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National Fuel Gas Company
National Fuel Gas Company (NFG) investor relations material
National Fuel Gas Company Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary29 Jan, 2026
Executive summary
Adjusted EPS for Q1 FY2026 was $2.06, up 14% year-over-year, driven by higher upstream production, realized prices, and regulated utility net income from rate case outcomes and modernization investments.
Net income for the quarter ended December 31, 2025 was $181.6 million, up from $45.0 million, with strong operational execution in Integrated Upstream and Gathering and Utility segments, and the absence of prior year non-cash impairments.
The pending $2.62 billion acquisition of CenterPoint's Ohio gas utility business is expected to double the utility rate base and enhance regulated earnings growth, with closing anticipated in Q4 2026.
Integrated model continues to deliver strong returns, with over 10% consolidated 3-year adjusted EPS CAGR projected for FY24–27.
The company is optimistic about the natural gas outlook, citing record demand, growing LNG needs, and bipartisan policy support for an all-of-the-above energy approach.
Financial highlights
Q1 FY2026 adjusted EPS was $2.06, up from $1.66 in Q1 FY2025, and adjusted EBITDA increased 29% year-over-year to $400.2 million.
Net production reached 109 Bcf, up 12% from Q1 FY2025.
Fiscal 2026 adjusted EPS guidance reaffirmed at $7.60–$8.10, midpoint $7.85, a 14% increase from FY2025.
Consolidated operating revenues increased to $651.5 million from $549.5 million year-over-year.
Dividend increased 4% in 2025, marking 55 consecutive years of increases and 123 years of payments.
Outlook and guidance
Fiscal 2026 adjusted EPS guidance reaffirmed at $7.60–$8.10, assuming $3.75 NYMEX pricing; production guidance of 440–455 Bcf.
Capital expenditures for FY2026 guided at $955M–$1.07B, with $560M–$610M for upstream & gathering, $210M–$250M for pipeline & storage, and $185M–$205M for utility.
70% of remaining FY2026 production is hedged; natural gas prices remain the largest variable.
Capital efficiency gains of 30% since 2023 are expected to continue.
CenterPoint Ohio acquisition is not expected to impact fiscal 2026 guidance.
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Next National Fuel Gas Company earnings date
Q2 202630 Apr, 2026
National Fuel Gas Company
Next National Fuel Gas Company earnings date
Q2 202630 Apr, 2026
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Frequently asked questions
National Fuel Gas Company is a diversified energy company engaged in natural gas utility operations, pipeline and storage, exploration and production, and energy marketing. It provides services to residential, commercial, and industrial customers in the northeastern United States. The company is headquartered in Williamsville, New York, and its shares are listed on the NYSE.
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