New Jersey Resources Corp

Latest Results (05.04.2026):

New Jersey Resources Corp — fiscal 2025 fourth quarter (year ended September 30, 2025): the company reported strong full-year results (fiscal 2025 net income $335.6M / $3.35 per share; consolidated NFE $329.6M / $3.29 per share) and hit the high end of its annual NFEPS guidance, but fourth-quarter results weakened versus the prior-year quarter (Q4 fiscal 2025 net income $15.1M / $0.15; Q4 NFE $16.2M / $0.16). Management reiterated a long-term 7–9% NFEPS growth target and introduced fiscal 2026 NFEPS guidance of $3.03–$3.18.

Full‑year results

Fiscal 2025 net income was $335.6M ($3.35/share) vs $289.8M ($2.94/share) in fiscal 2024. Consolidated net financial earnings (NFE) for the year were $329.6M ($3.29/share) vs $290.8M ($2.95/share) in FY24. NJR says FY25 NFEPS reached the high end of guidance and marks the fifth consecutive year outperforming initial guidance.

Fourth‑quarter results

For the fiscal 2025 fourth quarter, consolidated net income was $15.1M ($0.15/share) and NFE was $16.2M ($0.16/share), down from $91.1M ($0.92) and $88.7M ($0.89) in Q4 FY24 — the decline largely reflects lower Energy Services contributions tied to prior‑period Asset Management Agreements.

Guidance & outlook

Management introduced fiscal 2026 NFEPS guidance of $3.03–$3.18 and reiterated a 7–9% long‑term NFEPS growth target (using a stated FY25 base of $2.83/share). The company provided expected FY26 NFE contribution ranges by segment (NJNG 67–72%, CEV 10–15%, S&T 8–12%, ES 5–10%, Home Services/Other 1–2%).

New Jersey Natural Gas (NJNG)

NJNG delivered fiscal 2025 NFE of $213.5M (up from $133.4M), driven by higher utility gross margin following a base rate case settlement. NJNG invested a record $98.0M under the SAVEGREEN® program in FY25, served ~589,000 customers, and invested $40.0M under its IIP in FY25.

Clean Energy Ventures (CEV)

CEV placed a record ~93.6 MW of commercial solar into service in FY25 and reported FY25 NFE of $61.2M (up from $33.7M), aided by a gain on the sale of its residential solar portfolio (residential portfolio sold Nov 2024).

Energy Services and Storage & Transportation

Energy Services’ FY25 NFE fell to $34.9M (from $111.5M) and Q4 posted a $(4.5)M NFE loss, reflecting lower AMA contributions versus the prior year. Storage & Transportation reported FY25 NFE of $18.5M (Q4 $4.6M); notable regulatory milestones include Adelphia’s FERC settlement order (approved Nov 4, 2025) and a Leaf River FERC filing (Oct 31, 2025) to add 17.6 BCF of capacity.

Capital deployment & cash flow

Capital expenditures in FY25 totaled $752.5M (up from $575.1M in FY24). NJR expects $4.8–$5.2B of capex through 2030 with over 60% for NJNG. Operating cash flow rose to $466.3M in FY25 (from $427.4M in FY24), helped by higher base rates at NJNG.

Non‑GAAP measure (NFE) note

NJR uses Net Financial Earnings (NFE) to adjust for unrealized derivative and certain timing items; management cautions NFE can differ from GAAP net income and discloses reconciliations in the release and filings.