Filing Flows › National Fuel Gas (NFG) › Q3 FY26 › vs Q2 FY26
National Fuel Gas (NFG) Q3 FY26 vs Q2 FY26 (quarter over quarter)
National Fuel Gas's revenue fell $321M (-37%) from $858M in Q2 FY26 to $537M in Q3 FY26. Operating margin 38.9% against 40.4% (-1.6 pts).
National Fuel Gas, Q3 FY26: revenue $537M (+1% year over year), operating margin 38.9%, net earnings $139M, operating cash flow $377M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Operating margin | 38.9% | 40.4% | -1.6 pts |
| Net margin | 25.8% | 28.9% | -3.1 pts |
| Free cash flow margin | 20.7% | 18.8% | +1.8 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Revenue | $537M | $858M | −$321M | -37% |
| Operating profit | $209M | $347M | −$138M | -40% |
| Costs & expenses | $329M | $511M | −$183M | -36% |
| Pre-tax earnings | $185M | $330M | −$146M | -44% |
| Other expense, net | $24.1M | $16.7M | $7.4M | +44% |
| Cost of revenue | $29.9M | $208M | −$178M | -86% |
| General & admin | $17.4M | $18.4M | −$985K | -5% |
| Other operating costs | $281M | $285M | −$3.7M | -1% |
| Net earnings | $139M | $248M | −$109M | -44% |
| Income tax | $46.2M | $82.7M | −$36.6M | -44% |
| Depreciation & amortization | $121M | $119M | $1.7M | +1% |
| Share-based compensation | $4.9M | $5.8M | −$987K | -17% |
| Working capital & other | $113M | $9.5M | $103M | 12× |
| Operating cash flow | $377M | $382M | −$5.1M | -1% |
| Free cash flow (OCF − capex) | $111M | $162M | −$50.7M | -31% |
| Capital expenditures | $266M | $221M | $45.6M | +21% |
Questions
How much did National Fuel Gas's revenue grow quarter over quarter in Q3 FY26?
National Fuel Gas's revenue fell $321M (-37%) from $858M in Q2 FY26 to $537M in Q3 FY26. Operating margin 38.9% against 40.4% (-1.6 pts).