National Fuel Gas (NFG) Net Margin (2009 - 2026)

National Fuel Gas has disclosed Net Margin across 18 years of filings, most recently posting 28.85% for Q1 2026.

• Net Margin for Q1 2026 came in at 28.85%, down 79.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 27.37% (up 2546.0% YoY), and the FY2025 annual result was 22.77%, up 1878.0% from the prior year.
• Net Margin came in at 28.85% for Q1 2026 at National Fuel Gas, up from 27.88% in the prior quarter.
• In the past five years, Net Margin ranged from a high of 36.34% in Q3 2022 to a low of 45.05% in Q3 2024.
• The 5-year median for Net Margin is 23.85% (2022), against an average of 18.12%.
• Across the five-year window, Net Margin plunged 6502 bps in 2024 and surged 6807 bps in 2025, its largest moves.
• National Fuel Gas' Net Margin stood at 25.75% in 2022, then fell by 2 bps to 25.32% in 2023, then tumbled by 68 bps to 8.19% in 2024, then soared by 241 bps to 27.88% in 2025, then advanced by 3 bps to 28.85% in 2026.
• The last three Net Margin figures came in at 28.85% (Q1 2026), 27.88% (Q4 2025), and 23.02% (Q3 2025), per Business Quant data.