NATIONAL FUEL GAS CO

NFG 10-Q · Q2 2026

NFG Q2 2026 request

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Income Statement

Income Statement
Metric Q2 2026 Q2 2025 YoY
Revenue 858,373 729,950 +17.6%
Show Business Segments breakouts
Integrated Upstream and Gathering 358,823 315,191 +13.8%
Integrated Upstream and Gathering · Operating Segments 358,823 315,191 +13.8%
Pipeline and Storage 73,762 71,185 +3.6%
Pipeline and Storage · Operating Segments 111,463 109,573 +1.7%
Total Reportable Segments · Operating Segments 896,200 768,457 +16.6%
Utility 425,788 343,574 +23.9%
Utility · Operating Segments 425,914 343,693 +23.9%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Commodity Contract -48,694 -7,834 -521.6%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Foreign Exchange Contract -66 -326 +79.8%
Show Consolidation Items breakouts
Intersegment Elimination -37,827 -38,507 +1.8%
Operating Segments 896,200 768,457 +16.6%
Cost of Revenue 207,851 135,338 +53.6%
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Total Reportable Segments · Operating Segments 244,860 171,777 +42.5%
Utility · Operating Segments 244,860 171,777 +42.5%
Show Consolidation Items breakouts
Intersegment Elimination -37,009 -36,439 -1.6%
Utilities Operating Expense Maintenance And Operations (Q)
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Integrated Upstream and Gathering and Other 61,064 47,269 +29.2%
Pipeline and Storage 30,660 30,153 +1.7%
Utility 67,060 63,447 +5.7%
Taxes Excluding Income And Excise Taxes 25,274 25,214 +0.2%
Depreciation & Amortization 119,329 111,277 +7.2%
Show Business Segments breakouts
Integrated Upstream and Gathering · Operating Segments 80,548 75,456 +6.7%
Pipeline and Storage · Operating Segments 19,961 18,547 +7.6%
Total Reportable Segments · Operating Segments 119,110 111,138 +7.2%
Utility · Operating Segments 18,601 17,135 +8.6%
Show Consolidation Items breakouts
Intersegment Elimination 219 139 +57.6%
Total Costs & Expenses 511,238 412,698 +23.9%
Operating Income 347,135 317,252 +9.4%
Other Non-Operating Income (Expense) 17,002 15,232 +11.6%
Interest Expense Debt -30,083 -39,662 +24.2%
Interest Expense Other -3,651 -5,095 +28.3%
Income Before Taxes 330,403 287,727 +14.8%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -48,760 -8,160 -497.5%
Income Tax Expense (Benefit) 82,735 71,369 +15.9%
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All Other · Material Reconciling Items 262 -82 +419.5%
Integrated Upstream and Gathering · Operating Segments 55,049 44,879 +22.7%
Pipeline and Storage · Operating Segments 10,558 10,961 -3.7%
Total Reportable Segments · Operating Segments 83,606 72,517 +15.3%
Utility · Operating Segments 17,999 16,677 +7.9%
Show Consolidation Items breakouts
Intersegment Elimination -1,133 -1,066 -6.3%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -13,055 -2,196 -494.5%
Net Income 247,668 216,358 +14.5%
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All Other · Material Reconciling Items 868 -271 +420.3%
Integrated Upstream and Gathering · Operating Segments 152,030 124,170 +22.4%
Pipeline and Storage · Operating Segments 31,606 31,707 -0.3%
Total Reportable Segments · Operating Segments 248,985 219,421 +13.5%
Utility · Operating Segments 65,349 63,544 +2.8%
Show Equity Components breakouts
Retained Earnings 247,668 216,358 +14.5%
Show Consolidation Items breakouts
Intersegment Elimination -2,185 -2,792 +21.7%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -35,705 -5,964 -498.7%
Retained Earnings 2,340,168 1,855,366 +26.1%
Beginning Retained Earnings Unappropriated And Current Period Net Income Loss 2,391,008 1,915,006 +24.9%
Dividends Common Stock Cash -50,840 -46,555 -9.2%
Show Equity Components breakouts
Retained Earnings -50,840 -46,555 -9.2%
EPS (Basic) 2.61 2.39 +9.2%
EPS (Diluted) 2.59 2.37 +9.3%
Wtd Avg Shares (Basic) 95,026,278 90,500,162 +5.0%
Wtd Avg Shares (Diluted) 95,691,950 91,176,327 +5.0%
Common Stock Dividends Per Share Declared 0.54 0.52 +3.9%
Revenue 909,034 734,758 +23.7%
Show Product Lines breakouts
Natural Gas Commercial Sales 50,887 39,602 +28.5%
Natural Gas Commercial Sales · Operating Segments 50,887 39,602 +28.5%
Natural Gas Commercial Sales · Utility 50,887 39,602 +28.5%
Natural Gas Industrial Sales 2,555 1,935 +32.0%
Natural Gas Industrial Sales · Intersegment Elimination -3 -2 -50.0%
Natural Gas Industrial Sales · Operating Segments 2,558 1,937 +32.1%
Natural Gas Industrial Sales · Utility 2,558 1,937 +32.1%
Natural Gas Midstream 2,624 3,233 -18.8%
Natural Gas Midstream · Integrated Upstream and Gathering 2,624 3,233 -18.8%
Natural Gas Midstream · Operating Segments 2,624 3,233 -18.8%
Natural Gas Processing 200 338 -40.8%
Natural Gas Processing · Integrated Upstream and Gathering 200 338 -40.8%
Natural Gas Processing · Operating Segments 200 338 -40.8%
Natural Gas Production 400,217 318,404 +25.7%
Natural Gas Production · Integrated Upstream and Gathering 400,217 318,404 +25.7%
Natural Gas Production · Operating Segments 400,217 318,404 +25.7%
Natural Gas Residential Sales 322,969 257,100 +25.6%
Natural Gas Residential Sales · Operating Segments 322,969 257,100 +25.6%
Natural Gas Residential Sales · Utility 322,969 257,100 +25.6%
Natural Gas Storage 14,786 14,597 +1.3%
Natural Gas Storage · Intersegment Elimination -10,891 -10,691 -1.9%
Natural Gas Storage · Operating Segments 25,677 25,288 +1.5%
Natural Gas Storage · Pipeline and Storage 25,677 25,288 +1.5%
Oil And Gas Service 104,977 100,199 +4.8%
Oil And Gas Service · Intersegment Elimination -26,649 -27,538 +3.2%
Oil And Gas Service · Operating Segments 131,626 127,737 +3.0%
Oil And Gas Service · Pipeline and Storage 83,048 82,481 +0.7%
Oil And Gas Service · Utility 48,578 45,256 +7.3%
Product And Service Other 9,380 -1,043 +999.3%
Product And Service Other · Integrated Upstream and Gathering 4,037 657 +514.5%
Product And Service Other · Intersegment Elimination -284 -276 -2.9%
Product And Service Other · Operating Segments 9,664 -767 +1360.0%
Product And Service Other · Pipeline and Storage 2,738 1,804 +51.8%
Product And Service Other · Utility 2,889 -3,228 +189.5%
Production of Crude Oil 439 393 +11.7%
Production of Crude Oil · Integrated Upstream and Gathering 439 393 +11.7%
Production of Crude Oil · Operating Segments 439 393 +11.7%
Show Business Segments breakouts
Integrated Upstream and Gathering · Operating Segments 407,517 323,025 +26.2%
Pipeline and Storage · Operating Segments 111,463 109,573 +1.7%
Utility · Operating Segments 427,881 340,667 +25.6%
Show Consolidation Items breakouts
Intersegment Elimination -37,827 -38,507 +1.8%
Operating Segments 946,861 773,265 +22.4%
General & Administrative 18,409 18,788 -2.0%
Show Business Segments breakouts
Integrated Upstream and Gathering · Operating Segments 18,472 18,847 -2.0%
Total Reportable Segments · Operating Segments 18,472 18,847 -2.0%
Show Consolidation Items breakouts
Intersegment Elimination -63 -59 -6.8%
Interest Expense 33,734 44,757 -24.6%
Show Business Segments breakouts
All Other · Material Reconciling Items 118 131 -9.9%
Integrated Upstream and Gathering · Operating Segments 15,111 22,824 -33.8%
Pipeline and Storage · Operating Segments 11,779 11,700 +0.7%
Total Reportable Segments · Operating Segments 38,028 45,451 -16.3%
Utility · Operating Segments 11,138 10,927 +1.9%
Show Consolidation Items breakouts
Intersegment Elimination -4,412 -825 -434.8%

Balance Sheet

Balance Sheet
Metric Q2 2026 Q2 2025 YoY
Current Assets
Cash & Cash Equivalents 26,596 39,954 -33.4%
Accounts And Other Receivables Net Current 292,548 291,132 +0.5%
Unbilled Receivables Current 52,963 49,077 +7.9%
Energy Related Inventory Gas Stored Underground 4,768 6,413 -25.7%
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Reserve For Gas Replacement 47.4 27.6 +71.7%
Inventory Raw Materials And Supplies 53,773 48,451 +11.0%
Unrecovered Costs For Purchased Gas Amount 13,005 3,562 +265.1%
Other Assets Current 63,943
Total Current Assets 507,596 568,473 -10.7%
Non-Current Assets
Property, Plant & Equipment 7,930,183 7,347,199 +7.9%
Recoverable Future Taxes 96,226 88,623 +8.6%
Unamortized Loss Reacquired Debt Noncurrent 5,307
Regulatory Asset Noncurrent Other 127,061
Deferred Costs 81,332 69,572 +16.9%
Other Investments 65,870
Goodwill 5,476 5,476 0.0%
Defined Benefit Plan Assets For Plan Benefits Noncurrent 182,682 194,325 -6.0%
Derivative Instruments And Hedges Noncurrent 116,014 45 +257708.9%
Other Non-Current Assets 9,857 8,326 +18.4%
Total Other Assets 689,825 564,291 +22.2%
Total Assets 9,127,604
Show Business Segments breakouts
All Other · Material Reconciling Items 9,888
Integrated Upstream and Gathering · Operating Segments 4,011,274
Pipeline and Storage · Operating Segments 2,528,382
Total Reportable Segments · Operating Segments 9,232,522
Utility · Operating Segments 2,692,866
Show Consolidation Items breakouts
Intersegment Elimination -114,806
Other Assets
Property Plant And Equipment Gross 15,832,704 14,834,817 +6.7%
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment 7,902,521 7,487,618 +5.5%
Current Liabilities
Short Term Borrowings 41,300 208,400 -80.2%
Current Portion of Long-Term Debt 300,000 350,000 -14.3%
Show Long-Term Debt Type breakouts
5.50% Through October 2026 300
Accounts Payable 143,180 127,611 +12.2%
Refundable Gas Costs 288 34,393 -99.2%
Dividends Payable Current 50,840 46,555 +9.2%
Interest Payable On Long Term Debt 13,738 19,454 -29.4%
Security Deposit Liability 27,805 30,358 -8.4%
Accrued Liabilities 242,760 184,925 +31.3%
Derivative Instruments And Hedges Liabilities 236 201,464 -99.9%
Total Current Liabilities 820,147 1,203,160 -31.8%
Non-Current Liabilities
Deferred Tax Liabilities 1,325,733 1,072,436 +23.6%
Taxes Refundable To Customers 303,199 302,293 +0.3%
Cost Of Removal Regulatory Liability 314,865 300,256 +4.9%
Regulatory Liability Noncurrent Other 116,509
Postemployment Benefits Liability Noncurrent 3,741 3,404 +9.9%
Asset Retirement Obligations Noncurrent 228,105 193,802 +17.7%
Other Non-Current Liabilities 105,924 117,047 -9.5%
Liabilities Noncurrent 2,398,076 2,130,066 +12.6%
Long-Term Debt 2,384,882
Stockholders' Equity
Common Stock 95,027 90,398 +5.1%
Additional Paid-In Capital 1,388,193 1,042,822 +33.1%
Accumulated Other Comprehensive Income 1,111 -222,975 +100.5%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,824,499
Show Equity Components breakouts
Accumulated Other Comprehensive Income 1,111 -222,975 +100.5%
Additional Paid In Capital 1,388,193 1,042,822 +33.1%
Common Stock 95,027 90,398 +5.1%
Retained Earnings 2,340,168 1,855,366 +26.1%
Long-Term Debt 2,084,882 2,381,126 -12.4%
Capitalization Longterm Debt And Equity 5,909,381 5,146,737 +14.8%
Total Liabilities & Equity 9,127,604 8,479,963 +7.6%
Total Stockholders' Equity (Q)
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -79,172 -71,275 -11.1%
Accumulated Gain Loss Net Cash Flow Hedge Parent 80,283 -151,700 +152.9%
Accumulated Other Comprehensive Income 1,111 -222,975 +100.5%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2026 YTD Q2 2025 YoY
Operating Activities
Deferred Income Taxes And Tax Credits 68,296 25,787 +164.8%
Stock-Based Compensation 9,941 10,487 -5.2%
Other Non-Cash Items 14,319 14,317 0.0%
Increase Decrease In Receivables -146,459 -197,553 +25.9%
Change in Inventory 25,472 27,861 -8.6%
Increase Decrease In Deferred Gas Cost -7,236 -3,562 -103.1%
Increase Decrease In Other Current Assets 16,726 13,737 +21.8%
Increase Decrease In Accounts Payable Trade 13,469 17,322 -22.2%
Increase Decrease In Regulatory Clause Revenue -680 -8,327 +91.8%
Increase Decrease In Customer Advances Current -17,188 -19,373 +11.3%
Increase Decrease In Security Deposits -2,048 -5,907 +65.3%
Increase Decrease In Accrued Liabilities 56,167 21,528 +160.9%
Increase Decrease In Other Noncurrent Assets -18,864 -20,282 +7.0%
Increase Decrease In Other Operating Liabilities -25,303 -28,343 +10.7%
Net Cash from Operations 657,279 473,870 +38.7%
Investing Activities
Capital Expenditures -498,267 -434,260 -14.7%
Other Investing Activities 523 8,881 -94.1%
Net Cash from Investing -497,744 -425,379 -17.0%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less -108,900 117,700 -192.5%
Repayments Of Long Term Debt -300,000 -954,086 +68.6%
Payments Of Dividends Common Stock -99,187 -93,543 -6.0%
Proceeds From Issuance Of Common Stock 338,403
Payments For Repurchase Of Common Stock Under Stock And Benefit Plans Net -6,421 -4,026 -59.5%
Net Cash from Financing -176,105 4,593 -3934.2%
Supplemental
Unpaid Capital Expenditures 82,678 58,813 +40.6%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect -16,570 53,084 -131.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 26,596 91,306 -70.9%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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