Q - NEW JERSEY RESOURCES

For the period ended Jun 30, 2025. Filed Aug 5, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 5, 2025

NJR$54.71+0.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Item 1. Unaudited Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended · Nine Months Ended
	June 30,		June 30,
(Thousands, except per share data)	2025	2024	2025	2024
OPERATING REVENUES
Utility	$204,790	$157,773	$1,156,558	$913,729
Nonutility	94,156	117,863	543,776	487,030
Total operating revenues	298,946	275,636	1,700,334	1,400,759
OPERATING EXPENSES
Natural gas purchases:
Utility	73,321	53,372	473,975	373,839
Nonutility	67,852	60,971	287,277	225,466
Related parties	1,268	1,729	4,652	5,407
Operation and maintenance	100,133	104,378	299,806	306,040
Regulatory rider expenses	10,979	8,343	81,956	56,761
Depreciation and amortization	47,000	40,907	140,296	121,269
Gain on sale of assets	(545)	—	(56,092)	—
Total operating expenses	300,008	269,700	1,231,870	1,088,782
OPERATING (LOSS) INCOME	(1,062)	5,936	468,464	311,977
Other income, net	11,040	9,555	39,663	31,316
Interest expense, net of capitalized interest	31,694	31,169	98,112	94,263
(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	(21,716)	(15,678)	410,015	249,030
Income tax (benefit) provision	(5,142)	(2,764)	93,835	54,119
Equity in earnings of affiliates	1,523	1,340	4,375	3,738
NET (LOSS) INCOME	$(15,051)	$(11,574)	$320,555	$198,649
(LOSS) INCOME PER COMMON SHARE
Basic	$(0.15)	$(0.12)	$3.20	$2.02
Diluted	$(0.15)	$(0.12)	$3.18	$2.00
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	100,373	98,983	100,173	98,409
Diluted	100,373	98,983	100,813	99,213

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)

Three Months Ended · Nine Months Ended
	June 30,		June 30,
(Thousands)	2025	2024	2025	2024
Net (loss) income	$(15,051)	$(11,574)	$320,555	$198,649
Other comprehensive income (loss), net of tax
Reclassifications of losses to net (loss) income on derivatives designated as hedging instruments, net of tax of $(79), $(79), $(238) and $(238), respectively	264	264	790	790
Adjustment to postemployment benefit obligation, net of tax of $58, $112, $174 and $(2,836), respectively	(196)	(369)	(587)	9,386
Other comprehensive income (loss), net of tax	$68	$(105)	$203	$10,176
Comprehensive (loss) income	$(14,983)	$(11,679)	$320,758	$208,825

Part I

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended
	June 30,
(Thousands)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$320,555	$198,649
Adjustments to reconcile net income to cash flows from operating activities
Unrealized (gain) loss on derivative instruments	(10,072)	23,860
Gain on sale of assets	(56,092)	—
Depreciation and amortization	140,296	121,269
Amortization of acquired wholesale energy contracts	—	187
Allowance for equity used during construction	(6,756)	(5,368)
Allowance for doubtful accounts	8,598	1,849
Non cash lease expense	3,282	3,611
Deferred income taxes	48,510	49,598
Equivalent value of ITCs recognized on equipment financing	(14,322)	(12,600)
Manufactured gas plant remediation costs	(7,289)	(19,464)
Cost of removal - asset retirement obligations	(1,295)	(1,145)
Contributions to postemployment benefit plans	(759)	(2,438)
Taxes related to stock-based compensation	1,808	1,186
Changes in:
Components of working capital	(50,182)	21,519
Other noncurrent assets and liabilities	8,892	(17,819)
Cash flows from operating activities	385,174	362,894
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant	(274,028)	(259,125)
Solar equipment	(117,978)	(74,096)
Storage and Transportation and other	(18,586)	(33,013)
Cost of removal	(32,911)	(29,552)
Distribution from equity investees in excess of equity in earnings	625	3,202
Proceeds from sale of assets	136,947	—
Cash flows used in investing activities	(305,931)	(392,584)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES
Proceeds from long-term debt	100,000	175,000
Payments of long-term debt	(190,322)	(89,555)
Proceeds from short-term debt, net	14,850	2,700
Proceeds from sale leaseback transactions - solar	100,271	24,394
Proceeds from sale leaseback transactions - natural gas meters	11,714	8,814
Payments of common stock dividends	(134,897)	(123,446)
Proceeds from waiver discount issuance of common stock	19,910	47,286
Proceeds from issuance of common stock - DRP	11,243	11,141
Tax withholding payments related to net settled stock compensation	(11,635)	(5,027)
Cash flows (used in) from financing activities	(78,866)	51,307
Change in cash, cash equivalents and restricted cash	377	21,617
Cash, cash equivalents and restricted cash at beginning of period	1,612	1,517
Cash, cash equivalents and restricted cash at end of period	$1,989	$23,134
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	$(74,552)	$(34,335)
Inventories	26,442	62,644
Recovery of natural gas costs	5,589	(3,206)
Natural gas purchases payable	5,790	2,094
Natural gas purchases payable - related parties	(229)	16
Deferred revenue, current	1,944	38,162
Accounts payable and other	(29,592)	(1,683)
Prepaid expenses	(3,310)	(3,902)
Prepaid and accrued taxes	24,109	(13,310)
Restricted broker margin accounts	12,425	(220)
Customers' credit balances and deposits	(14,711)	(16,029)
Other current assets and liabilities	(4,087)	(8,712)
Total	$(50,182)	$21,519
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)	$98,938	$90,006
Income taxes	$8,654	$13,042
Accrued capital expenditures	$28,391	$21,122
See Notes to Unaudited Condensed Consolidated Financial Statements

Part I

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

(Unaudited)
(Thousands)	June 30,2025	September 30,2024
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$4,375,445	$4,221,395
Construction work in progress	354,197	233,295
Nonutility plant and equipment, at cost	1,793,700	1,834,956
Construction work in progress	255,674	206,869
Total property, plant and equipment	6,779,016	6,496,515
Accumulated depreciation and amortization, utility plant	(852,240)	(786,594)
Accumulated depreciation and amortization, nonutility plant and equipment	(280,180)	(306,698)
Property, plant and equipment, net	5,646,596	5,403,223
CURRENT ASSETS
Cash and cash equivalents	931	1,017
Customer accounts receivable
Billed	173,261	105,531
Unbilled revenues	21,909	20,094
Allowance for doubtful accounts	(12,097)	(8,506)
Regulatory assets	46,216	73,070
Natural gas in storage, at average cost	168,157	199,125
Materials and supplies, at average cost	43,010	38,484
Prepaid expenses	15,064	11,754
Prepaid taxes	51,484	67,066
Derivatives, at fair value	7,688	6,813
Restricted broker margin accounts	12,670	13,243
Other current assets	34,019	26,904
Total current assets	562,312	554,595
NONCURRENT ASSETS
Investments in equity method investees	101,011	101,744
Regulatory assets	615,859	609,192
Operating lease assets	191,851	184,485
Derivatives, at fair value	5,843	806
Software costs	10,784	10,522
Deferred income taxes	22,520	20,751
Postemployment employee benefit assets	25,710	24,660
Other noncurrent assets	91,675	71,667
Total noncurrent assets	1,065,253	1,023,827
Total assets	$7,274,161	$6,981,645

Part I

CAPITALIZATION AND LIABILITIES

(Unaudited)
(Thousands, except share data)	June 30,2025	September 30,2024
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares June 30, 2025 — 100,378,238; September 30, 2024 — 99,461,448	$250,454	$248,159
Premium on common stock	672,034	633,811
Accumulated other comprehensive loss, net of tax	(6,318)	(6,521)
Treasury stock at cost and other; shares June 30, 2025 — 17,273;September 30, 2024 — 16,302	23,431	26,220
Retained earnings	1,484,015	1,298,774
Common stock equity	2,423,616	2,200,443
Long-term debt	3,020,600	2,879,464
Total capitalization	5,444,216	5,079,907
CURRENT LIABILITIES
Current maturities of long-term debt	56,050	189,006
Short-term debt	306,650	291,800
Natural gas purchases payable	63,305	57,515
Natural gas purchases payable to related parties	646	875
Deferred revenue	23,516	21,572
Accounts payable and other	138,709	169,232
Dividends payable	45,169	44,752
Accrued taxes	19,120	10,593
Regulatory liabilities	29,152	32,981
New Jersey Clean Energy Program	18,688	18,491
Derivatives, at fair value	8,162	6,271
Operating lease liabilities	6,006	4,945
Restricted broker margin accounts	—	1,146
Customers' credit balances and deposits	23,884	38,595
Total current liabilities	739,057	887,774
NONCURRENT LIABILITIES
Deferred income taxes	414,868	358,783
Deferred investment tax credits	1,947	2,156
Deferred revenue	22,537	3,095
Derivatives, at fair value	4,618	11,490
Manufactured gas plant remediation	155,861	161,650
Postemployment employee benefit liability	72,113	64,609
Regulatory liabilities	171,688	175,847
Operating lease liabilities	168,645	159,303
Asset retirement obligations	68,265	66,698
Other noncurrent liabilities	10,346	10,333
Total noncurrent liabilities	1,090,888	1,013,964
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities	$7,274,161	$6,981,645

Part I

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)

(Thousands)	Number of Shares	Common Stock	Premium on Common Stock	Accumulated Other Comprehensive (Loss) Income	Treasury Stock and Other	Retained Earnings	Total
Balance as of September 30, 2024	99,461	$248,159	$633,811	$(6,521)	$26,220	$1,298,774	$2,200,443
Net income	—	—	—	—	—	131,319	131,319
Other comprehensive income	—	—	—	68	—	—	68
Common stock issued:
Incentive compensation plan	232	581	7,661	—	—	—	8,242
Dividend reinvestment plan	80	199	3,545	—	—	—	3,744
Waiver discount	418	1,045	18,865	—	—	—	19,910
Cash dividend declared ($.45 per share)	—	—	—	—	—	(45,010)	(45,010)
Treasury stock and other	—	—	—	—	(6,032)	—	(6,032)
Balance as of December 31, 2024	100,191	$249,984	$663,882	$(6,453)	$20,188	$1,385,083	$2,312,684
Net income	—	—	—	—	—	204,287	204,287
Other comprehensive income	—	—	—	67	—	—	67
Common stock issued:
Incentive compensation plan	31	76	1,199	—	—	—	1,275
Dividend reinvestment plan	81	205	3,518	—	—	—	3,723
Cash dividend declared ($.45 per share)	—	—	—	—	—	(45,135)	(45,135)
Treasury stock and other	—	—	—	—	1,006	—	1,006
Balance as of March 31, 2025	100,303	$250,265	$668,599	$(6,386)	$21,194	$1,544,235	$2,477,907
Net loss	—	—	—	—	—	(15,051)	(15,051)
Other comprehensive income	—	—	—	68	—	—	68
Common stock issued:
Incentive compensation plan	1	2	33	—	—	—	35
Dividend reinvestment plan	75	187	3,402	—	—	—	3,589
Cash dividend declared ($.45 per share)	—	—	—	—	—	(45,169)	(45,169)
Treasury stock and other	(1)	—	—	—	2,237	—	2,237
Balance as of June 30, 2025	100,378	$250,454	$672,034	$(6,318)	$23,431	$1,484,015	$2,423,616

Part I

(Thousands)	Number of Shares	Common Stock	Premium on Common Stock	Accumulated Other Comprehensive (Loss) Income	Treasury Stock and Other	Retained Earnings	Total
Balance as of September 30, 2023	97,584	$243,458	$558,654	$(9,959)	$20,748	$1,177,834	$1,990,735
Net income	—	—	—	—	—	89,411	89,411
Other comprehensive income	—	—	—	395	—	—	395
Common stock issued:
Incentive compensation plan	116	290	3,451	—	—	—	3,741
Dividend reinvestment plan	94	236	3,552	—	—	—	3,788
Waiver discount	410	1,025	16,894	—	—	—	17,919
Cash dividend declared ($.42 per share)	—	—	—	—	—	(41,176)	(41,176)
Treasury stock and other	(2)	—	—	—	1,388	—	1,388
Balance as of December 31, 2023	98,202	$245,009	$582,551	$(9,564)	$22,136	$1,226,069	$2,066,201
Net income	—	—	—	—	—	120,812	120,812
Other comprehensive income	—	—	—	9,886	—	—	9,886
Common stock issued:
Incentive plan	25	64	1,178	—	—	—	1,242
Dividend reinvestment plan	84	209	3,446	—	—	—	3,655
Waiver discount	435	1,085	16,834	—	—	—	17,919
Cash dividend declared ($.42 per share)	—	—	—	—	—	(41,290)	(41,290)
Treasury stock and other	(1)	—	—	—	800	—	800
Balance as of March 31, 2024	98,745	$246,367	$604,009	$322	$22,936	$1,305,591	$2,179,225
Net loss	—	—	—	—	—	(11,574)	(11,574)
Other comprehensive loss	—	—	—	(105)	—	—	(105)
Common stock issued:
Dividend reinvestment plan	85	212	3,338	—	—	—	3,550
Waiver discount	262	655	10,793	—	—	—	11,448
Cash dividend declared ($.42 per share)	—	—	—	—	—	(41,617)	(41,617)
Treasury stock and other	—	—	—	—	2,091	—	2,091
Balance as of June 30, 2024	99,092	$247,234	$618,140	$217	$25,027	$1,252,400	$2,143,018

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