National Fuel Gas Company (NFG) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly and year-to-date results, with strong execution and momentum across all business segments, including a significant turnaround in net income and robust adjusted EPS growth.

• Production and earnings growth were driven by higher natural gas prices, increased volumes, improved capital efficiency, and favorable rate case outcomes in regulated segments.

• Ongoing focus on capital efficiency, emissions reduction, and shareholder returns, with continued dividend increases and share repurchases.

• Comprehensive income and net income for the nine months ended June 30, 2025, rose significantly year-over-year, reflecting improved segment performance and lower non-cash impairments.

• Utility and pipeline segments benefited from new rate settlements and infrastructure expansion, supporting long-term growth.

Financial highlights

• Adjusted operating results and EPS increased sharply year-over-year, with Q2 FY2025 adjusted EPS up 32% and Q3 adjusted operating results up 66%.

• Operating revenues and net income for the quarter and nine months ended June 30, 2025, rose significantly, with quarterly net income at $149.8 million and revenues at $531.8 million.

• Fiscal 2025 adjusted EPS guidance raised to $6.75–$7.05 per share, with preliminary fiscal 2026 guidance at $8–$8.50 per share at $4 Nymex.

• Over $650 million returned to shareholders in the last 3 years, with ongoing dividend increases for 55 consecutive years.

• Net debt/adjusted EBITDA at 2.22x as of FY24; FFO/net debt at 41%.

Outlook and guidance

• Fiscal 2025 production guidance raised to 420–425 bcf, with fiscal 2026 guidance at 440–455 bcf and a 6% increase year-over-year.

• Capital spending for fiscal 2025 guided at $500–$510 million; fiscal 2026 expected at $470–$500 million, with consolidated capex for FY2025 at $885–$960 million.

• Free cash flow projected at $350–$400 million in fiscal 2026 at $4 Nymex.

• Multi-year rate settlements and pipeline expansions support continued earnings and FCF growth.

• Share repurchase program expected to extend into 2026, subject to market and liquidity conditions.