Revenue growth has accelerated to 17.6% as of 2026Q2, marking a sharp recovery from the 2024 period where operating margins dipped into negative territory.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 2.5B | 2.28B | 1.94B | 2.17B | 2.19B | 1.74B | 1.55B | 1.69B | 1.59B | 1.58B | 1.45B | 1.76B | 2.11B | 1.83B | 1.63B | 1.78B | 1.76B | 2.05B | 2.4B | 2.04B | 2.24B | 1.86B | 1.91B | 1.92B | 1.46B | 2.06B | 1.41B | 1.26B | 1.25B | 1.27B | 1.21B |
| Revenue Growth % | 20.74% | 17.11% | -10.53% | -0.56% | 25.44% | 12.7% | -8.68% | 6.32% | 0.81% | 8.78% | -17.52% | -16.67% | 15.5% | 12.46% | -8.54% | 1.04% | -14.19% | -14.53% | 17.69% | -8.93% | 20.36% | -2.47% | -0.71% | 31.21% | -28.9% | 45.84% | 11.81% | 1.22% | -1.41% | 4.78% | 23.83% |
| Cost of Goods Sold | 1.25B | 771.31M | 1.13B | 1.33B | 1.28B | 982.94M | 978.6M | 1.09B | 988.55M | 901.11M | 838.91M | 1.16B | 1.45B | 1.23B | 1.09B | 1.26B | 658.43M | 997.22M | 1.24B | 1.02B | 1.27B | 959.83M | 949.45M | 963.57M | 513.49M | 1.06B | 543.28M | 461.7M | 479.3M | 530.1M | 477.6M |
| COGS % of Revenue | - | 33.87% | 57.95% | 61% | 58.69% | 56.4% | 63.29% | 64.53% | 62.07% | 57.04% | 57.76% | 65.66% | 68.75% | 67.19% | 66.91% | 70.6% | 37.4% | 48.61% | 51.46% | 49.92% | 56.6% | 51.58% | 49.76% | 50.14% | 35.06% | 51.34% | 38.46% | 36.55% | 38.41% | 41.88% | 39.54% |
| Gross Profit | 1.25B | 1.51B | 817.7M | 847.85M | 902.96M | 759.72M | 567.7M | 600.7M | 604.12M | 678.77M | 613.5M | 604.77M | 660.38M | 600.27M | 538.34M | 523.06M | 1.1B | 1.05B | 1.17B | 1.02B | 972.11M | 900.95M | 958.52M | 958.01M | 951M | 1B | 869.14M | 801.57M | 768.7M | 735.7M | 730.4M |
| Gross Margin % | 50.04% | 66.13% | 42.05% | 39% | 41.31% | 43.6% | 36.71% | 35.47% | 37.93% | 42.96% | 42.24% | 34.34% | 31.25% | 32.81% | 33.09% | 29.4% | 62.6% | 51.39% | 48.54% | 50.08% | 43.4% | 48.42% | 50.24% | 49.86% | 64.94% | 48.66% | 61.54% | 63.45% | 61.59% | 58.12% | 60.46% |
| Gross Profit Growth % | - | 84.2% | -3.56% | -6.1% | 18.85% | 33.83% | -5.49% | -0.57% | -11% | 10.64% | 1.44% | -8.42% | 10.01% | 11.5% | 2.92% | -52.54% | 4.53% | -9.52% | 14.07% | 5.08% | 7.9% | -6.01% | 0.05% | 0.74% | -5.13% | 15.33% | 8.43% | 4.28% | 4.49% | 0.73% | 16.98% |
| Operating Expenses | 216.69M | 692.78M | 607.98M | 92.7M | 88.45M | 119.8M | 537.84M | 88.89M | 84.39M | 85M | 1.03B | 1.22B | 90.71M | 82.43M | 90.29M | 81.9M | 661.62M | 826.73M | 679.08M | 624.99M | 616.49M | 616.92M | 625.39M | 555.38M | 662.15M | 803.74M | 571.43M | 544.7M | 660.7M | 498.7M | 506.7M |
| OpEx % of Revenue | - | 30.42% | 31.26% | 4.26% | 4.05% | 6.87% | 34.78% | 5.25% | 5.3% | 5.38% | 70.92% | 69.04% | 4.29% | 4.51% | 5.55% | 4.6% | 37.58% | 40.3% | 28.29% | 30.64% | 27.53% | 33.15% | 32.78% | 28.9% | 45.21% | 39.02% | 40.46% | 43.12% | 52.94% | 39.4% | 41.95% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 692.78M | 607.98M | 92.7M | 88.45M | 119.8M | 537.84M | 88.89M | 84.39M | 85M | 1.03B | 1.22B | 90.71M | 82.43M | 90.29M | 81.9M | 661.62M | 826.73M | 679.08M | 624.99M | 616.49M | 616.92M | 625.39M | 555.38M | 662.15M | 803.74M | 571.43M | 544.7M | 660.7M | 498.7M | 506.7M |
| Operating Income | 1.03B | 813.46M | 209.72M | 755.15M | 814.52M | 639.92M | 29.86M | 511.81M | 519.72M | 593.78M | -416.52M | -611.05M | 569.67M | 517.84M | 448.05M | 441.16M | 440.45M | 227.59M | 486.13M | 396.5M | 355.62M | 284.03M | 333.12M | 402.63M | 288.86M | 198.66M | 297.71M | 256.87M | 108M | 237M | 223.7M |
| Operating Margin % | 41.36% | 35.72% | 10.78% | 34.74% | 37.26% | 36.72% | 1.93% | 30.23% | 32.63% | 37.58% | -28.68% | -34.7% | 26.96% | 28.3% | 27.54% | 24.8% | 25.02% | 11.09% | 20.25% | 19.44% | 15.88% | 15.26% | 17.46% | 20.95% | 19.72% | 9.64% | 21.08% | 20.33% | 8.65% | 18.72% | 18.52% |
| Operating Income Growth % | - | 287.87% | -72.23% | -7.29% | 27.28% | 2043.22% | -94.17% | -1.52% | -12.47% | 242.56% | 31.84% | -207.26% | 10.01% | 15.58% | 1.56% | 0.16% | 93.52% | -53.18% | 22.6% | 11.49% | 25.21% | -14.74% | -17.26% | 39.39% | 45.4% | -33.27% | 15.9% | 137.85% | -54.43% | 5.95% | 32.92% |
| EBITDA | 1.51B | 1.27B | 666.75M | 1.16B | 1.18B | 975.23M | 336.02M | 787.47M | 760.68M | 817.97M | -167.1M | -274.89M | 953.45M | 844.6M | 719.58M | 667.69M | 632.26M | 401M | 656.75M | 567.3M | 535.24M | 477.17M | 522.66M | 597.85M | 469.52M | 373.57M | 439.88M | 386.57M | 226.9M | 348.7M | 321.9M |
| EBITDA Margin % | 60.47% | 55.76% | 34.28% | 53.58% | 54.18% | 55.96% | 21.73% | 46.5% | 47.76% | 51.77% | -11.51% | -15.61% | 45.12% | 46.16% | 44.23% | 37.54% | 35.91% | 19.55% | 27.36% | 27.81% | 23.9% | 25.64% | 27.39% | 31.11% | 32.06% | 18.14% | 31.14% | 30.6% | 18.18% | 27.55% | 26.65% |
| EBITDA Growth % | 152.44% | 90.48% | -42.75% | -1.65% | 21.44% | 190.23% | -57.33% | 3.52% | -7% | 589.51% | 39.21% | -128.83% | 12.89% | 17.37% | 7.77% | 5.6% | 57.67% | -38.94% | 15.77% | 5.99% | 12.17% | -8.7% | -12.58% | 27.33% | 25.68% | -15.07% | 13.79% | 70.37% | -34.93% | 8.33% | 34.07% |
| D&A (Non-Cash Add-back) | 477.3M | 456.59M | 457.03M | 409.57M | 369.79M | 335.3M | 306.16M | 275.66M | 240.96M | 224.19M | 249.42M | 336.16M | 383.78M | 326.76M | 271.53M | 226.53M | 191.81M | 173.41M | 170.62M | 170.8M | 179.62M | 193.14M | 189.54M | 195.23M | 180.67M | 174.91M | 142.17M | 129.7M | 0 | 111.7M | 0 |
| EBIT | 1.05B | 849.89M | 225.95M | 773.28M | 813.01M | 624.69M | 12.04M | 496.27M | 498.55M | 564M | -402.46M | -599.09M | 583.3M | 526.87M | 456.87M | 500.9M | 450.31M | 243.13M | 510.62M | 396.5M | 355.62M | 284.03M | 333.12M | 402.63M | 288.86M | 198.66M | 297.71M | 256.87M | 108M | 237M | 223.7M |
| Net Interest Income | -150.44M | -155.83M | -138.69M | -131.89M | -130.36M | -146.36M | -117.08M | -106.76M | -114.52M | -119.84M | -116.81M | -95.55M | -90.11M | -89.78M | -82.55M | -75.2M | -90.22M | -81.01M | -63.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.24M | 3.92M | 4.17M | 4.33M | 3.69M | 2.92M | 3.73M | 5.78M | 10.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 150.44M | 155.83M | 138.69M | 131.89M | 130.36M | 146.36M | 117.08M | 106.76M | 114.52M | 119.84M | 121.04M | 99.47M | 94.28M | 94.11M | 86.24M | 78.12M | 93.95M | 86.79M | 73.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -111.73M | -119.41M | -122.47M | -113.75M | -131.87M | -161.59M | -134.89M | -122.3M | -135.7M | -149.61M | -106.99M | -87.51M | -80.65M | -85.08M | -77.42M | -18.38M | -84.09M | -71.25M | -49.48M | -63.01M | -62.76M | -59.97M | -84.27M | -97.41M | -99.14M | -96.05M | -93.43M | -77.07M | -51.7M | -53.6M | -52.7M |
| Pretax Income | 921.54M | 694.05M | 87.25M | 641.4M | 682.65M | 478.33M | -105.03M | 389.51M | 384.03M | 444.16M | -523.51M | -698.56M | 489.03M | 432.76M | 370.63M | 422.78M | 356.36M | 151.83M | 436.65M | 333.49M | 292.86M | 246.49M | 248.85M | 305.22M | 189.72M | 102.61M | 204.28M | 179.8M | 56.3M | 183.4M | 171M |
| Pretax Margin % | 36.89% | 30.47% | 4.49% | 29.51% | 31.23% | 27.45% | -6.79% | 23% | 24.11% | 28.11% | -36.04% | -39.67% | 23.14% | 23.65% | 22.78% | 23.77% | 20.24% | 7.4% | 18.19% | 16.35% | 13.08% | 13.25% | 13.04% | 15.88% | 12.95% | 4.98% | 14.46% | 14.23% | 4.51% | 14.49% | 14.16% |
| Income Tax | 235.07M | 175.55M | 9.74M | 164.53M | 116.63M | 114.68M | 18.74M | 85.22M | -7.49M | 160.68M | -232.55M | -319.14M | 189.61M | 172.76M | 150.55M | 164.38M | 137.23M | 51.12M | 167.92M | 131.81M | 108.25M | 92.98M | 94.59M | 124.15M | 72.03M | 37.11M | 77.07M | 64.8M | 24M | 68.7M | 66.3M |
| Effective Tax Rate % | 25.51% | 25.29% | 11.16% | 25.65% | 17.08% | 23.98% | -17.84% | 21.88% | -1.95% | 36.18% | 44.42% | 45.68% | 38.77% | 39.92% | 40.62% | 38.88% | 38.51% | 33.67% | 38.46% | 39.53% | 36.96% | 37.72% | 38.01% | 40.68% | 37.97% | 36.16% | 37.73% | 36.04% | 42.63% | 37.46% | 38.77% |
| Net Income | 686.47M | 518.5M | 77.51M | 476.87M | 566.02M | 363.65M | -123.77M | 304.29M | 391.52M | 283.48M | -290.96M | -379.43M | 299.41M | 260M | 220.08M | 258.4M | 225.91M | 100.71M | 268.73M | 337.45M | 138.09M | 189.49M | 166.59M | 178.94M | 117.68M | 65.5M | 127.21M | 115M | 23.2M | 114.7M | 104.7M |
| Net Margin % | 27.48% | 22.77% | 3.99% | 21.94% | 25.89% | 20.87% | -8% | 17.97% | 24.58% | 17.94% | -20.03% | -21.55% | 14.17% | 14.21% | 13.53% | 14.53% | 12.83% | 4.91% | 11.2% | 16.55% | 6.17% | 10.18% | 8.73% | 9.31% | 8.04% | 3.18% | 9.01% | 9.1% | 1.86% | 9.06% | 8.67% |
| Net Income Growth % | 1635.05% | 568.93% | -83.75% | -15.75% | 55.65% | 393.8% | -140.68% | -22.28% | 38.11% | 197.43% | 23.32% | -226.72% | 15.16% | 18.14% | -14.83% | 14.38% | 124.32% | -62.52% | -20.37% | 144.37% | -27.12% | 13.75% | -6.91% | 52.06% | 79.67% | -48.51% | 10.61% | 395.69% | -79.77% | 9.55% | 37.94% |
| Net Income (Continuing) | 686.47M | 518.5M | 77.51M | 476.87M | 566.02M | 363.65M | -123.77M | 304.29M | 391.52M | 283.48M | -290.96M | -379.43M | 299.41M | 260M | 220.08M | 258.4M | 219.13M | 103.48M | 268.73M | 201.68M | 184.61M | 153.51M | 154.26M | 181.07M | 117.68M | 65.5M | 127.21M | 115M | 32.3M | 114.7M | 104.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135.78M | 0 | 0 | 12.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.05M | 33.28M | 28.79M | 22.32M | 23.03M | 27.6M | 25.5M | 0 | 0 |
| EPS (Diluted) | 7.17 | 5.68 | 0.84 | 5.17 | 6.15 | 3.97 | -1.41 | 3.51 | 4.53 | 3.30 | -3.43 | -4.50 | 3.52 | 3.08 | 2.63 | 3.09 | 2.73 | 1.25 | 3.18 | 3.96 | 1.61 | 2.23 | 2.01 | 2.20 | 1.46 | 0.82 | 1.61 | 1.48 | 0.30 | 1.49 | 1.39 |
| EPS Growth % | 1618.6% | 576.19% | -83.75% | -15.93% | 54.91% | 381.56% | -140.17% | -22.52% | 37.27% | 196.21% | 23.78% | -227.84% | 14.29% | 17.11% | -14.89% | 13.19% | 118.4% | -60.69% | -19.7% | 145.96% | -27.8% | 10.95% | -8.64% | 50.68% | 78.05% | -49.07% | 8.78% | 393.33% | -79.87% | 7.19% | 37.62% |
| EPS (Basic) | - | 5.73 | 0.84 | 5.20 | 6.19 | 3.99 | -1.41 | 3.53 | 4.56 | 3.32 | -3.43 | -4.50 | 3.57 | 3.11 | 2.65 | 3.13 | 2.78 | 1.26 | 3.27 | 4.06 | 1.64 | 2.27 | 2.03 | 2.21 | 1.47 | 0.83 | 1.63 | 1.49 | 0.31 | 1.51 | 1.39 |
| Diluted Shares Outstanding | 95.69M | 91.23M | 92.34M | 92.29M | 92.11M | 91.68M | 87.97M | 86.77M | 86.44M | 86.02M | 84.85M | 84.39M | 84.95M | 84.34M | 83.74M | 83.67M | 82.66M | 80.63M | 84.47M | 85.3M | 86.03M | 84.77M | 82.72M | 81.1M | 80.53M | 79.88M | 79.17M | 78.08M | 77.41M | 76.98M | 75.6M |
| Basic Shares Outstanding | 95.03M | 90.5M | 91.79M | 91.75M | 91.41M | 91.13M | 87.97M | 86.24M | 85.83M | 85.36M | 84.85M | 84.39M | 83.93M | 83.52M | 83.13M | 82.51M | 81.38M | 79.65M | 82.3M | 83.14M | 84.03M | 83.34M | 81.85M | 80.63M | 79.82M | 78.91M | 78.23M | 77.33M | 76.63M | 76.21M | 75.32M |
| Dividend Payout Ratio | - | 36.34% | 237.12% | 36.93% | 29.71% | 44.85% | - | 48.45% | 36.59% | 49.06% | - | - | 42.3% | 47.2% | 53.98% | 44.33% | 48.51% | 103.43% | 38.58% | 29.82% | 71.16% | 49.69% | 53.48% | 47.24% | - | 117.06% | 57.42% | 60.96% | 289.66% | 56.06% | 58.45% |
Regulatory and Commodity Volatility
According to recent financial disclosures, NFG has demonstrated a notable acceleration in top-line performance, with revenue growth reaching 17.6% in 2026Q2, marking a significant recovery from the contractionary periods observed throughout 2024 as the company successfully navigated volatile regional natural gas pricing environments.
The recent revenue expansion suggests that the company's integrated model is effectively capturing value despite regional pricing pressures. Investors should monitor whether this growth is sustainable or merely a reflection of seasonal demand spikes and favorable basis differentials in the Appalachian corridor.
As reported in quarterly filings, NFG's gross margin profile has exhibited significant fluctuations, ranging from a low of 38.7% in 2024Q4 to a peak of 70.6% in 2025Q4, highlighting the inherent sensitivity of the E&P segment to commodity price cycles and non-cash accounting adjustments.
The wide variance in gross margins appears to be driven by the company's use of full-cost accounting, which can trigger non-cash impairments during periods of price weakness. This volatility complicates the assessment of underlying operational efficiency and suggests that investors should focus on normalized margin trends rather than quarterly GAAP figures.
Based on the provided income statement data, the 2025Q1 period served as a critical operational inflection point where operating margins plummeted to 15.7% before rebounding sharply to 40.4% by 2026Q2, signaling a successful stabilization of the firm's integrated cost structure after a period of significant distress.
This recovery suggests that management's efforts to optimize the gathering and transmission network have likely mitigated the impact of the prior year's operational headwinds. The rapid restoration of profitability indicates a high degree of operating leverage, though the sustainability of these margins remains contingent on continued cost discipline.
While current profitability appears robust, the company's heavy reliance on Appalachian infrastructure faces mounting pressure from New York's evolving climate legislation, which may limit future capital deployment and force a transition toward maintenance-only expenditures that could erode the long-term growth trajectory of the utility segment.
Short-term earnings strength may mask the structural risk posed by potential regulatory constraints on gas infrastructure expansion. Investors should consider whether the current valuation adequately discounts the possibility of stranded assets or the high costs associated with transitioning existing pipelines to alternative energy transport.
Quick answers to the most common questions about buying NFG stock.
For fiscal year 2025, National Fuel Gas Company (NFG) reported total revenue of $2.28B. This represents a 88.5% increase compared to $1.21B in 1996.
National Fuel Gas Company (NFG) is profitable, generating $518.5M in net income for the fiscal year ending 2025 with a net profit margin of 22.8%.
National Fuel Gas Company (NFG) reported an operating income of $813.5M, resulting in an operating profit margin of 35.7%. This margin reflects the operational efficiency of the business before interest and taxes.
National Fuel Gas Company (NFG) generated $1.51B in gross profit for the year, representing a gross profit margin of 66.1%. This demonstrates the company's core pricing power and production efficiency.