NEW JERSEY RESOURCES CORP

For the period ended Sep 30, 2025. Filed Nov 20, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Nov 20, 2025

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

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Contents

Item 8. Consolidated Financial Statements

(Thousands, except per share data)
Fiscal years ended September 30,	2025	2024	2023
OPERATING REVENUES
Utility	$1,301,496	$1,018,482	$1,011,284
Nonutility	734,916	778,057	951,710
Total operating revenues	2,036,412	1,796,539	1,962,994
OPERATING EXPENSES
Natural gas purchases:
Utility	521,103	405,332	416,158
Nonutility	372,211	304,426	555,579
Related parties	5,952	7,147	7,206
Operation and maintenance	410,506	394,636	373,568
Regulatory rider expenses	87,199	60,327	50,542
Depreciation and amortization	188,774	166,567	152,941
Gain on sale of assets	(58,200)	—	—
Total operating expenses	1,527,545	1,338,435	1,555,994
OPERATING INCOME	508,867	458,104	407,000
Other income, net	46,244	41,553	26,083
Interest expense, net of capitalized interest	128,595	130,275	123,014
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	426,516	369,382	310,069
Income tax provision	96,956	84,906	49,275
Equity in earnings of affiliates	6,067	5,299	3,930
NET INCOME	$335,627	$289,775	$264,724
EARNINGS PER COMMON SHARE
Basic	$3.35	$2.94	$2.73
Diluted	$3.33	$2.92	$2.71
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	100,244	98,634	97,028
Diluted	100,788	99,289	97,627

(Thousands)
Fiscal years ended September 30,	2025	2024	2023
Net income	$335,627	$289,775	$264,724
Other comprehensive (loss) income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(317), $(317) and $(317), respectively	1,052	1,054	1,053
Adjustment to postemployment benefit obligation, net of tax of $1,803, $(706) and $1,873, respectively	(5,994)	2,384	(6,186)
Other comprehensive (loss) income, net of tax	(4,942)	3,438	(5,133)
Comprehensive income	$330,685	$293,213	$259,591

(Thousands)
Fiscal years ended September 30,	2025	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$335,627	$289,775	$264,724
Adjustments to reconcile net income to cash flows from operating activities
Unrealized (gain) loss on derivative instruments	(12,126)	19,574	(38,081)
Gain on sale of assets	(58,200)	—	—
Depreciation and amortization	188,774	166,567	152,941
Amortization of acquired wholesale energy contracts	—	125	2,271
Allowance for equity used during construction	(9,973)	(6,874)	(7,137)
Allowance for doubtful accounts	10,030	1,229	1,570
Non-cash lease expense	4,451	4,674	3,708
Deferred income taxes	76,971	85,735	30,462
Equivalent value of ITCs recognized on equipment financing	(16,983)	(15,328)	(6,986)
Manufactured gas plant remediation costs	(12,854)	(23,451)	(9,571)
Cost of removal - asset retirement obligations	(2,044)	(1,727)	(1,526)
Contributions to postemployment benefit plans	(1,025)	(2,659)	(4,706)
Taxes related to stock-based compensation	(1,934)	(1,219)	(588)
Changes in:
Components of working capital	(31,899)	(61,058)	61,525
Other noncurrent assets and liabilities	(2,466)	(27,956)	30,387
Cash flows from operating activities	466,349	427,407	478,993
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant	(391,906)	(372,019)	(350,304)
Solar equipment	(238,185)	(104,287)	(107,303)
Storage and transportation and other	(29,957)	(46,628)	(42,757)
Cost of removal	(46,030)	(48,385)	(40,555)
Distribution from equity investees in excess of equity in earnings	612	2,246	2,294
Proceeds from sale of assets	137,195	—	—
Cash flows used in investing activities	(568,271)	(569,073)	(538,625)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	300,000	250,000	225,000
Payments of long-term debt	(206,922)	(125,066)	(71,934)
Payments of term loan	—	—	(150,000)
(Payments of) proceeds from short-term debt, net	(96,200)	39,700	(21,850)
Proceeds from sale leaseback transactions - solar	251,171	64,694	167,790
Proceeds from sale leaseback transactions - natural gas meters	11,714	8,814	8,441
Payments of common stock dividends	(180,066)	(165,063)	(150,973)
Proceeds from waiver discount issuance of common stock	19,910	59,730	42,807
Proceeds from issuance of common stock - DRP	14,918	14,676	14,993
Tax withholding payments related to net settled stock compensation	(12,566)	(5,724)	(4,577)
Cash flows from financing activities	101,959	141,761	59,697
Change in cash, cash equivalents and restricted cash	37	95	65
Cash, cash equivalents and restricted cash at beginning of period	1,612	1,517	1,452
Cash, cash equivalents and restricted cash at end of period	$1,649	$1,612	$1,517
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	$(15,100)	$(12,744)	$112,628
Inventories	(21,647)	(11,086)	67,445
Recovery of natural gas costs	6,931	734	(14,427)
Natural gas purchases payable	5,078	6,238	(183,772)
Natural gas purchases payable - related parties	(234)	16	8
Deferred revenue	1,033	(39,832)	934
Accounts payable and other	6,188	15,640	7,537
Prepaid expenses	906	(2,013)	(1,169)
Prepaid and accrued taxes	1,052	(23,517)	16,415
Restricted broker margin accounts	(1,295)	19,535	46,364
Customers’ credit balances and deposits	(7,298)	(6,315)	11,664
Other current assets and liabilities	(7,513)	(7,714)	(2,102)
Total	$(31,899)	$(61,058)	$61,525
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)	$130,333	$120,239	$108,194
Income taxes	$9,883	$21,313	$4,282
Accrued capital expenditures	$60,965	$22,535	$25,867
Notes receivable recognized as non-cash investing activity	$42,500	$—	$—
See Notes to Consolidated Financial Statements

ASSETS

(Thousands)
September 30,	2025	2024
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$4,434,220	$4,221,395
Construction work in progress	395,943	233,295
Nonutility plant and equipment, at cost	1,972,811	1,834,956
Construction work in progress	151,404	206,869
Total property, plant and equipment	6,954,378	6,496,515
Accumulated depreciation and amortization, utility plant	(850,757)	(786,594)
Accumulated depreciation and amortization, nonutility plant and equipment	(293,522)	(306,698)
Property, plant and equipment, net	5,810,099	5,403,223
CURRENT ASSETS
Cash and cash equivalents	591	1,017
Customer accounts receivable:
Billed	109,366	105,531
Unbilled revenues	24,194	20,094
Allowance for doubtful accounts	(11,371)	(8,506)
Regulatory assets	48,898	73,070
Natural gas in storage, at average cost	215,836	199,125
Materials and supplies, at average cost	43,420	38,484
Prepaid expenses	10,848	11,754
Prepaid taxes	67,143	67,066
Derivatives, at fair value	12,514	6,813
Restricted broker margin accounts	8,920	13,243
Other current assets	39,517	26,904
Total current assets	569,876	554,595
NONCURRENT ASSETS
Investments in equity method investees	101,243	101,744
Regulatory assets	672,518	609,192
Operating lease assets	185,596	184,485
Derivatives, at fair value	2,319	806
Software costs	11,151	10,522
Deferred income taxes	20,821	20,751
Postemployment employee benefit assets	40,813	24,660
Notes receivable	42,500	—
Other noncurrent assets	121,839	71,667
Total noncurrent assets	1,198,800	1,023,827
Total assets	$7,578,775	$6,981,645

CAPITALIZATION AND LIABILITIES

(Thousands, except share data)
September 30,	2025	2024
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares September 30, 2025 — 100,478,590; September 30, 2024 — 99,461,448	$250,705	$248,159
Premium on common stock	676,635	633,811
Accumulated other comprehensive loss, net of tax	(11,463)	(6,521)
Treasury stock at cost and other; shares September 30, 2025 — 17,273; September 30, 2024 — 16,302	24,422	26,220
Retained earnings	1,451,367	1,298,774
Common stock equity	2,391,666	2,200,443
Long-term debt	3,250,387	2,879,464
Total capitalization	5,642,053	5,079,907
CURRENT LIABILITIES
Current maturities of long-term debt	158,192	189,006
Short-term debt	195,600	291,800
Natural gas purchases payable	62,593	57,515
Natural gas purchases payable to related parties	641	875
Deferred revenue	22,605	21,572
Accounts payable and other	204,478	169,232
Dividends payable	47,719	44,752
Accrued taxes	11,722	10,593
Regulatory liabilities	12,884	32,981
New Jersey Clean Energy Program	17,171	18,491
Derivatives, at fair value	7,620	6,271
Restricted broker margin accounts	3,949	1,146
Operating lease liabilities	4,388	4,945
Customers’ credit balances and deposits	31,297	38,595
Total current liabilities	780,859	887,774
NONCURRENT LIABILITIES
Deferred income taxes	438,411	358,783
Deferred investment tax credits	1,878	2,156
Deferred revenue	17,580	3,095
Derivatives, at fair value	4,283	11,490
Manufactured gas plant remediation	166,990	161,650
Postemployment employee benefit liabilities	108,830	64,609
Regulatory liabilities	171,177	175,847
Operating lease liabilities	159,131	159,303
Asset retirement obligations	76,507	66,698
Other noncurrent liabilities	11,076	10,333
Total noncurrent liabilities	1,155,863	1,013,964
Commitments and contingent liabilities (Note 14)
Total capitalization and liabilities	$7,578,775	$6,981,645

CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY

(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, 2022	96,250	$241,616	$519,697	$(4,826)	$(6,805)	$1,067,528	$1,817,210
Net income	—	—	—	—	—	264,724	264,724
Other comprehensive loss	—	—	—	(5,133)	—	—	(5,133)
Common stock issued:
Incentive compensation plan	136	339	4,829	—	—	—	5,168
Dividend reinvestment plan (1)	258	205	6,069	—	8,760	—	15,034
Waiver discount	948	1,298	28,059	—	13,450	—	42,807
Cash dividend declared ($1.59 per share)	—	—	—	—	—	(154,418)	(154,418)
Treasury stock and other	(8)	—	—	—	5,343	—	5,343
Balance as of September 30, 2023	97,584	243,458	558,654	(9,959)	20,748	1,177,834	1,990,735
Net income	—	—	—	—	—	289,775	289,775
Other comprehensive income	—	—	—	3,438	—	—	3,438
Common stock issued:
Incentive compensation plan	154	385	5,099	—	—	—	5,484
Dividend reinvestment plan (1)	346	864	13,780	—	—	—	14,644
Waiver discount	1,380	3,452	56,278	—	—	—	59,730
Cash dividend declared ($1.71 per share)	—	—	—	—	—	(168,835)	(168,835)
Treasury stock and other	(3)	—	—	—	5,472	—	5,472
Balance as of September 30, 2024	99,461	248,159	633,811	(6,521)	26,220	1,298,774	2,200,443
Net income	—	—	—	—	—	335,627	335,627
Other comprehensive loss	—	—	—	(4,942)	—	—	(4,942)
Common stock issued:
Incentive compensation plan	283	708	9,905	—	—	—	10,613
Dividend reinvestment plan	318	793	14,054	—	—	—	14,847
Waiver discount	418	1,045	18,865	—	—	—	19,910
Cash dividend declared ($1.825 per share)	—	—	—	—	—	(183,034)	(183,034)
Treasury stock and other	(1)	—	—	—	(1,798)	—	(1,798)
Balance as of September 30, 2025	100,479	$250,705	$676,635	$(11,463)	$24,422	$1,451,367	$2,391,666

(1)Certain shares sold through the DRP issued from treasury stock are at average cost, which may differ from the actual market price paid.

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