NFG earnings analysis
What we found in NFG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Generation
- Total revenue for Q2 2026 was $858.373 million, slightly below estimates of $851.302 million.
- Earnings Improvement
- Diluted EPS was reported at $2.71, a notable increase from $2.37 in Q2 2025.
- 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.
- Natural Gas Prices Rise
- The average gas price after hedging increased by $0.51 per Mcf to $3.45 in Q2 2026.
- Pipeline and Storage Growth
- The Pipeline and Storage segment's revenues increased by $1.9 million compared to Q2 2025.
- Improved Cash Flow
- Free cash flow for Q2 increased to $60 million from negative $20 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Regulatory Challenges Ahead
- Acquisition costs related to CenterPoint Ohio could strain liquidity amid ongoing rate case adjustments.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.71
- Segment
- Integrated Upstream and Gathering
- Segment
- Pipeline and Storage
- Segment
- Utility
What they said about what is next.
Revised adjusted EPS guidance for fiscal 2026 is now $7.45-$7.75, down from $7.60.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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