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National Fuel Gas Company (NFG) investor relations material
National Fuel Gas Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record adjusted EPS of $6.91 for fiscal 2025, up 38% year-over-year, with Q4 adjusted EPS at $1.22, a 58% increase; GAAP EPS for the year was $5.68.
Announced $2.62 billion acquisition of CenterPoint's Ohio gas utility, expected to double the utility rate base and regulated earnings post-close in late 2026.
Integrated model delivers strong returns, with record production, improved capital efficiency, and ROCE consistently outperforming peers.
55th consecutive annual dividend increase to $2.14 per share, with continued focus on shareholder returns.
Expanded Tioga County inventory by 220 Upper Utica well locations, nearly doubling EDA/core inventory.
Financial highlights
Full-year adjusted EPS rose 38% to $6.91; Q4 adjusted EPS up 58% year-over-year; adjusted EBITDA reached $1.41 billion, up from $1.19 billion.
Net income for FY25 was $518.5 million, up from $77.5 million in FY24.
Q4 production increased 21% year-over-year; realized price after hedging up 9%.
Capital expenditures for 2025 were $918 million, down from the prior year; FY26 guidance: $955–$1,070 million.
Free cash flow for fiscal 2026 expected at $300–350 million, well above prior year.
Outlook and guidance
Fiscal 2026 adjusted EPS guidance set at $7.60–$8.10 per share, assuming $3.75 NYMEX price; midpoint $7.85, a 14% increase from FY25.
Production guidance for 2026: 440–455 BCFE, a 5% increase at midpoint; 85% of volumes under firm sales contracts, 65% hedged or fixed price.
Capital expenditures for 2026 projected at $955–$1,070 million.
Projected 3-year adjusted EPS CAGR over 10% (FY24–FY27); post-Ohio acquisition, regulated EPS CAGR expected at 5–7%.
Additional growth expected in 2027, with multi-year EPS guidance expected to be exceeded.
Upper Utica co-development strategy?
Future data center project pipeline size?
Key well design tests impact on efficiency?
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Next National Fuel Gas Company earnings date
Q1 202629 Jan, 2026
Next National Fuel Gas Company earnings date
Q1 202629 Jan, 2026
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Frequently asked questions
National Fuel Gas Company is a diversified energy company engaged in natural gas utility operations, pipeline and storage, exploration and production, and energy marketing. It provides services to residential, commercial, and industrial customers in the northeastern United States. The company is headquartered in Williamsville, New York, and its shares are listed on the NYSE.
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