National Fuel GAS (NFG) Q4 FY2025 earnings: revenue $466 million, up 25.3% on the year

National Fuel GAS Co. (NFG) reported revenue of $466 million for Q4 FY2025, the quarter ended 30 September 2025, up 25.3% on the same quarter a year earlier. Net income was $107 million, and diluted earnings per share $1.18. The figures are the company's own, from the 10-K it filed with the SEC on 21 November 2025.

Revenue$466 millionup 25.3%

Net income$107 million

Diluted EPS$1.18

QuarterQ4 FY2025ended 30 September 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	466	532	372	+25.3%
Cost of revenue	n/a	28.0	n/a	n/a
Gross profit	n/a	504	n/a	n/a
Gross margin	n/a	94.7%	n/a
Operating income	180	230	-197	n/a
Operating margin	38.6%	43.3%	-52.8%
Interest expense	35.4	37.9	33.0	+7.4%
Pre-tax income	149	201	-228	n/a
Income tax	41.9	51.1	-60.4	n/a
Effective tax rate	28.1%	25.4%	n/a
Net income	107	150	-168	n/a
Net margin	23.0%	28.2%	-45.1%
Diluted EPS	$1.18	$1.64	-$1.81	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	238	388	198	+20.1%
Capital expenditure	286	193	247	+15.6%
Free cash flow	-47.8	195	-49.1	n/a
Free cash flow margin	-10.2%	36.7%	-13.2%
Cash from investing	-274	-193	-248	n/a
Cash from financing	39.8	-248	7.2	+453.6%
Depreciation and amortisation	120	116	109	+9.8%
Share-based compensation	4.0	5.2	6.1	-33.8%
Buybacks	0.0	4.0	36.2	n/a
Dividends paid	48.3	46.6	47.2	+2.4%
Dividend per share	n/a	$0.54	n/a	n/a
Diluted shares, weighted	91m	91m	92m	-1.2%
Shares outstanding at period end	90m	90m	91m	-0.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	3,095	2,975	-15.5	n/a
Non-controlling interest	n/a	n/a	2,864	n/a
Short-term borrowings	150	61.5	90.7	+65.6%
Debt	2,683	2,682	2,688	-0.2%
Operating lease liabilities	29.7	n/a	32.6	-9.0%
Other liabilities	2,762	2,727	2,660	+3.8%
Total liabilities and equity	8,719	8,446	8,320	+4.8%
Fixed assets	7,713	7,456	7,339	+5.1%
Goodwill	5.5	5.5	5.5	+0.0%
Cash and equivalents	43.2	39.3	38.2	+12.9%
Other assets	958	945	937	+2.2%
Total assets	8,719	8,446	8,320	+4.8%

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	369	525	630	417	372	549	730	532	466	652	858	537
Cost of revenue	n/a	56.6	106	5.0	n/a	65.3	135	28.0	n/a	85.6	208	29.9
Gross profit	n/a	469	524	412	n/a	484	595	504	n/a	566	651	508
Gross margin	n/a	89%	83%	99%	n/a	88%	81%	95%	n/a	87%	76%	94%
Operating income	125	207	251	-51.4	-197	86.2	317	230	180	276	347	209
Operating margin	34%	39%	40%	-12%	-53%	16%	43%	43%	39%	42%	40%	39%
Interest expense	n/a	28.5	28.5	32.9	33.0	37.7	44.8	37.9	35.4	43.4	33.7	36.0
Pre-tax income	97.8	176	222	-82.5	-228	56.2	288	201	149	241	330	185
Tax rate	25%	24%	25%	n/a	n/a	20%	25%	25%	28%	25%	25%	25%
Net income	73.7	133	166	-54.2	-168	45.0	216	150	107	182	248	139
Net margin	20%	25%	26%	-13%	-45%	8%	30%	28%	23%	28%	29%	26%
Diluted EPS	$0.80	$1.44	$1.80	-$0.59	-$1.81	$0.49	$2.37	$1.64	$1.18	$1.98	$2.59	$1.45
Operating cash flow	182	271	315	282	198	220	254	388	238	275	382	377
Capital expenditure	282	247	235	202	247	240	194	193	286	278	221	266
Free cash flow	-100	24.0	80.3	79.5	-49.1	-20.3	59.9	195	-47.8	-2.7	162	111
Buybacks	n/a	0.0	4.2	23.6	36.2	33.5	16.9	4.0	0.0	0.0	0.0	0.0
Dividends paid	45.4	45.5	45.6	45.6	47.2	46.9	46.7	46.6	48.3	48.4	50.8	50.8
Shares outstanding	92m	92m	92m	92m	91m	91m	90m	90m	90m	95m	95m	95m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 September 2025, filed 21 November 2025, accession 0000070145-25-000039: the filing on EDGAR. All of National Fuel GAS Co.'s filings: EDGAR company page.

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