Filing Flows › National Fuel Gas (NFG) › Q3 FY26 › vs Q3 FY25
National Fuel Gas (NFG) Q3 FY26 vs Q3 FY25 (year over year)
National Fuel Gas's revenue rose $5.7M (+1%) from $532M in Q3 FY25 to $537M in Q3 FY26. The biggest changes: Utility +$8.0M (+5%); Integrated Upstream and Gathering −$3.9M (-1%); Pipeline and Storage +$1.6M (+2%). Operating margin 38.9% against 43.3% (-4.4 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 Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Operating margin | 38.9% | 43.3% | -4.4 pts |
| Net margin | 25.8% | 28.2% | -2.4 pts |
| Free cash flow margin | 20.7% | 36.7% | -16.1 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| Integrated Upstream and Gathering | $303M | $306M | −$3.9M | -1% |
| Utility | $165M | $157M | $8.0M | +5% |
| Pipeline and Storage | $69.6M | $68.0M | $1.6M | +2% |
| Revenue | $537M | $532M | $5.7M | +1% |
| Operating profit | $209M | $230M | −$21.3M | -9% |
| Costs & expenses | $329M | $302M | $27.0M | +9% |
| Pre-tax earnings | $185M | $201M | −$16.1M | -8% |
| Other expense, net | $24.1M | $29.4M | −$5.2M | -18% |
| Cost of revenue | $29.9M | $28.0M | $1.9M | +7% |
| General & admin | $17.4M | $18.5M | −$1.1M | -6% |
| Other operating costs | $281M | $255M | $26.2M | +10% |
| Net earnings | $139M | $150M | −$11.2M | -7% |
| Income tax | $46.2M | $51.1M | −$4.9M | -10% |
| Depreciation & amortization | $121M | $116M | $4.7M | +4% |
| Share-based compensation | $4.9M | $5.2M | −$374K | -7% |
| Working capital & other | $113M | $117M | −$4.2M | -4% |
| Operating cash flow | $377M | $388M | −$11.2M | -3% |
| Free cash flow (OCF − capex) | $111M | $195M | −$84.3M | -43% |
| Capital expenditures | $266M | $193M | $73.2M | +38% |
Questions
How much did National Fuel Gas's revenue grow year over year in Q3 FY26?
National Fuel Gas's revenue rose $5.7M (+1%) from $532M in Q3 FY25 to $537M in Q3 FY26.
What drove National Fuel Gas's revenue change in Q3 FY26?
Utility +$8.0M (+5%); Integrated Upstream and Gathering −$3.9M (-1%); Pipeline and Storage +$1.6M (+2%).