NFG FY 2025 Earnings Report — National Fuel Gas Company Revenue & Financial Results | Market Cap Arena

National Fuel Gas CompanyNFG

FY 2025 Earnings

Reported November 21, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$2.3B	—	$1.9B	—	17.1%
Op. Income	$813M	—	$210M	—	287.9%
Gross Margin	66.1%	—	42.0%	—	24.1pp
Net Margin	22.8%	—	4.0%	—	18.8pp
EPS (Diluted)	$5.68	—	$0.84	—	576.2%
Free Cash Flow	$187M	—	$135M	—	39.0%

Revenue Flow

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$771M
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$693M
Operating Expenses	$693M
Cost & Expenses	$1.5B
OPERATING INCOME	$813M
Interest Income	$0
Interest Expense	$156M
Other Income/Expenses	-$119M
INCOME BEFORE TAX	$694M
Income Tax Expense	$176M
Net Income from Continuing Ops	$519M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$519M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$519M
D&A	$457M
EBIT	$850M
EBITDA	$1.3B
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$771M
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$693M
Operating Expenses	$693M
Cost & Expenses	$1.5B
OPERATING INCOME	$813M
Interest Income	$0
Interest Expense	$156M
Other Income/Expenses	-$119M
INCOME BEFORE TAX	$694M
Income Tax Expense	$176M
Net Income from Continuing Ops	$519M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$519M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$519M
D&A	$457M
EBIT	$850M
EBITDA	$1.3B
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$519M
Depreciation & Amortization	$457M
Stock-Based Compensation	$20M
Deferred Income Tax	$121M
Other Non-Cash Items	$169M
Change in Working Capital	-$185M
OPERATING CASH FLOW	$1.1B
Capital Expenditure	-$913M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$21M
NET CASH FROM INVESTING	-$892M
Net Debt Issuance	$44M
Common Stock Repurchased	-$59M
Common Dividends Paid	-$188M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$203M
FREE CASH FLOW	$187M
Net Change in Cash	$5M

Balance Sheet

Item	Amount
Cash & Equivalents	$43M
Short-Term Investments	$0
Net Receivables	$226M
Inventory	$90M
Other Current Assets	$35M
TOTAL CURRENT ASSETS	$411M
PP&E (Net)	$7.7B
Goodwill	$5M
Intangible Assets	$0
Long-Term Investments	$108M
Tax Assets	$0
Other Non-Current Assets	$483M
TOTAL NON-CURRENT ASSETS	$8.3B
TOTAL ASSETS	$8.7B
Account Payables	$184M
Short-Term Debt	$450M
Deferred Revenue	$47M
Other Current Liabilities	$135M
TOTAL CURRENT LIABILITIES	$926M
Long-Term Debt	$2.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.2B
Other Non-Current Liabilities	$1.1B
TOTAL NON-CURRENT LIABILITIES	$4.7B
TOTAL LIABILITIES	$5.6B
Common Stock	$90M
Additional Paid-In Capital	$1.1B
Retained Earnings	$2.0B
Treasury Stock	$0
Accum. Other Comp. Income	-$59M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.1B
Minority Interest	$0
TOTAL EQUITY	$3.1B
TOTAL LIABILITIES & EQUITY	$8.7B
Total Debt	$2.8B
Net Debt	$2.8B