National Fuel Gas (NFG) FY2025 results: revenue $2.3 billion, up 17.1% on the year
National Fuel Gas Co. (NFG) reported revenue of $2.3 billion for fiscal 2025, the year ended 30 September 2025, up 17.1% on the year before. Net income was $519 million, up 568.9%, and diluted earnings per share $5.68. The figures are the company's own, from the 10-K it filed with the SEC on 21 November 2025.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 3 new, 11 kept.
- Adjusted EPS rose 58% in quarter: Fourth quarter adjusted EPS was $1.22, against $0.77 a year earlier. GAAP EPS was $1.18, compared with a net loss of $1.84 per share.
- Fiscal year adjusted EPS reached $6.91: Fiscal 2025 adjusted EPS was $6.91, up from $5.01. GAAP EPS was $5.68, compared with $0.84 in fiscal 2024.
- Segment adjusted earnings rose $43.6 million: Seneca and Gathering adjusted earnings were $106.9 million, up $43.6 million, mainly from higher production, higher realized prices, and lower per unit operating expenses. Segment adjusted EBITDA was $241.1 million.
- Production rose 21% on Tioga County pads: Seneca produced 112 Bcf in the quarter, up 20 Bcf. Management said two Utica pads turned in line in Tioga County were the main drivers.
- Operating cash flow rose to $1.10 billion: Net cash provided by operating activities was $1.10 billion for the fiscal year, compared with $1.07 billion. Net cash used in investing activities was $891.7 million.
From this 10-K
National Fuel Gas is a diversified energy company engaged mainly in the production, gathering, transportation, storage and distribution of natural gas, with assets centered in western New York and Pennsylvania. It is a holding company organized under New Jersey law and incorporated in 1902, and its fiscal year ends September 30. Its natural gas production work is focused on the Marcellus and Utica shales of the Appalachian region, and it reports three segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 2,278 | 1,945 | 2,174 | +17.1% | |
| Cost of revenue | 213 | 150 | 438 | +42.2% | |
| Gross profit | 2,064 | 1,795 | 1,736 | +15.0% | |
| Gross margin | 90.6% | 92.3% | 79.9% | ||
| Operating income | 813 | 210 | 755 | +287.9% | |
| Operating margin | 35.7% | 10.8% | 34.7% | ||
| Interest expense | 156 | 139 | 132 | +12.4% | |
| Pre-tax income | 694 | 87.3 | 641 | +695.4% | |
| Income tax | 176 | 9.7 | 165 | +1,702.0% | |
| Effective tax rate | 25.3% | 11.2% | 25.7% | ||
| Net income | 519 | 77.5 | 477 | +568.9% | |
| Net margin | 22.8% | 4.0% | 21.9% | ||
| Diluted EPS | $5.68 | $0.84 | $5.17 | +576.2% |
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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
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,100 | 1,066 | 1,237 | +3.2% | |
| Capital expenditure | 913 | 931 | 1,010 | -2.0% | |
| Free cash flow | 187 | 135 | 227 | +39.0% | |
| Free cash flow margin | 8.2% | 6.9% | 10.5% | ||
| Cash from investing | -892 | -934 | -1,112 | ||
| Cash from financing | -203 | -149 | -207 | ||
| Depreciation and amortisation | 457 | 457 | 410 | -0.1% | |
| Share-based compensation | 19.8 | 22.1 | 20.6 | -10.5% | |
| Buybacks | 54.4 | 64.1 | 0.0 | -15.1% | |
| Dividends paid | 188 | 184 | 176 | +2.5% | |
| Dividend per share | $2.10 | $2.02 | $1.94 | +4.0% | |
| Diluted shares, weighted | 91m | 92m | 92m | -1.2% | |
| Shares outstanding at period end | 90m | 91m | 92m | -0.7% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 3,095 | -15.5 | -55.1 | ||
| Non-controlling interest | n/a | 2,864 | 3,018 | ||
| Debt | 2,833 | 2,779 | 2,672 | +1.9% | |
| Operating lease liabilities | 29.7 | 32.6 | 29.5 | -9.0% | |
| Other liabilities | 2,762 | 2,660 | 2,615 | +3.8% | |
| Total liabilities and equity | 8,719 | 8,320 | 8,280 | +4.8% | |
| Fixed assets | 7,713 | 7,339 | 7,300 | +5.1% | |
| Goodwill | 5.5 | 5.5 | 5.5 | 0.0% | |
| Cash and equivalents | 43.2 | 38.2 | 55.4 | +12.9% | |
| Receivables | 181 | 127 | 161 | +42.1% | |
| Other assets | 777 | 810 | 759 | -4.0% | |
| Total assets | 8,719 | 8,320 | 8,280 | +4.8% |
10-K for the year ended 30 September 2025, filed 21 November 2025: the filing.