New Jersey Resources (NJR) Q2 2026 earnings summary

Executive summary

• Fiscal 2026 Q2 consolidated net income rose to $218.9M ($2.17/share) from $204.3M ($2.04/share) year-over-year, driven by higher BGSS incentives, customer growth, and increased base rates in the Natural Gas Distribution segment.

• Net financial earnings (NFE) for Q2 were $221.5M ($2.20/share), up from $178.3M ($1.78/share) year-over-year, with year-to-date NFE at $339.6M ($3.37/share).

• Fiscal 2026 NFEPS guidance was raised for the second time this year to $3.48–$3.63, reflecting Energy Services outperformance and robust winter demand.

• Achieved record operational reliability during Winter 2025-2026, with no weather-related service outages and strong performance across all business units.

• Continued disciplined investment in infrastructure, safety, and reliability, supporting customer and franchise growth in core New Jersey territories.

Financial highlights

• Q2 operating revenues were $1.54B, up from $1.40B year-over-year; utility gross margin for the quarter increased to $305.1M from $294.8M.

• Year-to-date consolidated NFE was $339.6M, compared to $307.2M year-over-year.

• Cash flows from operations for the first six months increased to $589.3M from $414.1M year-over-year.

• Capital expenditures for the first six months were $353.9M, up from $287.1M year-over-year, with $212.9M in Natural Gas Distribution and $131.4M in Clean Energy Ventures.

• Market cap at March 31, 2026, was $5.54B; dividend yield at 3.4%–3.5% with annual dividend of $1.90 per share.

Outlook and guidance

• Fiscal 2026 NFEPS guidance raised to $3.48–$3.63, the second increase this fiscal year.

• Long-term NFEPS growth target maintained at 7–9% from a fiscal 2025 base of $2.83/share.

• Five-year capital outlook reaffirmed at $4.8–$5.2B through fiscal 2030, with over 60% allocated to utility operations.

• Fiscal 2026 capital expenditures projected at $430M–$480M for NJNG and $210M–$290M for CEV.

• Management expects sufficient liquidity for at least the next 12 months, supported by strong cash flows and available credit.