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National Fuel Gas NFG Q4 2025 Annual earnings

Reported November 5, 2025 · After market close

Revenue$456.4MMiss by $57.1MDiluted EPS$1.22Beat by $0.11
Revenue estimate$513.5M
EPS estimate$1.11

Next report

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

Financials

Q4 2025

Income statement

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Revenue$466.3M+25.3%
Gross profit$481.5M+23.6%
Operating income$179.8M—
Net income$107.3M—
EPS (diluted)$1.17—

Balance sheet

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Cash & equivalents$43.2M+12.9%
Total debt$2.6B+10.8%
Total equity$3.1B+20,096%
Total assets$8.7B+4.8%

Cash flow

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Operating cash flow$237.8M+20.1%
CapEx$285.5M+15.6%

Valuation & ratios

Q4 2025

Valuation

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Market cap$8.35B+49.9%
Enterprise value$10.88B+38.5%
P/E16.1×—
P/S3.7×+0.8×

Profitability

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Gross margin90.6%-1.7pp
Operating margin35.7%—
Net margin22.8%—

Returns & leverage

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Debt / equity0.8×—
Current ratio0.4×+0.1×

Segments

By product

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Production of Natural Gas$268.3M+69.2%
Natural Gas Gathering Service$196.6M+3.5%
Natural Gas Transportation Service$177.5M+6.0%
Natural Gas Residential Sales$65.0M+14.5%
Natural Gas Storage Service$56.8M+2.9%

Versus estimates

Revenue

Q2 2026$858.4MBeat by $1.8MQ1 2026$651.5MMiss by $2.3M
Q4 2025$456.4MMiss by $57.1M
Q3 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 $0.14Q1 2026$2.06Beat by $0.15
Q4 2025$1.22Beat by $0.11
Q3 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 Q4 2025 earnings?
National Fuel Gas (NFG) reported Q4 2025 earnings on November 5, 2025 after market close.
What were National Fuel Gas's Q4 2025 revenue and EPS?
National Fuel Gas reported revenue of $456.4M and diluted EPS of $1.22 for Q4 2025.
Did National Fuel Gas beat estimates in Q4 2025?
Revenue missed the consensus estimate of $513.5M by $57.1M. EPS beat the consensus estimate of $1.11 by $0.11.
How did National Fuel Gas's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 22.7% from $372.1M a year earlier and diluted EPS grew 58.4% from $0.77.
Where can I find National Fuel Gas's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-25-267141) and the 10-K periodic report (0000070145-25-000039) directly on SEC EDGAR. The filing index links above go to sec.gov.