National Fuel Reports Fourth Quarter and Full Year Fiscal 2026 Earnings
Key Highlights
- ➤Fiscal 2026 adjusted EPS $7.55, up 9% year over year
- ➤Fiscal 2027 adjusted EPS guidance $6.00-$6.40, assuming $2.85 NYMEX per MMBtu
- ➤Ohio utility acquisition doubled rate base and added approximately 335,000 customers
- ➤IUG separation expected in the second half of calendar 2027
- ➤Annual dividend raised to $2.22 per share, marking 56th consecutive increase
Expert Statements
David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company
“Fiscal 2026 was an excellent year for National Fuel. The Company grew adjusted earnings per share 9% year over year, while generating significant free cash flow and continuing to return cash to our shareholders through our dividend, which we’ve paid for the 124(th) consecutive year. As we look forward, National Fuel is entering an exciting next chapter. The long-term outlook for each of our businesses is strong. With the closing of our Ohio gas utility acquisition and our announced plan to separate our Integrated Upstream and Gathering business, we are well positioned to establish two scaled, financially sound publicly traded natural gas businesses. Upon completion of the separation, National Fuel will become a fully rate-regulated natural gas company with approximately $5 billion in rate base and a strong growth profile. Seneca Resources will be a premier, integrated Appalachian natural gas business with a deep inventory of high-quality development opportunities that has a positive outlook for long-term production and free cash flow growth. Against a strong long-term outlook for natural gas demand, we believe both businesses are exceptionally well positioned for continued success.”
WILLIAMSVILLE, N.Y., Nov. 04, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the fourth quarter and fiscal year ended September 30, 2026.
FOURTH QUARTER FISCAL 2026 SUMMARY * GAAP earnings of $97.5 million, or earnings per share (EPS) of $1.02, compared to GAAP earnings of $107.3 million, or $1.18 per share, in the prior year. * Adjusted EPS of $1.22, compared to $1.22 from the prior year. See non-GAAP reconciliation on page 2. FISCAL 2026 HIGHLIGHTS * GAAP earnings per share of $7.02, compared to $5.68 per share in fiscal 2025. * Adjusted earnings per share of $7.55, an increase of 9%, compared to $6.91 per share in fiscal 2025. * Net cash provided by operating activities of $1,272 million for the twelve months ending September 30, 2026, with free cash flow of $199 million (as defined on page 27) through the same period. * The Company announced its 56th consecutive dividend increase to an annual rate of $2.22 per share, continuing its long history of returning cash to shareholders. RECENT STRATEGIC HIGHLIGHTS * Completed the acquisition of CenterPoint Energy's Ohio natural gas utility on October 1, 2026, doubling the Company's Utility rate base and adding approximately 335,000 utility customers. * Announced a plan to separate the Company’s Integrated Upstream and Gathering business ("IUG") into a standalone publicly traded company which is expected to be named Seneca Resources, with the transaction anticipated to occur in the second half of calendar 2027. * The Utility segment realized key regulatory initiatives, with the approval of a System Modernization Tracker in New York, and the approval of a $10.4 million rate increase in the Company’s Pennsylvania jurisdiction. * The Pipeline & Storage segment continued to successfully advance key expansion projects, placing the Tioga Pathway and Shippingport Lateral projects in service on November 1, 2026. * IUG initiated a discretionary land acquisition program to further expand its best-in-class core inventory depth in Tioga County, adding significant acreage since the program commenced. MANAGEMENT COMMENTS
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