National Fuel Gas (NFG) financial statements

Energy · Oil & Gas Integrated · Market cap $7.8B

National Fuel Gas reported revenue of $2.3B in fiscal 2025, up 5.1% a year over 9 years.

Net income was $519M and the operating margin 35.7%, against -28.7% in 2016.

Free cash flow was $187M, and the company returned $188M in dividends and $54M in net buybacks.

The diluted share count rose 8% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions.

-101232016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from National Fuel Gas's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$1.5B$1.6B$1.6B$1.7B$1.5B$1.7B$2.2B$2.2B$1.9B$2.3B
Cost of revenue——$338M$386M$234M$172M$392M$438M$150M$213M
Gross profit——$1.3B$1.3B$1.3B$1.6B$1.8B$1.7B$1.8B$2.1B
Selling, general and admin———————$66M$71M$75M
Operating income-$417M$594M$520M$512M$30M$640M$815M$755M$210M$813M
Interest expense$121M$120M$115M$107M$117M$146M$121M$112M$123M$141M
Pre-tax income-$524M$444M$384M$390M-$105M$478M$683M$641M$87M$694M
Income tax-$233M$161M-$7M$85M$19M$115M$117M$165M$10M$176M
Net income-$291M$283M$392M$304M-$124M$364M$566M$477M$78M$519M
EPS (diluted)-$3.43$3.30$4.53$3.51-$1.41$3.97$6.15$5.17$0.84$5.68
Diluted shares85M86M86M87M88M92M92M92M92M91M
Gross margin——78.8%77.2%84.9%90.1%82.1%79.9%92.3%90.6%
Operating margin-28.7%37.6%32.6%30.2%1.9%36.7%37.3%34.7%10.8%35.7%
Net margin-20.0%17.9%24.6%18.0%-8.0%20.9%25.9%21.9%4.0%22.8%

Balance sheet

Fiscal years, from National Fuel Gas's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$130M$556M$230M$20M$21M$32M$46M$55M$38M$43M
Receivables$133M$112M$141M$140M——————
Total current assets$413M$818M$545M$363M$314M$522M$761M$414M$356M$411M
Property, plant and equipment$4.5B$4.7B$5.0B$5.5B$6.0B$6.4B$6.6B$7.3B$7.3B$7.7B
Goodwill$5M$5M$5M$5M$5M$5M$5M$5M$5M$5M
Total assets$5.6B$6.1B$6.0B$6.5B$7.0B$7.5B$7.9B$8.3B$8.3B$8.7B
Total current liabilities$304M$646M$440M$422M$460M$1.2B$1.9B$806M$1.1B$926M
Long-term debt$2.1B$2.1B$2.1B$2.1B$2.6B$2.6B$2.1B$2.4B$2.2B$2.4B
Total liabilities$4.1B$4.4B$4.1B$4.3B$5.0B$5.7B$5.8B$5.3B$5.5B$5.6B
Shareholders' equity$1.5B$1.7B$1.9B$2.1B$2.0B$1.8B$2.1B$3.0B$2.8B$3.1B
Net debt$2.0B$1.8B$1.9B$2.1B$2.6B$2.6B$2.6B$2.3B$2.7B$2.6B

Cash flow

Fiscal years, from National Fuel Gas's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$589M$685M$615M$694M$741M$792M$813M$1.2B$1.1B$1.1B
Capital spending$582M$450M$584M$789M$716M$752M$812M$1.0B$931M$913M
Free cash flow$7M$234M$31M-$94M$25M$40M$695,000$227M$135M$187M
Stock-based compensation$6M$12M$16M$21M$15M$17M$20M$21M$22M$20M
Dividends paid$135M$139M$143M$147M$153M$163M$168M$176M$184M$188M
Share buybacks (net)——————$0$0-$64M-$54M
Net borrowing$0$295M-$271M$55M$468M$108M-$98M-$252M$299M-$15M
Free cash flow margin0.5%14.8%2.0%-5.6%1.6%2.3%0.0%10.5%6.9%8.2%
Dividends per share$1.59$1.62$1.66$1.70$1.74$1.78$1.83$1.91$1.99$2.07
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Questions

What was National Fuel Gas's revenue in 2025?

$2.3B in fiscal 2025, from its 10-K filing.

How much free cash flow does National Fuel Gas generate?

$187M in fiscal 2025 (operating cash flow minus capital spending).

From National Fuel Gas's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.