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Dec 31, 2025
National Fuel Q1 2026 Earnings Report
National Fuel posted strong Q1 results with EPS and net income significantly up from the prior year, driven by higher production and gas prices.
Key Takeaways
National Fuel Gas Company delivered a solid start to fiscal 2026, with substantial increases in net income and adjusted EPS. The Integrated Upstream and Gathering segment led the gains, supported by strong Utica well performance and favorable gas price realizations. Utility segment results also improved modestly, and the company reaffirmed its full-year guidance.
GAAP EPS rose to $1.98 from $0.49 last year, with adjusted EPS at $2.06
Net income increased to $181.6M, driven primarily by upstream and gathering operations
Natural gas production rose 12% YoY to 109 Bcf, with realized prices up 14%
Company reaffirmed fiscal 2026 adjusted EPS guidance of $7.60 to $8.10
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
National Fuel reaffirmed its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10, citing solid Q1 performance and stable gas pricing assumptions.
Positive Outlook
- Strong Q1 adjusted EPS performance supports full-year outlook
- Production expected to remain high from strong Utica well results
- Stable NYMEX pricing assumptions ($3.75/MMBtu) underpin forecast
- Ongoing system modernization investments in regulated utility segment
- Capital plan fully funded following $350M equity raise
Challenges Ahead
- Volatility in natural gas prices remains a key risk
- Higher operating expenses impacting per-unit margins
- Third-party gathering costs increasing due to legacy acreage arrangements
- Pending Ohio acquisition adds uncertainty despite no FY26 impact
Historical Earnings Impact
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Avg. Return Before/After Earnings
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