National Fuel Gas Co (NFG) Financial Statements
Industry: Natural Gas Distribution
In fiscal 2025, National Fuel Gas reported revenue of $2.28B, up 17.1% from $1.94B the year before. Net income was $518.5M (a 22.8% net margin), or $5.68 per diluted share. Gross margin was 90.6% and operating margin was 35.7%. Operating activities generated $1.10B of cash, leaving $187.2M of free cash flow. At fiscal year end, National Fuel Gas held $8.72B in total assets against $5.62B in total liabilities, including $43.2M of cash and equivalents.
Open the full interactive National Fuel Gas financials → Quarterly statements, key ratios, valuation history and price charts.
National Fuel Gas Key Stats
| Share Price | $81.09 |
|---|---|
| Market Cap | $7.76B |
| P/E Ratio | 14.3 |
| Revenue YoY Growth | +17.1% |
| 52-Week Range | $74.81 – $94.62 |
| Shares Outstanding | 95.0 million (basic, 2026 Q3) |
National Fuel Gas Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.55B | $1.74B | $2.19B | $2.17B | $1.94B | $2.28B |
| Cost of Goods Sold | $233.9M | $171.8M | $392.1M | $437.6M | $150.1M | $213.4M |
| Gross Profit | $1.31B | $1.57B | $1.79B | $1.74B | $1.79B | $2.06B |
| Operating Income | $29.9M | $639.9M | $814.5M | $755.1M | $209.7M | $813.5M |
| Pre-Tax Income | -$105.0M | $478.3M | $682.6M | $641.4M | $87.3M | $694.1M |
| Income Tax | $18.7M | $114.7M | $116.6M | $164.5M | $9.7M | $175.5M |
| Net Income | -$123.8M | $363.6M | $566.0M | $476.9M | $77.5M | $518.5M |
| Diluted EPS | -$1.41 | $3.97 | $6.15 | $5.17 | $0.84 | $5.68 |
National Fuel Gas Quarterly Results
| 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | |
|---|---|---|---|---|
| Revenue | $466.3M | $651.5M | $858.4M | $537.5M |
| Net Income | $107.3M | $181.6M | $247.7M | $138.6M |
| Diluted EPS | $1.18 | $1.98 | $2.59 | $1.45 |
National Fuel Gas Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $20.5M | $31.5M | $46.0M | $55.4M | $38.2M | $43.2M |
| Current Assets | $314.2M | $522.4M | $761.1M | $414.4M | $355.9M | $410.7M |
| Total Assets | $6.96B | $7.46B | $7.90B | $8.28B | $8.32B | $8.72B |
| Current Liabilities | $459.6M | $1.24B | $1.94B | $806.3M | $1.10B | $925.8M |
| Total Long-Term Debt | $2.63B | $2.63B | $2.63B | $2.38B | $2.69B | $2.68B |
| Total Liabilities | $4.99B | $5.68B | $5.82B | $5.32B | $8.34B | $5.62B |
| Shareholders' Equity | $1.97B | $1.79B | $2.08B | $2.96B | -$15.5M | $3.09B |
National Fuel Gas Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $740.8M | $791.6M | $812.5M | $1.24B | $1.07B | $1.10B |
| Cash From Investing | -$1.22B | -$633.2M | -$518.7M | -$1.11B | -$933.9M | -$891.7M |
| Cash From Financing | $476.1M | -$58.7M | -$276.2M | -$207.0M | -$149.3M | -$203.4M |
| Free Cash Flow | $24.7M | $39.8M | $695,000 | $227.2M | $134.7M | $187.2M |
Figures from National Fuel Gas' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full National Fuel Gas financials page for every line item.
National Fuel Gas Company Profile
| Ticker | NFG |
|---|---|
| Exchange | NYSE |
| Industry | Natural Gas Distribution |
| Headquarters | Williamsville, New York |
| Incorporated in | New Jersey |
| Fiscal Year End | September 30 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000070145 |
Frequently Asked Questions
What was National Fuel Gas' revenue in fiscal 2025?
National Fuel Gas (NFG) reported revenue of $2.28B for fiscal 2025.
What is National Fuel Gas' annual revenue history?
National Fuel Gas' annual revenue by fiscal year: 2020: $1.55B; 2021: $1.74B; 2022: $2.19B; 2023: $2.17B; 2024: $1.94B; 2025: $2.28B.
What was National Fuel Gas' net income in fiscal 2025?
National Fuel Gas reported net income of $518.5M for fiscal 2025.
What was National Fuel Gas' earnings per share (EPS) in fiscal 2025?
National Fuel Gas' diluted EPS was $5.68 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did National Fuel Gas generate in fiscal 2025?
National Fuel Gas generated $187.2M of free cash flow in fiscal 2025.
What was National Fuel Gas' revenue last quarter?
In its most recent reported quarter (2026 Q3), National Fuel Gas reported revenue of $537.5M.
How much debt does National Fuel Gas have?
National Fuel Gas reported $2.68B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of National Fuel Gas are outstanding?
National Fuel Gas reported a weighted average of 95.0 million basic shares outstanding in 2026 Q3.
What is National Fuel Gas' market cap?
Based on its latest closing price, National Fuel Gas (NFG) has a market capitalization of about $7.76B.
When does National Fuel Gas' fiscal year end?
National Fuel Gas' fiscal year end, as registered with the SEC, is September 30.
Where is National Fuel Gas headquartered?
National Fuel Gas lists its business address in Williamsville, New York in its SEC filings.