National Fuel Gas (NFG) revenue breakdown
By segment, Integrated Upstream and Gathering is the largest at 48% of fiscal 2025 revenue; Pipeline and Storage grew fastest, 4% a year over 3 years.
By product, Production of Natural Gas is the largest at 50% of fiscal 2025 revenue; Natural Gas Transportation Service grew fastest, 0% a year over 3 years.
Revenue by segment
Fiscal years, as National Fuel Gas reports them in its 10-K filings; fiscal 2025 total $2.4B.
| Segments | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Integrated Upstream and Gathering | — | — | — | — | — | — | — | $1.1B | $760M | $1.1B | 48% |
| Utility | — | — | — | — | — | — | $891M | $935M | $677M | $806M | 34% |
| Pipeline and Storage | — | — | — | — | — | — | $377M | $379M | $412M | $428M | 18% |
| Exploration and Production | — | — | — | — | — | — | $1.9B | — | — | — | — |
| Utility and Energy Marketing | $625M | $755M | $812M | $861M | — | — | — | — | — | — | — |
| Exploration and Production and Other | — | — | — | — | — | $838M | — | — | — | — | — |
| Utility and Energy Marketing | — | — | — | — | $728M | — | — | — | — | — | — |
| Utility and Energy Marketing | — | — | — | — | — | $668M | — | — | — | — | — |
| Exploration and Production and Other | $612M | $618M | $570M | $637M | — | — | — | — | — | — | — |
| Exploration and Production and Other | — | — | — | — | $612M | — | — | — | — | — | — |
| Pipeline and Storage and Gathering | — | — | — | — | — | $238M | — | — | — | — | — |
| Gathering | — | — | — | — | — | — | $215M | — | — | — | — |
| Pipeline and Storage and Gathering | — | — | — | — | $206M | — | — | — | — | — | — |
| Pipeline and Storage and Gathering | $216M | $207M | $210M | $196M | — | — | — | — | — | — | — |
Revenue by product
Fiscal years, as National Fuel Gas reports them in its 10-K filings; fiscal 2025 total $2.2B.
| Products | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|
| Production of Natural Gas | $1.7B | $1.0B | $739M | $1.1B | 50% |
| Natural Gas Residential Sales | $688M | $728M | $503M | $597M | 27% |
| Natural Gas Transportation Service | $322M | $307M | $316M | $325M | 15% |
| Natural Gas Commercial Sales | $95M | $103M | $68M | $85M | 4% |
| Natural Gas Storage Service | $48M | $49M | $55M | $58M | 3% |
| Other | $6M | $9M | $4M | $31M | 1% |
| Natural Gas Gathering Service | $12M | $14M | $16M | $12M | 1% |
| Natural Gas Industrial Sales | $5M | $6M | $3M | $4M | 0% |
| Production of Crude Oil | $151M | $2M | $2M | $2M | 0% |
| Natural Gas Processing | $4M | $1M | $1M | $1M | 0% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NFG.
Open NFG in InvestinglyQuestions
Where does National Fuel Gas make its money?
In fiscal 2025, by segment: Integrated Upstream and Gathering $1.1B, Utility $806M, Pipeline and Storage $428M.
From National Fuel Gas's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.