National Fuel Gas Company (NFG) Q2 2026 earnings summary

Executive summary

• Adjusted EPS rose 13% year-over-year to $2.71 in Q2, with strong operational performance and higher natural gas price realizations.

• Net income for the quarter ended March 31, 2026 was $247.7 million, up from $216.4 million, driven by the Integrated Upstream and Gathering segment.

• The pending $2.62 billion acquisition of CenterPoint Ohio is expected to double the utility rate base and expand operations into Ohio, with closing anticipated in Q4 2026.

• Major pipeline expansion projects, including Tioga Pathway, Shippingport Lateral, and Line N System Upgrade, are progressing on schedule for late 2026 service.

• Surpassed 2030 methane intensity reduction targets in E&P and Gathering segments by 2024.

Financial highlights

• Adjusted EPS for Q2 was $2.71, up 13% year-over-year; FY26 adjusted EPS guidance raised to $7.45–$7.75, a 10% increase from FY25.

• Consolidated operating revenues for the quarter were $858.4 million, up from $729.9 million year-over-year.

• Adjusted EBITDA for the quarter was $469 million, up from $429 million; Integrated Upstream and Gathering segment adjusted EBITDA was $302 million.

• Free cash flow for the quarter was $160 million, with six-month cash from operations at $657 million.

• Dividends per share increased to $0.535 for the quarter, marking 55 consecutive years of increases.

Outlook and guidance

• FY2026 adjusted EPS guidance set at $7.45–$7.75 (midpoint $7.60), up 10% year-over-year.

• Production guidance for FY2026 revised to 425–440 Bcfe, down 3% from prior guidance but still up year-over-year.

• Approximately 75–85% of remaining 2026 production hedged or under firm sales contracts.

• Capital allocation prioritizes regulated growth, balance sheet strength, and shareholder returns.

• Ohio utility acquisition expected to close in Q4 2026, with no impact on fiscal 2026 guidance.