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National Fuel Gas NFG Q1 2026 earnings

Reported January 28, 2026 · After market close

Revenue$651.5MMiss by $2.3MDiluted EPS$2.06Beat by $0.15
Revenue estimate$653.8M
EPS estimate$1.91

Next report

Jul 29, 2026 (in a month)
Revenue estimate$562.3M
EPS estimate$1.45

Financials

Q1 2026

Income statement

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Revenue$651.5M+18.6%
Gross profit$565.9M+16.9%
Operating income$276.1M+220%
Net income$181.6M+304%
EPS (diluted)$1.98+304%

Balance sheet

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Cash & equivalents$271.4M+457%
Total debt$2.2B-9.0%
Total equity$3.6B+4,812%
Total assets$9.2B+10.9%

Cash flow

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Operating cash flow$274.9M+24.9%
CapEx$277.6M+15.5%
Free cash flow-$2.7M+86.7%

Valuation & ratios

Q1 2026

Valuation

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Market cap$7.25B+31.6%
Enterprise value$9.16B+16.6%
P/E11.1×—
P/S3×+0.2×

Profitability

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Gross margin90.2%-1.8pp
Operating margin42.2%—
Net margin27.5%—

Returns & leverage

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Debt / equity0.6×—
Current ratio0.6×+0.3×

Segments

By product

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Production of Natural Gas$302.5M+39.1%
Natural Gas Residential Sales$198.0M+26.6%
Natural Gas Transportation Service$113.6M+5.1%
Natural Gas Commercial Sales$27.9M+25.3%
Natural Gas Storage Service$25.1M+0.6%

Versus estimates

Revenue

Q2 2026$858.4MBeat by $1.8M
Q1 2026$651.5MMiss by $2.3M
Q4 2025$456.4MMiss by $57.1MQ3 2025$531.8MMiss by $8.2MQ2 2025$730.0MMiss by $44.6MQ1 2025$549.5MMiss by $87.7M

Diluted EPS

Q2 2026$2.71Miss by $0.14
Q1 2026$2.06Beat by $0.15
Q4 2025$1.22Beat by $0.11Q3 2025$1.64Beat by $0.14Q2 2025$2.39Beat by $0.21Q1 2025$1.66Beat by $0.09

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Questions, answered.

When did National Fuel Gas report Q1 2026 earnings?
National Fuel Gas (NFG) reported Q1 2026 earnings on January 28, 2026 after market close.
What were National Fuel Gas's Q1 2026 revenue and EPS?
National Fuel Gas reported revenue of $651.5M and diluted EPS of $2.06 for Q1 2026.
Did National Fuel Gas beat estimates in Q1 2026?
Revenue missed the consensus estimate of $653.8M by $2.3M. EPS beat the consensus estimate of $1.91 by $0.15.
How did National Fuel Gas's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 18.6% from $549.5M a year earlier and diluted EPS grew 24.1% from $1.66.
Where can I find National Fuel Gas's Q1 2026 SEC filings?
You can read the 8-K earnings release (0001193125-26-027371) and the 10-Q periodic report (0000070145-26-000009) directly on SEC EDGAR. The filing index links above go to sec.gov.