New Jersey Resources Corp

Latest Results (21.11.2025):

New Jersey Resources Corp reported results for its fiscal 2025 fourth quarter and year ended September 30, 2025. For the full year NJR delivered higher results versus fiscal 2024 (fiscal 2025 net income $335.6 million, $3.35/share; consolidated NFE $329.6 million, $3.29/share), while fourth‑quarter results declined year-over-year (Q4 2025 net income $15.1 million, $0.15/share; Q4 2025 NFE $16.2 million, $0.16/share). Management achieved the high end of its fiscal 2025 NFEPS guidance and provided fiscal 2026 NFEPS guidance of $3.03–$3.18 with a 7–9% long‑term NFEPS growth target.

Key quarterly and annual results

Fiscal 2025 annual net income was $335.6 million ($3.35/share) vs. $289.8 million ($2.94/share) in FY2024. Fiscal 2025 consolidated net financial earnings (NFE) were $329.6 million ($3.29/share) vs. $290.8 million ($2.95/share) in FY2024. In the fiscal 2025 fourth quarter, NJR reported consolidated net income of $15.1 million ($0.15/share) and consolidated NFE of $16.2 million ($0.16/share), down from $91.1 million ($0.92/share) and $88.7 million ($0.89/share), respectively, in Q4 FY2024.

Fiscal 2026 guidance and growth target

NJR introduced fiscal 2026 NFEPS guidance of $3.03 to $3.18 and reaffirmed a 7–9% long‑term NFEPS growth target. The company states the long‑term target starts from a fiscal 2025 base of $2.83 per share (the company notes differences can exist between GAAP net income and NFE and guidance is subject to risks and uncertainties).

Segment performance highlights

New Jersey Natural Gas (NJNG) generated strong full‑year NFE ($213.5 million) driven by higher utility gross margin after a base rate case settlement, though NJNG had a Q4 NFE loss of $(8.0) million. Clean Energy Ventures (CEV) had Q4 NFE of $23.8 million (down vs prior year) but full‑year NFE rose to $61.2 million, helped by the sale of its residential solar portfolio. Storage & Transportation and Energy Services both contributed to full‑year NFE gains, while Home Services reported higher revenues.

Energy efficiency and clean energy milestones

NJNG invested a record $98.0 million under the SAVEGREEN® energy‑efficiency program in fiscal 2025. CEV placed a record 93.6 MW of commercial solar into service in FY2025 and had approximately 479 MW of commercial solar capacity in service as of September 30, 2025.

Regulatory and project updates

Adelphia Gateway filed a Section 4 rate case and reached a settlement in principle; NJR filed an offer of settlement and received FERC approval of the settlement on November 4, 2025. Leaf River submitted a FERC application on October 31, 2025 to increase certificated natural gas storage capacity by 17.6 BCF.

Drivers of Q4 decline and other considerations

The Q4 year‑over‑year decrease in NFE was driven largely by lower Energy Services revenue in the quarter (less operating revenue from Asset Management Agreements signed in 2020). Management also notes that reported GAAP net income and NFE can diverge due to energy‑related derivative positions and that it cannot reasonably reconcile guidance to GAAP operating earnings without unreasonable effort; guidance is subject to customary forward‑looking risks.