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 PerformanceNew 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 MetricsTotal 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 ExpendituresCapital 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 MetricsAdjusted 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 OperationsNet 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 GuidanceNew 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 ExpendituresNew 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 FlowsCash 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 OutlookNew 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 .