National Fuel Gas annual operating margin
2010
2011
2012
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
National Fuel Gas Operating Margin Growth & History (NFG)
National Fuel Gas's operating margin was 36.66% for fiscal 2025.
View full National Fuel Gas company overviewNational Fuel Gas annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-09-30 | 36.66% | +24.37 pp |
| 2024 | 2024-09-30 | 12.28% | −21.21 pp |
| 2023 | 2023-09-30 | 33.49% | +6.88 pp |
| 2022 | 2022-09-30 | 26.61% | −10.11 pp |
| 2021 | 2021-09-30 | 36.72% | +34.79 pp |
| 2020 | 2020-09-30 | 1.93% | −28.29 pp |
| 2019 | 2019-09-30 | 30.22% | −2.41 pp |
| 2018 | 2018-09-30 | 32.63% | −4.95 pp |
| 2017 | 2017-09-30 | 37.58% | +66.26 pp |
| 2016 | 2016-09-30 | −28.68% | −56.22 pp |
| 2012 | 2012-09-30 | 27.54% | +2.74 pp |
| 2011 | 2011-09-30 | 24.80% | −0.22 pp |
| 2010 | 2010-09-30 | 25.02% | — |
National Fuel Gas quarterly operating margin
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
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 | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q3 2026 | 2026-06-30 | 44.08% | +0.43 pp |
| Q2 2026 | 2026-03-31 | 38.19% | −4.99 pp |
| Q1 2026 | 2025-12-31 | 43.29% | +26.51 pp |
| Q4 2025 | 2025-09-30 | 40.57% | +103.99 pp |
| Q3 2025 | 2025-06-30 | 43.66% | +58.85 pp |
| Q2 2025 | 2025-03-31 | 43.18% | −1.68 pp |
| Q1 2025 | 2024-12-31 | 16.77% | −24.64 pp |
| Q4 2024 | 2024-09-30 | −63.42% | −100.60 pp |
| Q3 2024 | 2024-06-30 | −15.19% | −56.86 pp |
| Q2 2024 | 2024-03-31 | 44.86% | +14.67 pp |
| Q1 2024 | 2023-12-31 | 41.42% | +10.20 pp |
| Q4 2023 | 2023-09-30 | 37.18% | +23.62 pp |
| Q3 2023 | 2023-06-30 | 41.67% | +5.72 pp |
| Q2 2023 | 2023-03-31 | 30.19% | −4.92 pp |
| Q1 2023 | 2022-12-31 | 31.21% | −7.15 pp |
| Q4 2022 | 2022-09-30 | 13.57% | −23.59 pp |
| Q3 2022 | 2022-06-30 | 35.95% | −2.10 pp |
| Q2 2022 | 2022-03-31 | 35.11% | −3.73 pp |
| Q1 2022 | 2021-12-31 | 38.36% | +5.82 pp |
| Q4 2021 | 2021-09-30 | 37.16% | +97.57 pp |
| Q3 2021 | 2021-06-30 | 38.05% | +13.16 pp |
| Q2 2021 | 2021-03-31 | 38.84% | +43.84 pp |
| Q1 2021 | 2020-12-31 | 32.54% | −0.79 pp |
| Q4 2020 | 2020-09-30 | −60.41% | −89.97 pp |
| Q3 2020 | 2020-06-30 | 24.89% | −6.70 pp |
| Q2 2020 | 2020-03-31 | −5.01% | −32.76 pp |
| Q1 2020 | 2019-12-31 | 33.32% | +0.96 pp |
| Q4 2019 | 2019-09-30 | 29.56% | +0.28 pp |
| Q3 2019 | 2019-06-30 | 31.59% | −1.66 pp |
| Q2 2019 | 2019-03-31 | 27.76% | −3.97 pp |
| Q1 2019 | 2018-12-31 | 32.36% | −3.25 pp |
| Q4 2018 | 2018-09-30 | 29.27% | −6.13 pp |
| Q3 2018 | 2018-06-30 | 33.25% | +5.98 pp |
| Q2 2018 | 2018-03-31 | 31.72% | +2.75 pp |
| Q1 2018 | 2017-12-31 | 35.62% | +1.38 pp |
| Q3 2017 | 2017-06-30 | 35.41% | +7.95 pp |
| Q2 2013 | 2013-03-31 | 27.26% | +3.35 pp |
| Q1 2013 | 2012-12-31 | 28.97% | +1.59 pp |
| Q4 2012 | 2012-09-30 | 34.24% | +7.95 pp |
| Q3 2012 | 2012-06-30 | 27.46% | +2.57 pp |
| Q2 2012 | 2012-03-31 | 23.92% | +0.65 pp |
| Q1 2012 | 2011-12-31 | 27.38% | +1.34 pp |
| Q4 2011 | 2011-09-30 | 26.29% | — |
| Q3 2011 | 2011-06-30 | 24.88% | — |
| Q2 2011 | 2011-03-31 | 23.27% | — |
| Q1 2011 | 2010-12-31 | 26.04% | — |
National Fuel Gas operating margin trends
Over the last five reported fiscal years, National Fuel Gas's operating margin increased from 1.93% to 36.66%, a change of +34.73 percentage points. The latest reported quarter, Q3 2026, shows 44.08%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income 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.
Review National Fuel Gas filings at SEC.gov ↗