National Fuel Gas | 10-K: FY2025 Revenue Misses Estimate at USD 2.278 B

Revenue: As of FY2025, the actual value is USD 2.278 B, missing the estimate of USD 2.401 B.

EPS: As of FY2025, the actual value is USD 5.68, beating the estimate of USD 5.5213.

EBIT: As of FY2025, the actual value is USD 849.89 M.

Integrated Upstream and Gathering Segment

• Net Income: $324.7 million in 2025, compared to a loss of - $57.0 million in 2024.
• Operating Revenues: Increased by $207.5 million to $1,184.1 million in 2025.
• Gas Production: 426,357 MMcf in 2025, up from 392,047 MMcf in 2024.
• Average Gas Price: $2.70 per Mcf after hedging in 2025, compared to $2.44 in 2024.
• Impairment Charges: $141.8 million in 2025, primarily due to a ceiling test impairment of $108.3 million.

Pipeline and Storage Segment

• Net Income: $121.0 million in 2025, up from $79.7 million in 2024.
• Operating Revenues: Increased by $15.2 million to $427.6 million in 2025.
• Throughput: 786,131 MMcf in 2025, compared to 759,198 MMcf in 2024.

Utility Segment

• Net Income: $83.2 million in 2025, up from $57.1 million in 2024.
• Operating Revenues: Increased by $120.3 million to $817.6 million in 2025.
• Throughput: 141,718 MMcf in 2025, compared to 128,488 MMcf in 2024.

Cash Flow

• Operating Cash Flow: $1,100.0 million in 2025, compared to $1,066.0 million in 2024.
• Capital Expenditures: $918.1 million in 2025, compared to $942.0 million in 2024.

Outlook / Guidance

• The Company expects cash provided by operating activities to exceed capital expenditures in 2026, based on current commodity prices.
• The acquisition of Vectren Energy Delivery of Ohio, LLC is expected to close in the fourth quarter of calendar 2026, pending regulatory approvals.