Filing Flows › National Fuel Gas (NFG) › Q3 FY26
National Fuel Gas (NFG) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Jul 30, 2026
National Fuel Gas (NFG) reported revenue of $537M for the third quarter fiscal 2026 (Q3 FY26), +1% from a year earlier and -37% from the quarter before. Operating margin was 38.9%, net earnings $139M (25.8% of revenue).
National Fuel Gas, Q3 FY26: revenue $537M (+1% year over year), operating margin 38.9%, net earnings $139M, operating cash flow $377M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $537M | -37% | +1% |
| Operating profit | $209M | -40% | -9% |
| Net earnings | $139M | -44% | -7% |
| Operating cash flow | $377M | -1% | -3% |
| Free cash flow | $111M | -31% | -43% |
What changed
Revenue was $537.5M in Q3 FY26, up 1% year over year and down 37% from the previous quarter. Integrated Upstream and Gathering was the largest line at 56% of revenue. Utility added $8.0M year over year (up 5%), 141% of the total change. Integrated Upstream and Gathering declined 1%.
Operating profit was $208.9M, a 38.9% margin (down 4.4 points year over year). Operating profit fell $21.3M even though revenue rose $5.7M versus Q3 FY25, so costs grew faster than sales. Total costs grew 9% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $138.6M, down 7% year over year. The effective tax rate was 25.0%.
Operating cash flow was $377.3M (down 3% year over year), 272% of net earnings. Non-cash charges added back $121.1M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items added $112.7M. Capital expenditures of $266.2M left free cash flow of $111.0M.
Questions
What was National Fuel Gas' revenue in the third quarter fiscal 2026?
National Fuel Gas (NFG) reported revenue of $537M for the third quarter fiscal 2026 (Q3 FY26), +1% from a year earlier and -37% from the quarter before.
Was National Fuel Gas profitable in the third quarter fiscal 2026?
Operating profit was $209M (38.9% of revenue) and net earnings $139M.
Source: National Fuel Gas 10-Q on SEC EDGAR.