National Fuel Gas Company (NFG) Q3 2026 earnings summary

Executive summary

• Adjusted EPS for Q3 FY2026 was $1.54, down year-over-year, mainly due to lower upstream production, while nine-month net income rose to $567.9 million, driven by higher Integrated Upstream and Gathering segment earnings.

• The $2.62 billion Ohio gas utility acquisition is expected to close October 1, 2026, doubling the utility rate base and expanding operations, with all regulatory approvals and financing secured.

• Dividend increased by 4% to $2.22 per share annually, marking 124 consecutive years of payments and 56 years of increases.

• Integrated business model continues to deliver strong returns, with ROCE outperforming S&P 500 and industry peers since FY17.

• Free cash flow for the nine months ended June 30, 2026, was $280 million, with strong liquidity maintained.

Financial highlights

• Q3 FY2026 adjusted EPS was $1.54 (down from $1.64); nine-month EPS was $6.06 (up from $4.54); operating revenues for Q3 were $537.5 million, and nine-month revenues reached $2.05 billion.

• FY2026 adjusted EPS guidance is $7.40–$7.60, up 9% from FY2025, assuming $3.00 NYMEX pricing.

• Consolidated adjusted EBITDA for the twelve months ended June 30, 2026, was $1.51 billion.

• Capital expenditures for the nine months totaled $744.5 million, with FY26 guidance at $1.0–$1.075 billion.

• Cash flow from operations for the nine months was $1.03 billion.

Outlook and guidance

• Long-term adjusted EPS growth is projected at 7–10% annually through 2029, supported by regulated growth and capital efficiency.

• Free cash flow generation of $1.0–$1.5 billion expected from 2027E–2029E.

• Utility rate base expected to double post-Ohio acquisition, supporting long-term 5–7% regulated EPS growth.

• FY2026 production guidance is 420–430 Bcfe, with 75–85% of remaining production hedged or under firm sales contracts.

• Guidance for fiscal 2027 to be formalized next quarter after Ohio acquisition closes.