NATIONAL FUEL GAS CO

Listed Company

NFGCIK 0000070145NYSELarge AcceleratedNatural Gas DistributionNew JerseyFY ends Sep 30

Period

FY 2025

Revenue

$2.28B

Net Income

$518.50M

Total Assets

$8.72B

Equity

$3.09B

Shares Out

95.04M

Op. Cash Flow

$1.10B

Business

NATIONAL FUEL GAS CO is a diversified energy holding company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. It offers natural gas exploration and production, gas gathering and processing, interstate pipeline transportation, underground gas storage and local utility gas distribution services. The company reports results through three segments: Integrated Upstream and Gathering (Seneca Resources and Midstream Company), Pipeline and Storage (National Fuel Gas Supply Corporation and Empire Pipeline) and Utility (National Fuel Gas Distribution Corporation). Its operations and assets are centered in the Appalachian Basin with a footprint in western New York and Pennsylvania, serving markets across the eastern United States and Canada via interstate and local distribution channels.

Summary from filing dated 2025-11-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Operating Revenues	2,278	1,945	2,174	2,186	1,743
Purchased Gas	213	150	438	392	172
Property, Franchise and Other Taxes	94	89	93	101	95
Depreciation, Depletion and Amortization	457	457	410	370	335
Impairment of Assets	142	519	0	0	—
Total Operating Expenses	1,464	1,735	1,419	1,384	1,154
Operating Income	813	210	755	815	640
Other Income (Deductions)	36	16	18	−2	−15
Interest Expense on Long-Term Debt	−141	−123	−112	−121	—
Other Interest Expense	−15	−16	−20	−10	−5
Income Before Income Taxes	694	87	641	683	478
Income Tax Expense	176	10	165	117	115
Net Income Available for Common Stock	519	78	477	566	364
Beginning Retained Earnings Unappropriated and Current Period Net Income	2,246	1,963	2,064	1,757	1,355
Dividends on Common Stock	−190	−185	−178	−170	−164
Net Income Available for Common Stock (in dollars per share)	5.73	0.84	5.2	6.19	3.99
Net Income Available for Common Stock (in dollars per share)	5.68	0.84	5.17	6.15	3.97
Used in Basic Calculation (in shares)	91	92	92	91	91
Used in Diluted Calculation (in shares)	91	92	92	92	92

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Property, Plant and Equipment	15,406	14,525	13,635	12,552	13,104
Less Accumulated Depreciation, Depletion and Amortization	7,694	7,186	6,335	5,985	6,719
Property, Plant and Equipment, Net, Total	7,713	7,339	7,300	6,566	6,384
Cash and Temporary Cash Investments	43	38	55	46	32
Receivables Net of Allowance for Uncollectible Accounts of $17,099 and $26,194, Respectively	181	127	161	362	205
Unbilled Revenue	16	16	17	30	17
Gas Stored Underground	33	35	33	32	34
Materials and Supplies - at average cost	51	48	49	41	54
Unrecovered Purchased Gas Costs	6	0	0	99	33
Other Current Assets	81	92	100	59	60
Total Current Assets	411	356	414	761	522
Recoverable Future Taxes	89	80	69	106	122
Unamortized Debt Expense	6	6	7	9	11
Other Regulatory Assets	135	108	72	67	—
Deferred Charges	74	70	82	77	60
Other Investments	68	82	74	95	150
Goodwill	6	6	6	6	6
Prepaid Pension and Post-Retirement Benefit Costs	169	180	200	197	149
Fair Value of Derivative Financial Instruments	39	88	50	9	0
Other	8	6	5	3	1
Total Other Assets	596	625	566	569	558
Total Assets	8,719	8,320	8,280	7,896	7,465
Common Stock, $1 Par Value; Authorized - 200,000,000 Shares; Issued and Outstanding - 90,379,095 Shares and 91,005,993 Shares, Respectively	90	91	92	91	91
Paid In Capital	1,051	1,045	1,041	1,027	1,017
Accumulated Other Comprehensive Loss	−59	−15	−55	−626	−514
Total Comprehensive Shareholders Equity	3,095	2,848	2,963	2,080	1,786
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs	2,383	2,188	2,384	2,083	2,629
Total Capitalization	5,477	5,037	5,348	4,163	4,415
Notes Payable to Banks and Commercial Paper	150	91	288	60	159
Current Portion of Long-Term Debt	300	500	0	549	0
Accounts Payable	184	165	152	179	172
Amounts Payable to Customers	968,000	43	59	419,000	21,000
Dividends Payable	48	47	45	43	41
Interest Payable on Long-Term Debt	14	27	20	17	17
Customer Advances	17	19	21	26	17
Customer Security Deposits	30	36	29	24	19
Other Accruals and Current Liabilities	175	163	161	257	194
Fair Value of Derivative Financial Instruments	6	5	31	786	616
Total Current and Accrued Liabilities	926	1,096	806	1,943	1,236
Deferred Income Taxes	1,225	1,111	1,124	698	660
Taxes Refundable to Customers	306	306	269	362	354
Cost of Removal Regulatory Liability	308	292	278	260	246
Other Regulatory Liabilities	122	151	165	189	—
Pension and Other Post-Retirement Liabilities	5	4	3	3	8
Asset Retirement Obligations	237	203	165	162	210
Other Liabilities	113	120	122	117	136
Total Other Liabilities	2,316	2,187	2,126	1,790	1,814
Commitments and Contingencies (Note L)	0	0	0	0	0
Total Capitalization and Liabilities	8,719	8,320	8,280	7,896	7,465

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Deferred Income Taxes	121	−3	151	104	106
Premium Paid on Early Redemption of Debt	2	0	0	0	16
Stock-Based Compensation	20	22	21	20	17
Other	25	24	20	32	11
Receivables and Unbilled Revenue	−55	34	214	−169	−61
Gas Stored Underground and Materials and Supplies	−1	2	−8	3	−2
Unrecovered Purchased Gas Costs	−6	0	99	−66	−33
Other Current Assets	11	8	−41	291,000	−12
Accounts Payable	13	6	−37	12	31
Amounts Payable to Customers	−42	−16	59	398,000	−11
Customer Advances	−2	−2	−5	9	2
Customer Security Deposits	−6	8	4	5	2
Other Accruals and Current Liabilities	489,000	3	−68	34	34
Other Assets	−29	−48	−27	−59	1
Other Liabilities	−69	−25	−31	−18	−34
Net Cash Provided by Operating Activities	1,100	1,066	1,237	813	792
Capital Expenditures	−913	−931	−1,010	−812	−752
Sale of Fixed Income Mutual Fund Shares in Grantor Trust	7	0	10	30	0
Acquisition of Upstream Assets	0	0	−125	0	0
Other	14	−3	12	9	14
Net Cash Used in Investing Activities	−892	−934	−1,112	−519	−633
Proceeds from Issuance of Short-Term Note Payable to Bank	0	0	250	0	0
Repayment of Short-Term Note Payable to Bank	0	0	−250	0	0
Net Change in Other Short-Term Notes Payable to Banks and Commercial Paper	60	−197	228	−99	129
Net Proceeds from Issuance of Long-Term Debt	989	299	297	0	495
Shares Repurchased Under Repurchase Plan	−54	−64	0	0	—
Reduction of Long-Term Debt	−1,004	0	−549	0	−516
Net Repurchases of Common Stock Under Stock and Benefit Plans	−5	−4	−7	−10	—
Dividends Paid on Common Stock	−188	−184	−176	−168	−163
Net Cash Used in Financing Activities	−203	−149	−207	−276	−59
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	5	−17	−82	18	100
Interest	159	125	124	124	135
Income Taxes	49	4	38	17	6
Non-Cash Capital Expenditures	125	120	109	120	103

Filings

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