What is the primary revenue source for National Fuel Gas (NFG)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze NFG's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out National Fuel Gas's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How National Fuel Gas Makes Money: NFG Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 5.66 percentage points year over year.

Revenue: USD 2.05B
Largest revenue segment share (Natural Gas, Production): 45.80%
Cost of revenue: USD 323.33M
Income tax expense: USD 188.25M

View calculation evidence

YoY periods: 9M 2026 compared with 9M 2025

Source metrics

RevenueTotal revenues · Revenues
Cost of revenuePurchased gas · CostOfGoodsAndServicesSold
Income tax expenseIncome tax expense · IncomeTaxExpenseBenefit
Largest revenue segment share (Natural Gas, Production)Natural Gas, Production · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Property, plant and equipment: USD 8.09B
Cash and cash equivalents: USD 1.24B
Accounts receivable: USD 227.91M
Shareholder equity: USD 3.92B

View calculation evidence

YoY periods: 9M 2026 compared with 9M 2025

Source metrics

Shareholder equityTotal comprehensive shareholders’ equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Cash and cash equivalentsCash and temporary cash investments · CashAndCashEquivalentsAtCarryingValue
Accounts receivableReceivables – net of allowance for uncollectible accounts of $23,611 and $17,099, respectively · AccountsAndOtherReceivablesNetCurrent
Property, plant and equipmentProperty, plant and equipment, net, total · PropertyPlantAndEquipmentNet

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 182.16% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 567.93M
Operating cash flow: USD 1.03B
Cash conversion: 182.16%
Free cash flow: USD 270.02M

View calculation evidence

YoY periods: 9M 2026 compared with 9M 2025

Source metrics

Net incomeNet income available for common stock · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Share issuance proceeds exceeded dividends and repurchases, making the company a net equity raiser.

Cash dividends: USD 150.03M
Stock issuance proceeds: USD 338.40M
Net shareholder return: USD −188.37M

View calculation evidence

YoY periods: 9M 2026 compared with 9M 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Stock issuance proceedsNet proceeds from common stock sale · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?