National Fuel Gas Q4 Earnings Beat Estimates, Revenues Increase Y/Y

National Fuel Gas Company NFG reported fourth-quarter fiscal 2025 adjusted operating earnings of $1.22 per share, which beat the Zacks Consensus Estimate of $1.08 by 12.96%. The bottom line also increased 58% from the year-ago quarter’s reported figure of 77 cents.

GAAP earnings for the quarter were $1.18 per share against a loss of $1.84 per share in the year-ago quarter.

Fiscal full-year operating earnings were $6.91 per share, up 37.9% from $5.01 in fiscal 2024.

NFG’s Total Revenues

NFG reported sales of $456.4 million, which missed the Zacks Consensus Estimate of $547 million by 16.6%. However, the top line increased 22.6% from the prior-year recorded figure of $372.1 million.

Fiscal full-year revenues totaled $2.28 billion, up 17.1% from $1.94 billion in fiscal 2024.

NFG’s Segmental Revenues

Utility: Revenues totaled $87.8 million, up 10% from $79.8 million in the year-ago quarter.

Integrated upstream and Gathering and Other: Revenues totaled $300.4 million, up 33.6% from $224.9 million in the year-ago quarter.

Pipeline and Storage: Revenues amounted to $68.2 million, reflecting a1.3% increase from $67.3 million recorded in the year-ago quarter.

Highlights of NFG’s Q4 Release

Total operating expenses were $276.6 million, down 51.35% from $568.6 million in the year-ago quarter.

Operating income totaled $179.8 million against an operating loss of $196.6 million in the year-ago quarter. 

Interest expense on long-term debt totaled $33.5 million compared with $33 million in the year-ago quarter.

During the fiscal fourth quarter, Seneca produced 112 billion cubic feet (Bcf) of natural gas, reflecting an increase of 20 Bcf, or 21%, from the prior-year level. Two highly prolific Utica pads turned in line this year in Tioga County were the main drivers behind this increase in production.

NFG announced the acquisition of CenterPoint Energy’s Ohio natural gas utility for $2.62 billion, which is expected to double the Utility segment’s rate base and is targeted to close in the fourth quarter of 2026.

NFG’s Q4 Financial Highlights

As of Sept. 30, 2025, National Fuel Gas had cash and temporary cash investments of $43.2 million compared with $38.2 million as of Sept. 30, 2024.

Net cash provided by operating activities for fiscal 2025 totaled $1.1 billion compared with $1.07 billion in the previous year.

NFG’s Guidance

National Fuel provided its formal guidance for adjusted earnings per share for fiscal 2026 between $7.60 and $8.10. The Zacks Consensus Estimate for the same is pegged at $7.83, which is lower than the midpoint of the company’s guided range.
 
The company expects capital expenditure for fiscal 2026 to be in the $0.96-$1.07 billion range.

Production for fiscal 2026 is expected to be in the range of 440-455 Bcf.

NFG’s Zacks Rank

National Fuel Gas currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Releases

ONEOK Inc. OKE reported third-quarter 2025 operating EPS of $1.49, which beat the Zacks Consensus Estimate of $1.46 by 2.1%. The bottom line also increased 26.3% from the year-ago quarter’s figure of $1.18.

Operating revenues for the quarter totaled $8.63 billion, which missed the Zacks Consensus Estimate of $10.05 billion by 14.1%. However, the top line rose 71.9% from $5.02 billion in the prior-year quarter.

Antero Midstream AM reported third-quarter 2025 results on Oct. 29, after market close. AM reported earnings of 24 cents, which missed the Zacks Consensus Estimate of 25 cents by 4%.

AM reported sales of $295 million, which beat the Zacks Consensus Estimate of $294 million by 0.4%.

TotalEnergies SE TTE reported third-quarter 2025 operating earnings of $1.77 (€1.50) per share, which missed the Zacks Consensus Estimate of $1.81 by 2.2%. The bottom line improved 1.7% from the year-ago figure of $1.74 (€1.58).

Total revenues for the quarter were $48.69 billion, which declined from the year-ago reported figure of $52.02 billion by 6.4%. However, the figure beat the Zacks Consensus Estimate of $41.1 billion by 18.5%.

 

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