10-Q · July 31, 2025
National Fuel Gas reported quarter revenue of $531,830,000 and operating income of $230,252,000 for the three months ended June 30, 2025, producing diluted EPS of $1.64. Revenue and earnings improved materially versus…
Earnings analysis · 10-Q
NFG earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
National Fuel Gas Company reported Q2 2026 results with revenue of $858.373 million, slightly missing estimates by $8.628 million, while adjusted EPS stood at $2.71, falling short of expectations by $0.13. The company…
Read full summary
National Fuel Gas Company reported Q2 2026 results with revenue of $858.373 million, slightly missing estimates by $8.628 million, while adjusted EPS stood at $2.71, falling short of expectations by $0.13. The company recorded strong earnings growth in its Integrated Upstream and Gathering segment, driven by higher natural gas prices but faced challenges from production declines in certain areas.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.71
- Segment
- Integrated Upstream and Gathering
- Segment
- Pipeline and Storage
- Segment
- Utility
What stood out
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Revenue Generation
Total revenue for Q2 2026 was $858.373 million, slightly below estimates of $851.302 million.
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Earnings Improvement
Diluted EPS was reported at $2.71, a notable increase from $2.37 in Q2 2025.
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Segment Growth in Upstream
The Integrated Upstream and Gathering segment saw earnings rise to $152.03 million, up from $124.17 million year-over-year.
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Natural Gas Prices Rise
The average gas price after hedging increased by $0.51 per Mcf to $3.45 in Q2 2026.
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Pipeline and Storage Growth
The Pipeline and Storage segment's revenues increased by $1.9 million compared to Q2 2025.
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Improved Cash Flow
Free cash flow for Q2 increased to $60 million from negative $20 million in Q1 2025.
What to watch
-
EPS Missed Estimates
The adjusted EPS for Q2 2026 of $2.71 was below expectations of $2.84, representing a 4.8% miss.
-
Production Volatility
Gas production declined by 3.5 Bcf compared to Q2 2025, impacting revenue despite higher prices.
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Regulatory Challenges Ahead
Acquisition costs related to CenterPoint Ohio could strain liquidity amid ongoing rate case adjustments.
Management's outlook
Revised adjusted EPS guidance for fiscal 2026 is now $7.45-$7.75, down from $7.60.
Earlier filings 4
10-Q · May 1, 2025
National Fuel Gas reported quarter revenues of $729.95M (Q2FY2025), up $100.01M (15.9%) year-over-year and up $180.47M (32.8%) sequentially. Operating income rose to $317.25M (43.5% margin) and diluted EPS was $2.37,…
10-K · November 22, 2024
National Fuel Gas (NFG) presents an integrated Appalachian-focused gas business with four reportable segments (Exploration & Production, Pipeline & Storage, Gathering, Utility). The company grew proved reserves ~5% to…
10-Q · May 2, 2024
National Fuel reported operating revenues of $629,939,000 for the quarter ended March 31, 2024, with operating income of $250,623,000 and diluted EPS of $1.80 (vs $1.53 a year ago). Utility revenues declined while…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.