| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 909.03 | 42.5% | 23.7% |
| Total Income | 909.03 | 42.5% | 23.7% |
| Expenditure | 511.24 | 36.2% | 23.9% |
| PBT | 330.40 | 37.1% | 14.8% |
| Net Profit | 247.67 | 36.3% | 14.5% |
| OPM | 38.19% | 5.10pp | 4.99pp |
| NPM | 27.25% | 1.23pp | 2.20pp |
| EPS | 2.61 | 31.2% | 9.2% |
National Fuel Reports Q2 FY26 Earnings
03 May 2026 · 3 May, 6:19 pm
Summary
National Fuel Gas Company announced consolidated results for the second quarter of its 2026 fiscal year. GAAP earnings were $247.7 million, or $2.59 per share, compared to $216.4 million, or $2.37 per share, in the prior year. Adjusted EPS increased 13% from the prior year to $2.71. The company is revising its fiscal 2026 adjusted EPS guidance range to $7.45 to $7.75 per share. The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026.
Key Highlights
- 1
GAAP earnings were $247.7 million, or $2.59 earnings per share, compared to $216.4 million, or $2.37 per share, in the prior year.
- 2
Adjusted EPS was $2.71, an increase of 13% from the prior year.
- 3
Net cash provided by operating activities was $657 million, with free cash flow of $160 million through the second quarter year-to-date, a $111 million increase from the prior year.
- 4
Integrated Upstream and Gathering segment adjusted EPS was $1.67, an increase of 21% compared to the prior year, driven by a 17% increase in natural gas price realizations.
- 5
Utility segment net income was $65 million, an increase of 3% compared to the prior year, as continued investments in system modernization programs in New York and Pennsylvania supported an increase in revenue.
- 6
The Company is revising its fiscal 2026 adjusted EPS guidance range of $7.45 to $7.75 per share, or $7.60 per share at the midpoint.
Management Comments
David P. Bauer
National Fuel had a solid second quarter, with adjusted EPS increasing 13% over the prior year. Operationally, our resilient natural gas system and dedicated workforce performed extremely well during the severe weather of Winter Storm Fern, delivering the safe and reliable production, transmission, storage, and distribution services that customers across our businesses expect. Looking forward, we’ve taken meaningful steps to position National Fuel for the next phase of our long-term growth strategy. In our regulated Pipeline and Storage business, our two major expansion projects are expected to be in-service late this calendar year, and we’ve signed an agreement for another expansion on our Line N system. At the Utility, our Ohio acquisition is on track to close in the calendar fourth quarter. Lastly, in our Integrated Upstream and Gathering business, we have decades of high-quality Appalachian inventory and a great track record of improving capital efficiency. With our ongoing testing to optimize well designs across our development footprint and our focus on continuously improving our integrated development plans, we expect to see further benefits in the future. With these positive catalysts across our operations, including line of sight to earnings growth at our regulated businesses and increasing free cash flow generation at our non-regulated businesses, National Fuel is well positioned to deliver long-term value to shareholders.
Informational and educational content only. Not investment advice.