National Fuel Gas (NFG) Gross Margin (2009 - 2026)
National Fuel Gas' (NFG) quarterly Gross Margin came in at 94.44% in Q2 2026, down 30.0% year-over-year from 134.92% in Q2 2025, and up 24.62% quarter-over-quarter from 75.79% in Q1 2026.
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Analysis
National Fuel Gas (NFG) Gross Margin (2009 - 2026) Analysis & Trends
National Fuel Gas has disclosed Gross Margin across 18 years of filings, most recently posting 94.44% for Q2 2026.
- In Q2 2026, Gross Margin fell 30.0% year-over-year to 94.44%; the TTM figure through Jun 2026 stood at 87.74% (down 258.0% YoY), while the FY2025 annual figure was 90.63%, down 166.0% from the prior year.
- Gross Margin came in at 94.44% for Q2 2026 at National Fuel Gas, up from 75.79% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 104.67% in Q3 2024 to a low of 66.0% in Q1 2023.
- Average Gross Margin over 5 years is 88.25%, with a median of 88.67% recorded in 2023.
- Year-over-year, Gross Margin plunged 909 bps in 2022 and soared 1718 bps in 2024.
- Over 5 years, Gross Margin stood at 74.02% in 2022, then grew by 21 bps to 89.24% in 2023, then declined by 1 bps to 88.11% in 2024, then dropped by 1 bps to 86.86% in 2025, then rose by 9 bps to 94.44% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 94.44% in Q2 2026, 75.79% in Q1 2026, and 86.86% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 153.22 Bn | 145.53 Bn | 12.81 Bn | 65.62% |
| 2 | Canadian Natural Resources | 100.56 Bn | 98.67 Bn | 8.84 Bn | 82.99% |
| 3 | Eog Resources | 74.16 Bn | 69.25 Bn | - | - |
| 4 | Diamondback Energy | 53.10 Bn | 58.73 Bn | 5.55 Bn | 99.84% |
| 5 | Devon Energy | 52.37 Bn | 51.36 Bn | 6.02 Bn | 81.22% |
| 6 | Expand Energy | 20.29 Bn | 19.03 Bn | 2.33 Bn | 78.58% |
| 7 | Permian Resources | 18.41 Bn | 18.15 Bn | - | - |
| 8 | Ovintiv | 16.64 Bn | 15.76 Bn | 2.83 Bn | 93.93% |
| 9 | Apa | 15.35 Bn | 15.83 Bn | 2.28 Bn | 94.91% |
| 10 | National Fuel Gas | 7.60 Bn | 6.37 Bn | 507.62 Mn | 94.44% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 94.44% |
| Mar 31, 2026 | 75.79% |
| Dec 31, 2025 | 86.86% |
| Sep 30, 2025 | 103.26% |
| Jun 30, 2025 | 94.74% |
| Mar 31, 2025 | 81.46% |
| Dec 31, 2024 | 88.11% |
| Sep 30, 2024 | 104.67% |
| Jun 30, 2024 | 98.81% |
| Mar 31, 2024 | 83.18% |
| Dec 31, 2023 | 89.24% |
| Sep 30, 2023 | 103.49% |
| Jun 30, 2023 | 91.74% |
| Mar 31, 2023 | 66.00% |
| Dec 31, 2022 | 74.02% |
| Sep 30, 2022 | 94.73% |
| Jun 30, 2022 | 86.48% |
| Mar 31, 2022 | 71.56% |
| Dec 31, 2021 | 81.41% |
| Sep 30, 2021 | 101.46% |
API Access
National Fuel Gas Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=NFG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "NFG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=NFG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();