Filing Flows › National Fuel Gas (NFG) › Guidance history
National Fuel Gas (NFG) guidance history: what it guided and what it reported
National Fuel Gas gave guidance in 12 earnings releases on file since Feb 8, 2024. Of 2 guided periods since reported, it met or beat its own guidance twice (100%). Tax rate: 2 of 2, on average -6.8 pts against the guided midpoint. Its releases raised guidance 6 times and lowered it 7 times.
Tax rate
Met or beat 2 of 2 periods (0 above, 1 within, 1 below).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY27 | 24.0% (Nov 5, 2026) | — | to be reported | — |
| FY25 | 24.5%–25.0% (Aug 1, 2024) → raised 25.0% (Jan 30, 2025) → reaffirmed 25.0% (May 1, 2025) → raised 25.5% (Jul 31, 2025) | 25.3% | within the range | -0.2 pts |
| FY26 | 25.5% (Jul 31, 2025) → reaffirmed 25.5% (Jan 29, 2026) → reaffirmed 25.5% (Apr 30, 2026) → reaffirmed 25.5% (Jul 30, 2026) | — | to be reported | — |
| FY24 | 25.0% (May 2, 2024) → lowered 24.5% (Aug 1, 2024) | 11.2% | below the range | -13.3 pts |
Capital expenditures
The GAAP figure from the filings is shown for each period reported; it is not judged against the guide, which may leave items out (one-off payments, acquisitions).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY26 | $235M–$265M (Jul 30, 2026) | — | to be reported | — |
| FY25 | $885M–$970M (Aug 1, 2024) → lowered $495M–$515M (Jan 30, 2025) | $913M (GAAP) | not judged | — |
| FY24 | $885M–$1.0B (Feb 8, 2024) → lowered $885M–$980M (May 2, 2024) | $931M (GAAP) | not judged | — |
GAAP EPS
Every guided period is still to be reported.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 FY26 | $1.13 (Nov 5, 2026) | — | to be reported | — |
Adjusted EPS
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY27 | $6.00–$6.40 (Nov 5, 2026) | — | to be reported | — |
| FY26 | $2.00 (Jul 31, 2025) → raised $7.60–$8.10 (Nov 6, 2025) → reaffirmed $7.60–$8.10 (Jan 29, 2026) → lowered $7.45–$7.75 (Apr 30, 2026) → lowered $7.40–$7.60 (Jul 30, 2026) | — | to be reported | — |
| FY25 | $5.75–$6.25 (Aug 1, 2024) → raised $6.50–$7.00 (Jan 30, 2025) → raised $6.75–$7.05 (May 1, 2025) → lowered $6.80–$6.95 (Jul 31, 2025) | — | — | — |
| FY24 | $4.75–$5.05 (May 2, 2024) → raised $5.00–$5.10 (Aug 1, 2024) | — | — | — |
The latest quarter
National Fuel Gas, Q3 FY26: revenue $537M (+1% year over year), operating margin 38.9%, net earnings $139M, operating cash flow $377M. The chart follows the revenue to costs, profit and cash.
Questions
Does National Fuel Gas beat its guidance?
National Fuel Gas gave guidance in 12 earnings releases on file since Feb 8, 2024. Of 2 guided periods since reported, it met or beat its own guidance twice (100%). Tax rate: 2 of 2, on average -6.8 pts against the guided midpoint.
How often does National Fuel Gas raise guidance?
Its earnings releases raised guidance 6 times and lowered it 7 times since Feb 8, 2024.
Each guided period is held to the last guidance given before its figures were reported; a single figure counts as in line within 1% (0.25 pts for a rate). Reported figures are GAAP, from the company's filings; adjusted guidance shows its moves only.