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National Fuel Gas (NFG) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Jul 30, 2026 · National Fuel Gas (NFG) Q3 FY26 earnings results →

Q3 FY26 Revenue up 1% year over year to $537M · 26¢ of every $1 of revenue kept as net profit · operating margin 38.9%

National Fuel Gas made $537M in Q3 FY26 (+1% Y/Y): Integrated Upstream and Gathering $303M, Utility $165M, Pipeline and Storage $69.6M. Operating margin 38.9%, net earnings $139M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 30, 2026.

Revenue$537M

Year over year+1%

Operating margin38.9%

Net earnings$139M

Operating cash flow$377M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $537.5M in Q3 FY26, up 1% year over year and down 37% from the previous quarter. Integrated Upstream and Gathering was the largest line at 56% of revenue. Utility added $8.0M year over year (up 5%), 141% of the total change. Integrated Upstream and Gathering declined 1%.

Operating profit was $208.9M, a 38.9% margin (down 4.4 points year over year). Operating profit fell $21.3M even though revenue rose $5.7M versus Q3 FY25, so costs grew faster than sales. Total costs grew 9% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $138.6M, down 7% year over year. The effective tax rate was 25.0%.

Operating cash flow was $377.3M (down 3% year over year), 272% of net earnings. Non-cash charges added back $121.1M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items added $112.7M. Capital expenditures of $266.2M left free cash flow of $111.0M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 FY26	10-Q	Jul 30, 2026	$537M	+1%	38.9%	$139M	$377M
Q2 FY26	10-Q	Apr 30, 2026	$858M	+18%	40.4%	$248M	$382M
Q1 FY26	10-Q	Jan 29, 2026	$652M	+19%	42.4%	$182M	$275M
Q4 FY25	10-K	Nov 21, 2025	$466M	+25%	38.6%	$107M	$238M
Q3 FY25	10-Q	Jul 31, 2025	$532M	+27%	43.3%	$150M	$388M
Q2 FY25	10-Q	May 1, 2025	$730M	+16%	43.5%	$216M	$254M
Q4 FY24	10-K	Nov 22, 2024	$372M	+0.8%	-52.8%	−$168M	$198M

Charts

Latest (Q3 FY26): Y/Y +1%, Q/Q -37%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 FY26): Net income $139M, Operating cash flow $377M.

+3.7% since FY20: more shares outstanding (issuance, stock pay).

Cash $43.2M, short-term investments —, long-term debt $2.7B at 2025-09-30.

Natural Gas Distribution; dot size is quarterly revenue; dashed lines are the industry's medians.