Filing Flows › National Fuel Gas (NFG) › Q2 FY26 › vs Q1 FY26
National Fuel Gas (NFG) Q2 FY26 vs Q1 FY26 (quarter over quarter)
National Fuel Gas's revenue rose $207M (+32%) from $652M in Q1 FY26 to $858M in Q2 FY26. Operating margin 40.4% against 42.4% (-1.9 pts).
National Fuel Gas, Q2 FY26: revenue $858M (+18% year over year), operating margin 40.4%, net earnings $248M, operating cash flow $382M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Operating margin | 40.4% | 42.4% | -1.9 pts |
| Net margin | 28.9% | 27.9% | +1.0 pts |
| Free cash flow margin | 18.8% | -0.4% | +19.3 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Revenue | $858M | $652M | $207M | +32% |
| Operating profit | $347M | $276M | $71.0M | +26% |
| Costs & expenses | $511M | $375M | $136M | +36% |
| Pre-tax earnings | $330M | $241M | $89.4M | +37% |
| Other expense, net | $16.7M | $35.1M | −$18.4M | -52% |
| Cost of revenue | $208M | $85.6M | $122M | +143% |
| General & admin | $18.4M | $19.3M | −$934K | -5% |
| Other operating costs | $285M | $270M | $14.5M | +5% |
| Net earnings | $248M | $182M | $66.0M | +36% |
| Income tax | $82.7M | $59.3M | $23.4M | +39% |
| Depreciation & amortization | $119M | $122M | −$2.7M | -2% |
| Share-based compensation | $5.8M | $4.1M | $1.8M | +43% |
| Working capital & other | $9.5M | −$32.8M | $42.4M | — |
| Operating cash flow | $382M | $275M | $107M | +39% |
| Free cash flow (OCF − capex) | $162M | −$2.7M | $164M | — |
| Capital expenditures | $221M | $278M | −$57.0M | -21% |
Questions
How much did National Fuel Gas's revenue grow quarter over quarter in Q2 FY26?
National Fuel Gas's revenue rose $207M (+32%) from $652M in Q1 FY26 to $858M in Q2 FY26. Operating margin 40.4% against 42.4% (-1.9 pts).