Filing Flows › National Fuel Gas (NFG) › How it makes money
How National Fuel Gas (NFG) makes money
National Fuel Gas (NFG) made $537M of revenue in the third quarter fiscal 2026 (Q3 FY26), +1% from a year earlier. Integrated Upstream and Gathering brought in $303M (56%); Utility brought in $165M (31%); Pipeline and Storage brought in $69.6M (13%). Of every dollar of revenue, 39¢ was left as operating profit, 26¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 FY26
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Integrated Upstream and Gathering | $303M | 56.3% | — | -1% |
| Utility | $165M | 30.8% | — | +5% |
| Pipeline and Storage | $69.6M | 12.9% | — | +2% |
Where each dollar of revenue goes
| Line | Q3 FY26 | % of revenue |
|---|---|---|
| Revenue | $537M | 100.0% |
| Operating profit | $209M | 38.9% |
| Income tax | $46.2M | 8.6% |
| Net earnings | $139M | 25.8% |
| Operating cash flow | $377M | 70.2% |
| Free cash flow | $111M | 20.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 FY26 | $537M | +1% |
| Q2 FY26 | $858M | +18% |
| Q1 FY26 | $652M | +19% |
| Q4 FY25 | $466M | +25% |
| Q3 FY25 | $532M | +27% |
| Q2 FY25 | $730M | +16% |
| Q4 FY24 | $372M | +0.8% |
From National Fuel Gas' 10-Q filed Jul 30, 2026 (on EDGAR).
Questions
How does National Fuel Gas make money?
National Fuel Gas (NFG) made $537M of revenue in the third quarter fiscal 2026 (Q3 FY26), +1% from a year earlier. Integrated Upstream and Gathering brought in $303M (56%); Utility brought in $165M (31%); Pipeline and Storage brought in $69.6M (13%). Of every dollar of revenue, 39¢ was left as operating profit, 26¢ was left as net earnings.
What is National Fuel Gas' biggest business?
Integrated Upstream and Gathering: $303M in the third quarter fiscal 2026, 56% of revenue, -1% from a year earlier.
What is National Fuel Gas' profit margin?
Net earnings were $139M, 25.8% of revenue, in the third quarter fiscal 2026; the operating margin was 38.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.