NEW JERSEY RESOURCES CORP

For the period ended Dec 31, 2025. Filed Feb 3, 2026.

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.

Dec 31, 2025 · Filed Feb 3, 2026

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

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

See the whole filing, with its images and exhibits

Item 1. Unaudited Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended
	December 31,
(Thousands, except per share data)	2025	2024
OPERATING REVENUES
Utility	$409,901	$333,427
Nonutility	194,953	154,934
Total operating revenues	604,854	488,361
OPERATING EXPENSES
Natural gas purchases:
Utility	169,104	127,680
Nonutility	85,854	67,808
Related parties	1,277	1,718
Operation and maintenance	86,681	88,632
Regulatory rider expenses	33,154	22,476
Depreciation and amortization	49,576	45,329
Gain on sale of assets	—	(54,859)
Total operating expenses	425,646	298,784
OPERATING INCOME	179,208	189,577
Other income, net	11,360	11,617
Interest expense, net of capitalized interest	35,676	33,891
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	154,892	167,303
Income tax provision	34,225	37,384
Equity in earnings of affiliates	1,823	1,400
NET INCOME	$122,490	$131,319
INCOME PER COMMON SHARE
Basic	$1.22	$1.32
Diluted	$1.21	$1.31
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	100,701	99,855
Diluted	101,229	100,478

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

	Three Months Ended
	December 31,
(Thousands)	2025	2024
Net income	$122,490	$131,319
Other comprehensive income
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(79) and $(79), respectively	264	263
Adjustment to postemployment benefit obligation, net of tax of $1 and $58, respectively	(6)	(195)
Other comprehensive income	$258	$68
Comprehensive income	$122,748	$131,387

Part I

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended
	December 31,
(Thousands)	2025	2024
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net income	$122,490	$131,319
Adjustments to reconcile net income to cash flows from operating activities
Unrealized loss on derivative instruments	2,996	6,368
Gain on sale of assets	—	(54,859)
Depreciation and amortization	49,576	45,329
Allowance for equity used during construction	(2,757)	(1,086)
Allowance for doubtful accounts	(659)	194
Non cash lease expense	1,102	1,071
Deferred income taxes	28,614	20,522
Equivalent value of ITCs recognized on equipment financing	(5,357)	(4,352)
Manufactured gas plant remediation costs	(972)	(1,126)
Equity in earnings, net of distributions received from equity investees	(360)	—
Cost of removal - asset retirement obligations	(511)	(432)
Contributions to postemployment benefit plans	(265)	(227)
Changes in:
Components of working capital	(208,844)	(186,074)
Other noncurrent assets and liabilities	41,675	34,398
Cash flows from (used in) operating activities	26,728	(8,955)
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant	(96,129)	(99,143)
Solar equipment	(59,701)	(33,476)
Storage and Transportation and other	(12,917)	(8,476)
Cost of removal	(10,789)	(10,775)
Distribution from equity investees in excess of equity in earnings	—	99
Proceeds from sale of assets	—	132,500
Cash flows used in investing activities	(179,536)	(19,271)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	—	100,000
Payments of long-term debt	(6,081)	(107,676)
Proceeds from short-term debt, net	173,400	45,200
Proceeds from sale leaseback transactions - solar	23,240	12,567
Proceeds from sale leaseback transactions - natural gas meters	15,016	11,714
Payments of common stock dividends	(47,719)	(44,752)
Proceeds from waiver discount issuance of common stock	—	19,910
Proceeds from issuance of common stock - DRP	3,778	3,793
Tax withholding payments related to net settled stock compensation	(6,882)	(11,579)
Cash flows from financing activities	154,752	29,177
Change in cash, cash equivalents and restricted cash	1,944	951
Cash, cash equivalents and restricted cash at beginning of period	1,649	1,612
Cash, cash equivalents and restricted cash at end of period	$3,593	$2,563
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	$(279,242)	$(203,094)
Inventories	22,921	5,247
Recovery of natural gas costs	33,468	(375)
Natural gas purchases payable	32,495	30,998
Natural gas purchases payable - related parties	(1)	6
Deferred revenue, current	(1,232)	650
Accounts payable and other	(48,932)	(45,967)
Prepaid expenses	(9,155)	(7,421)
Prepaid and accrued taxes	35,406	37,009
Restricted broker margin accounts	(2,350)	(2,849)
Customers' credit balances and deposits	8,948	3,992
Other current assets and liabilities	(1,170)	(4,270)
Total	$(208,844)	$(186,074)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)	$35,799	$34,843
Income taxes	$147	$863
Accrued capital expenditures	$42,096	$19,309
See Notes to Unaudited Condensed Consolidated Financial Statements

Part I

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

(Unaudited)
(Thousands)	December 31,2025	September 30,2025
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$4,527,193	$4,434,220
Construction work in progress	398,396	395,943
Nonutility plant and equipment, at cost	1,998,521	1,972,811
Construction work in progress	217,407	151,404
Total property, plant and equipment	7,141,517	6,954,378
Accumulated depreciation and amortization, utility plant	(873,978)	(850,757)
Accumulated depreciation and amortization, nonutility plant and equipment	(305,983)	(293,522)
Property, plant and equipment, net	5,961,556	5,810,099
CURRENT ASSETS
Cash and cash equivalents	2,434	591
Customer accounts receivable
Billed	260,129	109,366
Unbilled revenues	151,953	24,194
Allowance for doubtful accounts	(9,992)	(11,371)
Regulatory assets	29,185	48,898
Natural gas in storage, at average cost	191,119	215,836
Materials and supplies, at average cost	45,216	43,420
Prepaid expenses	20,003	10,848
Prepaid taxes	33,191	67,143
Derivatives, at fair value	13,073	12,514
Restricted broker margin accounts	5,382	8,920
Other current assets	39,589	39,517
Total current assets	781,282	569,876
NONCURRENT ASSETS
Investments in equity method investees	101,567	101,243
Regulatory assets	664,743	672,518
Operating lease assets	188,889	185,596
Derivatives, at fair value	1,278	2,319
Software costs	11,159	11,151
Deferred income taxes	20,369	20,821
Postemployment employee benefit assets	41,925	40,813
Notes receivable	42,500	42,500
Other noncurrent assets	90,943	121,839
Total noncurrent assets	1,163,373	1,198,800
Total assets	$7,906,211	$7,578,775

Part I

CAPITALIZATION AND LIABILITIES

(Unaudited)
(Thousands, except share data)	December 31,2025	September 30,2025
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares December 31, 2025 — 100,750,110; September 30, 2025 — 100,478,590	$251,388	$250,705
Premium on common stock	688,575	676,635
Accumulated other comprehensive loss, net of tax	(11,205)	(11,463)
Treasury stock at cost and other; shares December 31, 2025 — 18,922;September 30, 2025 — 17,273	17,575	24,422
Retained earnings	1,526,002	1,451,367
Common stock equity	2,472,335	2,391,666
Long-term debt	3,274,055	3,250,387
Total capitalization	5,746,390	5,642,053
CURRENT LIABILITIES
Current maturities of long-term debt	161,645	158,192
Short-term debt	369,000	195,600
Natural gas purchases payable	95,088	62,593
Natural gas purchases payable to related parties	640	641
Deferred revenue	21,373	22,605
Accounts payable and other	136,540	204,478
Dividends payable	47,855	47,719
Accrued taxes	12,140	11,722
Regulatory liabilities	23,091	12,884
New Jersey Clean Energy Program	14,572	17,171
Derivatives, at fair value	8,711	7,620
Operating lease liabilities	4,694	4,388
Restricted broker margin accounts	2,355	3,949
Customers' credit balances and deposits	40,245	31,297
Total current liabilities	937,949	780,859
NONCURRENT LIABILITIES
Deferred income taxes	468,666	438,411
Deferred investment tax credits	1,808	1,878
Deferred revenue	46,937	17,580
Derivatives, at fair value	6,157	4,283
Manufactured gas plant remediation	167,462	166,990
Postemployment employee benefit liability	109,459	108,830
Regulatory liabilities	170,512	171,177
Operating lease liabilities	162,984	159,131
Asset retirement obligations	77,055	76,507
Other noncurrent liabilities	10,832	11,076
Total noncurrent liabilities	1,221,872	1,155,863
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities	$7,906,211	$7,578,775

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, 2025	100,479	$250,705	$676,635	$(11,463)	$24,422	$1,451,367	$2,391,666
Net income	—	—	—	—	—	122,490	122,490
Other comprehensive income	—	—	—	258	—	—	258
Common stock issued:
Incentive compensation plan	194	485	8,405	—	—	—	8,890
Dividend reinvestment plan	79	198	3,535	—	—	—	3,733
Cash dividend declared ($.48 per share)	—	—	—	—	—	(47,855)	(47,855)
Treasury stock and other	(2)	—	—	—	(6,847)	—	(6,847)
Balance as of December 31, 2025	100,750	$251,388	$688,575	$(11,205)	$17,575	$1,526,002	$2,472,335

(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

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.