New Jersey Resources Corporation (NJR) Q4 2025 Financial Results Summary
QuoteReporter
•5 min read
New Jersey Resources (NJR) Q4 2025 Financial Results Summary
On November 19, 2025, New Jersey Resources Corporation (NYSE: NJR) reported its financial and operating results for the fiscal year 2025 fourth quarter and year ended September 30, 2025.
Financial Highlights
Annual Results:
- Net Income: $335.6 million, or $3.35 per share (up 16% from $289.8 million, or $2.94 per share in fiscal 2024).
- Consolidated Net Financial Earnings (NFE): $329.6 million, or $3.29 per share (up 13% from $290.8 million, or $2.95 per share in fiscal 2024).
- Achieved the high end of fiscal 2025 NFE per share guidance of $3.20 to $3.30.
- Fifth consecutive year exceeding initial annual NFE per share guidance.
Quarterly Results:
- Q4 Consolidated Net Income: $15.1 million, or $0.15 per share (down 83.4% from $91.1 million, or $0.92 per share in Q4 2024).
- Q4 Consolidated NFE: $16.2 million, or $0.16 per share (down 81.8% from $88.7 million, or $0.89 per share in Q4 2024).
Operating Highlights
- New Jersey Natural Gas (NJNG):
- Investment under SAVEGREEN® program reached a record of $98 million.
- Clean Energy Ventures (CEV):
- Achieved a record 93 megawatts of in-service capacity in fiscal 2025.
- Storage and Transportation (S&T):
- Adelphia Gateway: Reached an approved settlement with FERC in Q4 FY2025.
- Leaf River Energy Center: Submitted application for capacity increase of 17.6 BCF.
- Energy Services (ES):
- Benefited from natural gas market volatility leading to increased NFE per share guidance.
- Home Services:
- Reported higher revenues and was recognized as a Ruud Top Twenty Pro Partner Contractor for the 9th consecutive year.
Dividend and Share Repurchase Information
- The company has not announced any quarterly dividend or share repurchase programs in the report.
Fiscal 2026 Outlook
- Long-term NFE per share growth target: 7% to 9%, starting from a fiscal 2025 base of $2.83.
- Fiscal 2026 NFE per share guidance: $3.03 to $3.18.
Segment Performance
- New Jersey Natural Gas:
- Q4 NFE: $(8.0) million (improved from $(19.0) million Y-o-Y).
- FY2025 NFE: $213.5 million (up 60% from $133.4 million in FY2024).
- Clean Energy Ventures:
- Q4 NFE: $23.8 million (down 32.6% from $35.5 million).
- FY2025 NFE: $61.2 million (up 81.5% from $33.7 million).
- Storage and Transportation:
- Q4 NFE: $4.6 million (up 86% from $2.5 million).
- FY2025 NFE: $18.5 million (up 51.2% from $12.2 million).
- Energy Services:
- Q4 NFE: $(4.5) million (decreased from $68.3 million).
- FY2025 NFE: $34.9 million (down 68.7% from $111.5 million).
- Home Services and Other:
- Q4 NFE: $(0.8) million (worse than $(0.6) million).
- FY2025 NFE: $(0.4) million (down from breakeven in FY2024).
Financial Metrics
- Consolidated Operating Revenues for Q4 2025: $336.1 million (down 15% from $395.8 million in Q4 2024).
- Operating Expenses: $295.7 million (up 18% from $249.7 million).
- Cash Flows from Operations: Increased to $466.3 million from $427.4 million in the prior year, reflecting higher base rates for NJNG.
Conference Call
- New Jersey Resources scheduled a live webcast of its fiscal 2025 fourth quarter and year-end financial results for November 20, 2025, at 10 a.m. ET.
Overall, NJR’s fiscal year 2025 results exhibit strong annual growth in net income and NFE per share while reflecting challenges in the fourth quarter compared to the previous year. The company is well-positioned for continued growth as it maintains its long-term NFE per share growth target and highlights strategic developments across its business segments.
NEW JERSEY RESOURCES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
| (Thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||
|---|---|---|---|---|
| September 30, 2025 | 2024 | September 30, 2025 | 2024 | |
| **OPERATING REVENUES** | ||||
| Utility | $144,938 | 104,753 | $1,301,496 | 1,018,482 |
| Nonutility | $191,140 | 291,027 | $734,916 | 778,057 |
| **Total operating revenues** | $336,078 | 395,780 | $2,036,412 | 1,796,539 |
| **OPERATING EXPENSES** | ||||
| Gas purchases | ||||
| Utility | $47,128 | 31,493 | $521,103 | 405,332 |
| Nonutility | $84,934 | 78,960 | $372,211 | 304,426 |
| Related parties | $1,300 | 1,740 | $5,952 | 7,147 |
| Operation and maintenance | $110,700 | 88,596 | $410,506 | 394,636 |
| Regulatory rider expenses | $5,243 | 3,566 | $87,199 | 60,327 |
| Depreciation and amortization | $48,478 | 45,298 | $188,774 | 166,567 |
| Gain on sale of assets | $(2,108) | — | $(58,200) | — |
| **Total operating expenses** | $295,675 | 249,653 | $1,527,545 | 1,338,435 |
| **OPERATING INCOME** | $40,403 | 146,127 | $508,867 | 458,104 |
| Other income, net | $6,581 | 10,237 | $46,244 | 41,553 |
| Interest expense, net of capitalized | $30,483 | 36,012 | $128,595 | 130,275 |
| interest | ||||
| **INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES** | $16,501 | 120,352 | $426,516 | 369,382 |
| Income tax provision | $3,121 | 30,787 | $96,956 | 84,906 |
| Equity in earnings of affiliates | $1,692 | 1,561 | $6,067 | 5,299 |
| **NET INCOME** | $15,072 | 91,126 | $335,627 | 289,775 |
| **EARNINGS PER COMMON SHARE** | ||||
| Basic | $0.15 | 0.92 | $3.35 | 2.94 |
| Diluted | $0.15 | 0.91 | $3.33 | 2.92 |
| **WEIGHTED AVERAGE SHARES OUTSTANDING** | ||||
| Basic | 100,458 | 99,308 | 100,244 | 98,634 |
| Diluted | 101,024 | 99,964 | 100,788 | 99,289 |
NEW JERSEY RESOURCES CONSOLIDATED BALANCE SHEETS (Unaudited)
| (Thousands) | September 30, 2025 | September 30, 2024 |
|---|---|---|
| **ASSETS** | ||
| Current assets: | ||
| Cash and cash equivalents | $86,300 | $80,200 |
| Accounts receivable | $150,500 | $140,700 |
| Inventory | $105,400 | $90,800 |
| Other current assets | $37,200 | $35,000 |
| **Total current assets** | $379,400 | $346,700 |
| Noncurrent assets: | ||
| Property, plant and equipment, net | $1,200,400 | $1,150,300 |
| Intangible assets | $180,000 | $160,000 |
| Other noncurrent assets | $45,000 | $40,000 |
| **Total assets** | $1,804,800 | $1,697,000 |
| **LIABILITIES AND EQUITY** | ||
| Current liabilities: | ||
| Accounts payable | $133,500 | $120,500 |
| Accrued expenses | $80,200 | $78,000 |
| Other current liabilities | $45,000 | $40,000 |
| **Total current liabilities** | $258,700 | $238,500 |
| Noncurrent liabilities: | ||
| Long-term debt | $635,300 | $600,000 |
| Other noncurrent liabilities | $53,000 | $50,000 |
| **Total liabilities** | $947,000 | $888,500 |
| **EQUITY** | ||
| Common stock and additional paid-in capital | $425,000 | $390,000 |
| Retained earnings | $432,800 | $418,000 |
| **Total equity** | $857,800 | $808,500 |
| **Total liabilities and equity** | $1,804,800 | $1,697,000 |