Filing Flows › National Fuel Gas (NFG) › Q1 FY26
National Fuel Gas (NFG) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jan 29, 2026
National Fuel Gas (NFG) reported revenue of $652M for the first quarter fiscal 2026 (Q1 FY26), +19% from a year earlier and +40% from the quarter before. Operating margin was 42.4%, net earnings $182M (27.9% of revenue).
National Fuel Gas, Q1 FY26: revenue $652M (+19% year over year), operating margin 42.4%, net earnings $182M, operating cash flow $275M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $652M | +40% | +19% |
| Operating profit | $276M | +54% | +220% |
| Net earnings | $182M | +69% | +304% |
| Operating cash flow | $275M | +16% | +25% |
What changed
Revenue was $651.5M in Q1 FY26, up 19% year over year and up 40% from the previous quarter. Integrated Upstream and Gathering was the largest line at 50% of revenue. Integrated Upstream and Gathering added $70.9M year over year (up 28%), 70% of the total change.
Operating profit was $276.1M, a 42.4% margin (up 26.7 points year over year). Of the extra revenue versus a year earlier, 186% reached operating profit, above the 16% margin then. Total costs fell 19% while revenue rose 19%. The fastest-growing cost line was Cost of revenue (+31%). Net earnings were $181.6M, up 304% year over year. The effective tax rate was 24.6%.
Operating cash flow was $274.9M (up 25% year over year), 151% of net earnings. Non-cash charges added back $122.0M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items used $32.8M. Capital expenditures of $277.6M exceeded it, leaving free cash flow of −$2.7M.
Questions
What was National Fuel Gas' revenue in the first quarter fiscal 2026?
National Fuel Gas (NFG) reported revenue of $652M for the first quarter fiscal 2026 (Q1 FY26), +19% from a year earlier and +40% from the quarter before.
Was National Fuel Gas profitable in the first quarter fiscal 2026?
Operating profit was $276M (42.4% of revenue) and net earnings $182M.
Source: National Fuel Gas 10-Q on SEC EDGAR.