NEW JERSEY RESOURCES CORP

For the period ended Mar 31, 2026. Filed May 5, 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.

Mar 31, 2026 · Filed May 5, 2026

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 · Six Months Ended
	March 31,		March 31,
(Thousands, except per share data)	2026	2025	2026	2025
OPERATING REVENUES
Utility	$640,922	$618,341	$1,050,823	$951,768
Nonutility	298,479	294,686	493,432	449,620
Total operating revenues	939,401	913,027	1,544,255	1,401,388
OPERATING EXPENSES
Natural gas purchases:
Utility	274,947	272,974	444,051	400,654
Nonutility	140,110	151,617	225,964	219,425
Related parties	1,242	1,666	2,519	3,384
Operation and maintenance	112,496	111,041	199,177	199,673
Regulatory rider expenses	59,450	48,501	92,604	70,977
Depreciation and amortization	50,129	47,967	99,705	93,296
Gain on sale of assets	—	(688)	—	(55,547)
Total operating expenses	638,374	633,078	1,064,020	931,862
OPERATING INCOME	301,027	279,949	480,235	469,526
Other income, net	16,295	17,006	27,655	28,623
Interest expense, net of capitalized interest	34,975	32,527	70,651	66,418
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	282,347	264,428	437,239	431,731
Income tax provision	66,176	61,593	100,401	98,977
Equity in earnings of affiliates	2,741	1,452	4,564	2,852
NET INCOME	$218,912	$204,287	$341,402	$335,606
INCOME PER COMMON SHARE
Basic	$2.17	$2.04	$3.39	$3.35
Diluted	$2.16	$2.02	$3.37	$3.33
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	100,849	100,291	100,775	100,073
Diluted	101,482	100,933	101,388	100,705

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended · Six Months Ended
	March 31,		March 31,
(Thousands)	2026	2025	2026	2025
Net income	$218,912	$204,287	$341,402	$335,606
Other comprehensive income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(80), $(80), $(159) and $(159), respectively	262	263	526	526
Adjustment to postemployment benefit obligation, net of tax of $2, $58, $3 and $116, respectively	(4)	(196)	(10)	(391)
Other comprehensive income, net of tax	$258	$67	$516	$135
Comprehensive income	$219,170	$204,354	$341,918	$335,741

Part I

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Six Months Ended
	March 31,
(Thousands) · 2026 · 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$341,402		$335,606
Adjustments to reconcile net income to cash flows from operating activities
Unrealized loss (gain) on derivative instruments	1,711		(20,838)
Gain on sale of assets	—		(55,547)
Depreciation and amortization	99,705		93,296
Allowance for equity used during construction	(6,962)		(3,790)
Allowance for doubtful accounts	2,187		2,894
Non cash lease expense	2,216		2,172
Deferred income taxes	64,942		42,849
Equivalent value of ITCs recognized on equipment financing	(14,373)		(12,315)
Manufactured gas plant remediation costs	(1,880)		(2,592)
Equity in earnings, net of distributions received from equity investees	(1,607)		—
Cost of removal - asset retirement obligations	(1,022)		(863)
Contributions to postemployment benefit plans	(595)		(493)
Changes in:
Components of working capital	24,151		4,601
Other noncurrent assets and liabilities	79,463		29,098
Cash flows from operating activities	589,338		414,078
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant	(196,437)		(183,099)
Solar equipment	(131,379)		(68,702)
Storage and Transportation and other	(31,378)		(14,334)
Cost of removal	(16,482)		(20,438)
Distribution from equity investees in excess of equity in earnings	—		318
Proceeds from sale of assets	—		134,036
Cash flows used in investing activities	(375,676)		(152,219)
CASH FLOWS USED IN FINANCING ACTIVITIES
Proceeds from long-term debt	—		100,000
Payments of long-term debt	(12,672)		(113,016)
Payments of short-term debt, net	(45,600)		(129,350)
Proceeds from sale leaseback transactions - solar	49,264		25,725
Proceeds from sale leaseback transactions - natural gas meters	15,016		11,714
Payments of common stock dividends	(95,575)		(89,761)
Proceeds from waiver discount issuance of common stock	—		19,910
Proceeds from issuance of common stock - DRP	7,593		7,606
Tax withholding payments related to net settled stock compensation	(6,895)		(11,608)
Cash flows used in financing activities	(88,869)		(178,780)
Change in cash, cash equivalents and restricted cash	124,793		83,079
Cash, cash equivalents and restricted cash at beginning of period	1,649	1	1,612
Cash, cash equivalents and restricted cash at end of period	$126,442		$84,691
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	$(237,587)		$(212,142)
Inventories	153,439		95,561
Recovery of natural gas costs	81,906		9,690
Natural gas purchases payable	13,214		52,144
Deferred revenue, current	(1,467)		638
Accounts payable and other	(5,490)		(37,264)
Prepaid expenses	(8,603)		(6,719)
Prepaid and accrued taxes	60,288		92,155
Restricted broker margin accounts	(17,715)		28,188
Customers' credit balances and deposits	(8,353)		(15,746)
Other current assets and liabilities	(5,481)		(1,904)
Total	$24,151		$4,601
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)	$72,983		$64,947
Income taxes	$14,029		$6,721
Accrued capital expenditures	$32,156		$18,907
See Notes to Unaudited Condensed Consolidated Financial Statements

Part I

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

(Unaudited)
(Thousands)	March 31,2026	September 30,2025
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$4,576,735	$4,434,220
Construction work in progress	449,255	395,943
Nonutility plant and equipment, at cost	1,998,803	1,972,811
Construction work in progress	278,050	151,404
Total property, plant and equipment	7,302,843	6,954,378
Accumulated depreciation and amortization, utility plant	(900,176)	(850,757)
Accumulated depreciation and amortization, nonutility plant and equipment	(318,586)	(293,522)
Property, plant and equipment, net	6,084,081	5,810,099
CURRENT ASSETS
Cash and cash equivalents	125,284	591
Customer accounts receivable
Billed	291,052	109,366
Unbilled revenues	79,011	24,194
Allowance for doubtful accounts	(12,474)	(11,371)
Regulatory assets	31,954	48,898
Natural gas in storage, at average cost	60,534	215,836
Materials and supplies, at average cost	45,283	43,420
Prepaid expenses	19,451	10,848
Prepaid taxes	26,498	67,143
Derivatives, at fair value	9,530	12,514
Restricted broker margin accounts	8,811	8,920
Other current assets	45,350	39,517
Total current assets	730,284	569,876
NONCURRENT ASSETS
Investments in equity method investees	102,778	101,243
Regulatory assets	619,754	672,518
Operating lease assets	188,223	185,596
Derivatives, at fair value	1,721	2,319
Software costs	11,195	11,151
Deferred income taxes	20,860	20,821
Postemployment employee benefit assets	43,037	40,813
Notes receivable	42,500	42,500
Other noncurrent assets	98,822	121,839
Total noncurrent assets	1,128,890	1,198,800
Total assets	$7,943,255	$7,578,775

Part I

CAPITALIZATION AND LIABILITIES

(Unaudited)
(Thousands, except share data)	March 31,2026	September 30,2025
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares March 31, 2026 — 100,861,916; September 30, 2025 — 100,478,590	$251,667	$250,705
Premium on common stock	693,465	676,635
Accumulated other comprehensive loss, net of tax	(10,947)	(11,463)
Treasury stock at cost and other; shares March 31, 2026 — 18,922;September 30, 2025 — 17,273	17,366	24,422
Retained earnings	1,697,006	1,451,367
Common stock equity	2,648,557	2,391,666
Long-term debt	3,281,739	3,250,387
Total capitalization	5,930,296	5,642,053
CURRENT LIABILITIES
Current maturities of long-term debt	164,595	158,192
Short-term debt	150,000	195,600
Natural gas purchases payable	75,807	62,593
Natural gas purchases payable to related parties	641	641
Deferred revenue	21,138	22,605
Accounts payable and other	169,989	204,478
Dividends payable	47,908	47,719
Accrued taxes	30,328	11,722
Regulatory liabilities	72,350	12,884
New Jersey Clean Energy Program	6,930	17,171
Derivatives, at fair value	8,117	7,620
Operating lease liabilities	5,168	4,388
Restricted broker margin accounts	1,111	3,949
Customers' credit balances and deposits	22,944	31,297
Total current liabilities	777,026	780,859
NONCURRENT LIABILITIES
Deferred income taxes	490,779	438,411
Deferred investment tax credits	1,739	1,878
Deferred revenue	41,980	17,580
Derivatives, at fair value	5,267	4,283
Manufactured gas plant remediation	166,110	166,990
Postemployment employee benefit liability	110,023	108,830
Regulatory liabilities	168,990	171,177
Operating lease liabilities	163,048	159,131
Asset retirement obligations	77,541	76,507
Other noncurrent liabilities	10,456	11,076
Total noncurrent liabilities	1,235,933	1,155,863
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities	$7,943,255	$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	$2,472,335
Net income	—	—	—	—	—	218,912	218,912
Other comprehensive income	—	—	—	258	—	—	258
Common stock issued:
Incentive compensation plan	30	75	1,300	—	—	—	1,375
Dividend reinvestment plan	82	204	3,590	—	—	—	3,794
Cash dividend declared ($.48 per share)	—	—	—	—	—	(47,908)	(47,908)
Treasury stock and other	—	—	—	—	(209)	—	(209)
Balance as of March 31, 2026	100,862	$251,667	$693,465	$(10,947)	$17,366	$1,697,006	$2,648,557

(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	$2,312,684
Net income	—	—	—	—	—	204,287	204,287
Other comprehensive income	—	—	—	67	—	—	67
Common stock issued:
Incentive plan	31	76	1,199	—	—	—	1,275
Dividend reinvestment plan	81	205	3,518	—	—	—	3,723
Cash dividend declared ($.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

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