--- title: "New Jersey Resources | 8-K: FY2026 Q1 Revenue: USD 604.85 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/274560583.md" datetime: "2026-02-02T21:34:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274560583.md) - [en](https://longbridge.com/en/news/274560583.md) - [zh-HK](https://longbridge.com/zh-HK/news/274560583.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/274560583.md) | [繁體中文](https://longbridge.com/zh-HK/news/274560583.md) # New Jersey Resources | 8-K: FY2026 Q1 Revenue: USD 604.85 M Revenue: As of FY2026 Q1, the actual value is USD 604.85 M. EPS: As of FY2026 Q1, the actual value is USD 1.21, beating the estimate of USD 1.04. EBIT: As of FY2026 Q1, the actual value is USD 214.88 M. #### Overall Financial Performance New Jersey Resources Corporation reported fiscal 2026 first-quarter consolidated net income of $122.5 million, which compares to $131.3 million in the first quarter of fiscal 2025 . Consolidated net financial earnings (NFE) for the fiscal 2026 first quarter were $118.2 million, a decrease from $128.9 million in the prior-year period . This decline was primarily due to a one-time gain on the sale of Clean Energy Ventures’ residential solar portfolio assets in fiscal 2025, partially offset by increased year-over-year NFE from New Jersey Natural Gas, Storage and Transportation, and Energy Services . The net income for the three months ended December 31, 2025, was $122,490 thousand, compared to $131,319 thousand for the same period in 2024 . #### Consolidated Operating Metrics - **Total Operating Revenues**: $604,854 thousand in 2025, compared to $488,361 thousand in 2024 . - **Total Operating Expenses**: $425,646 thousand in 2025, compared to $298,784 thousand in 2024 . - **Operating Income**: $179,208 thousand in 2025, compared to $189,577 thousand in 2024 . - **Other Income, net**: $11,360 thousand in 2025, compared to $11,617 thousand in 2024 . - **Interest Expense, net of capitalized interest**: $35,676 thousand in 2025, compared to $33,891 thousand in 2024 . - **Income Before Income Taxes and Equity in Earnings of Affiliates**: $154,892 thousand in 2025, compared to $167,303 thousand in 2024 . - **Income Tax Provision**: $34,225 thousand in 2025, compared to $37,384 thousand in 2024 . - **Equity in Earnings of Affiliates**: $1,823 thousand in 2025, compared to $1,400 thousand in 2024 . #### Cash Flow and Capital Expenditures - **Capital Expenditures**: Increased to $163.6 million in the fiscal 2026 first quarter, from $149.6 million in the same period of fiscal 2025 . - **Cash Flows from Operations**: Increased to $26.7 million in the fiscal 2026 first quarter, compared to cash flows used in operations of - $9.0 million in the fiscal 2025 first quarter . This was primarily due to an increase in base rates at New Jersey Natural Gas . - **Adjusted Funds from Operations (FY2026 YTD)**: $309.6 million . - **Cash Flow from Operations (FY2026 YTD)**: $26.7 million . - **Cash Flow from Operations (FY2024A)**: $427 million . - **Cash Flow from Operations (FY2025A)**: $466 million . #### Debt and Credit Metrics - **Adjusted Debt (FY2026 YTD)**: $3,641.3 million . - **Long-Term Debt (including current maturities)**: $3,435.7 million . - **Short-Term Debt**: $369.0 million . - New Jersey Resources Corporation has substantial liquidity with $825 million of credit facilities available through FY2029 . The company has no significant debt maturity towers in any particular year . #### Segment Performance (Three Months Ended December 31, 2025 vs. 2024) ##### Natural Gas Distribution (New Jersey Natural Gas) - **Net Financial Earnings (NFE)**: Increased to $83.8 million in 2025 from $66.9 million in 2024, attributed to the full impact of the base rate case settlement on utility gross margin . The change in NFE was $16,921 thousand . - **Operating Revenues**: $410,138 thousand in 2025, up from $333,765 thousand in 2024 . - **Operating Income**: $120,312 thousand in 2025, compared to $97,106 thousand in 2024 . - **Net Income**: $83,829 thousand in 2025, compared to $66,908 thousand in 2024 . - **Utility Gross Margin**: $206,260 thousand in 2025, an increase from $181,284 thousand in 2024 . - **Basic Gas Supply Service (BGSS) Incentive Programs**: Contributed $5.6 million to utility gross margin in 2025, compared to $3.2 million in 2024, driven by increased margins from off-system sales and capacity release . - **SAVEGREEN® Investment**: $26.7 million invested in energy-efficiency upgrades during the fiscal 2026 first quarter . - **Total Throughput (Bcf)**: 56.4 in 2025, compared to 41.6 in 2024 . - **Customers**: Serviced approximately 592,000 customers as of December 31, 2025, an increase from 589,000 customers as of September 30, 2025 . Total system customers were 592,427 in 2025, versus 586,065 in 2024 . New Jersey Natural Gas serves 592,455 total customers across six counties in New Jersey . ##### Clean Energy Ventures (CEV) - **Net Financial Earnings (NFE)**: Decreased to $9.6 million in 2025 from $48.1 million in 2024, primarily due to a one-time gain on sale of residential solar portfolio assets in November 2024 . The change in NFE was - $38,540 thousand . - **Operating Revenues**: $31,760 thousand in 2025, compared to $26,406 thousand in 2024 . Total CEV revenue for Q1 Fiscal 2026 was $31.8 million . - SREC sales: $22,408 thousand in 2025, compared to $17,684 thousand in 2024 . - TREC sales: $3,222 thousand in 2025, compared to $2,505 thousand in 2024 . - SREC II sales: $515 thousand in 2025, compared to $391 thousand in 2024 . - Merchant Power: $2,785 thousand in 2025, compared to $1,736 thousand in 2024 . - PPA / Other: $2,830 thousand in 2025, compared to $2,219 thousand in 2024 . - Residential solar portfolio: $0 thousand in 2025, compared to $1,871 thousand in 2024 . - **Operating Income**: $15,388 thousand in 2025, compared to $64,274 thousand in 2024 . - **Net Income**: $9,590 thousand in 2025, compared to $48,130 thousand in 2024 . - **Installed Capacity**: Placed two commercial projects into service, adding 9.7 megawatts (MW) during the fiscal 2026 first quarter . As of December 31, 2025, CEV had approximately 489 MW of commercial solar capacity in service . Approximately 9.7MW was placed in-service YTD Fiscal 2026 . - **Solar Renewable Energy Certificates Generated**: 72,373 in 2025, compared to 88,707 in 2024 . - **Solar Renewable Energy Certificates Sold**: 115,520 in 2025, compared to 85,693 in 2024 . ##### Storage and Transportation (S&T) - **Net Financial Earnings (NFE)**: Increased to $7.4 million in 2025 from $5.7 million in 2024, primarily due to higher operating income at Adelphia Gateway following its Section 4 rate case settlement . The change in NFE was $1,699 thousand . - **Operating Revenues**: $28,080 thousand in 2025, compared to $26,628 thousand in 2024 . Revenue was $1.5 million in Fiscal 1Q26 . - **Operating Income**: $11,975 thousand in 2025, compared to $9,769 thousand in 2024 . - **Net Income**: $7,363 thousand in 2025, compared to $5,664 thousand in 2024 . - **Equity in Earnings of Affiliates**: $1,240 thousand in 2025, compared to $961 thousand in 2024 . - **Leaf River Energy Center**: Submitted an application to FERC to increase natural gas storage capacity by 17.6 BCF . ##### Energy Services (ES) - **Net Financial Earnings (NFE)**: Increased to $16.3 million in 2025 from $7.8 million in 2024, driven by higher natural gas price volatility allowing for additional financial margin . The change in NFE was $8,447 thousand . - **Operating Revenues**: $119,107 thousand in 2025, up from $86,308 thousand in 2024 . - **Operating Income**: $30,107 thousand in 2025, compared to $16,528 thousand in 2024 . - **Net Income**: $20,597 thousand in 2025, compared to $10,258 thousand in 2024 . - **Financial Margin**: $27,762 thousand in 2025, compared to $15,281 thousand in 2024 . - **Gas Sold and Managed (Bcf)**: 28.4 in 2025, compared to 28.3 in 2024 . - New Jersey Resources Corporation expects to recognize approximately $19.7 million annually in revenues from Asset Management Agreements between FY 2025 and FY 2031 . ##### Home Services and Other Operations - **Net Financial Earnings (NFE)**: $0.5 million in 2025, compared to $0.6 million in 2024 . The change in NFE for Home Services and Other (NJRHS) was $752 thousand, increasing to $1,111 thousand from $359 thousand . - **Operating Revenues**: $16,005 thousand in 2025, compared to $15,794 thousand in 2024 . - **Operating Income**: $787 thousand in 2025, compared to $995 thousand in 2024 . - **Net Income**: $479 thousand in 2025, compared to $615 thousand in 2024 . - **Total Service Contract Customers**: 97,793 at December 31, 2025, down from 99,604 at December 31, 2024 . - **Operational Metrics**: Completed 79,000 service calls and 4,000 HVAC, plumbing, and generator installations in Fiscal 2025 . #### Outlook and Guidance New Jersey Resources Corporation raised its Fiscal 2026 net financial earnings per share (NFEPS) guidance by $0.25 to a range of $3.28 to $3.43, primarily due to outperformance in Energy Services . The company projects a long-term NFEPS growth rate of 7-9%, supported by complementary businesses and a total capital expenditure (CAPEX) of $4.8 billion - $5.2 billion through FY 2030 with no block equity needs . New Jersey Natural Gas is expected to represent the majority of earnings contribution (62-67%) in Fiscal 2026, with significant growth anticipated from Storage and Transportation and Clean Energy Ventures . The company continues to target 7% to 9% long-term NFEPS growth, based on a fiscal 2025 NFEPS of $2.83 . #### Projected Capital Expenditures New Jersey Resources Corporation anticipates deploying between $4.8 billion and $5.2 billion in capital expenditures through 2030, with over 60% allocated to utility spending at New Jersey Natural Gas . **Total Capital Investment (CAPEX)**: Projected to be $775 million - $930 million for FY2026E and $870 million - $1.0 billion for FY2027E . **NJNG CAPEX (FY2026E)**: $520 million - $580 million . **CEV CAPEX (FY2026E)**: $210 million - $290 million . **S&T CAPEX (FY2026E)**: $45 million - $60 million . #### Projected Cash Flows - **Cash Flows from Operations (FY2026E)**: Estimated to be $535 million - $575 million . - **Cash Flows from Operations (FY2027E)**: Estimated to be $540 million - $580 million . - **Cash Flows Used in Investing Activities (FY2026E)**: Estimated to be $700 million - $800 million . - **Cash Flows Used in Investing Activities (FY2027E)**: Estimated to be $800 million - $900 million . #### Operational Outlook - **New Jersey Natural Gas (NJNG)**: Expects to add between 7,000 - 9,000 new customers annually . - **Clean Energy Ventures (CEV)**: Capacity is expected to grow over 50% from 2025 to 2027 . - **Storage and Transportation (S&T)**: NFE is expected to more than double from $18.5 million in 2025 to an estimated $42 million - $47 million by 2027 . Leaf River’s working gas capacity is expected to increase by over 70% in the coming years . ### Related Stocks - [New Jersey Resources Corporation (NJR.US)](https://longbridge.com/en/quote/NJR.US.md) ## Related News & Research - [Vail Resorts Reports Second Quarter Fiscal 2026 Results and Provides Updated Fiscal 2026 Guidance | MTN Stock News](https://longbridge.com/en/news/278440973.md) - [Piraeus Bank S.A. 2026 Financial Calendar | BPIRF Stock News](https://longbridge.com/en/news/278764537.md) - [BK Technologies Beats 2025 Guidance, Sets 2026 Targets](https://longbridge.com/en/news/278879791.md) - [GreenHy2 sets date and timetable for 2026 AGM](https://longbridge.com/en/news/278818766.md) - [Nexxen Earnings Call: Transition Year Sets Up 2026](https://longbridge.com/en/news/278291930.md)