Filing Flows › National Fuel Gas (NFG) › Q2 FY26
National Fuel Gas (NFG) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Apr 30, 2026
National Fuel Gas (NFG) reported revenue of $858M for the second quarter fiscal 2026 (Q2 FY26), +18% from a year earlier and +32% from the quarter before. Operating margin was 40.4%, net earnings $248M (28.9% of revenue).
National Fuel Gas, Q2 FY26: revenue $858M (+18% year over year), operating margin 40.4%, net earnings $248M, operating cash flow $382M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $858M | +32% | +18% |
| Operating profit | $347M | +26% | +9% |
| Net earnings | $248M | +36% | +14% |
| Operating cash flow | $382M | +39% | +51% |
| Free cash flow | $162M | — | +170% |
What changed
Revenue was $858.4M in Q2 FY26, up 18% year over year and up 32% from the previous quarter. Production of Natural Gas was the largest line at 47% of revenue. Production of Natural Gas added $81.8M year over year (up 26%), 64% of the total change. Natural Gas Processing declined 41%.
Operating profit was $347.1M, a 40.4% margin (down 3.0 points year over year). Of the extra revenue versus Q2 FY25, 23% reached operating profit, below the 43% margin then. Total costs grew 24% against revenue growth of 18%. The fastest-growing cost line was Cost of revenue (+54%). Net earnings were $247.7M, up 14% year over year. The effective tax rate was 25.0%.
Operating cash flow was $382.4M (up 51% year over year), 154% of net earnings. Non-cash charges added back $119.3M of depreciation and amortization and $5.8M of share-based compensation. Capital expenditures of $220.6M left free cash flow of $161.7M.
Questions
What was National Fuel Gas' revenue in the second quarter fiscal 2026?
National Fuel Gas (NFG) reported revenue of $858M for the second quarter fiscal 2026 (Q2 FY26), +18% from a year earlier and +32% from the quarter before.
Was National Fuel Gas profitable in the second quarter fiscal 2026?
Operating profit was $347M (40.4% of revenue) and net earnings $248M.
Source: National Fuel Gas 10-Q on SEC EDGAR.