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NFG

National Fuel Gas Company

NFG

National Fuel Gas Company • NYSE
$82.45 ▲ 0.98% (+0.80)
Market Cap $7.45 B
52w High $94.13
52w Low $59.01
Dividend Yield 2.10%
P/E 14.52
Volume 236.81K
Outstanding Shares 90.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $456.406M ▼ $142.469M ▲ $107.342M ▼ 23.519% ▼ $1.19 ▼ $304.245M ▼
Q3-2025 $531.83M ▼ $24.18M ▼ $149.818M ▼ 28.17% ▼ $1.66 ▼ $355.194M ▼
Q2-2025 $729.95M ▲ $25.214M ▼ $216.358M ▲ 29.64% ▲ $2.39 ▲ $443.761M ▲
Q1-2025 $549.482M ▲ $163.858M ▼ $44.986M ▲ 8.187% ▲ $0.5 ▲ $203.281M ▲
Q4-2024 $372.068M $340.649M $-167.621M -45.051% $-1.83 $-84.486M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $43.166M ▲ $8.719B ▲ $5.625B ▲ $3.095B ▲
Q3-2025 $39.317M ▼ $8.446B ▼ $5.471B ▼ $2.975B ▲
Q2-2025 $39.954M ▼ $8.48B ▲ $5.714B ▲ $2.766B ▲
Q1-2025 $48.694M ▲ $8.301B ▼ $5.549B ▲ $2.753B ▼
Q4-2024 $38.222M $8.32B $5.471B $2.848B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $107.342M ▼ $237.751M ▼ $-273.736M ▼ $39.834M ▲ $3.849M ▲ $-47.754M ▼
Q3-2025 $149.818M ▼ $388.406M ▲ $-192.585M ▼ $-247.81M ▼ $-51.989M ▼ $195.35M ▲
Q2-2025 $216.358M ▲ $253.782M ▲ $-190.83M ▲ $-20.34M ▼ $42.612M ▲ $59.949M ▲
Q1-2025 $44.986M ▲ $220.088M ▲ $-234.549M ▲ $24.933M ▲ $10.472M ▲ $-20.339M ▲
Q4-2024 $-167.621M $197.946M $-248.334M $7.196M $-43.192M $-49.09M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Pipeline And Storage
Pipeline And Storage
 $110.00M ▲$110.00M ▲$110.00M ▲$110.00M ▲
Utility
Utility
 $230.00M ▲$340.00M ▲$160.00M ▼$90.00M ▼
Corporate And Intersegment Eliminations
Corporate And Intersegment Eliminations
 $-100.00M ▲$-100.00M ▲$-100.00M ▲$0 ▲
Exploration And Production
Exploration And Production
 $250.00M ▲$320.00M ▲$300.00M ▼$0 ▼
Gathering
Gathering
 $60.00M ▲$70.00M ▲$70.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue over the past few years has been generally solid but not on a clear growth path. After a strong upswing during the earlier part of the period, sales have eased back more recently. Profitability tells a clearer story: operating profit and net income were much stronger in the middle of the period and then dropped sharply in the most recent year. That suggests a mix of weaker commodity pricing, higher costs, or one‑off charges weighing on results. Overall, the business is still generating healthy gross profit from its operations, but the translation of that into bottom‑line earnings has become more challenging lately, pointing to margin pressure and a less favorable environment than a few years ago.

Balance Sheet

Balance Sheet The balance sheet looks relatively sturdy and fairly stable over time. Total assets have been edging up, reflecting ongoing investment in the network and production base. Debt levels have stayed in a similar range, not exploding higher, while shareholders’ equity has grown meaningfully compared with a few years ago. That combination typically points to a moderate leverage profile: the company is using debt but not in an obviously aggressive way. Cash on hand is modest, so the company relies more on steady cash generation and access to capital markets than on large cash reserves. Overall, the financial foundation appears sound but not cash‑rich.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has been consistently strong, even when accounting profits moved up and down. This is a key positive, as it shows the underlying business continues to bring in real cash. At the same time, National Fuel Gas has been spending heavily on capital projects, especially in the last several years, which absorbs much of that operating cash. As a result, free cash flow has been thin, only slightly positive in most recent years. This pattern indicates a company in an investment phase: prioritizing long‑term asset development and system upgrades over near‑term surplus cash, which can pay off over time but leaves less immediate financial flexibility.

Competitive Edge

Competitive Edge National Fuel Gas benefits from a vertically integrated model that stretches from gas production in the Appalachian region through gathering and pipelines all the way to regulated utility customers. This setup can help control costs, smooth out earnings across cycles, and give the company more control over its supply chain than pure‑play producers or standalone utilities. Its regulated utility and pipeline businesses provide a more predictable base of revenue, helping to offset volatile upstream earnings. On the other hand, the company operates in a highly competitive gas basin with many capable peers, and it faces long‑term structural headwinds from decarbonization policies and the shift toward electricity and renewables. Regulatory decisions, environmental rules, and public sentiment around fossil fuels remain key uncertainties for its competitive standing over the long run.

Innovation and R&D

Innovation and R&D Innovation at National Fuel Gas is focused on improving operations, safety, and environmental performance rather than classic lab‑style research. The company has a history of practical engineering advances, and more recently it has leaned into technologies like advanced gas processing units, modern leak detection tools, real‑time monitoring, and potential digital twins for its pipeline system. It is also actively working to cut methane emissions and is experimenting with hydrogen blending and renewable natural gas as possible future fuels. These efforts show a company trying to adapt its traditional gas infrastructure to a lower‑carbon world. The scale and timing of these projects are still evolving, so their ultimate financial impact and competitiveness versus peers remain uncertain and worth watching over the next several years.

Summary

National Fuel Gas comes across as a mature, integrated gas company with steady operations but more volatile earnings, driven in large part by commodity cycles and changing costs. Its recent income statement shows that profits can swing down even when revenues hold up, highlighting sensitivity to margins and one‑off items. The balance sheet is reasonably solid with manageable debt and growing equity, while cash flow underscores a business that reliably generates cash but is reinvesting heavily in its asset base, leaving only modest free cash flow. Competitively, its integrated structure and regulated segments provide meaningful advantages and stability, yet long‑term energy transition and regulatory pressures introduce real strategic risks. Its innovation efforts around methane reduction, digital infrastructure, hydrogen, and renewable natural gas suggest a proactive stance toward the future, but the payoff from these initiatives will depend on execution, policy support, and market adoption over time.

NEWS

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November 20, 2025 · 5:00 PM UTC

NATIONAL FUEL GAS COMPANY INVESTOR ALERT: Scott+Scott Attorneys at Law LLP Investigates National Fuel Gas Company's Directors and Officers for Breach of Fiduciary Duties – NFG

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November 19, 2025 · 5:00 PM UTC

New Found Gold Announces Infill and Expansion Drilling at the K2 Zone, Queensway Gold Project

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New Found Gold Files Third Quarter 2025 Financial Statements; Grants Stock Options and Restricted Share Units

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November 6, 2025 · 8:30 AM UTC

NATIONAL FUEL GAS COMPANY INVESTOR ALERT: Scott+Scott Attorneys at Law LLP Investigates National Fuel Gas Company's Directors and Officers for Breach of Fiduciary Duties – NFG

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