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Operating Margin for National Fuel Gas (NFG)

As of · Reported

Metric

TTM

41.4%

YoY change

+24.93pp

Trough year (2015)

-34.7%

Peak year (1985)

100.0%

Operating Margin history chart for National Fuel Gas (NFG) from 1985 to 2025

Latest: 35.7%

Operating Margin change chart for National Fuel Gas (NFG) from 1985 to 2025

Latest: +24.93pp

Operating Margin history table for National Fuel Gas (NFG) from 1985 to 2025

  • 202535.7%+24.93pp
  • 202410.8%-23.96pp
  • 202334.7%-2.52pp
  • 202237.3%+0.54pp
  • 202136.7%+34.79pp
  • 20201.9%-28.29pp
  • 201930.2%-2.41pp
  • 201832.6%-4.95pp
  • 201737.6%+66.26pp
  • 2016-28.7%+6.02pp
  • 2015-34.7%-61.66pp
  • 201427.0%-1.34pp
  • 201328.3%+0.76pp
  • 201227.5%+2.74pp
  • 201124.8%-0.22pp
  • 201025.0%+13.92pp
  • 200911.1%-9.16pp
  • 200820.3%+0.81pp
  • 200719.4%+3.56pp
  • 200615.9%+0.61pp
  • 200515.3%-2.20pp
  • 200417.5%-3.49pp
  • 200321.0%+1.23pp
  • 200219.7%+10.08pp
  • 20019.6%-11.43pp
  • 200021.1%+0.74pp
  • 199920.3%+11.68pp
  • 19988.7%-10.07pp
  • 199718.7%+0.21pp
  • 199618.5%+1.27pp
  • 199517.3%+2.04pp
  • 199415.2%-84.79pp
  • 1993100.0%0.00pp
  • 1992100.0%0.00pp
  • 1991100.0%0.00pp
  • 1990100.0%0.00pp
  • 1989100.0%0.00pp
  • 1988100.0%0.00pp
  • 1987100.0%0.00pp
  • 1986100.0%0.00pp
  • 1985100.0%—

Operating Margin values are taken from National Fuel Gas's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About Operating Margin at National Fuel Gas (NFG)

According to National Fuel Gas's latest reported financial statements, the company's latest reported operating margin is 41.4%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

National Fuel Gas (NFG) most recent annual operating margin stands at 35.72% (2025) – expanded 24.9 percentage points year-over-year.

Across the available history, operating margin reached its high of 100.00% in 1985 and its low of -34.70% in 2015.

National Fuel Gas Operating Margin by Year

National Fuel Gas Operating Margin 2025: 35.7%

National Fuel Gas operating margin in 2025 was 35.72%, expanded 24.9 percentage points from 2024.

National Fuel Gas Operating Margin 2024: 10.8%

2024's operating margin for National Fuel Gas came in at 10.78%, contracted 24.0 percentage points from 2023.

National Fuel Gas Operating Margin 2023: 34.7%

National Fuel Gas posted operating margin of 34.74% in 2023, contracted 2.5 percentage points from 2022.

National Fuel Gas Operating Margin 2022: 37.3%

In 2022, National Fuel Gas reported operating margin of 37.26%, expanded 0.5 percentage points from 2021.

National Fuel Gas Operating Margin 2021: 36.7%

National Fuel Gas operating margin in 2021 was 36.72%.

See more financial history for National Fuel Gas (NFG).

Sector peers by Operating Margin

Energy peers of National Fuel Gas (NFG), ranked by their latest operating margin

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