Filing Flows › National Fuel Gas (NFG) › Q2 FY26 › vs Q2 FY25
National Fuel Gas (NFG) Q2 FY26 vs Q2 FY25 (year over year)
National Fuel Gas's revenue rose $128M (+18%) from $730M in Q2 FY25 to $858M in Q2 FY26. The biggest changes: Production of Natural Gas +$81.8M (+26%); Natural Gas Residential Sales +$65.9M (+26%); Other +$10.4M (—). Operating margin 40.4% against 43.5% (-3.0 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Operating margin | 40.4% | 43.5% | -3.0 pts |
| Net margin | 28.9% | 29.6% | -0.8 pts |
| Free cash flow margin | 18.8% | 8.2% | +10.6 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Production of Natural Gas | $400M | $318M | $81.8M | +26% |
| Natural Gas Residential Sales | $323M | $257M | $65.9M | +26% |
| Natural Gas Transportation Service | $105M | $100M | $4.8M | +5% |
| Natural Gas Storage Service | $14.8M | $14.6M | $189K | +1% |
| Other | $9.4M | −$1.0M | $10.4M | — |
| Natural Gas Gathering Service | $2.6M | $3.2M | −$609K | -19% |
| Natural Gas Industrial Sales | $2.6M | $1.9M | $620K | +32% |
| Production of Crude Oil | $439K | $393K | $46K | +12% |
| Natural Gas Processing | $200K | $338K | −$138K | -41% |
| Revenue | $858M | $730M | $128M | +18% |
| Operating profit | $347M | $317M | $29.9M | +9% |
| Costs & expenses | $511M | $413M | $98.5M | +24% |
| Pre-tax earnings | $330M | $288M | $42.7M | +15% |
| Other expense, net | $16.7M | $29.5M | −$12.8M | -43% |
| Cost of revenue | $208M | $135M | $72.5M | +54% |
| General & admin | $18.4M | $18.8M | −$379K | -2% |
| Other operating costs | $285M | $259M | $26.4M | +10% |
| Net earnings | $248M | $216M | $31.3M | +14% |
| Income tax | $82.7M | $71.4M | $11.4M | +16% |
| Depreciation & amortization | $119M | $111M | $8.1M | +7% |
| Share-based compensation | $5.8M | $5.8M | $65K | +1% |
| Working capital & other | $9.5M | −$79.6M | $89.1M | — |
| Operating cash flow | $382M | $254M | $129M | +51% |
| Free cash flow (OCF − capex) | $162M | $59.9M | $102M | +170% |
| Capital expenditures | $221M | $194M | $26.8M | +14% |
Questions
How much did National Fuel Gas's revenue grow year over year in Q2 FY26?
National Fuel Gas's revenue rose $128M (+18%) from $730M in Q2 FY25 to $858M in Q2 FY26.
What drove National Fuel Gas's revenue change in Q2 FY26?
Production of Natural Gas +$81.8M (+26%); Natural Gas Residential Sales +$65.9M (+26%); Other +$10.4M (—).