| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 473.97 | 47.9% | 10.1% |
| Total Income | 473.97 | 47.9% | 10.1% |
| Expenditure | 328.56 | 35.7% | 8.9% |
| PBT | 184.79 | 44.1% | 8.0% |
| Net Profit | 138.62 | 44.0% | 7.5% |
| OPM | 44.08% | 5.90pp | 0.43pp |
| NPM | 29.25% | 2.00pp | 0.84pp |
| EPS | 1.46 | 44.1% | 12.1% |
National Fuel Reports Third Quarter Fiscal 2026 Earnings
30 Jul 2026 · 30 Jul, 5:56 pm
Summary
National Fuel Gas Company reported third quarter fiscal 2026 GAAP earnings of $138.6 million, or $1.45 per share, a decrease from $149.8 million, or $1.64 per share, in the prior year, with adjusted EPS at $1.54. The company generated $1.035 billion in net cash from operations for the nine months ended June 30, 2026. Key developments include progress on the Ohio gas utility acquisition, which is set to close on October 1, 2026, and a 4% dividend increase. Management is revising fiscal 2026 adjusted EPS guidance upwards to a range of $7.40 to $7.60 per share.
Key Highlights
- 1
National Fuel reported GAAP earnings of $138.6 million, or $1.45 per share, for the third quarter of fiscal 2026, compared to $149.8 million, or $1.64 per share, in the prior year.
- 2
Adjusted EPS for the third quarter of fiscal 2026 was $1.54, compared to $1.64 in the prior year.
- 3
Net cash provided by operating activities was $1.035 billion for the nine months ending June 30, 2026, with free cash flow of $280 million through the same period.
- 4
The Integrated Upstream and Gathering segment benefited from its strong hedge and marketing portfolio, with a $0.56 per Mcf gain offsetting lower NYMEX natural gas prices.
- 5
Supply Corporation expanded its Line N System Upgrade Project, executing a 20-year precedent agreement for 200,000 dekatherms per day of incremental firm transportation capacity.
- 6
The Company completed necessary financing and received final regulatory approval for its pending Ohio gas utility acquisition, on track to close October 1, 2026.
- 7
The Board of Directors approved a 4% increase in the Company's dividend, to an annual rate of $2.22 per share, marking the 56th consecutive year of dividend rate increases.
- 8
The Company is revising its fiscal 2026 adjusted EPS guidance range to $7.40 to $7.60 per share, a projected 9% increase from fiscal 2025.
Management Comments
David P. Bauer
Looking forward, with the growing demand for natural gas, the outlook for the industry and National Fuel is as strong as ever. Over the last several years, we have consistently enhanced the quality of our asset base, improved capital efficiency, and expanded our long-term growth opportunities through disciplined execution across the Company. Whether it is expanding our pipelines to serve new data center or power generation demand in the region, or producing gas supply to meet growing demand in Appalachia and across markets served by our high-quality firm transportation portfolio, our ability to benefit from these industry tailwinds is evident. In addition, our pending Ohio gas utility acquisition, once completed, will significantly increase rate base for our regulated businesses and provides an additional avenue for meaningful regulated earnings growth. With this strong backdrop, National Fuel is expected to deliver approximately 7% to 10% average annual EPS growth through 2029. This growth alongside our disciplined capital allocation strategy and focus on returning an increasing amount of capital to shareholders through our long-standing dividend, positions National Fuel to deliver sustainable long-term value for shareholders.
Informational and educational content only. Not investment advice.