National Fuel Gas (NFG) Operating Expenses (2009 - 2026)
National Fuel Gas' Operating Expenses came in at $328.56 million for fiscal Q3 2026 (quarter ended Jun 30, 2026), up 8.9% from $301.58 million a year earlier but down 35.7% from the prior quarter.
National Fuel Gas (NFG) Operating Expenses (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, National Fuel Gas reported Operating Expenses of $1.5 billion, down 14.0% year-over-year; for FY2025 (ended Sep 30, 2025), it was $1.46 billion, down 15.6% from FY2024.
- Operating Expenses carries a five-year compound annual growth rate of -0.7% (FY2020 to FY2025).
- Going back by fiscal year, Operating Expenses was $1.74 billion in FY2024 (+22.3%), $1.42 billion in FY2023 (+2.5%), $1.38 billion in FY2022 (+20.0%) and $1.15 billion in FY2021 (-23.9%).
- The five-year range for quarterly Operating Expenses is $223.72 million (fiscal Q4 2021) to $568.64 million (fiscal Q4 2024).
- Year-over-year, Operating Expenses increased in five of the last eight quarters, with growth averaging 14.5%.
- The fastest year-over-year change in Operating Expenses over five years came in fiscal Q4 2024 (growth of 133.4%), and the weakest in fiscal Q4 2021 (a decline of 51.6%).
- Business Quant data shows NFG's Operating Expenses at $511.24 million (Q2 2026), $375.38 million (Q1 2026) and $286.51 million (Q4 2025) in the three fiscal quarters before Q3 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 744.22 Bn | 700.71 Bn | - | 96.59 Bn |
| 2 | Chevron | 442.27 Bn | 414.39 Bn | 33.45 Bn | 53.37 Bn |
| 3 | Shell | 308.83 Bn | 238.57 Bn | 30.13 Bn | 8.70 Bn |
| 4 | TotalEnergies SE | 197.25 Bn | 77.83 Bn | 61.77 Bn | 46.44 Bn |
| 5 | Conocophillips | 176.36 Bn | 149.07 Bn | 12.81 Bn | 2.43 Bn |
| 6 | Equinor Asa | 119.62 Bn | 34.07 Bn | - | -22.18 Bn |
| 7 | Phillips 66 | 116.49 Bn | 104.28 Bn | 8.38 Bn | 47.07 Bn |
| 8 | Canadian Natural Resources | 113.27 Bn | 110.27 Bn | 8.84 Bn | 114.95 Mn |
| 9 | Suncor Energy | 95.51 Bn | 81.26 Bn | - | - |
| 10 | National Fuel Gas | 7.43 Bn | 5.85 Bn | 507.62 Mn | 328.56 Mn |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 328.56 Mn |
| Mar 31, 2026 | 511.24 Mn |
| Dec 31, 2025 | 375.38 Mn |
| Sep 30, 2025 | 286.51 Mn |
| Jun 30, 2025 | 301.58 Mn |
| Mar 31, 2025 | 412.70 Mn |
| Dec 31, 2024 | 463.29 Mn |
| Sep 30, 2024 | 568.64 Mn |
| Jun 30, 2024 | 468.88 Mn |
| Mar 31, 2024 | 379.32 Mn |
| Dec 31, 2023 | 318.25 Mn |
| Sep 30, 2023 | 243.64 Mn |
| Jun 30, 2023 | 274.61 Mn |
| Mar 31, 2023 | 495.88 Mn |
| Dec 31, 2022 | 404.49 Mn |
| Sep 30, 2022 | 257.35 Mn |
| Jun 30, 2022 | 334.66 Mn |
| Mar 31, 2022 | 455.35 Mn |
| Dec 31, 2021 | 336.90 Mn |
| Sep 30, 2021 | 223.72 Mn |
National Fuel Gas Operating Expenses 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=operating-expenses&ticker=NFG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=NFG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();