National Fuel Gas Company (NFG) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted EPS of $6.91 for the year, up 38% year-over-year, with Q4 adjusted EPS at $1.22, a 58% increase; FY26 guidance midpoint at $7.85, a 14% rise from FY25.

• Announced $2.62 billion acquisition of CenterPoint's Ohio gas utility, expected to double utility rate base and regulated earnings post-close in late 2026.

• All business segments delivered meaningful growth, led by integrated upstream and gathering operations with record production and improved capital efficiency.

• Dividend increased for the 55th consecutive year to $2.14 per share.

• Expanded Tioga County inventory by 220 Upper Utica well locations, nearly doubling EDA inventory and supporting over 15 years of premium drilling locations.

Financial highlights

• Full-year adjusted EPS rose 38% to $6.91; Q4 adjusted EPS up 58% to $1.22; FY26 guidance: $7.60–$8.10.

• Adjusted EBITDA reached $1.41 billion, up from $1.19 billion; net income for FY25 was $518.5 million, up from $77.5 million.

• Production increased 21% in Q4 and 9% for the year, with record net production of 427 BCFE.

• Free cash flow for fiscal 2026 expected at $300–350 million, well above prior year.

• Capital expenditures for FY25 were $918 million, with FY26 guidance at $955–$1,065 million.

Outlook and guidance

• Fiscal 2026 adjusted EPS guidance set at $7.60–$8.10, assuming $3.75 NYMEX price; EPS sensitivity range $6.55–$8.50.

• 65% of 2026 volumes hedged with swaps averaging $4 and collars with $3.60 floor/$4.80 cap.

• Production guidance for 2026: 440–455 BCFE, a 5% increase at midpoint, with 85% under firm sales contracts.

• Capital expenditures for upstream and gathering expected at $550–610 million, down 3% at midpoint from 2025.

• Additional growth expected in 2027, with long-term EPS growth above multi-year guidance.