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Sep 30, 2025
NJR Q4 2025 Earnings Report
NJR reported a sharp decline in quarterly earnings with significantly lower contributions from Energy Services compared to Q4 2024.
Key Takeaways
New Jersey Resources posted a notable decrease in net income and EPS in Q4 2025, primarily driven by reduced results from Energy Services, despite strong performance from Clean Energy Ventures and solid operating income.
Q4 net income dropped to $15.1 million from $91.1 million in Q4 2024
Adjusted EPS was $0.16, down from $0.89 in Q4 2024
Energy Services experienced a $4.5 million net financial loss, down from a $68.3 million gain last year
Clean Energy Ventures placed 93.6 MW into service during the fiscal year, the highest in company history
Revenue by Segment
Forward Guidance
NJR introduced FY2026 NFEPS guidance of $3.03 to $3.18 and reiterated its 7–9% long-term growth target based on a $2.83 baseline.
Positive Outlook
- FY2026 NFEPS guidance set at $3.03–$3.18
- Continued capital investments in natural gas infrastructure
- Strong baseline performance from NJNG expected
- Stable tax credit strategies maintained for CEV
- Expected long-term value creation from Leaf River expansion
Challenges Ahead
- Lower Energy Services contribution anticipated
- Volatility in renewable energy certificate markets
- Continued impact of higher depreciation expenses
- Reduced contributions from residential solar following portfolio sale
- Potential regulatory risks related to FERC proceedings
Historical Earnings Impact
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Avg. Return Before/After Earnings
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