MARKETS / NYSE / Utilities / Piped gas / NFG

NYSE · NATURAL GAS DISTRIBUTION · LARGE CAP

National Fuel GAS Co. NFG

18 fiscal years on record · USD · FY2025 reported · SEC filings only

16 YEARS OF DIVIDEND GROWTH

Revenue

$2.3B

▲ 17.1% YoY

Net income

$518.5M

▲ 568.9% YoY

Free cash flow

$187.2M

▲ 39.0% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

The company is engaged principally in the production, gathering, transportation, storage, and distribution of natural gas. As of September 30, 2025, it and its wholly-owned subsidiaries had a total of 2,322 full-time employees. Revenue from one customer of its Integrated Upstream and Gathering segment represented approximately $258 million, or 11.3%, of the company's consolidated revenue for the year ended September 30, 2025. The company reports financial results for three business segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Seneca is engaged in the exploration for, and development of, natural gas reserves in the Appalachian region of the United States. Supply Corporation and Empire provide interstate natural gas transportation services for affiliated and nonaffiliated companies through integrated natural gas pipeline systems in Pennsylvania and New York. Distribution Corporation provides natural gas utility services to approximately 756,000 customers through a local distribution system located in western New York and northwestern Pennsylvania. National Fuel Gas Company, incorporated in 1902, is a holding company organized under the laws of the State of New Jersey.

Written from the business description in NATIONAL FUEL GAS CO's annual report to the U.S. Securities and Exchange Commission, filed 21 November 2025. Every sentence was checked against that document before publication.

Growth

USD 2.3B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 2.3 · Net income 0.5

2B3B

2008201120142017202020232025

Compound annual growth

Revenue

−9.4%

+8.1%

Net income

−2.9%

+5.7%

EPS, diluted

−2.6%

+5.0%

Dividend / share

+4.1%

+3.6%

+3.0%

+2.9%

Returned to shareholders

+13.0%

+9.6%

+6.4%

+5.4%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +8.1% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

23 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 35.7% · Net 22.8%

10%20%30%-10%-20%

200820162025

ROE

No chart to show — the reason differs by year; see each year in the table below.

Three returns, three denominators.

Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.

Return on assets6.1%

Return on capital employed10.8%

Gross margin90.6%

Operating margin35.7%

Net margin22.8%

EBITDAUSD 1.3B

Return on equity has no reading this year — return on capital employed, just below, still does: 11%.

Cash & shareholders

USD 242.9M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 187.2

150M300M-150M-300M

200820162025

Net buybacks $M Dividends $M

FY2025 · Dividends 188.4 · Net buybacks 54.4

150M300MDividendsNet buybacks

2008201120142017202020232025

Dividends paidUSD 188.4M

Net buybacksUSD 54.4M

Share of profit46.8%

Consecutive raises16 years

USD 188.4M in dividends and USD 54.4M in buybacks — 47% of the year's profit went back to shareholders.

Total assetsUSD 8.7B

CashUSD 43.2M

Gross debtUSD 2.7B

Net debtUSD 2.6B

Current ratio0.44×

Not available: we don't have the shareholders' equity figure for this period.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative—not applicable◌not available in our data

NFG, 18-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	2.3	1.9	2.3	3.1	1.7	1.5	1.7	1.6	1.6	1.5	◌	◌	◌	1.6	1.8	1.8	◌	◌
Operating income $B	0.8	0.2	0.8	0.8	0.6	0.0	0.5	0.5	0.6	−0.4	−0.6	0.6	0.5	0.4	0.4	0.4	0.2	0.5
EBITDA $B	1.3	0.7	1.2	1.2	1.0	0.3	0.8	0.8	0.8	−0.2	−0.3	1.0	0.8	0.7	0.7	0.6	0.4	0.7
Income tax $B	0.2	0.0	0.2	0.1	0.1	0.0	0.1	−0.0	0.2	−0.2	−0.3	0.2	0.2	0.2	0.2	0.1	0.1	0.2
Net income $B	0.5	0.1	0.5	0.6	0.4	−0.1	0.3	0.4	0.3	−0.3	−0.4	0.3	0.3	0.2	0.3	0.2	0.1	0.3
Free cash flow $B	0.2	0.1	0.2	0.0	0.0	0.0	−0.1	0.0	0.2	0.0	−0.2	−0.0	0.0	−0.4	−0.2	0.0	0.3	0.1
EPS, diluted $	5.68	0.84	5.17	6.15	3.97	−1.41	3.51	4.53	3.30	−3.43	−4.50	3.52	3.08	2.63	3.09	2.73	1.25	3.18
Dividend / sh $	2.10	2.02	1.94	1.86	1.80	1.76	1.72	1.68	1.64	1.60	1.56	1.52	1.48	1.44	1.40	1.36	1.32	◌
Payout %	36	237	37	30	45	−124	48	37	49	−46	−34	42	47	54	44	49	103	39
ROE %	—	—	—	—	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
Shares out B	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.08	0.08	0.08	0.08	0.08	0.08	0.08	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

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Provenance

Company facts, as filed

How we verify · 0 failures in 70 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. 11 checks were skipped: cost of revenue is not tagged before 2018. Four checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivityNatural Gas Distribution

Listed onNYSE

Incorporated inNew Jersey

Fiscal year endsSeptember 30

Data on record since2008