New Jersey Resources : 3/31/2026 Financial Report
NJR
Published on 05/13/2026 at 01:12 pm EDT
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2026 AND 2025
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
(Thousands)
2026
2025
2026
2025
OPERATING REVENUES
$
641,160
$
618,645
$
1,051,298
$
952,410
OPERATING EXPENSES
Natural gas purchases
276,567
275,298
447,291
405,303
Operation and maintenance
65,715
61,257
114,703
113,351
Regulatory rider expense
59,450
48,501
92,604
70,977
Depreciation and amortization
37,509
35,713
74,469
67,797
Total operating expenses
439,241
420,769
729,067
657,428
OPERATING INCOME
201,919
197,876
322,231
294,982
Other income, net
7,451
7,144
13,499
12,661
Interest expense, net of capitalized interest
19,180
17,259
38,479
34,713
INCOME BEFORE INCOME TAXES
190,190
187,761
297,251
272,930
Income tax provision
41,677
43,230
64,909
61,491
NET INCOME
$
148,513
$
144,531
$
232,342
$
211,439
See Note to Unaudited Condensed Financial Statements
(Thousands)
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 232,342
$ 211,439
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization
74,469
67,797
Allowance for equity used during construction
(6,900)
(3,722)
Allowance for doubtful accounts
2,113
2,687
Deferred income taxes
(9,099)
18,493
Manufactured gas plant remediation costs
(1,880)
(2,592)
Cost of removal - asset retirement obligations
(1,022)
(863)
Contributions to postemployment benefit plans
(357)
(255)
Changes in:
Components of working capital
41,057
(11,523)
Other noncurrent assets and liabilities
38,803
5,410
Cash flows from operating activities
369,526
286,871
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant
(196,437)
(183,099)
Cost of removal
(16,482)
(20,137)
Cash flows used in investing activities
(212,919)
(203,236)
CASH FLOWS USED IN FINANCING ACTIVITIES
Payments of long-term debt
(5,152)
(5,810)
Payments of short-term debt, net
(43,000)
(55,100)
Proceeds from sale-leaseback transactions
15,016
11,714
Contribution from Parent
-
50,000
Tax withholding payments related to net settled stock compensation
(904)
(1,173)
Cash flows used in financing activities
(34,040)
(369)
Change in cash, cash equivalents and restricted cash
122,567
83,266
Cash, cash equivalents and restricted cash at beginning of period
1,394
1,175
Cash, cash equivalents and restricted cash at end of period
$ 123,961 $
84,441
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables
$ (228,494) $
(219,036)
Inventories
139,942
104,514
Recovery of natural gas costs
81,906
9,690
Natural gas purchases payable
6,125
32,440
Accounts payable and other
7,278
(19,136)
Prepaid expenses
(6,480)
(3,550)
Prepaid and accrued taxes
53,188
43,003
Restricted broker margin accounts
(15,088)
33,165
Customers' credit balances and deposits
(8,342)
(15,751)
Other current assets and liabilities
11,022
23,138
Total
$ 41,057 $
(11,523)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)
$ 40,872 $
36,441
Income taxes
$ 11,487 $
8
Accrued capital expenditures
$ 10,492 $
6,047
See Note to Unaudited Condensed Financial Statements
CONDENSED BALANCE SHEETS
ASSETS
(Unaudited)
(Thousands)
March 31,
2026
September 30,
2025
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost
$ 4,576,235
$ 4,433,720
Construction work in progress
449,255
395,943
Nonutility plant and equipment, at cost
500
500
Total property, plant and equipment
5,025,990
4,830,163
Accumulated depreciation and amortization
(900,176)
(850,757)
Property, plant and equipment, net
4,125,814
3,979,406
CURRENT ASSETS
Cash and cash equivalents
122,803
335
Customer accounts receivable:
Billed
247,580
75,789
Unbilled
70,568
14,817
Allowance for doubtful accounts
(11,853)
(10,692)
Regulatory assets
31,954
48,898
Natural gas in storage, at average cost
42,487
184,099
Materials and supplies, at average cost
38,095
36,425
Prepaid expenses
9,490
3,010
Prepaid taxes
-
34,347
Derivatives, at fair value
80
379
Restricted broker margin account
5,582
5,480
Other current assets
47,143
57,971
Total current assets
603,929
450,858
NONCURRENT ASSETS
Regulatory assets
614,781
667,308
Derivatives, at fair value
-
1
Postemployment employee benefit assets
58,373
55,881
Other noncurrent assets
86,636
73,178
Total noncurrent assets
759,790
796,368
Total assets
$ 5,489,533
$ 5,226,632
See Note to Unaudited Condensed Financial Statements
CONDENSED BALANCE SHEETS (Continued)
CAPITALIZATION AND LIABILITIES
(Unaudited)
(Thousands)
March 31,
2026
September 30,
2025
CAPITALIZATION
Common stock equity
$ 2,423,984
$ 2,191,643
Long-term debt
1,820,968
1,811,798
Total capitalization
4,244,952
4,003,441
CURRENT LIABILITIES
Current maturities of long-term debt
9,232
8,228
Short-term debt
-
43,000
Natural gas purchases payable
41,186
35,061
Natural gas purchases payable related party
540
540
Accounts payable and other
114,995
109,620
Accrued taxes
18,625
-
Regulatory liabilities
69,852
10,643
New Jersey Clean Energy Program
6,930
17,171
Derivatives, at fair value
31
6
Customers' credit balances and deposits
22,915
31,257
Total current liabilities
284,306
255,526
NONCURRENT LIABILITIES
Deferred income taxes
516,171
520,518
Deferred investment tax credits
1,739
1,878
Manufactured gas plant remediation
166,110
166,990
Postemployment employee benefit liability
35,451
36,028
Regulatory liabilities
168,990
171,177
Asset retirement obligations
69,195
68,413
Other noncurrent liabilities
2,619
2,661
Total noncurrent liabilities
960,275
967,665
Total capitalization and liabilities
$ 5,489,533
$ 5,226,632
See Note to Unaudited Condensed Financial Statements
Disclaimer
New Jersey Resources Corporation published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 17:11 UTC.