National Fuel Gas Company (NFG) Q4 2026 earnings summary

Executive summary

• FY2026 adjusted EPS rose 9% to $7.55; free cash flow was $198.6 million, and the annual dividend increased for the 56th consecutive year.

• Ohio utility acquisition closed October 1, 2026, more than doubling utility rate base; planned tax-free separation of Integrated Upstream and Gathering is targeted for H2 2027.

Financial highlights

• FY2026 GAAP net income was $665.4 million versus $518.5 million in FY2025; adjusted earnings were $689.8 million versus $630.5 million.

• FY2026 GAAP EPS was $7.02 versus $5.68; adjusted EPS was $7.55 versus $6.91. Q4 adjusted EPS was $1.22, unchanged YoY.

• Q4 GAAP net income was $97.5 million, or diluted EPS of $1.02, versus $107.3 million, or $1.18, in Q4 FY2025.

• Consolidated adjusted EBITDA rose to $1.504 billion from $1.413 billion; operating cash flow was $1.272 billion versus $1.100 billion.

• FY2026 operating revenues were $2.515 billion versus $2.278 billion; adjusted results excluded impairment, acquisition and financing, spin-off, and other comparability items.

Outlook and guidance

• FY2027 adjusted EPS guidance is $6.00–$6.40, based on $2.85/MMBtu NYMEX and $2.15/MMBtu in-basin spot prices.

• FY2027 IUG production guidance is 400–435 Bcf; outlook includes ~3 Bcf of October price-related curtailments and assumes no future voluntary curtailments.

• FY2027 consolidated capital expenditures are $1.090–$1.220 billion, excluding $50–$100 million of discretionary land spending; Utility guidance is $350–$400 million and Pipeline & Storage is $140–$180 million.

• Regulated rate base is expected to grow 5%–7%, with no incremental equity needs expected over the next five years under current plans.

• Production growth is expected to resume in FY2028, led by a Lower Utica-first program; upstream capital efficiency is targeted to improve a further 15% over the long term.