How does National Fuel Gas (NFG) make money?

National Fuel Gas (NFG) generates revenue primarily from Utility, which accounted for 39.1% of total revenue in TTM through Q1 2026. The company reported $2.50B in revenue and converted 27.5% of it into net profit, equivalent to roughly $686.47M in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of National Fuel Gas (NFG)?

National Fuel Gas (NFG) reported a gross profit margin of 50% in TTM through Q1 2026, equivalent to $1.25B in gross profit on $2.50B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of National Fuel Gas (NFG)?

National Fuel Gas (NFG) reported an operating profit margin of 41.4% in TTM through Q1 2026, equivalent to $1.03B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of National Fuel Gas (NFG)?

National Fuel Gas (NFG) reported a net profit margin of 27.5% in TTM through Q1 2026, equivalent to $686.47M in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is National Fuel Gas (NFG) profitable?

Yes. National Fuel Gas (NFG) reported $686.47M in net income for TTM through Q1 2026, with a net profit margin of 27.5%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does National Fuel Gas (NFG) spend on capital expenditures?

National Fuel Gas (NFG) spent $976.83M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 39.1% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does National Fuel Gas (NFG) generate?

National Fuel Gas (NFG) generated $306.61M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 12.3%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of National Fuel Gas (NFG)?

National Fuel Gas (NFG) had an effective tax rate of 25.5% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of National Fuel Gas (NFG)?

National Fuel Gas (NFG) reports revenue across 5 reportable product segments, led by Utility at 36.7% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How National Fuel Gas Makes Money: 2026 Visual Revenue Map

National Fuel Gas (NFG) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 30, 2026).

National Fuel Gas discloses geographic revenue only in annual filings. to view the full breakdown.

National Fuel Gas (NFG) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for National Fuel Gas (NFG) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Utility	$918.01M	36.7%
All Other	$887.69M	35.5%
Exploration And Production	$329.32M	13.2%
Pipeline And Storage	$283.50M	11.3%
Gathering	$79.60M	3.2%
Total	$2.50B	100%

Utility$918.01M
All Other$887.69M
Exploration And Production$329.32M
Pipeline And Storage$283.50M
Gathering$79.60M
Total$2.50B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, National Fuel Gas (NFG) reports revenue across 5 operating segments; the largest segment was Utility at 36.7%, followed by All Other (35.5%) and Exploration And Production (13.2%).

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