NATIONAL FUEL REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2026 EARNINGS
NATIONAL FUEL GAS CO (NFG) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99 6363 Main Street/Williamsville, NY 14221 Release Date: Immediate November 4, 2026 Ryan P. Vossler Investor Relations 716-857-7158 Timothy J. Silverstein Chief Financial Officer 716-857-6987 NATIONAL FUEL REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2026 EARNINGS WILLIAM
How this was made
The 30-second read
Why it matters
The earnings beat and dividend raise are positive, but the updated 2027 EPS guidance may weigh on the stock.
Market read
The filing provides fresh earnings data and forward guidance, directly affecting NFG's valuation and investor sentiment.
What to watch
Potential upside from the upcoming IUG spin‑off and new rate cases could offset short‑term earnings pressure.
National Fuel reported fourth-quarter GAAP earnings of $97.5 million, or $1.02 per share, and initiated fiscal 2027 adjusted EPS guidance of $6.00 - $6.40.
Fiscal 2026 adjusted EPS increased 9% to $7.55 and operating cash flow reached $1,272 million, but fourth-quarter GAAP EPS declined to $1.02 while adjusted EPS was unchanged at $1.22 and fiscal 2027 adjusted EPS guidance is $6.00 - $6.40.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Fourth quarter 2026 total operating revenuesGAAP | $467.8M | – | – |
| Fiscal 2026 total operating revenuesGAAP | $2.52B | – | – |
| Fourth quarter 2026 operating expensesGAAP | $310.4M | – | – |
| Fiscal 2026 operating expensesGAAP | $1.53B | – | – |
| Fourth quarter 2026 operating incomeGAAP | $157.5M | – | – |
| Fiscal 2026 operating incomeGAAP | $989.7M | – | – |
| Fourth quarter 2026 income before income taxesGAAP | $128.1M | – | – |
| Fiscal 2026 income before income taxesGAAP | $884.3M | – | – |
| Fourth quarter 2026 income tax expenseGAAP | $30.63M | – | – |
| Fiscal 2026 income tax expenseGAAP | $218.9M | – | – |
| Fourth quarter 2026 net income available for common stockGAAP | $97.51M | – | – |
| Fiscal 2026 net income available for common stockGAAP | $665.4M | – | – |
| Fourth quarter 2026 diluted earnings per common shareGAAP | $1.02 | – | – |
| Fiscal 2026 diluted earnings per common shareGAAP | $7.02 | – | – |
| Fourth quarter 2026 basic earnings per common shareGAAP | $1.03 | – | – |
| Fiscal 2026 basic earnings per common shareGAAP | $7.07 | – | – |
| Fourth quarter 2026 adjusted earningsnon-GAAP | $111.9M | – | – |
| Fiscal 2026 adjusted earningsnon-GAAP | $689.8M | – | – |
| Fourth quarter 2026 adjusted earnings per sharenon-GAAP | $1.22 | – | – |
| Fiscal 2026 adjusted earnings per sharenon-GAAP | $7.55 | – | an increase of 9% |
| Fourth quarter 2026 adjusted EBITDAnon-GAAP | $297.0M | – | – |
| Fiscal 2026 adjusted EBITDAnon-GAAP | $1.50B | – | – |
| Fiscal 2026 net cash provided by operating activitiesGAAP | $1.27B | – | – |
| Fiscal 2026 net cash used in investing activitiesGAAP | $1.07B | – | – |
| Fiscal 2026 free cash flownon-GAAP | $198.6M | – | – |
| Fiscal 2026 capital expendituresother | $1.09B | – | – |
| Fourth quarter 2026 capital expendituresother | $346.5M | – | – |
| September 30, 2026 cash and temporary cash investmentsGAAP | 39.351 | – | – |
| September 30, 2026 cash held in escrowGAAP | 1,440,351 | – | – |
| September 30, 2026 long-term debt, net of current portion and unamortized discount and debt issuance costsGAAP | 3,268,223 | – | – |
| September 30, 2026 notes payable to banks and commercial paperGAAP | 380,000 | – | – |
| September 30, 2026 current portion of long-term debtGAAP | 300,000 | – | – |
| September 30, 2026 total comprehensive shareholders' equityGAAP | 3,988,006 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Integrated Upstream and Gathering, fourth quarter 2026 total operating revenuesHigher realized natural gas prices, lower interest expense and lower income taxes were partially offset by lower production volumes. | $300.1M | – | $ (300) |
| Pipeline and Storage, fourth quarter 2026 revenues from external customersHigher transportation revenues related to new long-term contracts. | $69.87M | – | 1,658 |
| Utility, fourth quarter 2026 revenues from external customersHigher customer margin reflected usage, year two of the multi-year New York rate case settlement, and Pennsylvania Distribution System Improvement Charge revenues. | $97.91M | – | 10,081 |
| Integrated Upstream and Gathering, fiscal 2026 total operating revenuesHigher realized natural gas prices after hedging offset lower natural gas production. | $1.28B | – | $100,487 |
| Pipeline and Storage, fiscal 2026 revenues from external customersHigher operating revenues. | $282.4M | – | 6,300 |
| Utility, fiscal 2026 revenues from external customersHigher utility revenues and customer margin. | $948.2M | – | 130,894 |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
FY 2027 Guidance outlook
- Tax rate~ 24.0%
- NoteConsolidated Adjusted Earnings per Share: $6.00 - $6.40
- NoteNYMEX natural gas price (per MMBtu): $2.85
- NoteAppalachian basin spot price (per MMBtu): $2.15
- NoteIntegrated Upstream and Gathering capital expenditures: $600 - $640
- NotePipeline and Storage capital expenditures: $140 - $180
- NoteUtility capital expenditures: $350 - $400
- NoteConsolidated capital expenditures: $1,090 - $1,220
- NoteProduction (Bcf): 400 to 435
- NoteUpstream General and Administrative Expense: $0.19 - $0.20
- NoteLease Operating Expense: $0.16 - $0.17
- NoteGathering Operation and Maintenance Expense: $0.13 - $0.14
- NoteDepreciation, Depletion and Amortization: $0.84 - $0.86
- NotePipeline and Storage Segment Revenues (Millions): $475 - $500
- NoteUtility Segment Operating Income: $235 - $255
- NoteUtility Segment Non-Service Pension & OPEB Income: $23 - $27
- NoteIntegrated Upstream and Gathering capital expenditures exclude $50 to $100 million of discretionary land spending.
- NoteFiscal 2027 adjusted earnings per share sensitivity at $2.50 NYMEX assumption: $5.60 - $6.00
- NoteFiscal 2027 adjusted earnings per share sensitivity at $3.00 NYMEX assumption: $6.20 - $6.60
- NoteFiscal 2027 adjusted earnings per share sensitivity at $3.50 NYMEX assumption: $6.85 - $7.25
Capital returns
- The Company announced its 56th consecutive dividend increase to an annual rate of $2.22 per share.
- Dividends paid on common stock for the twelve months ended September 30, 2026: $202,772; prior year: $188,438.
- Shares repurchased under repurchase plan for the twelve months ended September 30, 2026: —; prior year: $(54,430).
- Net repurchases of common stock under stock and benefit plans for the twelve months ended September 30, 2026: $(6,839); prior year: $(4,658).
- Net proceeds from common stock sale for the twelve months ended September 30, 2026: $338,396; prior year: —.
What drove it
- IUG fourth-quarter adjusted earnings increased $8.5 million, driven by higher realized natural gas prices, lower interest expense and lower income taxes, partly offset by lower production volumes.
- Seneca's weighted average realized natural gas price after hedging and transportation costs was $2.80 per Mcf, an increase of $0.19 per Mcf, or 7%, compared to the prior year.
- Fourth-quarter Seneca production was 104 Bcf, a decrease of 7.5 Bcf, or 7%, compared to the prior year.
- Pipeline and Storage fourth-quarter operating revenues increased $1.0 million, primarily from higher transportation revenues related to new long-term contracts.
- Utility fourth-quarter customer margin increased $6.2 million, primarily from usage, the New York settlement and Pennsylvania Distribution System Improvement Charge revenues.
- Fiscal 2026 IUG realized natural gas price after hedging was $2.99 per Mcf, compared with $2.70 per Mcf in fiscal 2025.
- Seneca's total proved reserves at September 30, 2026 were 5,191 Bcfe, an increase of 209 Bcfe, or 4%, from September 30, 2025.
Concerns
- Fourth-quarter GAAP earnings declined to $97.5 million from $107.3 million, and diluted GAAP EPS declined to $1.02 from $1.18.
- Fourth-quarter adjusted EBITDA was $297,031, compared with $300,365 in the prior year.
- Pipeline and Storage fourth-quarter GAAP earnings decreased $1.7 million as higher O&M and DD&A expense more than offset higher operating revenues.
- Corporate and All Other generated a fourth-quarter net loss of $29.1 million, largely due to Ohio gas utility acquisition transaction and financing costs and pending IUG separation costs.
- Fourth-quarter total operating costs in IUG were $1.39 per Mcf, compared with $1.27 per Mcf in the prior year.
- Fiscal 2027 guidance assumes an average NYMEX natural gas price of $2.85 per MMBtu and identifies continued volatility in NYMEX natural gas prices.
What to watch
- Fiscal 2027 adjusted EPS performance against the $6.00 - $6.40 guidance range and NYMEX-price sensitivities.
- IUG production against fiscal 2027 guidance of 400 to 435 Bcf, including estimated price-related marketing curtailments during October.
- Execution of $1,090 - $1,220 of consolidated fiscal 2027 capital expenditures, including $600 - $640 for IUG.
- Utility and Pipeline & Storage earnings contributions from the Ohio acquisition, the New York settlement, the Pennsylvania rate increase, Tioga Pathway and Shippingport Lateral projects.
- Resolution of Supply Corporation's pending Section 4 rate case, expected by the close of the calendar year.
- Progress toward the planned second-half calendar 2027 IUG separation, including the intended pro rata distribution of at least 80.1% of IUG shares and retention of up to a 19.9% ownership interest.
Balance sheet and cash flow
- Net cash provided by operating activities: $1,272,084; prior year: $1,100,027.
- Net cash used in investing activities: $(1,073,437); prior year: $(891,700).
- Net cash provided by (used in) financing activities: $1,237,889; prior year: $(203,383).
- Net increase in cash, cash equivalents and restricted cash: 1,436,536; prior year: 4,944.
- Cash, cash equivalents and restricted cash at September 30: $1,479,702; prior year: $43,166.
- Capital expenditures in the consolidated statement of cash flows: $(1,090,836); prior year: $(912,821).
- Net proceeds from issuance of long-term debt: 1,480,543; prior year: 988,729.
- Reduction of long-term debt: $(601,239); prior year: $(1,004,086).
- Total assets at September 30, 2026: $11,029,314; September 30, 2025: $8,719,104.
- Total capitalization at September 30, 2026: 7,256,229; September 30, 2025: 5,477,465.
Analysis
National Fuel's fiscal 2026 adjusted earnings rose to $689,780 from $630,505, while adjusted EPS increased 9% to $7.55 from $6.91. GAAP net income available for common stock increased to $665,443 from $518,504, and GAAP diluted EPS rose to $7.02 from $5.68. The year included a $141,802 impairment of assets in fiscal 2025, while fiscal 2026 results included Ohio gas utility acquisition costs and financing effects, pending IUG spin-off costs, and debt-redemption-related items.
Fourth-quarter results were less robust. GAAP earnings declined to $97,509 from $107,342 and diluted EPS declined to $1.02 from $1.18. Adjusted earnings were $111,894 versus $111,028, while adjusted EPS was unchanged at $1.22. Consolidated operating revenues increased to $467,845 from $456,406, but operating income declined to $157,495 from $179,765 as operating expenses rose to $310,350 from $276,641.
IUG remained the principal earnings contributor. Its fourth-quarter adjusted earnings increased to $115,439 from $106,895 as a $2.80 per Mcf realized natural gas price after hedging and transportation costs, up $0.19 per Mcf, helped offset production of 104 Bcf, down 7.5 Bcf. Pipeline and Storage fourth-quarter GAAP earnings declined to $26,239 from $27,938 because higher O&M and DD&A expense exceeded higher transportation revenue. Utility earnings improved to a loss of $15,058 from a loss of $17,790 on higher customer margin, but higher O&M expense remained a partial offset.
Cash generation funded a large investment program. Operating cash flow was $1,272,084, free cash flow was $198,647, and total capital expenditures were $1,090,996. The company also paid $202,772 in common dividends, increased the annual dividend rate to $2.22 per share, issued common stock for net proceeds of $338,396, and had $3,268,223 of long-term debt net of current portion at September 30, 2026. The Ohio utility acquisition closed on October 1, 2026, after fiscal year-end.
Fiscal 2027 guidance calls for adjusted EPS of $6.00 - $6.40, based on a $2.85 per MMBtu NYMEX natural gas price assumption. The outlook includes full-year IUG results pending the planned separation, 400 to 435 Bcf of IUG production, and $1,090 - $1,220 of consolidated capital expenditures. Regulated growth is expected from the Ohio acquisition, rate initiatives, and recently placed-in-service pipeline projects, while the planned IUG separation remains a central strategic and execution focus.
Management, verbatim
Fiscal 2026 was an excellent year for National Fuel. The Company grew adjusted earnings per share 9% year over year, while generating significant free cash flow and continuing to return cash to our shareholders through our dividend, which we’ve paid for the 124 th consecutive year.
David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company
With the closing of our Ohio gas utility acquisition and our announced plan to separate our Integrated Upstream and Gathering business, we are well positioned to establish two scaled, financially sound publicly traded natural gas businesses.
David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported financial metrics were not provided.
- Gross margin and gross-margin guidance were not provided.
- GAAP fiscal 2027 earnings guidance was not provided.
- Fiscal 2027 consolidated revenue guidance was not provided.
- Fiscal 2027 operating-expense guidance was not provided.
- A cash balance expressed with an explicit dollar sign and unit was not clearly printed on the cash and temporary cash investments row; the document prints 39.351.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
National Fuel Gas Co. announced FY 2026 results, a 56th consecutive dividend increase, and detailed 2027 guidance after completing an Ohio utility acquisition.
Ticker impact
National Fuel Gas Co. filed an 8‑K reporting FY 2026 earnings and issued 2027 adjusted EPS guidance of $6.00‑$6.40.
likely pressure as the market prices in the updated guidance
Guidance below prior year earnings suggests reduced profitability, which typically drags the stock lower.
Market effects
Utility and pipeline sectors may see modest re‑rating as the company's guidance signals slower growth.
Limited to U.S. regulated gas utilities; no broader regional effect.
Minimal, confined to investors in the natural‑gas utility space.
Counterpoint
If the Ohio acquisition drives long‑term rate case wins, the guidance may be overly conservative.
Key entities
- companyNational Fuel Gas Co.
U.S. regulated natural‑gas utility reporting FY 2026 earnings and 2027 guidance.
