National Fuel Gas annual gross margin
2018
2019
2020
2021
2022
2023
2024
2025
National Fuel Gas Gross Margin Growth & History (NFG)
National Fuel Gas's gross margin was 90.38% for fiscal 2025.
View full National Fuel Gas company overviewNational Fuel Gas annual gross margin history
| Fiscal year | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-09-30 | 90.38% | −0.83 pp |
| 2024 | 2024-09-30 | 91.21% | +10.62 pp |
| 2023 | 2023-09-30 | 80.59% | −6.60 pp |
| 2022 | 2022-09-30 | 87.19% | −2.95 pp |
| 2021 | 2021-09-30 | 90.14% | +5.27 pp |
| 2020 | 2020-09-30 | 84.87% | +7.69 pp |
| 2019 | 2019-09-30 | 77.19% | −1.60 pp |
| 2018 | 2018-09-30 | 78.79% | — |
National Fuel Gas quarterly gross margin
Q2.19
Q3.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
Q3.26
| Fiscal quarter | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| Q3 2026 | 2026-06-30 | 93.70% | −1.00 pp |
| Q2 2026 | 2026-03-31 | 77.13% | −4.45 pp |
| Q1 2026 | 2025-12-31 | 86.58% | −0.71 pp |
| Q4 2025 | 2025-09-30 | 103.43% | −2.17 pp |
| Q3 2025 | 2025-06-30 | 94.69% | −3.84 pp |
| Q2 2025 | 2025-03-31 | 81.58% | +0.54 pp |
| Q1 2025 | 2024-12-31 | 87.28% | −1.41 pp |
| Q4 2024 | 2024-09-30 | 105.61% | +1.79 pp |
| Q3 2024 | 2024-06-30 | 98.54% | +8.12 pp |
| Q2 2024 | 2024-03-31 | 81.04% | +14.29 pp |
| Q1 2024 | 2023-12-31 | 88.69% | +9.70 pp |
| Q4 2023 | 2023-09-30 | 103.82% | +5.57 pp |
| Q3 2023 | 2023-06-30 | 90.42% | +3.94 pp |
| Q2 2023 | 2023-03-31 | 66.74% | −4.81 pp |
| Q1 2023 | 2022-12-31 | 78.99% | −2.41 pp |
| Q4 2022 | 2022-09-30 | 98.25% | −3.21 pp |
| Q3 2022 | 2022-06-30 | 86.48% | −8.77 pp |
| Q2 2022 | 2022-03-31 | 71.56% | −9.09 pp |
| Q1 2022 | 2021-12-31 | 81.41% | −6.89 pp |
| Q4 2021 | 2021-09-30 | 101.46% | −0.55 pp |
| Q3 2021 | 2021-06-30 | 95.25% | +4.26 pp |
| Q2 2021 | 2021-03-31 | 80.65% | +4.73 pp |
| Q1 2021 | 2020-12-31 | 88.30% | +9.07 pp |
| Q4 2020 | 2020-09-30 | 102.00% | — |
| Q3 2020 | 2020-06-30 | 90.98% | +4.38 pp |
| Q2 2020 | 2020-03-31 | 75.92% | +11.22 pp |
| Q1 2020 | 2019-12-31 | 79.23% | — |
| Q3 2019 | 2019-06-30 | 86.61% | — |
| Q2 2019 | 2019-03-31 | 64.70% | — |
National Fuel Gas gross margin trends
Over the last five fiscal years, National Fuel Gas's gross margin increased from 84.87% to 90.38%, a change of +5.51 percentage points. The latest reported quarter, Q3 2026, shows 93.70%.
About the metric
What gross margin means
Gross margin measures the percentage of revenue remaining after the direct costs of producing goods or services. It helps show how efficiently a company turns sales into gross profit before operating expenses.
Calculation and source
How gross margin is calculated
TickerStat calculates gross margin as SEC-reported gross profit divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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