Sunday 1 November 2026 Export NFG’s income statement to Excel — free account

National Fuel Gas Company

National Fuel Gas Company’s revenue for fiscal 2025 (year ended September 2025) was $2.3 billion, up 17.1% from fiscal 2024.

Revenue: +1.07%
EPS: −12.1%
Free cash flow: −43.2%
Total debt: +33.0%

Quarter to June 2026, against a year earlier

Dividend growth 25 yrs

79.55 0.19 +0.24%

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Market cap: $7.5B
P/E: 10.9×
Fwd P/E: 11.0×
Dividend yield: 2.75%
F-score: 7/9
Altman Z: 1.71
Beneish M: −2.44
Dividend safety: 57/100

Overview Business Profile Earnings & Analysis Segments Filings

National Fuel Gas Company (NFG) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2021: revenue by segment, and margins
Exploration and Production and Other Revenues	838	48.06%
Utility	668	38.31%
Pipeline and Storage and Gathering Revenues	238	13.63%
Gross margin		90.14%
Operating margin		36.72%
Pre-tax margin		27.45%

Revenue by segment $m

Line	FY2021	FY2012	FY2011	FY2010
Exploration and Production and Other Revenues	838 48.06%	—	—	—
Utility	668 38.31%	—	—	—
Pipeline and Storage and Gathering Revenues	238 13.63%	—	—	—
Utility	—	705 43.31%	836 46.99%	804 45.70%
Exploration and Production	—	558 34.31%	519 29.18%	438 24.88%
Energy Marketing	—	187 11.47%	285 16.00%	345 19.59%
Pipeline and Storage	—	172 10.59%	134 7.54%	139 7.89%
All Other	—	4 0.26%	4 0.25%	33 1.90%
Corporate And Intersegment Eliminations	—	1 0.06%	1 0.05%	1 0.05%
Total Reportable Segments	—	1,622	1,774	1,726
Revenue	1,743	1,627	1,779	1,761

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average realized natural gas price	Q3 FY2026	$2.81	$2.71	+3.69%
Commercial sales	Q2 FY2026	5.6B	5.4B	+2.97%
Depreciation, depletion and amortization expense per Mcfe	Q3 FY2026	$0.80	$0.62	+29.03%
E&P segment net production	Q3 FY2026	104.3B	111.6B	−6.54%
E&P segment net production increase	Q1 FY2026	12.0%	—	—
Firm transportation - affiliated	Q2 FY2026	45.5B	49.2B	−7.62%
Firm transportation - non-affiliated	Q2 FY2026	201.5B	185.5B	+8.61%
Gathering operation and maintenance expense per Mcf	Q3 FY2026	$0.13	—	—
General and administrative expense per Mcfe	Q3 FY2026	$0.17	$0.17	0.00%
Industrial sales	Q2 FY2026	305.0M	302.0M	+0.99%
Interruptible transportation	Q2 FY2026	583.0M	454.0M	+28.41%
Lease operating expense per Mcf	Q3 FY2026	$0.15	—	—
Pipeline & storage throughput	Q2 FY2026	247.5B	235.2B	+5.25%
Residential sales	Q2 FY2026	32.9B	32.1B	+2.56%
Retail sales	Q2 FY2026	38.8B	37.8B	+2.61%
Taxes and other	Q3 FY2026	$0.07	$0.08	−12.50%
Total cash operating costs	Q3 FY2026	$0.52	$0.91	−42.86%
Total operating costs	Q3 FY2026	$1.32	$1.53	−13.73%
Transportation	Q2 FY2026	25.5B	25.1B	+1.66%
Weighted average price	Q3 FY2026	$2.25	$2.69	−16.36%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Average realized natural gas price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Commercial sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Depreciation, depletion and amortization expense per Mcfe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
E&P segment net production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
E&P segment net production increase	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Firm transportation - affiliated	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Firm transportation - non-affiliated	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gathering operation and maintenance expense per Mcf	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
General and administrative expense per Mcfe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Industrial sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Interruptible transportation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Lease operating expense per Mcf	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pipeline & storage throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Residential sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Retail sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Taxes and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total cash operating costs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total operating costs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transportation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Weighted average price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.