National Fuel Gas Company
NYSE: NFG · ENERGY · OIL & GAS INTEGRATED
Updated 2026-06-05
National Fuel Gas Company (NFG) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $471.40M | $394.20M | $482.78M | $609.43M | $459.69M | $678.68M | $660.79M | $738.57M | $909.39M | $853.58M | $588.98M | $684.51M | $615.30M | $694.48M | $740.81M | $791.55M | $812.52M | $1.24B | $1.07B | $1.10B |
| Capital expenditures | $294.16M | $276.73M | $397.73M | $309.93M | $455.76M | $837.61M | $1.04B | $703.46M | $914.42M | $1.02B | $581.58M | $450.33M | $584.00M | $788.94M | $1.22B | $751.73M | $811.83M | $1.01B | $931.24M | $912.82M |
| Depreciation | $179.62M | $170.80M | $170.62M | $173.41M | $178.70M | $226.53M | $271.53M | $326.76M | $383.78M | $336.16M | $249.42M | $224.19M | $240.96M | $275.66M | $755.60M | $360.39M | $369.79M | $409.57M | $457.03M | $456.59M |
| Stock-based comp | $-6.51M | $-13.69M | $-16.27M | $-5.93M | $13200.00 | $1.22M | $-985000.00 | $12.45M | $11.76M | $3.21M | $5.75M | $12.26M | $15.76M | $21.19M | $14.93M | $17.07M | $19.51M | $20.63M | $22.08M | $19.75M |
| Free cash flow | $177.24M | $117.47M | $85.04M | $299.50M | $3.93M | $-158.94M | $-376.00M | $35.11M | $-5.03M | $-164.60M | $7.40M | $234.17M | $31.30M | $-94.45M | $-481.60M | $39.82M | $695000.00 | $227.21M | $134.72M | $187.21M |
| Investing cash flow | $-297.38M | $-101.77M | $-328.99M | $-347.34M | $-402.25M | $-719.04M | $-1.04B | $-705.98M | $-908.43M | $-1.02B | $-453.50M | $-422.56M | $-528.89M | $-799.17M | $-1.22B | $-633.22M | $-518.70M | $-1.11B | $-933.90M | $-891.70M |
| Financing cash flow | $-163.38M | $-237.09M | $-210.35M | $77.72M | $-70.33M | $-276.38M | $369.62M | $-42.23M | $-28.93M | $247.92M | $-119.11M | $163.87M | $-410.64M | $-101.09M | $476.09M | $-58.74M | $-276.24M | $-207.00M | $-149.28M | $-203.38M |
| Dividends paid | $98.27M | $100.63M | $103.68M | $104.16M | $109.60M | $114.56M | $118.80M | $122.71M | $126.64M | $130.72M | $134.82M | $139.06M | $143.26M | $147.42M | $153.32M | $163.09M | $168.15M | $176.10M | $183.80M | $188.44M |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | $-12.88M | $-316.74M | $-5.93M | $-9.64M | $-27.97M | $76.71M | $16.38M | $425.56M | $-325.92M | $-205.79M | $-6.72M | $99.60M | $17.58M | — | — | — |
Frequently asked questions
What is National Fuel Gas Company's revenue?
National Fuel Gas Company's trailing twelve-month revenue is $2.51B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NFG?
In its most recent fiscal year, NFG ran a gross margin of 66.13%, an operating margin of 35.72%, and a net margin of 22.77%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NFG generate?
NFG produced $187.21M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NFG's balance sheet healthy?
NFG holds $43.17M in cash and equivalents against $2.38B in long-term debt, on $3.09B of shareholder equity. That debt is best read against the cash flow the business throws off each year.