National Fuel Gas (NFG) Operating Margin (2016 - 2026)
National Fuel Gas' Operating Margin was 38.87% in fiscal Q3 2026 (quarter ended Jun 30, 2026), down 4.42 percentage points from 43.29% a year earlier and down 1.57 percentage points from the prior quarter.
National Fuel Gas (NFG) Operating Margin (2016 - 2026) Analysis & Trends
On a trailing twelve-month basis, National Fuel Gas' Operating Margin was 40.26% through Jun 30, 2026, up 20.24 percentage points year-over-year; for FY2025 (ended Sep 30, 2025), it was 35.72%, up 24.93 percentage points from FY2024.
- Operating Margin shows a five-year change of +33.79 percentage points (FY2020 to FY2025).
- In earlier fiscal years, Operating Margin was 10.78% in FY2024 (-23.96 pp), 34.74% in FY2023 (-2.52 pp), 37.26% in FY2022 (+0.54 pp) and 36.72% in FY2021 (+34.79 pp).
- Quarterly Operating Margin has moved between -52.83% (fiscal Q4 2024) and 43.46% (fiscal Q2 2025) over five years.
- Compared with a year earlier, Operating Margin was higher in four of the last eight quarters, with an average year-over-year change of +7.43 percentage points.
- The best year-over-year quarter for Operating Margin over five years was fiscal Q4 2021 (a gain of 97.57 percentage points); the worst was fiscal Q4 2024 (a drop of 86.79 percentage points).
- Per Business Quant data, NFG's Operating Margin in the three fiscal quarters before Q3 2026 was 40.44% (Q2 2026), 42.38% (Q1 2026) and 38.55% (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 738.07 Bn | 694.55 Bn | - | - |
| 2 | Chevron | 441.07 Bn | 413.19 Bn | 33.45 Bn | -28.44% |
| 3 | Shell | 309.77 Bn | 239.51 Bn | 30.13 Bn | 22.64% |
| 4 | TotalEnergies SE | 197.08 Bn | 77.67 Bn | 61.77 Bn | 24.82% |
| 5 | Conocophillips | 176.31 Bn | 149.02 Bn | 12.81 Bn | 53.17% |
| 6 | Equinor Asa | 118.19 Bn | 32.64 Bn | - | 36.94% |
| 7 | Phillips 66 | 116.24 Bn | 104.03 Bn | 8.38 Bn | -74.35% |
| 8 | Canadian Natural Resources | 112.81 Bn | 109.81 Bn | 8.84 Bn | 81.91% |
| 9 | Suncor Energy | 94.87 Bn | 80.62 Bn | - | 3.43% |
| 10 | National Fuel Gas | 7.55 Bn | 5.97 Bn | 507.62 Mn | 38.87% |
Historic 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% |
National Fuel Gas Operating 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=operating-margin&ticker=NFG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=NFG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();