NFG

MKT CAP:$8B

National Fuel Gas Company

Market Cap

$8B

Energy·Oil & Gas Integrated·🇺🇸 United States·NYSE

Energy·Oil & Gas Integrated·🇺🇸·NYSE

Stock Price

$86.51+$4.45 (+5.42%)

Apr 22, 2026

Company Details

National Fuel Gas Company operates as a diversified energy company. It operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment explores for, develops, ...

CEO

David Bauer

IPO Date

May 3, 1973

Website

www.nationalfuel.com

Key Metrics TTM

Revenue

$2.4B

+20.4% YoY

Net Income

$655M

EPS (Diluted)

$7.17

Free Cash Flow

$205M

Revenue / Share

$25.77

Gross Margin

51.5%

Operating Margin

42.3%

Net Margin

27.6%

FCF Margin

8.6%

P/S

3.5x

P/E

12.8x

Earnings Reports

Q2 2026

Apr 29, 2026

PENDING

Q1 2026

Jan 29, 2026

$652M+18.6%EPS $1.98

FY 2025

Nov 21, 2025

$2.3B+17.1%EPS $5.68

Q4 2025

Nov 21, 2025

$456M+22.7%EPS $1.18

Q3 2025

Jul 31, 2025

$532M+27.4%EPS $1.64

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$702M	$274M	$246M
Q3 22	$503M	$194M	$181M
Q4 22	$435M	$201M	$178M
Q1 23	$659M	$281M	$254M
Q2 23	$717M	$247M	$221M
Q3 23	$429M	$175M	$154M
Q4 23	$369M	$146M	$125M
Q1 24	$525M	$230M	$207M
Q2 24	$630M	$274M	$251M
Q3 24	$417M	$170M	-$51M
Q4 24	$372M	$144M	-$197M
Q1 25	$549M	$250M	$86M
Q2 25	$730M	$342M	$317M
Q3 25	$532M	$254M	$230M
Q4 25	$456M	$322M	$180M
Q1 26	$652M	$301M	$276M

Valuation

Quarter	P/S	P/E
Q2 22	4.2x	17.7x
Q3 22	4.0x	17.0x
Q4 22	3.8x	14.8x
Q1 23	3.7x	13.9x
Q2 23	3.6x	14.5x
Q3 23	3.7x	14.9x
Q4 23	3.9x	17.6x
Q1 24	4.1x	19.1x
Q2 24	4.3x	18.0x
Q3 24	4.3x	26.3x
Q4 24	4.3x	108.2x
Q1 25	4.3x	—
Q2 25	4.1x	212.1x
Q3 25	3.8x	34.4x
Q4 25	3.7x	16.2x
Q1 26	3.5x	12.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$254M	$52M
Q3 22	$228M	$51M
Q4 22	$159M	-$61M
Q1 23	$327M	$94M
Q2 23	$384M	$108M
Q3 23	$344M	$125M
Q4 23	$182M	-$100M
Q1 24	$271M	$24M
Q2 24	$315M	$80M
Q3 24	$282M	$80M
Q4 24	$198M	-$49M
Q1 25	$220M	-$20M
Q2 25	$254M	$60M
Q3 25	$388M	$195M
Q4 25	$238M	-$48M
Q1 26	$275M	-$3M

Capital Expenditures

Quarter	CapEx
Q2 22	$202M
Q3 22	$177M
Q4 22	$219M
Q1 23	$233M
Q2 23	$276M
Q3 23	$219M
Q4 23	$282M
Q1 24	$247M
Q2 24	$235M
Q3 24	$202M
Q4 24	$247M
Q1 25	$240M
Q2 25	$194M
Q3 25	$193M
Q4 25	$286M
Q1 26	$278M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+27.3%	+35.1%
Q3 22	+27.4%	+31.8%
Q4 22	+22.2%	+15.0%
Q1 23	+20.5%	+20.1%
Q2 23	+2.2%	+8.9%
Q3 23	-14.7%	-14.7%
Q4 23	-15.2%	-5.3%
Q1 24	-20.3%	-21.3%
Q2 24	-12.2%	-23.5%
Q3 24	-2.6%	+70.7%
Q4 24	+0.8%	+133.4%
Q1 25	+4.6%	+45.6%
Q2 25	+15.9%	+8.8%
Q3 25	+27.4%	-35.7%
Q4 25	+22.7%	-51.4%
Q1 26	+18.6%	-19.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$5M	0.7%
Q3 22	$5M	0.9%
Q4 22	$0	0.0%
Q1 23	$6M	0.8%
Q2 23	$6M	0.8%
Q3 23	$5M	1.1%
Q4 23	$5M	1.3%
Q1 24	$5M	0.9%
Q2 24	$6M	0.9%
Q3 24	$6M	1.3%
Q4 24	$6M	1.6%
Q1 25	$5M	0.9%
Q2 25	$6M	0.8%
Q3 25	$5M	1.0%
Q4 25	$4M	0.9%
Q1 26	$0	0.0%

Revenue Segments

Quarter	Corporate And Intersegment Eliminations	Exploration And Production	Gathering	Pipeline And Storage	Utility
Q2 22	-$77M	$262M	$53M	$95M	$370M
Q3 22	-$81M	$253M	$56M	$96M	$180M
Q4 22	-$156M	$252M	$54M	$120M	$170M
Q1 23	-$84M	$277M	$56M	$98M	$312M
Q2 23	-$86M	$263M	$57M	$95M	$407M
Q3 23	-$84M	$217M	$59M	$92M	$145M
Q1 24	-$88M	$254M	$63M	$94M	$202M
Q2 24	-$97M	$265M	$64M	$108M	$291M
Q3 24	-$94M	$221M	$60M	$105M	$125M
Q4 24	-$91M	$222M	$58M	$105M	$80M
Q1 25	-$96M	$249M	$61M	$107M	$229M
Q2 25	-$100M	$320M	$65M	$110M	$344M
Q3 25	-$103M	$304M	$68M	$106M	$158M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$155M	$0	$155M
Q3 22	$587M	$0	$587M
Q4 22	$46M	$0	$46M
Q1 23	$246M	$0	$246M
Q2 23	$72M	$0	$72M
Q3 23	$53M	$0	$53M
Q4 23	$55M	$0	$55M
Q1 24	$42M	$0	$42M
Q2 24	$51M	$0	$51M
Q3 24	$81M	$0	$81M
Q4 24	$38M	$0	$38M
Q1 25	$49M	$0	$49M
Q2 25	$40M	$0	$40M
Q3 25	$39M	$0	$39M
Q4 25	$43M	$0	$43M
Q1 26	$271M	$0	$271M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	92M	+0.0%	+0.5%
Q3 22	92M	+0.1%	+0.4%
Q4 22	92M	+0.1%	+0.4%
Q1 23	92M	+0.1%	+0.3%
Q2 23	92M	-0.0%	+0.2%
Q3 23	92M	+0.0%	+0.1%
Q4 23	92M	+0.1%	+0.2%
Q1 24	92M	+0.1%	+0.2%
Q2 24	93M	+0.1%	+0.3%
Q3 24	92M	-0.7%	-0.5%
Q4 24	91M	-0.7%	-1.2%
Q1 25	91M	+0.2%	-1.1%
Q2 25	91M	-0.3%	-1.4%
Q3 25	91M	-0.0%	-0.8%
Q4 25	91M	+0.1%	-0.1%
Q1 26	92M	+0.8%	+0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$320.7K	2K
Q3 22	$229.7K	2K
Q4 22	$204.1K	2K
Q1 23	$309.0K	2K
Q2 23	$336.4K	2K
Q3 23	$201.1K	2K
Q4 23	$164.7K	2K
Q1 24	$234.5K	2K
Q2 24	$281.2K	2K
Q3 24	$186.4K	2K
Q4 24	$161.0K	2K
Q1 25	$237.8K	2K
Q2 25	$315.9K	2K
Q3 25	$230.1K	2K
Q4 25	$196.6K	2K
Q1 26	$280.6K	2K

Revenue / Employee