NEW JERSEY RESOURCES CORP

Listed Company

NJRCIK 0000356309NYSELarge AcceleratedNatural Gas DistributionNew JerseyFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$335.63M

Total Assets

$7.58B

Equity

$2.39B

Shares Out

100.85M

Op. Cash Flow

$466.35M

Business

NEW JERSEY RESOURCES CORP is a diversified energy services holding company that distributes natural gas, invests in and operates clean energy projects, manages natural gas storage and transportation assets, and provides retail and wholesale energy services. It offers regulated natural gas utility service, commercial and residential solar projects, natural gas transportation and storage contracts, wholesale energy management and HVAC/plumbing/appliance sales and services. The company operates through four reportable segments—Natural Gas Distribution, Clean Energy Ventures, Energy Services and Storage and Transportation—plus Home Services and Other. Its operations primarily serve customers in New Jersey, operate commercial solar across multiple states, run storage and pipeline assets in the Northeast and Southeast, and sell into wholesale and retail energy markets and third‑party channels across North America.

Summary from filing dated 2025-11-20

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
Utility	1,301	1,018	1,011	1,127	731
Nonutility	735	778	952	1,779	1,425
Total operating revenues	2,036	1,797	1,963	2,906	2,157
Related parties	6	7	7	7	7
Operation and maintenance	411	395	374	362	367
Regulatory rider expenses	87	60	51	59	38
Depreciation and amortization	189	167	153	129	111
Gain on sale of assets	−58	0	0	—	—
Total operating expenses	1,528	1,338	1,556	2,500	1,868
OPERATING INCOME	509	458	407	406	288
Other income, net	46	42	26	22	25
Interest expense, net of capitalized interest	129	130	123	86	—
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	427	369	310	343	234
Income tax provision	97	85	49	76	33
Equity in earnings of affiliates	6	5	4	8	−83
NET INCOME	336	290	265	275	118
Basic (usd per share)	3.35	2.94	2.73	2.86	1.23
Diluted (usd per share)	3.33	2.92	2.71	2.85	1.22
Basic (in shares)	100	99	97	96	96
Diluted (in shares)	101	99	98	96	97

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
Utility plant, at cost	4,434	4,221	3,843	3,577	3,325
Construction work in progress	396	233	237	162	182
Nonutility plant and equipment, at cost	1,973	1,835	1,767	1,577	1,125
Construction work in progress	151	207	143	200	365
Total property, plant and equipment	6,954	6,497	5,991	5,516	4,997
Accumulated depreciation and amortization, utility plant	−851	−787	−714	−660	−612
Accumulated depreciation and amortization, nonutility plant and equipment	−294	−307	−254	−206	−172
Property, plant and equipment, net	5,810	5,403	5,022	4,650	4,214
Cash and cash equivalents	591,000	1	954,000	1	5
Billed	109	106	98	222	213
Unbilled	24	20	19	14	10
Allowance for doubtful accounts	−11	−9	−11	−19	−25
Regulatory assets	49	73	74	40	30
Natural gas in storage, at average cost	216	199	200	274	194
Materials and supplies, at average cost	43	38	27	20	20
Prepaid expenses	11	12	10	9	8
Prepaid taxes	67	67	43	55	51
Derivatives, at fair value	13	7	31	25	35
Restricted broker margin accounts	9	13	21	94	73
Other current assets	40	27	21	22	20
Total current assets	570	555	532	756	634
Investments in equity method investees	101	102	104	107	115
Regulatory assets	673	609	585	501	522
Operating lease assets	186	184	176	169	174
Derivatives, at fair value	2	806,000	2	6	3
Software costs	11	11	8	6	6
Deferred income taxes	21	21	28	3	—
Postemployment employee benefit assets	41	25	19	4	—
Notes receivable	43	0	—	—	—
Other noncurrent assets	122	72	62	57	50
Total noncurrent assets	1,199	1,024	983	855	874
Total assets	7,579	6,982	6,537	6,261	5,722
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares September 30, 2025 100,478,590; September 30, 2024 99,461,448	251	248	243	242	241
Premium on common stock	677	634	559	520	503
Accumulated other comprehensive loss, net of tax	−11	−7	−10	−5	−35
Treasury stock at cost and other; shares September 30, 2025 17,273; September 30, 2024 16,302	24	26	21	−7	−12
Retained earnings	1,451	1,299	1,178	1,068	935
Common stock equity	2,392	2,200	1,991	1,817	1,631
Long-term debt	3,250	2,879	2,768	2,485	2,162
Total capitalization	5,642	5,080	4,759	4,303	3,793
Current maturities of long-term debt	158	189	116	75	73
Short-term debt	196	292	252	424	377
Natural gas purchases payable	63	58	51	235	169
Deferred revenue	23	22	61	36	—
Accounts payable and other	204	169	152	157	223
Dividends payable	48	45	—	—	—
Accrued taxes	12	11	10	5	3
Regulatory liabilities	13	33	32	31	28
New Jersey Clean Energy Program	17	18	16	16	16
Derivatives, at fair value	8	6	16	50	87
Restricted broker margin accounts	4	1	8	0	—
Operating lease liabilities	4	5	5	5	4
Customers credit balances and deposits	31	39	45	33	—
Total current liabilities	781	888	807	1,104	1,051
Deferred income taxes	438	359	285	239	164
Deferred investment tax credits	2	2	2	3	3
Deferred revenue	18	3	659,000	753,000	847,000
Derivatives, at fair value	4	11	8	14	13
Manufactured gas plant remediation	167	162	169	127	135
Postemployment employee benefit liabilities	109	65	103	83	169
Regulatory liabilities	171	176	180	186	193
Operating lease liabilities	159	159	148	138	141
Asset retirement obligations	77	67	62	55	46
Other noncurrent liabilities	11	10	13	9	12
Total noncurrent liabilities	1,156	1,014	972	855	878
Commitments and contingent liabilities (Note 14)	—	—	—	—	—
Total capitalization and liabilities	7,579	6,982	6,537	6,261	5,722

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
Unrealized (gain) loss on derivative instruments	−12	20	−38	−60	54
Gain on sale of assets	−58	0	0	—	0
Amortization of acquired wholesale energy contracts	0	125,000	2	3	5
Allowance for equity used during construction	−10	−7	−7	−11	−20
Allowance for doubtful accounts	10	1	2	2	19
Non-cash lease expense	4	5	4	5	4
Deferred income taxes	77	86	30	82	24
Equivalent value of ITCs recognized on equipment financing	−17	−15	−7	−8	−6
Manufactured gas plant remediation costs	−13	−23	−10	−18	−18
Cost of removal - asset retirement obligations	−2	−2	−2	−1	−1
Contributions to postemployment benefit plans	−1	−3	−5	−7	−8
Taxes related to stock-based compensation	−2	−1	−600,000	−100,000	−200,000
Components of working capital	−32	−61	62	−78	10
Other noncurrent assets and liabilities	−2	−28	30	10	—
Cash flows from operating activities	466	427	479	323	391
Cost of removal	−46	−48	−41	−39	−50
Distribution from equity investees in excess of equity in earnings	612,000	2	2	2	3
Proceeds from sale of assets	137	0	0	—	—
Cash flows used in investing activities	−568	−569	−539	−591	−622
Proceeds from long-term debt	300	250	225	360	0
Payments of long-term debt	−207	−125	−72	−68	−18
Payments of term loan	0	0	−150	0	0
(Payments of) proceeds from short-term debt, net	−96	40	−22	−103	252
Proceeds from sale leaseback transactions - solar	251	65	168	24	18
Proceeds from sale leaseback transactions - natural gas meters	12	9	8	17	0
Payments of common stock dividends	−180	−165	−151	−128	−117
Proceeds from waiver discount issuance of common stock	20	60	43	0	0
Proceeds from issuance of common stock - DRP	15	15	15	15	15
Tax withholding payments related to net settled stock compensation	−13	−6	−5	−4	−2
Cash flows from financing activities	102	142	60	263	118
Change in cash, cash equivalents and restricted cash	37,000	95,000	65,000	−5	−113
Receivables	−15	−13	113	−17	−81
Inventories	−22	−11	67	−81	−25
Recovery of natural gas costs	7	734,000	−14	1	−13
Natural gas purchases payable	5	6	−184	66	73
Natural gas purchases payable - related parties	−234,000	16,000	8,000	−10,000	70,000
Deferred revenue	1	−40	934,000	34	−2
Accounts payable and other	6	16	8	−34	32
Prepaid expenses	906,000	−2	−1	−406,000	−2
Prepaid and accrued taxes	1	−24	16	−2	−3
Restricted broker margin accounts	−1	20	46	−51	28
Customers credit balances and deposits	−7	−6	12	660,000	7
Other current assets and liabilities	−8	−8	−2	5	−3
Interest (net of amounts capitalized)	130	120	108	84	79
Income taxes	10	21	4	4	6
Accrued capital expenditures	61	23	26	35	65

Filings

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