Filing Flows › National Fuel Gas (NFG) › Q4 FY25
National Fuel Gas (NFG) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Nov 21, 2025
National Fuel Gas (NFG) reported revenue of $466M for the fourth quarter fiscal 2025 (Q4 FY25), +25% from a year earlier and -12% from the quarter before. Operating margin was 38.6%, net earnings $107M (23.0% of revenue).
National Fuel Gas, Q4 FY25: revenue $466M (+25% year over year), operating margin 38.6%, net earnings $107M, operating cash flow $238M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $466M | -12% | +25% |
| Operating profit | $180M | -22% | — |
| Net earnings | $107M | -28% | — |
| Operating cash flow | $238M | -39% | +20% |
What changed
Revenue was $466.3M in Q4 FY25, up 25% year over year and down 12% from the previous quarter. Production of Natural Gas was the largest line at 58% of revenue.
Operating profit was $179.8M, a 38.6% margin (up 91.4 points year over year). Total costs fell 50% while revenue rose 25%. Net earnings were $107.3M. The effective tax rate was 28.1%.
Operating cash flow was $237.8M (up 20% year over year), 221% of net earnings. Non-cash charges added back $119.5M of depreciation and amortization and $4.0M of share-based compensation. Capital expenditures of $285.5M exceeded it, leaving free cash flow of −$47.8M.
Questions
What was National Fuel Gas' revenue in the fourth quarter fiscal 2025?
National Fuel Gas (NFG) reported revenue of $466M for the fourth quarter fiscal 2025 (Q4 FY25), +25% from a year earlier and -12% from the quarter before.
Was National Fuel Gas profitable in the fourth quarter fiscal 2025?
Operating profit was $180M (38.6% of revenue) and net earnings $107M.
Source: National Fuel Gas 10-K on SEC EDGAR.