EarningsQ3 2026 Earnings Report
MX:NFG Q3 2026 EPS Results
Actual EPS$27.99
Consensus EPS$26.14
Beat/MissBeat by +$1.85
One Year Ago EPS$29.81
MX:NFG Q3 2026 Revenue Results
Actual Revenue$8.71B
Expected Revenue$10.26B
Beat/MissMissed by -$1.55B
YoY Revenue Growth-9.49%
Earnings Announcement Details
QuarterQ3 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:NFG Upcoming Earnings
National Fuel Gas Company's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:NFG Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a predominantly constructive long‑term outlook supported by a clear growth plan: management raised multi‑year EPS growth targets (7%–10% through fiscal 2029), disclosed significant free cash flow generation ($1.0B–$1.5B), advanced the Line N expansion with long‑term contracts, made substantial progress on the Ohio utility acquisition and highlighted operational milestones (record long laterals, planned wells coming online). Near‑term challenges include lower-than-expected production this quarter tied to completion interactions and some underperforming wells, higher operating costs from inflation and regulatory timing effects, and increased leverage and interest expense tied to acquisition financing. Overall, the positives (strong long‑term guidance, hedging, contracted capacity, asset quality and planned production ramp) outweigh the near‑term operational and financing headwinds, which management is addressing through optimization, rate proceedings and a deleveraging focus.Company Guidance
Quarterly Adjusted EPS
Reported adjusted EPS of $1.54 for the quarter, in line with expectations (down $0.10 YoY, ~-6% vs prior-year quarter).
Updated Long‑Term Earnings & Free Cash Flow Outlook
Company now expects adjusted EPS growth of 7%–10% per year on average through fiscal 2029 and projects $1.0B–$1.5B of cumulative free cash flow over the same period.
Line N Expansion and Shippingport Contracts
Expanded Line N system upgrade by 200,000 dekatherms/day; revised project will add 294,000 dekatherms/day of capacity (target in-service Nov 2028). More than 400,000 dekatherms/day are contracted to the Shippingport site, with incremental capacity contracted for 20 years.
Ohio Gas Utility Acquisition Progress & Financing
Received Ohio Commission approval and completed financing to support closing: $1.5B long-term debt issuance in June (three tranches, weighted avg interest ~>5%). Targeting an October 1 calendar close; acquisition will materially increase utility rate base and rebalance business mix.
Integrated Upstream & Gathering Operational Milestones
Seneca produced 104 Bcf (production) and 117 Bcf (throughput) in the quarter; drilled a 4-well Lower Utica pad with company-record long laterals (>30,000 ft MD; ~18,000–20,000 ft treatable laterals) expected online early 2027 with wells that may sustain ~40 MMcf/d each.
Near‑Term Production Plan and Exit Expectations
Forecasted full-year Seneca production of 420–430 Bcfe for fiscal 2026 and 14 wells are expected to come online in Q4 — management expects to exit fiscal 2026 at record daily production rates.
Strong Hedging Position
Management states ~75% of production for the remainder of the fiscal year is hedged at price certainty, providing protection vs. strip pricing; NYMEX assumption used for planning remains $3/MMBtu.
Continued Dividend Growth & Capital Discipline
Board approved 56th consecutive dividend increase in June; company has paid a dividend for 124 straight years. Management emphasizes deleveraging and returning cash to shareholders once flexibility is restored.
Regulated Business Momentum & Rate Mechanisms
Expect nearly $30M of additional expansion revenue from Tioga Pathway and Shippingport laterals; active rate cases and system modernization trackers (NY) aim to accelerate regulated earnings without materially increasing customer rates.
Strategic Land/Inventory Investment Plan
Announced separation of maintenance vs discretionary land spending: maintenance ~ $15M/year, discretionary leasing opportunity of ~$100M–$200M over several years to expand and protect core Tioga acreage and extend inventory runway.
MX:NFG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed