National Fuel Gas (NFG) Operating Margin (2009 - 2026)
National Fuel Gas (NFG) posted Operating Margin of 38.87% for Q2 2026, down 3.88% sequentially from 40.44% in Q1 2026, and down 442.0% YoY from 11.37% in Q2 2025.
National Fuel Gas (NFG) Operating Margin (2009 - 2026) Analysis & Trends
National Fuel Gas has reported Operating Margin for 18 years, with the latest figure at 38.87% in Q2 2026.
- Quarterly Operating Margin fell 442.0% year-over-year to 38.87% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 40.26% (up 2024.0% YoY) and the FY2025 annual result came in at 35.72%, up 2493.0% from the prior year.
- Operating Margin slipped to 38.87% in Q2 2026 per NFG's latest filing, from 40.44% in the prior quarter.
- Over five years, Operating Margin peaked at 43.46% in Q1 2025 and troughed at 52.83% in Q3 2024.
- A 5-year average of 29.34% and a median of 38.58% in 2022 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2024 and 2025: Operating Margin slumped 8679 bps in 2024, then surged 9138 bps in 2025.
- Over 5 years, Operating Margin stood at 38.61% in 2022, then climbed by 2 bps to 39.42% in 2023, then sank by 60 bps to 15.69% in 2024, then jumped by 170 bps to 42.38% in 2025, then declined by 8 bps to 38.87% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 38.87%, 40.44%, and 42.38% for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Petrobras - Petroleo Brasileiro | 1,308.33 Bn | -5,263.99 Bn | 11.34 Bn | 0.71% |
| 2 | ExxonMobil Holdings | 651.52 Bn | 649.70 Bn | - | - |
| 3 | Chevron | 382.50 Bn | 382.83 Bn | 20.34 Bn | -50.03% |
| 4 | Eni Spa | 205.81 Bn | 195.97 Bn | - | 3.51% |
| 5 | Shell | 102.19 Bn | 62.32 Bn | 30.13 Bn | 28.64% |
| 6 | Equinor Asa | 98.30 Bn | 89.04 Bn | - | 36.94% |
| 7 | Suncor Energy | 78.77 Bn | 76.39 Bn | 6.68 Bn | 48.14% |
| 8 | Imperial Oil | 61.22 Bn | 60.47 Bn | - | - |
| 9 | TotalEnergies SE | 25.61 Bn | -6.11 Bn | 18.79 Bn | 32.74% |
| 10 | National Fuel Gas | 7.86 Bn | 6.63 Bn | 507.62 Mn | 38.87% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 38.87% |
| Mar 31, 2026 | 40.44% |
| Dec 31, 2025 | 42.38% |
| Sep 30, 2025 | 38.55% |
| Jun 30, 2025 | 43.29% |
| Mar 31, 2025 | 43.46% |
| Dec 31, 2024 | 15.69% |
| Sep 30, 2024 | -52.83% |
| Jun 30, 2024 | -12.32% |
| Mar 31, 2024 | 39.79% |
| Dec 31, 2023 | 39.42% |
| Sep 30, 2023 | 33.96% |
| Jun 30, 2023 | 35.94% |
| Mar 31, 2023 | 30.86% |
| Dec 31, 2022 | 38.61% |
| Sep 30, 2022 | 40.86% |
| Jun 30, 2022 | 35.95% |
| Mar 31, 2022 | 35.11% |
| Dec 31, 2021 | 38.36% |
| Sep 30, 2021 | 37.16% |