Ineffective portion
Commodity derivatives		$	3,448		Cost of sales - propane and other gas liquids sales		$	2,472		$	—

Accumulated other comprehensive (loss) income

Ferrellgas Partners

The changes in derivatives included in AOCI for the years ended July 31, 2026, 2025 and 2024 were as follows:


	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2026		2025		2024
Beginning balance attributable to Ferrellgas Partners, L.P.	$	(95)	$	2,025	$	1,059
Change in value of risk management commodity derivatives		(14,677)		6,258		3,448
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net		10,662		(8,400)		(2,472)
Less: amount attributable to noncontrolling interests		(40)		(22)		10
Ending balance attributable to Ferrellgas Partners, L.P.	$	(4,070)	$	(95)	$	2,025

The operating partnership

The changes in derivatives included in AOCI for the years ended July 31, 2026, 2025 and 2024 were as follows:


	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2026		2025		2024
Beginning balance	$	(83)	$	2,059	$	1,083
Change in value of risk management commodity derivatives		(14,677)		6,258		3,448
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net		10,662		(8,400)		(2,472)
Ending balance	$	(4,098)	$	(83)	$	2,059

Ferrellgas expects to reclassify net losses of approximately $3.8 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sale exception.

During the years ended July 31, 2026, 2025 and 2024, Ferrellgas had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship.

As of July 31, 2026, Ferrellgas had financial derivative contracts covering 3.4 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane.

Derivative financial instruments credit risk

Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parent guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at July 31, 2026, the maximum amount of loss due to credit risk that Ferrellgas would incur based upon the gross fair values of the derivative financial instruments is zero.

From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas’ debt rating. There were no open derivative contracts with credit-risk-related contingent features as of July 31, 2026.

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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Schedule of reconciliation of segment results to consolidated net loss

Segment reporting (Tables)

12 Months Ended

Jul. 31, 2026

Segment reporting


	Year ended July 31,
	2026		2025		2024
Revenues	$	1,864,014	$	1,938,337	$	1,837,116
Less:
Cost of sales		840,061		915,521		853,971
Operating expense - personnel, vehicle, plant and other:
Personnel ⁽¹⁾		351,539		353,494		344,941
Vehicle ⁽¹⁾		116,193		108,572		110,305
Plant and other ⁽¹⁾		183,526		168,768		146,356
Operating expense - equipment lease expense		14,212		18,720		21,585
Other segment items ⁽²⁾		6,327		3,156		1,562
General and administrative expense:
Litigation settlement ⁽¹⁾		—		125,000		—
General and administrative expense		44,432		53,617		50,339
Depreciation and amortization expense		107,076		98,426		98,471
Interest expense		124,910		108,064		98,223
Loss on extinguishment of debt		3,003		—		—
Income tax expense		910		1,372		686
Net earnings (loss)	$	71,825	$	(16,373)	$	110,677

______________________

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

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

Schedule of reconciliation of segment results to consolidated net loss

Segment reporting


		Year ended July 31,
		2026			2025			2024
Revenues		$	1,864,014		$	1,938,337		$	1,837,116
Less:
Cost of sales			840,061			915,521			853,971
Operating expense - personnel, vehicle, plant and other:
Personnel ⁽¹⁾			351,539			353,494			344,941
Vehicle ⁽¹⁾			116,193			108,572			110,305
Plant and other ⁽¹⁾			183,526			168,768			146,356
Operating expense - equipment lease expense			14,212			18,720			21,585
Other segment items ⁽²⁾			6,380			3,171			1,885
General and administrative expense:
Litigation settlement ⁽¹⁾			—			125,000			—
General and administrative expense			41,877			53,124			50,327
Depreciation and amortization expense			107,076			98,426			98,471
Interest expense			124,910			108,064			98,223
Loss on extinguishment of debt			3,003			—			—
Income tax expense			905			1,318			634
Net earnings (loss)		$	74,332		$	(15,841)		$	110,418

_________________

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

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

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

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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.

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Operating, general and administrative expense

Equity (Deficit) - Ownership (Details)			12 Months Ended
Equity (Deficit) - Ownership (Details)	Mar. 16, 2026 shares	Mar. 30, 2021 shares	Jul. 31, 2026 shares	Jul. 31, 2025 shares
Capital Unit [Line Items]
Limited partner unitholders, units outstanding		97,152,665	11,357,605
Minimum percentage ownership of outstanding common units resulting in non voting of owners			20.00%
Class A Limited Partner Units
Capital Unit [Line Items]
Conversion ratio		0.05
Limited partner unitholders, units outstanding		4,857,605	11,357,605	4,857,605
Converted outstanding Class B Units into Class A Units	5
Aggregate number of units issued upon conversion	6,500,000
Class B Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding				1,300,000
Converted outstanding Class B Units into Class A Units	1,300,000
Ferrell Companies \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding			1,126,468	1,126,468
James E. Ferrell \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding			253,772	238,172
Ferrellgas Partners LP \| Ferrell Companies
Capital Unit [Line Items]
Limited partner ownership interest			10.00%
Ferrellgas, L.P.
Capital Unit [Line Items]
Limited partner ownership interest			98.60%
Ferrell Companies \| James E. Ferrell \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding			15,600
Ferrell Companies \| Ferrellgas Partners LP
Capital Unit [Line Items]
Limited partner ownership interest			9.90%
FCI Trading Corp. \| Ferrell Companies
Capital Unit [Line Items]
Limited partner unitholders, units outstanding			9,784
Ferrell Propane, Inc. \| Ferrell Companies
Capital Unit [Line Items]
Limited partner unitholders, units outstanding			2,560
JEF Capital Management \| James E. Ferrell
Capital Unit [Line Items]
Limited partner unitholders, units outstanding			237,942
Ferrell Resources Holdings, Inc. \| Ferrellgas Partners LP \| Ferrellgas Partners LP
Capital Unit [Line Items]
Limited partner unitholders, units outstanding			230
Ferrellgas Partners LP \| Ferrellgas, L.P.
Capital Unit [Line Items]
Limited partner ownership interest			99.60%

Schedule I Parent Only Statements - STATEMENTS OF OPERATIONS (Details) - USD ($)
$ in Thousands

12 Months Ended

Jul. 31, 2026

Jul. 31, 2025

Jul. 31, 2024

STATEMENTS OF OPERATIONS

^[1]

$ (44,432)

$ (178,617)

$ (50,339)

198,320

90,119

205,095

2,328

2,944

4,491

(910)

(1,372)

(686)

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

71,825

(16,373)

110,677

71,733

(15,566)

110,216

Cash paid for income taxes

899

1,300

700

Parent Company [Member]

STATEMENTS OF OPERATIONS

Equity in earnings (loss) of Ferrellgas, L.P.

74,240

(15,034)

109,957

Operating, general and administrative expense

(2,555)

(493)

(12)

71,685

(15,527)

109,945

323

(5)

(54)

(52)

Less: Distribution to Class B Unitholders

71,733

(15,566)

110,216

107,016

99,996

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

(35,283)

$ (15,566)

$ 10,220

Cash paid for income taxes

$ 5

[1]	Includes $45.4 million, $46.6 million, and $35.4 million for the years ended July 31, 2026, 2025 and 2024, respectively, of compensation and benefits expense paid to employees of the general partner.

Supplemental financial statement information (Tables)

12 Months Ended

Jul. 31, 2026

Schedule of property, plant and equipment, net

Schedule of inventories


	July 31, 2026		July 31, 2025
Propane gas and related products	$	62,305	$	66,052
Appliances, parts and supplies, and other		19,703		21,755
Inventories	$	82,008	$	87,807


	Estimated useful lives	July 31, 2026		July 31, 2025
Land	Indefinite	$	43,902	$	43,318
Land improvements	2-20		17,736		16,986
Buildings and improvements	20		92,283		90,945
Vehicles, including transport trailers ⁽¹⁾	8-20		144,156		137,032
Bulk equipment and district facilities	5-30		124,130		123,306
Tanks, cylinders and customer equipment	2-30		840,895		857,142
Computer and office equipment	2-5		98,780		95,140
Construction in progress	n/a		8,873		14,206
			1,370,755		1,378,075
Less: accumulated depreciation			780,580		775,383
Property, plant and equipment, net		$	590,175	$	602,692

(1)	Includes 35 vehicles under failed sale-leaseback transactions as of July 31, 2026 and 2025. See the Certain cash flow and non-cash activities section in Note E “Supplemental financial statement information” and Note J “Leases” for additional information.

Schedule of prepaid expenses and other current assets


	July 31, 2026		July 31, 2025
Broker margin deposit assets	$	8,438	$	6,222
Price risk management asset		5,060		3,244
Other prepaid expenses		9,514		13,458
Other		10,446		7,547
Prepaid expenses and other current assets	$	33,458	$	30,471

Schedule of other assets, net


	July 31, 2026		July 31, 2025
Finance lease ROU assets	$	54,976	$	37,803
Other		34,752		30,899
Other assets, net	$	89,728	$	68,702

Schedule of other current liabilities


	July 31, 2026		July 31, 2025
Accrued interest	$	19,233	$	28,318
Accrued payroll		7,307		31,072
Accrued insurance		21,575		15,314
Broker margin deposit liability		3,760		2,193
Accrued senior preferred units distributions		16,843		17,280
Accrued miscellaneous		10,988		47,578
Deferred income/gain		41,472		44,040
Other		50,648		29,359
Other current liabilities	$	171,826	$	215,154

Schedule of shipping and handling expenses


		For the year ended July 31,
		2026			2025			2024
Operating expense - personnel, vehicle, plant and other		$	307,219		$	295,763		$	283,627
Depreciation and amortization expense			20,188			16,662			13,231
Operating expense - equipment lease expense			4,595			10,410			13,775
Shipping and handling expenses		$	332,002		$	322,835		$	310,633

Schedule of cash flow and significant non-cash activities


	For the year ended July 31,
	2026		2025			2024
Cash paid for:
Interest	$	126,465	$	96,072		$	89,151
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	—	$	635		$	1,585
Change in accruals for property, plant and equipment additions	$	(263)	$	(274)		$	1,168
Lease liabilities arising from operating ROU assets	$	13,519	$	13,415		$	14,204
Lease liabilities arising from finance ROU assets	$	34,777	$	23,371		$	5,356
Accrued senior preferred units distributions	$	16,843	$	17,280		$	17,538
Acquisition of assets in failed sale-leaseback	$	—	$	5,032		$	2,496
Change in liability in connection with failed sale-leaseback	$	(1,272)	$	3,946		$	2,353

Schedule of other current liabilities

Schedule of inventories


	July 31, 2026		July 31, 2025
Broker margin deposit assets	$	8,438	$	6,222
Price risk management asset		5,060		3,244
Other prepaid expenses		9,514		13,458
Other		10,426		7,465
Prepaid expenses and other current assets	$	33,438	$	30,389


		July 31, 2026			July 31, 2025
Accrued interest		$	19,233		$	28,318
Accrued payroll			7,307			31,072
Accrued insurance			21,575			15,314
Broker margin deposit liability			3,760			2,193
Accrued senior preferred units distributions			16,843			17,280
Accrued miscellaneous			10,988			47,578
Deferred income/gain			41,472			44,040
Other			48,900			28,767
Other current liabilities		$	170,078		$	214,562

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)

12 Months Ended

Jul. 31, 2026

Jul. 31, 2025

Jul. 31, 2024

Revenues:

$ 1,864,014,000

$ 1,938,337,000

$ 1,837,116,000

Operating expense - personnel, vehicle, plant and other

^[1]

651,258,000

630,834,000

601,602,000

14,212,000

18,720,000

21,585,000

107,076,000

98,426,000

98,471,000

Non-cash employee stock ownership plan compensation expense

^[2]

44,432,000

178,617,000

50,339,000

3,881,000

3,143,000

3,234,000

Loss on asset sales and disposals

4,774,000

2,957,000

2,819,000

Loss on extinguishment of debt

198,320,000

90,119,000

205,095,000

Interest expense

(124,910,000)

(108,064,000)

(98,223,000)

(3,003,000)

Earnings (loss) before income taxes

2,328,000

2,944,000

4,491,000

72,735,000

(15,001,000)

111,363,000

910,000

1,372,000

686,000

Net earnings (loss) attributable to noncontrolling interest

71,825,000

(16,373,000)

110,677,000

92,000

(807,000)

461,000

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

71,733,000

(15,566,000)

110,216,000

Class A unitholders' interest in net loss (Note S)

$ (101,759,000)

$ (79,479,000)

$ (55,660,000)

Basic net loss per Class A Unit (Note S)

$ (13.9)

$ (16.36)

$ (11.46)

Diluted net loss per Class A Unit (Note S)

$ (13.9)

$ (16.36)

$ (11.46)

Propane and other gas liquids sales

Revenues:

$ 1,756,602,000

$ 1,828,093,000

$ 1,731,439,000

827,785,000

902,072,000

841,490,000

Other

Revenues:

107,412,000

110,244,000

105,677,000

12,276,000

13,449,000

12,481,000

Revenues:

1,864,014,000

1,938,337,000

1,837,116,000

Operating expense - personnel, vehicle, plant and other

^[1]

651,258,000

630,834,000

601,602,000

14,212,000

18,720,000

21,585,000

107,076,000

98,426,000

98,471,000

Non-cash employee stock ownership plan compensation expense

^[2]

41,877,000

178,124,000

50,327,000

3,881,000

3,143,000

3,234,000

Loss on asset sales and disposals

4,774,000

2,957,000

2,819,000

Loss on extinguishment of debt

200,875,000

90,612,000

205,107,000

Interest expense

(124,910,000)

(108,064,000)

(98,223,000)

(3,003,000)

Earnings (loss) before income taxes

2,275,000

2,929,000

4,168,000

75,237,000

(14,523,000)

111,052,000

905,000

1,318,000

634,000

Ferrellgas, L.P. | Propane and other gas liquids sales

74,332,000

(15,841,000)

110,418,000

Revenues:

1,756,602,000

1,828,093,000

1,731,439,000

827,785,000

902,072,000

841,490,000

Ferrellgas, L.P. | Other

Revenues:

107,412,000

110,244,000

105,677,000

Ferrellgas Partners Finance Corp

12,276,000

13,449,000

12,481,000

315

366

636

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

(315)

(366)

(636)

(315)

(366)

(636)

Ferrellgas Finance Corp

356

325

677

Net earnings (loss) attributable to Ferrellgas Partners, L.P.

(356)

(325)

(677)

$ (356)

$ (325)

$ (677)

[1]	Includes $302.4 million, $310.0 million, and $316.1 million for the years ended July 31, 2026, 2025 and 2024, respectively, of compensation and benefits expense paid to employees of the general partner.
[2]	Includes $45.4 million, $46.6 million, and $35.4 million for the years ended July 31, 2026, 2025 and 2024, respectively, of compensation and benefits expense paid to employees of the general partner.

Net loss per Unitholders' interest (Details) - USD ($)		12 Months Ended
Net loss per Unitholders' interest (Details) - USD ($)	Mar. 04, 2026	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Net (loss) earnings per unitholders' interest
Value of dilutive securities		$ 0
Net earnings (loss) attributable to Ferrellgas Partners, L.P.		71,733,000	$ (15,566,000)	$ 110,216,000
Less: Distributions to preferred unitholders		65,231,000	64,068,000	64,778,000
Less: Distributions to Class B unitholders		107,016,000		99,996,000
Less: General partner's interest in net earnings		1,245,000	(155,000)	1,102,000
Undistributed net loss attributable to Class A unitholders		$ (101,759,000)	$ (79,479,000)	$ (55,660,000)
Basic net loss per Class A Unit		$ (13.9)	$ (16.36)	$ (11.46)
Diluted net loss per Class A Unit (Note S)		$ (13.9)	$ (16.36)	$ (11.46)
Allocation of earnings to Class B units relative to allocation to Class A units		6
General partner distributions		$ 1,000,000	$ 1,000,000	$ 1,000,000
Class A Limited Partner Units
Net (loss) earnings per unitholders' interest
Undistributed net loss attributable to Class A unitholders		$ (101,759,000)	$ (79,479,000)	$ (55,660,000)
Weighted average Class A Units outstanding, Basic		7,322,500	4,857,600	4,857,600
Weighted average Class A Units outstanding, Diluted		7,322,500	4,857,600	4,857,600
Basic net loss per Class A Unit		$ (13.9)	$ (16.36)	$ (11.46)
Diluted net loss per Class A Unit (Note S)		$ (13.9)	$ (16.36)	$ (11.46)
Class B Limited Partner Units
Net (loss) earnings per unitholders' interest
Percentage of allocated earnings		100.00%
General partner distributions	$ 107,000,000

Derivative instruments and hedging activities- Credit Risk (Details) $ in Millions	Jul. 31, 2026 USD ($)
Derivative instruments and hedging activities
Maximum loss due to credit risk	$ 0.0
Open derivative contracts with credit risk features	$ 0.0

Schedule II Valuation And Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	$ 4,330	$ 5,818	$ 6,658
Charged to cost and expenses	3,803	4,331	1,518
Other	(3,719)	(5,819)	(2,358)
Balance at end of period	4,414	4,330	5,818
Ferrellgas, L.P.
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	4,330	5,818	6,658
Charged to cost and expenses	3,803	4,331	1,518
Other	(3,719)	(5,819)	(2,358)
Balance at end of period	$ 4,414	$ 4,330	$ 5,818

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.

Revenue from contracts with customers

Income taxes (Details) - USD ($)	12 Months Ended
Income taxes (Details) - USD ($)	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Income taxes
Deferred income tax expense (benefit)	$ (4,000)	$ 3,000	$ (3,000)
Deferred tax assets (included in Other assets, net)		11,000
Ferrellgas Partners Finance Corp
Income taxes
Deferred tax assets, operating loss carryforwards		8,570,000
Net operating loss carryforward		40,810,000
Deferred income tax expense (benefit)	0	0
Deferred tax assets (included in Other assets, net)	0	0
Ferrellgas Finance Corp
Income taxes
Deferred tax assets, operating loss carryforwards		22,091,000
Net operating loss carryforward		105,196,000
Valuation allowance provided for deferred tax asset	22,091,000
Deferred income tax expense (benefit)	0	0
Deferred tax assets (included in Other assets, net)	$ 0	$ 0

Revenue from contracts with customers (Tables)

12 Months Ended

Jul. 31, 2026

Schedule of disaggregation of revenue


		For the year ended July 31,
		2026			2025			2024
Retail - Sales to End Users		$	1,204,880		$	1,254,562		$	1,206,226
Wholesale - Sales to Resellers			536,395			552,405			510,756
Other Gas Sales			15,327			21,126			14,457
Other			107,412			110,244			105,677
Propane and related equipment revenues		$	1,864,014		$	1,938,337		$	1,837,116

Schedule of receivables, contract assets, and contract liabilities


		For the year ended July 31,
		2026			2025		2024
Contract assets		$	9,834		$	8,775	$	6,199
Contract liabilities
Deferred revenue⁽¹⁾		$	41,232		$	43,490	$	50,175

(1)

Of the beginning balance of deferred revenue, $31.1 million and $37.9 million was recognized as revenue during the years ended July 31, 2026 and 2025, respectively. The unrecognized balance relates to even-pay billing amounts, for which revenue is typically fully recognized in the following fiscal year and varies primarily due to weather conditions and customer orders. Accounts receivable, net, from contracts with customers was $128.1 million, $127.5 million, and $120.6 million as of July 31, 2026, 2025, and 2024, respectively.

Employee benefits

12 Months Ended

Jul. 31, 2026

Employee benefits

Employee benefits

R. Employee benefits

Ferrellgas has no employees and is managed and controlled by its general partner. Ferrellgas assumes all liabilities, which include specific liabilities related to the following employee benefit plans for the benefit of the officers and employees of the general partner.

Ferrell Companies makes contributions to the employee stock ownership trust (the “Trust”), which causes a portion of the shares of Ferrell Companies owned by the Trust to be allocated to employees’ accounts over time. The allocation of Ferrell Companies’ shares to employee accounts causes a non-cash compensation expense to be incurred by Ferrellgas, equivalent to the fair value of such shares allocated. This non-cash compensation expense is reported separately in Ferrellgas’ consolidated statements of operations and thus is excluded from operating and general and administrative expenses. The non-cash compensation expense was $3.9 million, $3.1 million and $3.2 million during fiscal 2026, 2025 and 2024, respectively. Ferrellgas is not obligated to fund or make contributions to the Trust.

The general partner and its parent, Ferrell Companies, have a defined contribution 401(k) investment plan which covers substantially all employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions, net of forfeitures, for fiscal 2026, 2025 and 2024 were $5.7 million, $5.1 million and $4.8 million, respectively.

Quarterly distribution of available cash (Details) $ in Millions	12 Months Ended
	Jul. 31, 2026 USD ($) item	Oct. 27, 2025 USD ($)	Jul. 31, 2025	Mar. 31, 2021 USD ($)	Mar. 30, 2021 USD ($)
Earnings Distribution Allocation [Line Items]
Cash reserve for distributions, number of quarters provided \| item	4
Maximum days after end of quarter to make distributions	45 days
Senior Notes 5.375 Percent Due 2026
Earnings Distribution Allocation [Line Items]
Aggregate principal amount	$ 650.0	$ 650.0
Interest rate, as a percent	5.375%	5.375%	5.375%
Senior Notes 5.875 Percent Due 2029
Earnings Distribution Allocation [Line Items]
Aggregate principal amount				$ 825.0
Interest rate, as a percent	5.875%		5.875%	5.875%
Senior Notes 9.250 Percent Due 2031
Earnings Distribution Allocation [Line Items]
Aggregate principal amount		$ 650.0
Interest rate, as a percent	9.25%	9.25%	9.25%
Ferrellgas, L.P.
Earnings Distribution Allocation [Line Items]
Cash reserve for distributions, number of quarters provided \| item	4
Maximum days after end of quarter to make distributions	45 days
Cash distributions to Ferrellgas Partners	99.00%
Cash distributions to general partner	1.00%
Ferrellgas, L.P. \| Senior Notes 5.875 Percent Due 2029
Earnings Distribution Allocation [Line Items]
Aggregate principal amount					$ 825.0
Interest rate, as a percent					5.875%
Ferrellgas, L.P. \| Senior Notes 9.250 Percent Due 2031
Earnings Distribution Allocation [Line Items]
Aggregate principal amount					$ 650.0
Interest rate, as a percent					9.25%

Acquisitions and dispositions - Acquisitions Funding (Details)	12 Months Ended
	Jul. 31, 2025 USD ($) item	Jul. 31, 2024 USD ($)
Business Combination [Line Items]
Cash payments, net of cash acquired	$ 3,756,000	$ 16,499,000
Business Combination, Series of Individually Immaterial Business Combinations
Business Combination [Line Items]
Cash payments, net of cash acquired	3,756,000	16,499,000
Issuance of liabilities and other costs and considerations	635,000	1,585,000
Aggregate fair value of transactions	4,391,000	$ 18,084,000
Propane and related equipment sales \| Business Combination, Series of Individually Immaterial Business Combinations
Business Combination [Line Items]
Measurement period adjustment	$ 200,000
Number of independent distributors	1	1
Aggregate fair value of transactions	$ 4,200,000	$ 18,100,000
Ferrellgas, L.P.
Business Combination [Line Items]
Cash payments, net of cash acquired	$ 3,756,000	$ 16,499,000

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.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Schedule of fair value of financial derivatives balance sheet locations

Supplemental financial statement information - Certain cash flow and non-cash activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Supplemental financial statement information
Cash paid for interest	$ 126,465	$ 96,072	$ 89,151
Cash paid for income taxes	899	1,300	700
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions		635	1,585
Change in accruals for property, plant and equipment additions	(263)	(274)	1,168
Lease liabilities arising from operating ROU assets	13,519	13,415	14,204
Lease liabilities arising from finance ROU assets	34,777	23,371	5,356
Accrued senior preferred units distributions	16,843	17,280	17,538
Acquisition of assets in failed sale-leaseback		5,032	2,496
Change in liability in connection with failed sale-leaseback	$ (1,272)	$ 3,946	$ 2,353

Derivative instruments and hedging activities (Tables)

12 Months Ended

Jul. 31, 2026


	Final	July 31, 2026
	Maturity	Asset Derivatives			Liability Derivatives
Derivative Instrument	Date	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments	December 2028
Commodity derivatives - propane		Prepaid expenses and other current assets	$	5,060	Other current liabilities	$	8,864
Commodity derivatives - propane		Other assets, net		310	Other liabilities		604
		Total	$	5,370	Total	$	9,468


	Final	July 31, 2025
	Maturity	Asset Derivatives			Liability Derivatives
Derivative Instrument	Date	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments	December 2026
Commodity derivatives - propane		Prepaid expenses and other current assets	$	3,244	Other current liabilities	$	3,306
Commodity derivatives - propane		Other assets, net		326	Other liabilities		348
		Total	$	3,570	Total	$	3,654

Schedule of cash margin balances as collateral


	July 31, 2026
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	8,438	Other current liabilities	$	3,760
	Other assets, net		311	Other liabilities		—
	Total	$	8,749	Total	$	3,760


	July 31, 2025
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	6,222	Other current liabilities	$	2,193
	Other assets, net		949	Other liabilities		249
	Total	$	7,171	Total	$	2,442

Schedule of cash flow hedge derivative effect on comprehensive income


		For the year ended July 31, 2026
					Amount of Loss
		Amount of Loss		Location of Loss	Reclassified from
		Recognized in		Reclassified from	AOCI into Income
Derivative Instrument		AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives		$	(14,677)	Cost of sales - propane and other gas liquids sales	$	(10,662)	$	—


		For the year ended July 31, 2025
							Amount of Gain
		Amount of Gain			Location of Gain		Reclassified from
		Recognized in			Reclassified from		AOCI into Income
Derivative Instrument		AOCI			AOCI into Income		Effective portion			Ineffective portion
Commodity derivatives		$	6,258		Cost of sales - propane and other gas liquids sales		$	8,400		$	—


		For the year ended July 31, 2024
							Amount of Gain
		Amount of Gain			Location of Gain		Reclassified from
		Recognized in			Reclassified from		AOCI into Income
Derivative Instrument		AOCI			AOCI into Income		Effective portion			Ineffective portion
Commodity derivatives		$	3,448		Cost of sales - propane and other gas liquids sales		$	2,472		$	—

Schedule of changes in derivatives included in accumulated other comprehensive income


	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2026		2025		2024
Beginning balance	$	(83)	$	2,059	$	1,083
Change in value of risk management commodity derivatives		(14,677)		6,258		3,448
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net		10,662		(8,400)		(2,472)
Ending balance	$	(4,098)	$	(83)	$	2,059

Schedule of changes in derivatives included in accumulated other comprehensive income


	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2026		2025		2024
Beginning balance attributable to Ferrellgas Partners, L.P.	$	(95)	$	2,025	$	1,059
Change in value of risk management commodity derivatives		(14,677)		6,258		3,448
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net		10,662		(8,400)		(2,472)
Less: amount attributable to noncontrolling interests		(40)		(22)		10
Ending balance attributable to Ferrellgas Partners, L.P.	$	(4,070)	$	(95)	$	2,025

Preferred units - Restrictions on Cash Distributions (Details) $ in Millions	Jul. 31, 2026 USD ($)
Preferred units
Minimum liquidity	$ 100
Period Thereafter
Preferred units
Consolidated net leverage ratio	7

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.

Schedule of activity related to phantom plan

Unit-Based compensation (Tables)

12 Months Ended

Jul. 31, 2026

Unit-based compensation.


	Phantom Units
Outstanding, July 31, 2025 ⁽¹⁾		89,103
Granted ⁽²⁾		64,259
Paid ⁽³⁾		(12,729)
Forfeited		(8,492)
Outstanding, July 31, 2026		132,141
_____________

(1)	The 2025 grants vested September 25, 2025 and are expected to be paid in July 2028.

(2)	The 2026 grants will vest on October 9, 2026 and are expected to be paid in October 2028.

(3)	Represents vested 2025 grant paid to director upon termination of service.

Subsequent events	12 Months Ended
Subsequent events	Jul. 31, 2026
Subsequent events
Subsequent events	U. Subsequent events Ferrellgas has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas’ consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its consolidated financial statements except for a short-term borrowing made subsequent to July 31, 2026 under its Credit Facility. See Note G “Debt” for more information.
Ferrellgas Partners Finance Corp
Subsequent events
Subsequent events	D. Subsequent events Partners Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Partners Finance Corp.’s consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements.
Ferrellgas Finance Corp
Subsequent events
Subsequent events	D. Subsequent events Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements, except for a short-term borrowing made subsequent to July 31, 2026 by the operating partnership under its Credit Facility. See Note B “Contingencies and commitments” for more information.

Income taxes - Cash paid for taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Income taxes
Foreign	$ 347
Cash paid for income taxes, net of refunds received	899	$ 1,300	$ 700
Texas Franchise Tax
Income taxes
State and Local	281
Oregon Corporate Activity Tax
Income taxes
State and Local	183
Other
Income taxes
State and Local	88
Ferrellgas, L.P.
Income taxes
Foreign	347
Cash paid for income taxes, net of refunds received	894	$ 1,300	$ 600
Ferrellgas, L.P. \| Texas Franchise Tax
Income taxes
State and Local	281
Ferrellgas, L.P. \| Oregon Corporate Activity Tax
Income taxes
State and Local	183
Ferrellgas, L.P. \| Other
Income taxes
State and Local	$ 83

Equity (Deficit)

12 Months Ended

Jul. 31, 2026

Equity (Deficit)

Equity (Deficit)

I. Equity (Deficit)

Ferrellgas Partners

Class A Units

On March 30, 2021, Ferrellgas Partners effected a 1-for-20 reverse unit split in which holders of its then-outstanding common units received one Class A Unit for every 20 common units held. No fractional Class A Units were issued in connection with the reverse unit split. If, as a result of the reverse unit split, a unitholder would otherwise have been entitled to a fractional Class A Unit, the number of Class A Units such unitholder received was rounded up or down to the nearest whole Class A Unit, with a fraction of one-half or less being rounded down. The reverse unit split resulted in a reduction of our previously outstanding common units from 97,152,665 common units to 4,857,605 Class A Units. After the conversion of the 1,300,000 Class B Units into 6,500,000 Class A Units, as described below, the Company has 11,357,605 Class A Units.

As of July 31, 2026 and 2025, Class A Units were beneficially owned by the following:


	July 31, 2026	July 31, 2025
Public Class A Unitholders ⁽¹⁾	9,965,021	3,480,621
James E. Ferrell ⁽²⁾	253,772	238,172
Ferrell Companies⁽³⁾	1,126,468	1,126,468
FCI Trading Corp. ⁽⁴⁾	9,784	9,784
Ferrell Propane, Inc.⁽⁵⁾	2,560	2,560
Total	11,357,605	4,857,605

(1)	These Class A Units are traded on the OTC Market under the symbol “FGPR.” As described above, all 1.3 million Class B Units were converted into 6.5 million aggregate Class A Units on March 16, 2026.

(2)

(3)

(4)	FCI Trading is an affiliate of the general partner and thus a related party.

(5)	Ferrell Propane is controlled by the general partner and thus a related party.

Together these Class A Units represent (i) a 99.6% limited partner economic interest in Ferrellgas Partners and (ii) an effective 98.6% economic interest in the operating partnership, excluding the economic interests attributable to the Preferred Units. In liquidation, allocations and distributions will be made in accordance with each Class A Unitholder’s positive capital account.

The Class A Units of Ferrellgas Partners represent limited partner interests in Ferrellgas Partners, which give the holders thereof the right to participate in distributions made by Ferrellgas Partners, subject to the rights of holders of Class B Units, and to exercise the other rights or privileges available to such holders under the Amended Ferrellgas Partners LPA. Under the terms of the Amended Ferrellgas Partners LPA, holders of Class A Units have limited voting rights on matters affecting the business of Ferrellgas Partners. Generally, persons or groups owning 20% or more of Ferrellgas Partners’ outstanding Class A Units cannot vote any of their Class A Units in excess of the 20% threshold. However, this limitation does not apply under certain circumstances and does not apply to Class A Units owned by Ferrell Companies, our general partner and its affiliates. Furthermore, this limitation expired on March 30, 2026, as the conversion of the Class B Units to Class A Units occurred on March 16, 2026.

The Amended Ferrellgas Partners LPA allows the general partner to issue an unlimited number of additional general and limited partner interests of Ferrellgas Partners for such consideration and on such terms and conditions as shall be established by the general partner without the approval of any Class A Unitholders.

Class B Units

On March 30, 2021, Ferrellgas Partners issued 1.3 million Class B Units to the holders of the $357.0 million aggregate principal amount of its 8.625% senior secured notes due June 2020 (the “Ferrellgas Partners Notes”) in exchange for such holders’ contribution of the Ferrellgas Partners Notes to Ferrellgas Partners as a capital contribution and in satisfaction of such holders’ claims in respect of the Ferrellgas Partners Notes. The terms of the Class B Units are set forth in the Amended Ferrellgas Partners LPA entered into by the general partner on March 30, 2021.

On March 4, 2026, the board of directors of the general partner declared a cash distribution of $82.32 per Class B Unit, or approximately $107.0 million in the aggregate. The distribution was paid on March 13, 2026, to Class B Unitholders of record as of the close of business on March 6, 2026. Upon payment of this distribution, Ferrellgas Partners met the “Class B Conversion Threshold” as defined in the Amended Ferrellgas Partners LPA, which permitted Ferrellgas Partners to elect to convert the outstanding Class B Units into Class A Units. The board of directors of the general partner approved such election and on March 16, 2026, Ferrellgas Partners elected to convert all 1.3 million outstanding Class B Units into Class A Units, with each Class B Unit converted into five Class A Units in accordance with the Amended Ferrellgas Partners LPA. The aggregate number of Class A Units issued upon conversion of all Class B Units was 6.5 million.

Partnership distributions

Ferrellgas Partners did not declare or pay any distributions to its Class A Unitholders or the general partner during the years ended July 31, 2026, 2025 and 2024, except for a $1.0 million distribution to the general partner, made in conjunction with the Class B distributions in fiscal 2024.

On March 13, 2026, Ferrellgas Partners made a final cash distribution in the aggregate amount of approximately $107.0 million to its Class B Unitholders. See above for additional information. Additionally. Ferrellgas Partners made an aggregate cash distribution of approximately $99.9 million to its Class B Unitholders during the year ended July 31, 2024. We have made aggregate cash distributions of approximately $357.0 million to our Class B Unitholders since inception of our Class B Units. See Note S “Net loss per unitholders’ interest” for more information.

The operating partnership

Partnership distributions:

The operating partnership has recognized the following distributions:


	For the year ended July 31,
	2026		2025		2024
Ferrellgas Partners	$	107,016	$	—	$	100,000
General partner		—		—		1,010

See additional discussions about transactions with related parties in Note N “Transactions with related parties.”

Accumulated other comprehensive income (loss) (“AOCI”)

See Note M “Derivative instruments and hedging activities” for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2026 and 2025.

Summary of significant accounting policies (Policy)

12 Months Ended

Jul. 31, 2026

Summary of significant accounting policies

Accounting estimates

(1) Accounting estimates

Principles of consolidation and basis of presentation

(2) Principles of consolidation and basis of presentation

Certain prior year amounts have been reclassified to conform to the current-year presentation.

Ferrellgas Partners

The operating partnership

Fair value measurements

(3) Fair value measurements

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Accounts receivable

(4) Accounts receivable

Inventories

(5) Inventories

Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods.

Property, plant and equipment

(6) Property, plant and equipment

Goodwill

(7) Goodwill

Intangible assets

(8) Intangible assets

Derivative instruments and hedging activities

(9) Derivative instruments and hedging activities

Commodity Price Risk.

Interest Rate Risk.

Leases

(10) Leases

Revenue recognition

(11) Revenue recognition

Shipping and handling expenses and Cost of sales

(12) Shipping and handling expenses

(13) Cost of sales

Operating expense

(14) Operating expense

Net loss per Class A Unitholders' interest

(15) General and administrative expense

Unit-based compensation

(16) Unit-based compensation

Income taxes

(17) Income taxes

Ferrellgas Partners

The operating partnership

See Note P “Income taxes” for additional information.

Sales taxes

(18) Sales taxes

Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations.

(19) Net loss per Class A Unitholders’ interest

Loss contingencies

(20) Loss contingencies

Class B Units Valuation

(21) Class B Units Valuation

New accounting standards

(22) New accounting standards

Recently adopted accounting pronouncements

Recently issued accounting pronouncements not yet adopted

Revenue from contracts with customers

12 Months Ended

Jul. 31, 2026

Revenue from contracts with customers

Revenue from contracts with customers

K.Revenue from contracts with customers

Ferrellgas earns revenue from contracts with customers primarily through the distribution of propane, as well as through the sale of propane-related equipment and supplies. Revenues from propane and other gas liquids sales are comprised of revenue earned from the delivery of propane to tanks on customers’ premises, from the delivery of propane filled cylinders to customers, or from the sale of portable propane tanks to nationwide and local retailers and end use customers. Other revenues primarily include sales of appliances and other materials as well as other fees charged to customers.

Contracts with customers

Ferrellgas’ contracts with customers are principally for the bulk delivery of propane to tanks, delivery of propane filled cylinders or the delivery of portable propane tanks to retailers. Ferrellgas sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgas’ performance obligations in these contracts are generally limited to the delivery of propane, and therefore revenues from these contracts are earned at the time product is delivered or, in the case of some of Ferrellgas’ portable tank exchange retailers who have consignment agreements, at the time the tanks are sold to the end use customer. Payment is generally due within 30 days. Revenues from sales of propane are included in Propane and other gas liquids sales on the consolidated statements of operations.

Typically, customers are billed upon delivery and payment is generally due within 30 days. With residential customers, Ferrellgas offers customers the ability to spread their annual heating costs over a longer period, typically twelve months. Customers who opt to spread their heating costs over a longer period are referred to as “even-pay” customers.

Ferrellgas charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas also sells appliances and related parts and fittings as well as other retail propane-related services. Ferrellgas charges, on an annual basis, tank and equipment rental charges for customers that are using our equipment to store propane. Other revenues associated with deliveries of propane are earned at the time product is delivered. Revenues associated with sales of appliances and other materials or services are earned at the time of delivery or installation. Over time, revenues associated with tank and equipment rentals are recognized on a straight-line basis over one year, which is generally the term of the underlying rental agreement.

Accounting estimates related to recognition of revenue require that Ferrellgas makes estimates and assumptions about various factors including credits issued for completed sales, future returns and total consideration payable in instances where we have customer incentives payable to the customer.

Disaggregation of revenue

Ferrellgas disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from propane sales to end use customers, wholesale revenues result from propane sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges.


		For the year ended July 31,
		2026			2025			2024
Retail - Sales to End Users		$	1,204,880		$	1,254,562		$	1,206,226
Wholesale - Sales to Resellers			536,395			552,405			510,756
Other Gas Sales			15,327			21,126			14,457
Other			107,412			110,244			105,677
Propane and related equipment revenues		$	1,864,014		$	1,938,337		$	1,837,116

Contract assets and liabilities

Ferrellgas’ performance obligations are generally limited to the delivery of propane for its retail and wholesale contracts. Ferrellgas’ performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas does not have material performance obligations that are delivered over time, thus all of its revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas offers “even pay” and other billing programs that can create customer deposits or advances, depending on whether Ferrellgas has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities.

Ferrellgas incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material, and the commissions are expensed commensurate with the deliveries to which they relate; therefore, we do not capitalize these costs.

The following table presents the opening and closing balances of our contract assets and contract liabilities:


		For the year ended July 31,
		2026			2025		2024
Contract assets		$	9,834		$	8,775	$	6,199
Contract liabilities
Deferred revenue⁽¹⁾		$	41,232		$	43,490	$	50,175

(1)

Remaining performance obligations

Ferrellgas’ remaining performance obligations are generally limited to situations where customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in even pay billing programs and Ferrellgas expects that these balances will be recognized within a year or less as the customer takes delivery of propane.

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.

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Supplemental financial statement information - Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Supplemental financial statement information
Restricted cash deposit	$ 10.6
Restricted cash		$ 0.0	$ 0.0

Amount of cash and cash equivalent restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate.

+ References + Details

Income taxes - Disaggregation of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Current
State and Local	$ 567
Foreign	347
Total	914	$ 1,369	$ 689
Income tax expense	910	1,372	686
Deferred
State and Local	(4)
Total	(4)	3	(3)
Ferrellgas, L.P.
Current
State and Local	562
Foreign	347
Total	909	1,315	637
Income tax expense	905	1,318	634
Deferred
State and Local	(4)
Total	$ (4)	$ 3	$ (3)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.