National Fuel Q4 adjusted EPS rises 58% to $1.22; FY2026 guidance $7.60-$8.10
National Fuel Gas reported fourth-quarter fiscal 2025 adjusted earnings of $1.22 per share, up 58% from $0.77, and GAAP earnings of $1.18 per share, compared with a GAAP loss of $1.84 per share a year earlier. The company issued fiscal 2026 adjusted EPS guidance of $7.60 to $8.10, assuming an average NYMEX natural gas price of $3.75 per MMBtu, and the filing says the fourth-quarter gains came mainly from higher production and realized gas prices. For shareholders, the results and guidance point to higher earnings, but the outlook depends on natural gas prices, and the company says the pending $2.62 billion Ohio utility acquisition is not expected to affect fiscal 2026 guidance.
Key points
- Q4 fiscal 2025 GAAP EPS of $1.18 (GAAP earnings of $107.3 million) versus a loss of $1.84 a year earlier, which included a $318.4 million impairment
- Q4 adjusted EPS of $1.22 versus $0.77, up 58%; Seneca produced 112 Bcf, up 21%
- Fiscal 2026 adjusted EPS guidance of $7.60 to $8.10; at a $3.00 NYMEX price the range is $6.55 to $7.05
- Fiscal 2025 adjusted EPS of $6.91 versus $5.01, and a 55th consecutive dividend increase to an annual rate of $2.14 per share
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 06, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.