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National Fuel Gas cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$111M in Q3 FY26 · $222M over twelve months

Operating cash flow$377M
Capital spending−$266M
Free cash flow+$111M
Cash / net income2.7×

Analysis

In Q3 FY26, National Fuel Gas generated $377M of operating cash flow and spent $266M on capital projects, leaving free cash flow of $111M. That is $84.3M less than in Q3 FY25 ($195M).

Over the twelve months to Jun 30, 2026, operating cash flow was $1.3B; the largest uses were capital spending ($1.1B), dividends ($198M); besides operations, cash came from net borrowing (+) / repaid (−) ($818M), other financing ($331M); the cash balance rose by $1.2B.

Operating cash flow was $377M against net income of $139M — 2.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$121M, receivables +$99.2M, deferred taxes +$20.6M.

Free cash flow

National Fuel Gas: free cash flow by quarterNational Fuel Gas: free cash flow by quarter−$49.1MQ4 FY24−$20.3MQ1 FY25$59.9MQ2 FY25$195MQ3 FY25−$47.8MQ4 FY25−$2.7MQ1 FY26$162MQ2 FY26$111MQ3 FY26
Operating cash flow less capital spending.
National Fuel Gas: operating cash flow against capital spendingNational Fuel Gas: operating cash flow against capital spendingOperating cash flowCapital spending$198M$247MQ4 FY24$220M$240MQ1 FY25$254M$194MQ2 FY25$388M$193MQ3 FY25$238M$286MQ4 FY25$275M$278MQ1 FY26$382M$221MQ2 FY26$377M$266MQ3 FY26
Latest (Q3 FY26): Operating cash flow $377M, Capital spending $266M.

Capital allocation, year by year

National Fuel Gas: where the cash came from (up) and went (down), by fiscal yearNational Fuel Gas: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY21: Operating cash flow $792MFY21: Net borrowing $108MFY21: Capital spending −$752MFY21: Buybacks −$3.7MFY21: Dividends −$163M$900MFY21FY22: Operating cash flow $813MFY22: Net borrowing −$98.5MFY22: Capital spending −$812MFY22: Dividends −$168M$813MFY22FY23: Operating cash flow $1.2BFY23: Net borrowing −$24.2MFY23: Capital spending −$1.0BFY23: Dividends −$176M$1.2BFY23FY24: Operating cash flow $1.1BFY24: Net borrowing $103MFY24: Capital spending −$931MFY24: Buybacks −$64.1MFY24: Dividends −$184M$1.2BFY24FY25: Operating cash flow $1.1BFY25: Net borrowing $44.1MFY25: Capital spending −$913MFY25: Buybacks −$54.4MFY25: Dividends −$188M$1.1BFY25
Over these 5 years operating cash flow totalled $5.0B; the largest uses were capital spending ($4.4B) and dividends ($880M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debt$3.6B
Net debt$2.3B
Due within a year$300M

National Fuel Gas funds itself: free cash flow was $222M over the last twelve months, and $1.2B of cash and investments stands against $3.6B of debt ($300M due within a year, 4.1× covered by cash).

National Fuel Gas: debt maturities by year (FY25)National Fuel Gas: debt maturities by year (FY25)$300MYear 1$600MYear 2$300MYear 3$500MYear 5$1.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.2B of cash and investments now.

Where the cash came from and went

National Fuel Gas: sources (+) and uses (−) of cash, Q3 FY26National Fuel Gas: sources (+) and uses (−) of cash, Q3 FY26Cash drawn (+) / kept (−)−$1.2BNet borrowing (+) / repaid (−)$1.1BOperating cash flow$377MCapital spending−$266MDividends−$50.8MOther investing$9.8MOther financing−$14KShares issued−$7K
National Fuel Gas: sources (+) and uses (−) of cash, TTM to Q3 FY26National Fuel Gas: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$1.3BCash drawn (+) / kept (−)−$1.2BCapital spending−$1.1BNet borrowing (+) / repaid (−)$818MOther financing$331MDividends−$198MOther investing$22.1M

From profit to cash

National Fuel Gas: net income to operating cash flow, Q3 FY26National Fuel Gas: net income to operating cash flow, Q3 FY26Net income$139MDepreciation & amortization$121MStock-based pay$4.9MDeferred taxes$20.6MOther non-cash$3.4MReceivables$99.2MInventory−$5.5MPayables−$13.5MAccrued liabilities$1.7MPrepaid and other assets−$3.7MOther liabilities−$4.2MOperating cash flow$377M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$377M−$266M—−$50.8M$1.1B−$7K−$1.2B$111M
Q2 FY26$382M−$221M—−$50.8M−$48.7M−$8.7M$245M$162M
Q1 FY26$275M−$278M—−$48.4M−$60.2M$347M−$228M−$2.7M
Q4 FY25$238M−$286M—−$48.3M$88.7M—−$3.8M−$47.8M
Q3 FY25$388M−$193M−$4.0M−$46.6M−$197M—$52.0M$195M
Q2 FY25$254M−$194M−$16.9M−$46.7M$8.4M—−$42.6M$59.9M
Q1 FY25$220M−$240M−$33.5M−$46.9M$109M—−$10.5M−$20.3M
Q4 FY24$198M−$247M−$36.2M−$47.2M$90.7M—$43.2M−$49.1M

National Fuel Gas: income statement and cash flow

National Fuel Gas, Q3 FY26: revenue $537M (+1% year over year), operating margin 38.9%. The chart follows the revenue to costs, profit and cash.

National Fuel Gas: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.