National Fuel Gas Company (NFG) Income Statement
NFG FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsNFG revenue and net income
Where NFG's revenue goes
FY2025Each bar shows an amount and its share of revenue. NFG kept 22.8% of revenue as net income.
NFG profit margins
NFG growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +17.1% | +1.4% | +8.1% | +2.6% |
| Gross profit | +84.2% | +18.6% | +21.6% | +9.6% |
| Operating income | +287.9% | −0.0% | +93.7% | — |
| Net income | +568.9% | −2.9% | — | — |
| EPS (diluted) | +37.9% | +5.5% | +18.6% | +8.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NFG quarterly EPS vs estimates
National Fuel Gas beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 4, 2026 (estimate $1.15).
NFG income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.28B | $1.94B | $2.17B | $2.19B | $1.74B | $1.55B | $1.69B | $1.59B | $1.58B | $1.45B |
| Cost of revenue | $771.3M | $1.13B | $1.33B | $1.28B | $982.9M | $978.6M | $1.09B | $988.6M | $901.1M | $838.9M |
| Gross profit | $1.51B | $817.7M | $847.8M | $903.0M | $759.7M | $567.7M | $600.7M | $604.1M | $678.8M | $613.5M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | $941.8M | $101.2M | $43.6M | $88.4M | $519.6M | $526.8M | $721.0M | $671.2M |
| Total operating expenses | $692.8M | $608.0M | $92.7M | $88.4M | $119.8M | $537.8M | $88.9M | $84.4M | $85.0M | $1.03B |
| Operating income | $813.5M | $209.7M | $755.1M | $814.5M | $639.9M | $29.9M | $511.8M | $519.7M | $593.8M | −$416.5M |
| Interest income | $155.3M | $133.4M | $131.9M | $130.4M | $146.4M | $117.1M | $106.8M | $6.8M | $4.1M | $4.2M |
| Interest expense | $155.8M | $138.7M | $131.9M | $130.4M | $146.4M | $117.1M | $106.8M | $114.5M | $119.8M | $121.0M |
| Income before taxes | $694.1M | $87.3M | $641.4M | $682.6M | $478.3M | −$105.0M | $389.5M | $384.0M | $444.2M | −$523.5M |
| Income taxes | $175.5M | $9.7M | $164.5M | $116.6M | $114.7M | $18.7M | $85.2M | −$7.5M | $160.7M | −$232.5M |
| Net income | $518.5M | $77.5M | $476.9M | $566.0M | $363.6M | −$123.8M | $304.3M | $391.5M | $283.5M | −$291.0M |
| EBITDA | $1.31B | $683.0M | $1.18B | $1.18B | $960.0M | $325.7M | $771.9M | $739.5M | $788.2M | −$153.0M |
| EPS (diluted) | $6.91 | $5.01 | $5.17 | $5.89 | $4.28 | $2.95 | $3.44 | $3.35 | $3.30 | $3.09 |
| Gross margin | 66.1% | 42.0% | 39.0% | 41.3% | 43.6% | 36.7% | 35.5% | 37.9% | 43.0% | 42.2% |
| Operating margin | 35.7% | 10.8% | 34.7% | 37.3% | 36.7% | 1.9% | 30.2% | 32.6% | 37.6% | −28.7% |
| Net margin | 22.8% | 4.0% | 21.9% | 25.9% | 20.9% | −8.0% | 18.0% | 24.6% | 17.9% | −20.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $537.5M | $858.4M | $651.5M | $456.4M | $531.8M | $730.0M | $549.5M | $372.1M | $417.4M | $629.9M | $525.4M | $368.9M |
| Cost of revenue | $306.1M | $486.0M | $350.6M | $134.2M | $277.4M | $387.5M | $299.4M | $228.0M | $247.0M | $356.3M | $295.8M | $222.9M |
| Gross profit | $231.4M | $372.4M | $300.9M | $322.2M | $254.4M | $342.5M | $250.0M | $144.1M | $170.5M | $273.6M | $229.5M | $146.0M |
| Sales, general & admin | — | — | — | — | — | — | — | — | — | — | — | $941.8M |
| Total operating expenses | $22.5M | $25.3M | $24.8M | $142.5M | $24.2M | $25.2M | $163.9M | $340.6M | $221.9M | $23.0M | $22.4M | $20.7M |
| Operating income | $208.9M | $347.1M | $276.1M | $179.8M | $230.3M | $317.3M | $86.2M | −$196.6M | −$51.4M | $250.6M | $207.1M | $125.3M |
| Interest income | — | — | $43.4M | $35.4M | $37.1M | $44.7M | $38.9M | $34.7M | — | — | — | $32.9M |
| Interest expense | $36.0M | $33.7M | $43.4M | $35.4M | $37.9M | $44.8M | $37.7M | $34.7M | $34.2M | $35.1M | $34.7M | $32.9M |
| Income before taxes | $184.8M | $330.4M | $241.0M | $149.3M | $200.9M | $287.7M | $56.2M | −$228.0M | −$82.5M | $221.6M | $176.1M | $97.8M |
| Income taxes | $46.2M | $82.7M | $59.3M | $41.9M | $51.1M | $71.4M | $11.2M | −$60.4M | −$28.3M | $55.3M | $43.1M | $24.1M |
| Net income | $138.6M | $247.7M | $181.6M | $107.3M | $149.8M | $216.4M | $45.0M | −$167.6M | −$54.2M | $166.3M | $133.0M | $73.7M |
| EBITDA | $330.0M | $483.5M | $406.4M | $304.2M | $355.2M | $443.8M | $203.3M | −$84.5M | $65.2M | $375.6M | $326.6M | $240.3M |
| EPS (diluted) | $1.54 | $2.71 | $2.06 | $1.22 | $1.64 | $2.39 | $1.66 | $0.77 | $0.99 | $1.79 | $1.46 | $0.78 |
| Gross margin | 43.1% | 43.4% | 46.2% | 70.6% | 47.8% | 46.9% | 45.5% | 38.7% | 40.8% | 43.4% | 43.7% | 39.6% |
| Operating margin | 38.9% | 40.4% | 42.4% | 39.4% | 43.3% | 43.5% | 15.7% | −52.8% | −12.3% | 39.8% | 39.4% | 34.0% |
| Net margin | 25.8% | 28.9% | 27.9% | 23.5% | 28.2% | 29.6% | 8.2% | −45.1% | −13.0% | 26.4% | 25.3% | 20.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NFG's financial statements (latest annual report filed November 21, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NFG financial results
In fiscal year 2025 (ended September 30, 2025), National Fuel Gas reported revenue of $2.3 billion, up 17.1% from the year before. It had net income of $518.5 million (up 568.9%), a net profit margin of 22.8%. Diluted earnings per share came to $6.91. Over five years revenue grew at an average rate of 8.1% a year.
See the NFG stock overview for the latest quote and news, or the NFG chart for price history and technical indicators.
NFG income statement FAQ
What is National Fuel Gas's annual revenue?
National Fuel Gas reported total revenue of $2.3 billion for fiscal year 2025, which ended on September 30, 2025. That was up 17.1% from $1.9 billion the previous year.
Is National Fuel Gas profitable?
Yes. National Fuel Gas reported net income of $518.5 million in fiscal 2025, a net profit margin of 22.8%; its operating margin was 35.7%.
What is National Fuel Gas's gross margin?
National Fuel Gas's gross margin was 66.1% in fiscal 2025: for every $100 of revenue, National Fuel Gas kept $66 after the direct cost of its products and services.
How fast is National Fuel Gas growing?
Revenue grew 8.1% a year on average over the last five fiscal years, from $1.5 billion to $2.3 billion.
What are National Fuel Gas's earnings per share?
National Fuel Gas earned $6.91 per diluted share in fiscal 2025, compared with $5.01 a year earlier.
When will National Fuel Gas report its next earnings?
National Fuel Gas is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does National Fuel Gas's fiscal year end?
National Fuel Gas's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 21, 2025.