Operating margins exhibit extreme sensitivity to commodity cycles, fluctuating from a low of 4.1% in 2025Q3 to a peak of 32.0% in 2026Q2.
| 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 |
|---|
| Revenue | 2.21B | 2.03B | 1.78B | 1.93B | 2.91B | 2.13B | 1.95B | 2.6B | 2.92B | 2.26B | 1.85B | 2.7B | 3.79B | 3.2B | 2.26B | 2.97B | 2.64B | 2.59B | 3.82B | 3.02B | 3.27B | 3.15B | 2.53B | 2.54B | 1.83B | 2.05B | 1.16B | 904.27M | 710.3M | 696.5M | 548.5M |
| Revenue Growth % | 8.48% | 13.94% | -7.51% | -33.8% | 37.05% | 8.92% | -24.84% | -11.17% | 29.42% | 22.29% | -31.6% | -28.67% | 18.46% | 41.7% | -23.98% | 12.44% | 1.81% | -32.07% | 26.29% | -7.63% | 3.91% | 24.26% | -0.42% | 38.98% | -10.63% | 75.9% | 28.78% | 27.31% | 1.98% | 26.98% | 20.66% |
| Cost of Revenue | 1.6B | 1.6B | 1.35B | 1.63B | 2.52B | 1.83B | 1.78B | 2.43B | 2.64B | 2.05B | 1.67B | 2.51B | 3.28B | 3B | 2.19B | 2.8B | 2.39B | 2.47B | 3.55B | 2.83B | 2.82B | 2.95B | 2.36B | 2.24B | 1.57B | 1.78B | 919.9M | 669.84M | 483.7M | 465.6M | 328M |
| Gross Profit | 613.25M | 435.78M | 436.7M | 299.83M | 397.07M | 301.05M | 172.2M | 171.66M | 285.54M | 209.9M | 175.99M | 196.2M | 511.98M | 193.41M | 68.5M | 168.79M | 244.95M | 122.82M | 267.05M | 189.75M | 447.02M | 194.58M | 177.13M | 305.99M | 265.04M | 265.57M | 244.65M | 234.43M | 226.6M | 230.9M | 220.5M |
| Gross Margin % | 27.74% | 21.43% | 24.47% | 15.54% | 13.62% | 14.16% | 8.82% | 6.61% | 9.76% | 9.29% | 9.52% | 7.26% | 13.52% | 6.05% | 3.04% | 5.69% | 9.28% | 4.74% | 7% | 6.28% | 13.67% | 6.18% | 6.99% | 12.03% | 14.48% | 12.96% | 21.01% | 25.93% | 31.9% | 33.15% | 40.2% |
| Gross Profit Growth % | - | -0.21% | 45.65% | -24.49% | 31.9% | 74.82% | 0.32% | -39.88% | 36.03% | 19.27% | -10.3% | -61.68% | 164.71% | 182.37% | -59.42% | -31.09% | 99.44% | -54.01% | 40.74% | -57.55% | 129.74% | 9.85% | -42.11% | 15.45% | -0.2% | 8.55% | 4.36% | 3.46% | -1.86% | 4.72% | 8.35% |
| Operating Expenses | 82.73M | 0 | 0 | 0 | 0 | 0 | 0 | 11.19M | 52.1M | 49.37M | 40.22M | 53.26M | 57.34M | 57.41M | 45.79M | 66.91M | 56.82M | 74.75M | 65.6M | 62.5M | 58.63M | 56.21M | 49.91M | 184.63M | 160.66M | 165.75M | 150.73M | 146.92M | 142.7M | 148.8M | 142.2M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 726.83M | 624.55M | 603.39M | 455.04M | 534.68M | 421.62M | 289.77M | 261.94M | 338.93M | 242.38M | 208.52M | 204.34M | 507.37M | 183.31M | 64.35M | 137.08M | 221.32M | 79.21M | 240.82M | 163.79M | 423.44M | 172.04M | 161.47M | 157.73M | 140.12M | 136.5M | 130.57M | 119.66M | 112.1M | 108.4M | 104.8M |
| EBITDA Margin % | 32.88% | 30.72% | 33.81% | 23.58% | 18.35% | 19.83% | 14.84% | 10.08% | 11.59% | 10.73% | 11.28% | 7.56% | 13.4% | 5.73% | 2.85% | 4.62% | 8.39% | 3.06% | 6.31% | 5.42% | 12.94% | 5.46% | 6.37% | 6.2% | 7.65% | 6.66% | 11.21% | 13.23% | 15.78% | 15.56% | 19.11% |
| EBITDA Growth % | 0.85% | 3.51% | 32.6% | -14.9% | 26.82% | 45.5% | 10.63% | -22.71% | 39.83% | 16.24% | 2.04% | -59.73% | 176.79% | 184.85% | -53.05% | -38.06% | 179.4% | -67.11% | 47.03% | -61.32% | 146.12% | 6.55% | 2.37% | 12.57% | 2.65% | 4.54% | 9.12% | 6.75% | 3.41% | 3.44% | 0.58% |
| Depreciation & Amortization | 195.18M | 188.77M | 166.69M | 155.21M | 137.61M | 120.58M | 117.57M | 101.47M | 105.49M | 81.84M | 72.75M | 61.4M | 52.74M | 47.31M | 41.64M | 35.2M | 33.19M | 31.14M | 39.37M | 36.54M | 35.05M | 33.67M | 34.25M | 36.38M | 35.74M | 36.69M | 36.66M | 32.15M | 28.2M | 26.3M | 26.5M |
| D&A / Revenue % | 8.83% | 9.28% | 9.34% | 8.04% | 4.72% | 5.67% | 6.02% | 3.91% | 3.61% | 3.62% | 3.94% | 2.27% | 1.39% | 1.48% | 1.85% | 1.19% | 1.26% | 1.2% | 1.03% | 1.21% | 1.07% | 1.07% | 1.35% | 1.43% | 1.95% | 1.79% | 3.15% | 3.56% | 3.97% | 3.78% | 4.83% |
| Operating Income (EBIT) | 531.64M | 435.78M | 436.7M | 299.83M | 397.07M | 301.05M | 172.2M | 160.47M | 233.44M | 160.54M | 135.77M | 142.94M | 454.63M | 136M | 22.71M | 101.88M | 188.13M | 48.07M | 201.45M | 127.25M | 388.38M | 138.37M | 127.22M | 121.35M | 104.38M | 99.81M | 93.91M | 87.52M | 83.9M | 82.1M | 78.3M |
| Operating Margin % | 24.05% | 21.43% | 24.47% | 15.54% | 13.62% | 14.16% | 8.82% | 6.18% | 7.98% | 7.1% | 7.35% | 5.29% | 12% | 4.25% | 1.01% | 3.43% | 7.13% | 1.85% | 5.28% | 4.21% | 11.87% | 4.4% | 5.02% | 4.77% | 5.7% | 4.87% | 8.06% | 9.68% | 11.81% | 11.79% | 14.28% |
| Operating Income Growth % | - | -0.21% | 45.65% | -24.49% | 31.9% | 74.82% | 7.31% | -31.26% | 45.41% | 18.24% | -5.02% | -68.56% | 234.29% | 498.85% | -77.71% | -45.85% | 291.36% | -76.14% | 58.31% | -67.24% | 180.69% | 8.76% | 4.83% | 16.26% | 4.57% | 6.28% | 7.31% | 4.31% | 2.19% | 4.85% | 3.98% |
| Interest Expense | 4M | 128.59M | 130.28M | 123.01M | 85.83M | 78.56M | 67.6M | 47.08M | 46.29M | 44.89M | 31.04M | 27.72M | 25.46M | 23.98M | 20.84M | 19.62M | 21.25M | 21.01M | 25.81M | 27.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 4.32x | 3.84x | 3.57x | 4.98x | 3.98x | 3.74x | 3.50x | 4.61x | 4.08x | 5.73x | 9.28x | 8.28x | 6.92x | 5.40x | 5.36x | 9.10x | 2.50x | 7.97x | 4.76x | - | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.18% | 6.32% | 7.3% | 6.38% | 2.94% | 3.69% | 3.46% | 1.81% | 1.58% | 1.99% | 1.68% | 1.03% | 0.67% | 0.75% | 0.92% | 0.66% | 0.81% | 0.81% | 0.68% | 0.91% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 439.8M | 432.58M | 374.68M | 314M | 351.12M | 151.18M | 199.5M | 131.75M | 179.65M | 150.41M | 155.2M | 240.68M | 193.81M | 150.38M | 100.61M | 138.96M | 182.15M | 38.62M | 183.31M | 105.59M | 369.26M | 125.25M | 117.52M | 107.87M | 92.77M | 86.55M | 77.11M | 70.37M | 66.7M | 62.3M | 57.4M |
| Pretax Margin % | 19.9% | 21.27% | 21% | 16.27% | 12.05% | 7.11% | 10.22% | 5.07% | 6.14% | 6.66% | 8.4% | 8.91% | 5.12% | 4.7% | 4.46% | 4.68% | 6.9% | 1.49% | 4.8% | 3.49% | 11.29% | 3.98% | 4.64% | 4.24% | 5.07% | 4.23% | 6.62% | 7.78% | 9.39% | 8.94% | 10.46% |
| Income Tax | 98.38M | 96.96M | 84.91M | 49.27M | 76.19M | 33.29M | 36.49M | -37.75M | -53.78M | 18.34M | 23.53M | 59.72M | 51.84M | 35.58M | 7.73M | 37.66M | 64.69M | 11.38M | 69.4M | 40.31M | 147.35M | 48.91M | 45.95M | 42.46M | 35.92M | 32.89M | 29.15M | 25.45M | 23.4M | 20.8M | 18.7M |
| Effective Tax Rate % | 22.37% | 22.41% | 22.66% | 15.69% | 21.7% | 22.02% | 18.29% | -28.65% | -29.94% | 12.2% | 15.16% | 24.81% | 26.75% | 23.66% | 7.68% | 27.1% | 35.52% | 29.46% | 37.86% | 38.18% | 39.9% | 39.05% | 39.1% | 39.36% | 38.72% | 38% | 37.8% | 36.16% | 35.08% | 33.39% | 32.58% |
| Net Income | 341.42M | 335.63M | 289.77M | 264.72M | 274.92M | 117.89M | 163.01M | 169.5M | 233.44M | 132.06M | 131.67M | 180.96M | 141.97M | 114.81M | 92.88M | 101.3M | 117.46M | 27.24M | 113.91M | 65.28M | 221.91M | 76.34M | 71.57M | 65.41M | 56.84M | 52.32M | 48.79M | 44.92M | 43.3M | 41.5M | 38.7M |
| Net Margin % | 15.45% | 16.51% | 16.24% | 13.72% | 9.43% | 5.54% | 8.35% | 6.53% | 7.98% | 5.84% | 7.13% | 6.7% | 3.75% | 3.59% | 4.12% | 3.41% | 4.45% | 1.05% | 2.98% | 2.16% | 6.78% | 2.42% | 2.82% | 2.57% | 3.1% | 2.55% | 4.19% | 4.97% | 6.1% | 5.96% | 7.06% |
| Net Income Growth % | -17.76% | 15.82% | 9.46% | -3.71% | 133.2% | -27.68% | -3.83% | -27.39% | 76.76% | 0.3% | -27.24% | 27.46% | 23.66% | 23.61% | -8.31% | -13.76% | 331.16% | -76.08% | 74.49% | -70.58% | 190.68% | 6.66% | 9.42% | 15.07% | 8.66% | 7.22% | 8.61% | 3.75% | 4.34% | 7.24% | 46.59% |
| EPS (Diluted) | 3.36 | 3.33 | 2.92 | 2.71 | 2.85 | 1.22 | 1.71 | 1.89 | 2.64 | 1.52 | 1.52 | 2.10 | 1.67 | 1.37 | 1.12 | 1.22 | 1.41 | 0.32 | 1.35 | 0.78 | 0.93 | 0.91 | 0.78 | 1.00 | 0.70 | 0.65 | 0.61 | 0.56 | 0.54 | 0.51 | 0.48 |
| EPS Growth % | -18.4% | 14.04% | 7.75% | -4.91% | 133.61% | -28.66% | -9.52% | -28.41% | 73.68% | 0% | -27.62% | 25.75% | 21.9% | 22.32% | -8.2% | -13.48% | 340.63% | -76.3% | 73.08% | -16.13% | 2.2% | 16.67% | -22% | 42.86% | 7.69% | 6.56% | 8.93% | 3.7% | 5.88% | 6.25% | 45.45% |
| EPS (Basic) | - | 3.35 | 2.94 | 2.73 | 2.86 | 1.23 | 1.72 | 1.90 | 2.66 | 1.53 | 1.53 | 2.12 | 1.69 | 1.38 | 1.12 | 1.22 | 1.42 | 0.32 | 1.36 | 0.78 | 0.94 | 0.93 | 0.79 | 1.02 | 0.71 | 0.66 | 0.61 | 0.56 | 0.54 | 0.51 | 0.48 |
| Diluted Shares Outstanding | 101.48M | 100.79M | 99.29M | 97.63M | 96.49M | 96.56M | 95.1M | 89.62M | 88.31M | 87.14M | 86.73M | 86.27M | 84.92M | 83.63M | 83.26M | 83.14M | 83.26M | 84.93M | 84.35M | 84.22M | 84.24M | 84.25M | 92.35M | 65.19M | 81.5M | 80.4M | 80.2M | 80.93M | 80.52M | 81.15M | 81.36M |
Regulatory and Commodity Volatility
As reported in recent financial statements, NJR achieved a 7.1% year-over-year revenue increase in 2026Q2, though the company's top-line trajectory remains heavily dependent on seasonal heating demand and the inherent volatility of its non-regulated energy services segment rather than purely consistent rate base expansion.
The revenue growth appears to be driven by a combination of rate case outcomes and the cyclical nature of the energy services business. Investors should monitor whether this growth is durable or merely a reflection of favorable weather patterns and commodity price fluctuations that do not necessarily translate into long-term regulated earnings power.
Based on the provided income statement data, NJR's operating margins fluctuated significantly from 4.1% in 2025Q3 to 32.0% in 2026Q2, suggesting that regulatory lag and the timing of cost recovery mechanisms may be creating periodic pressure on the company's ability to consistently earn its authorized return.
The wide variance in operating margins indicates that the utility's earnings are sensitive to factors beyond simple rate base growth. This volatility warrants further investigation into whether the current regulatory compact in New Jersey is providing sufficient protection against rising operational costs or if the company is experiencing extended periods of under-earning.
According to historical income statement trends, NJR's gross margin profile is heavily influenced by the pass-through nature of fuel and purchased power costs, which can artificially inflate revenue figures while obscuring the underlying stability of the regulated utility's core earnings power.
Because fuel costs are typically recovered through automatic adjustment mechanisms, the reported revenue growth may not reflect actual operational efficiency. Analysts should focus on the stability of the regulated distribution segment rather than the headline revenue figures, which are prone to distortion from commodity price volatility.
As indicated by the 142.1% EPS growth in 2024Q4 followed by an 83.7% decline in 2025Q4, NJR's reported earnings appear to be significantly impacted by non-recurring items and mark-to-market volatility within its energy services segment, complicating the assessment of sustainable regulated earnings power.
The reliance on transactional trading gains to meet annual guidance suggests that the quality of earnings may be lower than that of pure-play regulated peers. Investors should look past the headline EPS to evaluate the underlying performance of the gas distribution franchise, which provides the true defensive floor for the company.
Based on the company's reported financial figures, NJR continues to leverage its infrastructure investment program to expand its rate base, though the translation of this capital expenditure into incremental EPS appears to be moderated by the timing of regulatory approvals and asset placement.
The ongoing investment in pipeline infrastructure is essential for maintaining the utility's growth trajectory, yet the effectiveness of this spending depends on the NJBPU's willingness to grant timely rate relief. The current CAPEX cycle appears to be a necessary maintenance and growth strategy rather than a step-change in earnings potential.
While the income statement reflects current profitability, it fails to capture the long-term structural risk posed by New Jersey's Energy Master Plan, which may accelerate building electrification and potentially strand gas distribution assets, thereby limiting the terminal value of the company's core regulated franchise.
The current P/E multiple may be fragile if the market begins to discount the long-term viability of gas infrastructure in the face of aggressive decarbonization mandates. Investors should monitor whether the company's renewable energy ventures can sufficiently offset the potential decline in traditional gas distribution revenue over the coming decade.
Quick answers to the most common questions about buying NJR stock.
For fiscal year 2025, New Jersey Resources Corporation (NJR) reported total revenue of $2.03B. This represents a 270.7% increase compared to $548.5M in 1996.
New Jersey Resources Corporation (NJR) is profitable, generating $335.6M in net income for the fiscal year ending 2025 with a net profit margin of 16.5%.
New Jersey Resources Corporation (NJR) reported an operating income of $435.8M, resulting in an operating profit margin of 21.4%. This margin reflects the operational efficiency of the business before interest and taxes.
New Jersey Resources Corporation (NJR) generated $435.8M in gross profit for the year, representing a gross profit margin of 21.4%. This demonstrates the company's core pricing power and production efficiency.