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NJR

New Jersey Resources Corporation

NJR

New Jersey Resources Corporation • NYSE
$48.08 ▲ 0.42% (+0.20)
Market Cap $4.82 B
52w High $51.75
52w Low $43.46
Dividend Yield 1.82%
P/E 14.44
Volume 306.49K
Outstanding Shares 100.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $341.478M ▲ $0 $15.072M ▲ 4.414% ▲ $0.15 ▲ $95.462M ▲
Q3-2025 $323.884M ▼ $0 $-15.051M ▼ -4.647% ▼ $-0.15 ▼ $56.978M ▼
Q2-2025 $876.947M ▲ $0 $204.287M ▲ 23.295% ▼ $2.04 ▲ $344.922M ▲
Q1-2025 $490.993M ▲ $0 $131.319M ▲ 26.746% ▲ $1.32 ▲ $246.523M ▲
Q4-2024 $397.649M $0 $91.126M 22.916% $0.92 $200.662M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $9.511M ▼ $7.579B ▲ $5.187B ▲ $2.392B ▼
Q3-2025 $13.601M ▼ $7.274B ▲ $4.851B ▲ $2.424B ▼
Q2-2025 $103.598M ▲ $7.266B ▲ $4.788B ▼ $2.478B ▲
Q1-2025 $24.911M ▲ $7.194B ▲ $4.881B ▲ $2.313B ▲
Q4-2024 $14.26M $6.982B $4.781B $2.2B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-15.051M ▼ $-28.904M ▼ $-153.712M ▼ $99.914M ▲ $-82.702M ▼ $-206.272M ▼
Q2-2025 $204.287M ▲ $423.033M ▲ $-132.948M ▼ $-207.957M ▼ $82.128M ▲ $308.768M ▲
Q1-2025 $131.319M ▲ $-8.955M ▼ $-19.271M ▲ $29.177M ▼ $951K ▲ $-160.825M ▼
Q4-2024 $91.126M ▲ $64.513M ▲ $-176.489M ▼ $90.454M ▼ $-21.522M ▼ $-111.02M ▲
Q3-2024 $-11.574M $24.292M $-157.566M $150.662M $17.388M $-122.076M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Clean Energy Ventures
Clean Energy Ventures
 $30.00M ▲$10.00M ▼$10.00M ▲$70.00M ▲
Energy Services
Energy Services
 $90.00M ▲$250.00M ▲$40.00M ▼$80.00M ▲
Home Services and Other
Home Services and Other
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Natural Gas Distribution
Natural Gas Distribution
 $330.00M ▲$620.00M ▲$200.00M ▼$140.00M ▼
Storage And Transportation
Storage And Transportation
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement NJR’s earnings profile looks relatively solid and improving. While reported revenue has come down from a peak a few years ago, profit margins have expanded, suggesting better cost control, more stable pricing, or a shift toward higher‑margin activities. Operating profit and EBITDA have grown steadily, pointing to a business that is becoming more efficient over time. Net income and earnings per share have risen meaningfully versus a few years ago, with fewer big swings, which is attractive for a regulated utility aiming for stability.

Balance Sheet

Balance Sheet The balance sheet shows a growing asset base, consistent with heavy infrastructure and clean‑energy investments. Equity has been building over time, which provides a thicker capital cushion and supports future project funding. Debt levels have also moved higher, which is typical for utilities but still means the company depends heavily on borrowing and on continued regulatory support for cost recovery. Cash on hand is minimal, so liquidity relies more on cash generation and access to capital markets than on large cash reserves.

Cash Flow

Cash Flow NJR generates healthy cash flow from its operations, broadly in line with a mature, regulated utility. However, its capital spending is hefty, as it invests in gas infrastructure and renewable projects, so free cash flow has been negative in recent years. That means the company is funding part of its growth through new debt or equity rather than from internal cash alone. The pattern fits a long‑term, capital‑intensive buildout strategy but leaves less room for flexibility if conditions weaken.

Competitive Edge

Competitive Edge NJR benefits from the typical strengths of a regulated gas utility—stable demand, defined service territory, and long‑standing regulatory relationships—combined with a more diversified business mix than many peers. Its strong reputation for customer satisfaction and its history in New Jersey create a meaningful barrier for new entrants. Clean Energy Ventures and home services add additional revenue streams and help hedge against long‑term pressure on traditional gas usage. On the other hand, the company remains exposed to regulatory decisions, regional economic health, and the gradual shift away from fossil fuels.

Innovation and R&D

Innovation and R&D For a regional utility, NJR stands out for its push into innovation and cleaner energy. It has become a leading commercial solar player in New Jersey, including high‑profile landfill and floating solar projects that showcase technical and project‑development capabilities. The company is testing hydrogen blending, carbon capture, and high‑efficiency gas technologies, and is upgrading its network to be safer and more compatible with lower‑carbon fuels. Energy‑efficiency and community solar programs deepen customer relationships, but the payoff from these initiatives depends on execution, policy support, and how fast decarbonization technologies scale.

Summary

Overall, NJR looks like a traditional regulated gas utility that is steadily improving profitability while aggressively investing for a lower‑carbon future. Earnings and margins have trended upward, backed by a growing asset base and rising, but manageable, leverage. Cash flows reflect a business in heavy build‑out mode, leaning on external financing to fund infrastructure and renewable projects. Its strong customer reputation, regulatory relationships, and early moves in solar, hydrogen testing, and energy efficiency could support long‑term relevance, though success will hinge on regulatory outcomes, technology performance, and the pace of the energy transition.

NEWS

November 19, 2025 · 4:30 PM UTC

New Jersey Resources Reports Fiscal 2025 Fourth-Quarter and Year-End Results

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November 12, 2025 · 11:58 AM UTC

New Jersey Resources Announces Executive Leadership Changes

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November 5, 2025 · 11:30 AM UTC

New Jersey Resources Board of Directors Declares Quarterly Dividend

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November 4, 2025 · 10:23 AM UTC

Undisputed Legal Inc. Expands in New Jersey to Serve Corporate Litigation, Mass Torts, and International Legal Support

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October 16, 2025 · 7:00 AM UTC

New Jersey Resources Schedules Fiscal 2025 Fourth Quarter and Year-End Earnings Call

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