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of Contents](#TOC)\n\n​\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-Q\n\n​\n\n​\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n​\n\n​\n\n​\n\nFor the quarterly period ended January 31, 2026\n\n​\n\nor\n\n​\n\n​\n\n​\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n​\n\n​\n\n​\n\nFor the transition period from to\n\n​\n\nCommission file numbers: 001-11331, 000-50182, 333-06693-02 and 000-50183\n\n​\n\nFerrellgas Partners, L.P.\n\nFerrellgas, L.P.\n\nFerrellgas Partners Finance Corp.\n\nFerrellgas Finance Corp.\n\n*(Exact name of registrants as specified in their charters)*\n\n​\n\nDelaware\n\n​\n\n43-1698480\n\nDelaware\n\n​\n\n43-1698481\n\nDelaware\n\n​\n\n43-1742520\n\nDelaware\n\n​\n\n14-1866671\n\n(States or other jurisdictions of incorporation or organization)\n\n​\n\n(I.R.S. Employer Identification Nos.)\n\n​\n\n​\n\n​\n\nOne Liberty Plaza,\nLiberty, Missouri\n\n​\n\n64068\n\n(Address of principal executive office)\n\n​\n\n(Zip Code)\n\n​\n\nRegistrants’ telephone number, including area code: (816) 792-1600\n\nIndicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☐ No ☒\n\nIndicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “Large Accelerated Filer,” “Accelerated Filer,” “Smaller Reporting Company,” and “Emerging Growth Company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nFerrellgas Partners, L.P.:\n\n​\n\n​\n\n​\n\nLarge Accelerated Filer ☐\n\nAccelerated Filer ☐\n\nNon-accelerated Filer ☒\n\nSmaller Reporting Company ☒\n\n​\n\n​\n\n​\n\nEmerging Growth Company ☐\n\n​\n\n​\n\nFerrellgas, L.P., Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp.:\n\n​\n\nLarge Accelerated Filer ☐\n\nAccelerated Filer ☐\n\nNon-accelerated Filer ☒\n\nSmaller Reporting Company ☒\n\n​\n\n​\n\n​\n\nEmerging Growth Company ☐\n\n​\n\nIf an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\n\nFerrellgas Partners, L.P. and Ferrellgas, L.P. ☐\n\nFerrellgas Partners Finance Corp. and Ferrellgas Finance Corp. ☐\n\nIndicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).\n\nFerrellgas Partners, L.P. and Ferrellgas, L.P. Yes ☐ No ☒\n\nFerrellgas Partners Finance Corp. and Ferrellgas Finance Corp. Yes ☒ No ☐\n\nIndicate by check mark whether the registrants have filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.\n\nFerrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. Yes ☒ No ☐\n\nFerrellgas, L.P. and Ferrellgas Finance Corp. N/A\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n**Title**** of each class:**\n\n**  ​ ​ ​**\n\n**Trading****Symbol**\n\n**  ​ ​ ​**\n\n**Name of each exchange on which registered:**\n\nN/A\n\n​\n\nN/A\n\n​\n\nN/A\n\n​\n\nAt February 27, 2026, the registrants had Class A Units, Class B Units or shares of common stock outstanding as follows:\n\nFerrellgas Partners, L.P.\n\n4,857,605\n\nClass A Units\n\n​\n\n1,300,000\n\nClass B Units\n\nFerrellgas, L.P.\n\nn/a\n\nn/a\n\nFerrellgas Partners Finance Corp.\n\n1,000\n\nCommon Stock\n\nFerrellgas Finance Corp.\n\n1,000\n\nCommon Stock\n\nDocuments Incorporated by Reference: None\n\nEACH OF FERRELLGAS PARTNERS FINANCE CORP. AND FERRELLGAS FINANCE CORP. MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(A) AND (B) OF FORM 10-Q AND ARE THEREFORE, WITH RESPECT TO EACH SUCH REGISTRANT, FILING THIS FORM 10-Q WITH THE REDUCED DISCLOSURE FORMAT.\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**EXPLANATORY NOTE**\n\nThis report combines the quarterly reports on Form 10-Q for the quarter ended January 31, 2026 of Ferrellgas Partners, L.P. together with its consolidated subsidiaries, including Ferrellgas, L.P., Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp. Unless stated otherwise or the context otherwise requires, references to “Ferrellgas Partners” refers to Ferrellgas Partners, L.P. itself, with its consolidated subsidiaries. References to the “operating partnership” mean Ferrellgas, L.P., together (except where the context indicates otherwise) with its consolidated subsidiaries, including Ferrellgas Finance Corp. The terms “us,” “we,” “our,” “ours,” “consolidated,” the “Company” or “Ferrellgas” refer to Ferrellgas Partners, L.P. together with its consolidated subsidiaries, including Ferrellgas, L.P., Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp., except when used in connection with “Class A Units” or “Class B Units,” in which case these terms refer to Ferrellgas Partners, L.P. without its consolidated subsidiaries.\n\nFerrellgas Partners is a publicly traded Delaware limited partnership formed in 1994 and is primarily engaged in the retail distribution of propane and related equipment sales. Our Class A Units are traded on the OTC Market under the symbol “FGPR.” The operating partnership was formed on April 22, 1994, and accounts for substantially all of our consolidated assets, sales and operating earnings.\n\nFerrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, the operating partnership and Ferrellgas Partners Finance Corp. Our activities are primarily conducted through the operating partnership. Ferrellgas Partners and the Preferred Unitholders are the only limited partners of the operating partnership. Ferrellgas, Inc. is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to the Class B Units and the Preferred Units, owns an approximate 1% general partner economic interest in each, and, therefore, an effective 2% general partner economic interest in the operating partnership. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99% limited partner interest in the operating partnership.\n\nOur general partner performs all management functions for us. The parent company of our general partner, Ferrell Companies, currently beneficially owns approximately 23.4% of our outstanding Class A Units. Ferrell Companies is owned 100% by an employee stock ownership trust.\n\nWe believe that combining the quarterly reports on Form 10-Q for these entities provides the following benefits:\n\n●enhances investors’ understanding of Ferrellgas Partners and the operating partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;\n\n●eliminates duplicative disclosure and provides a more streamlined and readable presentation, since a substantial portion of the disclosure applies to both Ferrellgas Partners and the operating partnership; and\n\n●creates time and cost efficiencies through the preparation of a combined presentation.\n\nTo help investors understand the differences between Ferrellgas Partners and the operating partnership, this report provides separate condensed consolidated financial statements for Ferrellgas Partners and the operating partnership. Noncontrolling interests, Class A Units, Class B Units, shareholders' equity (deficit) and partners' deficit are the main areas of difference between the condensed consolidated financial statements of Ferrellgas Partners and those of the operating partnership. A single set of notes to condensed consolidated financial statements is presented that includes separate discussions for Ferrellgas Partners and the operating partnership, when applicable. A combined Management's Discussion and Analysis of Financial Condition and Results of Operations section is also included that presents combined information and discrete information related to each entity, as applicable.\n\nIn order to highlight the differences between Ferrellgas Partners and the operating partnership, this report includes the following sections that provide separate financial information for Ferrellgas Partners and the operating partnership:\n\n●condensed consolidated financial statements; and\n\n●certain accompanying notes to condensed consolidated financial statements, which denote “Ferrellgas Partners” and “The operating partnership” in sections where applicable.\n\n2\n\n[Table of Contents](#TOC)\n\nFERRELLGAS PARTNERS, L.P.\n\nFERRELLGAS, L.P.\n\nFERRELLGAS PARTNERS FINANCE CORP.\n\nFERRELLGAS FINANCE CORP.\n\nTABLE OF CONTENTS\n\n​\n\n​\n\n​\n\n**Page**\n\n[PART I - FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_89377)\n\n​\n\n[ITEM 1.](#ITEM1L_FIN_STATEMENTS)\n\n[FINANCIAL STATEMENTS (unaudited)](#ITEM1L_FIN_STATEMENTS)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[**Ferrellgas Partners, L.P. and Subsidiaries**](#FERRELLGASPARTNERSLPANDSUBSIDIARI)\n\n​\n\n​\n\n[Condensed Consolidated Balance Sheets – January 31, 2026 and July 31, 2025](#CONDENSEDCONSOLIDATEDBALANCESHEETS)\n\n4\n\n​\n\n[Condensed Consolidated Statements of Operations – Three and six months ended January 31, 2026 and 2025](#CONSOLIDATEDSTATEMENTSOFOPERATIONS)\n\n5\n\n​\n\n[Condensed Consolidated Statements of Comprehensive Income (Loss) – Three and six months ended January 31, 2026 and 2025](#STATEMENTSOFCOMPREHENSIVEINCOME)\n\n6\n\n​\n\n[Condensed Consolidated Statements of Deficit – Three and six months ended January 31, 2026 and 2025](#STATEMENTOFPARTNERSDEFICIT)\n\n7\n\n​\n\n[Condensed Consolidated Statements of Cash Flows – Six months ended January 31, 2026 and 2025](#STATEMENTSOFCASHFLOWS)\n\n8\n\n​\n\n​\n\n​\n\n​\n\n[**Ferrellgas, L.P. and Subsidiaries**](#FERRELLGASLPANDSUBSIDIARIES)\n\n​\n\n​\n\n[Condensed Consolidated Balance Sheets – January 31, 2026 and July 31, 2025](#BALANCESHEETS)\n\n9\n\n​\n\n[Condensed Consolidated Statements of Operations – Three and six months ended January 31, 2026 and 2025](#STATEMENTSOFOPERATIONS)\n\n10\n\n​\n\n[Condensed Consolidated Statements of Comprehensive Income (Loss) – Three and six months ended January 31, 2026 and 2025](#COMPREHENSIVEINCOME)\n\n11\n\n​\n\n[Condensed Consolidated Statements of Partners’ Deficit – Three and six months ended January 31, 2026 and 2025](#PARTNERSEQUITY)\n\n12\n\n​\n\n[Condensed Consolidated Statements of Cash Flows – Six months ended January 31, 2026 and 2025](#CASHFLOWS)\n\n13\n\n​\n\n​\n\n​\n\n​\n\n[**Ferrellgas Partners, L.P. and Subsidiaries and Ferrellgas, L.P. and Subsidiaries**](#NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS)\n\n​\n\n​\n\n[Notes to Condensed Consolidated Financial Statements](#NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS)\n\n14\n\n​\n\n​\n\n​\n\n​\n\n[**Ferrellgas Partners Finance Corp.**](#FERRELLGASPARTNERSFINANCECORP_876179)\n\n​\n\n​\n\n[Condensed Balance Sheets – January 31, 2026 and July 31, 2025](#CONDENSEDBALANCESHEETS)\n\n37\n\n​\n\n[Condensed Statements of Operations – Three and six months ended January 31, 2026 and 2025](#CONDENSEDSTATEMENTSOFOPERATIONS)\n\n38\n\n​\n\n[Condensed Statements of Cash Flows – Six months ended January 31, 2026 and 2025](#CONDENSEDSTATEMENTSOFCASHFLOWS)\n\n39\n\n​\n\n[Notes to Condensed Financial Statements](#NOTESTOCONDENSEDFINANCIALSTATEMENTS)\n\n40\n\n​\n\n​\n\n​\n\n​\n\n[**Ferrellgas Finance Corp.**](#Finance_Corp)\n\n​\n\n​\n\n[Condensed Balance Sheets – January 31, 2026 and July 31, 2025](#GASCONDENSEDBALANCESHEETS)\n\n41\n\n​\n\n[Condensed Statements of Operations – Three and six months ended January 31, 2026 and 2025](#GASCONDENSEDSTATEMENTSOFOPERATIONS)\n\n42\n\n​\n\n[Condensed Statements of Cash Flows – Six months ended January 31, 2026 and 2025](#GASCONDENSEDSTATEMENTSOFCASHFLOWS)\n\n43\n\n​\n\n[Notes to Condensed Financial Statements](#GASFINANCIALSTATEMENTS)\n\n44\n\n​\n\n​\n\n​\n\n[ITEM 2.](#MDA)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#MDA)\n\n45\n\n[ITEM 3.](#ITEM3QUANTITATIVEANDQUALITATIVE)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM3QUANTITATIVEANDQUALITATIVE)\n\n64\n\n[ITEM 4.](#ITEM4CONTROLSANDPROCEDURES)\n\n[CONTROLS AND PROCEDURES](#ITEM4CONTROLSANDPROCEDURES)\n\n65\n\n​\n\n​\n\n​\n\n[PART II - OTHER INFORMATION](#PART_II)\n\n​\n\n[ITEM 1.](#ITEM1LEGALPROCEEDINGS)\n\n[LEGAL PROCEEDINGS](#ITEM1LEGALPROCEEDINGS)\n\n66\n\n[ITEM 1A.](#ITEM1ARISKFACTORS)\n\n[RISK FACTORS](#ITEM1ARISKFACTORS)\n\n66\n\n[ITEM 2.](#ITEM2UNREGISTEREDSALES)\n\n[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#ITEM2UNREGISTEREDSALES)\n\n66\n\n[ITEM 3.](#ITEM3DEFAULTSUPONSENIORSECURITIES)\n\n[DEFAULTS UPON SENIOR SECURITIES](#ITEM3DEFAULTSUPONSENIORSECURITIES)\n\n66\n\n[ITEM 4.](#ITEM4MINESAFETYDISCLOSURES)\n\n[MINE SAFETY DISCLOSURES](#ITEM4MINESAFETYDISCLOSURES)\n\n66\n\n[ITEM 5.](#ITEM5OTHERINFO)\n\n[OTHER INFORMATION](#ITEM5OTHERINFO)\n\n66\n\n[ITEM 6.](#ITEM6EXHIBITS_7732)\n\n[EXHIBITS](#ITEM6EXHIBITS_7732)\n\n67\n\n​\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\nPART I - FINANCIAL INFORMATION"}