New Jersey Resources Corporation reported fiscal 2025 net income of $335.6 million, or $3.35 per share, up 16.5 % from $289.8 million ($2.94 per share) in 2024. Consolidated net financial earnings (NFE) rose to $329.6 million, or $3.29 per share, a 14.5 % increase over the prior year’s $290.8 million ($2.95 per share). Total revenue for the year reached $2.04 billion, driven by a 9 % rise in the New Jersey Natural Gas (NJNG) segment and a 12 % increase in Clean Energy Ventures, while Energy Services and Storage & Transportation contributed modest growth.
In the fourth quarter, the company posted net income of $15.1 million, or $0.15 per share, and NFE of $16.2 million, or $0.16 per share. The quarter’s earnings beat the Zacks consensus estimate of $0.15 per share by $0.01, largely because NJNG’s base‑rate settlement lifted operating income and the company maintained disciplined cost control amid rising commodity prices. Compared with Q4 2024, net income fell 4 % and NFE slipped 3 %, reflecting a one‑year normalization after a strong 2024 quarter that benefited from higher Energy Services revenue under asset‑management agreements.
Segment analysis shows NJNG accounted for roughly 70 % of total NFE, up from 65 % in 2024, underscoring the company’s focus on utility rate‑base expansion. Clean Energy Ventures contributed 10 % of NFE, driven by new solar and battery projects that added $120 million in revenue. Energy Services and Storage & Transportation each added 5 % to NFE, with the former benefiting from a modest uptick in service contracts and the latter from increased storage capacity utilization.
Management guided fiscal 2026 NFE per share to a range of $3.03–$3.18, a slight upward revision from the prior $2.95–$3.10 range. CEO Stephen D. Westhoven said the outlook reflects confidence in continued demand for natural gas and clean‑energy solutions, while CFO Roberto Bel highlighted “strong cash flow generation and a solid balance sheet that will support ongoing investment.” The guidance signals a 7–9 % annual growth target, consistent with the company’s long‑term strategy.
The results reinforce New Jersey Resources’ track record of exceeding initial guidance for five consecutive years. The company’s dividend policy remains robust, with 30 consecutive years of increases, and capital expenditures are projected to reach $4.8–$5.2 billion through 2030, largely focused on expanding NJNG’s storage and transportation network. These factors suggest a resilient business model poised for steady growth in the coming years.
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