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National Fuel Gas NFG Utility — Alternative Revenue Programs

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Other financials

Income statement

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Revenue$537.5M+1.1%
Gross profit$507.6M+0.7%
Operating income$208.9M-9.3%
Net income$138.6M-7.5%
EPS (diluted)$1.45-11.6%

Balance sheet

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Cash & equivalents$1.2B+3,042%
Total debt$3.6B+46.0%
Total equity$3.9B+31.9%
Total assets$10.5B+23.7%

Cash flow

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Operating cash flow$377.3M-2.9%
CapEx$266.2M+37.9%
Free cash flow$111.0M-43.2%

Valuation

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Market cap$7.66B-2.5%
Enterprise value$10B-2.6%
P/E11.4×
P/S3.1×-0.6×

Profitability

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Gross margin87.7%-2.6pp
Operating margin40.3%
Net margin26.9%
FCF margin7.1%

Returns & leverage

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Return on equity19.6%
Debt / equity0.9×+0.1×
Current ratio3.2×+2.7×

Where this comes from

Reported directly by National Fuel Gas in its filing.

Tagged under the XBRL concept nfg:AlternativeRevenuePrograms.

The source filing: National Fuel Gas’s 10-Q, filed July 30, 2026.

Filed
Jul 30, 2026, 11:54 AM EDT
Fiscal quarter
Q4 FY2026
Calendar quarter
Q3 2026
Accession
0000070145-26-000033
Quarter Ended June 30, 2026 (Thousands) / Revenues By Type of ServiceQuarter Ended June 30, 2026 (Thousands) / Integrated Upstream and GatheringQuarter Ended June 30, 2026 (Thousands) / Pipeline and StorageUtilityTotal Reportable SegmentsAll OtherCorporate and Intersegment EliminationsTotal Consolidated
Natural Gas Residential Sales121,502121,502121,502
Natural Gas Commercial Sales14,12914,12914,129
Natural Gas Industrial Sales885885(1)884
Other5,400(25)3,1588,533(229)8,304
Total Revenues from Contracts with Customers244,258106,541160,235511,034(37,060)473,974
Alternative Revenue Programs5,2655,2655,265
Derivative Financial Instruments58,25858,25858,258
Total Revenues$302,516$106,541$165,500$574,557$(37,060)$537,497

Item 1. Financial Statements (Unaudited)

FAQ

What is National Fuel Gas's utility — alternative revenue programs?
National Fuel Gas (NFG) reported utility — alternative revenue programs of $5.27M in Q2 2026.
How has National Fuel Gas's utility — alternative revenue programs changed year-over-year?
National Fuel Gas's utility — alternative revenue programs increased by 179.3% year-over-year, from $1.89M to $5.27M.
What is the long-term trend for National Fuel Gas's utility — alternative revenue programs?
Over 4 years (2021 to 2025), National Fuel Gas's utility — alternative revenue programs has grown at a 2.2% compound annual growth rate (CAGR), from $11.09M to $12.1M.
What does utility — alternative revenue programs mean?
Reflects supplemental income streams derived from regulatory mechanisms or specialized programs that allow the utility to recover costs or earn returns outside of standard base rate charges. These programs are often designed to support energy efficiency or specific policy-driven initiatives.

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