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Sep 30, 2025
National Fuel Q4 2025 Earnings Report
National Fuel reported a decline in Q4 2025 earnings due to lower natural gas prices, despite record-high production volumes.
Key Takeaways
National Fuel’s Q4 2025 results reflected resilient operations amid a tough pricing environment, with strong production offset by lower revenue and net income.
Q4 revenue totaled $368.2 million, down from $435.2 million in Q4 2024.
Net income for the quarter was $55.2 million, or $0.60 per share.
Adjusted EPS was $0.58 for Q4 2025, compared to $1.02 in Q4 2024.
Production reached record levels at 101.7 Bcf for the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
National Fuel anticipates higher production and capital expenditures in FY 2026, while continuing to prioritize cost control and operational efficiency amid volatile commodity markets.
Positive Outlook
- FY26 production guidance increased to 405–435 Bcf
- Expected capex increase to $835–$910 million
- Continued focus on cost control across segments
- Anticipates stable pipeline and storage earnings
- Utility segment expected to benefit from rate case impacts
Challenges Ahead
- Natural gas pricing expected to remain under pressure
- Higher capex may impact free cash flow
- Volatility in regulatory environment poses risk
- Gathering margins may compress with price drops
Historical Earnings Impact
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Avg. Return Before/After Earnings
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