NJR Filings — New Jersey Resources Corporation - FilingSpy
NJR
New Jersey Resources Corporation
A diversified energy holding company that pipes natural gas to hundreds of thousands of people across six New Jersey counties, while also owning commercial solar farms in several states and underground natural gas storage. It traces its roots to the County Gas Company, founded in 1922 in Highlands, New Jersey, which made "town gas" from coal; it became New Jersey Natural Gas in 1952. Its Leaf River storage site in Mississippi uses salt-dome caverns created by dissolving underground salt with water.
Q3 FY2026 net income rose to $9.7M from a $15.1M loss a year earlier on Energy Services pricing spreads
New Jersey Resources returned to profit in Q3 FY2026 after a year-ago loss. rose 16.8% to $349.2M and was $0.10 versus a $0.15 loss a year earlier, with Energy Services favorable pricing spreads driving a $24.7M improvement. The company carries $3.2B of and a new base rate case seeking $157.6M in utility revenue.
Key takeaways
Consolidated increased $24.7M to $9.7M in Q3 FY2026, primarily from a $19.3M improvement at Energy Services on favorable pricing spreads.
Clean Energy Ventures' net loss narrowed $6.5M as higher and recognition of from solar sale leaseback transactions offset underlying pressures.
Natural Gas Distribution fell $4.0M as higher utility was more than offset by increased , O&M, and interest expenses.
Section summaries
Management's Discussion and Analysis
Consolidated net income rose to $9.7M in Q3 FY2026 from a $15.1M loss a year ago, driven by Energy Services pricing spreads.
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Consolidated increased $24.7M in Q3 FY2026, primarily due to a $19.3M improvement at Energy Services from favorable pricing spreads.
Storage and Transportation rose $2.9M on higher Adelphia from a rate case settlement and higher Leaf River firm storage rates.
NJNG filed a base rate case on June 1, 2026 requesting a $157.6M increase and a 10.10% return on common equity.
Liquidity stood at $328.9M under NJR's $575M and $249.3M under NJNG's $250M facility as of June 30, 2026.
What changed
Energy Services AMA and price volatility: after the Q3 FY2025 $20.1M loss widening and FY2025's $65.9M drop, Q3 FY2026 showed a $19.3M improvement from favorable pricing spreads, reversing the decline.
CEV one-off solar gain absence: flagged after Q1 FY2026's $9.6M underlying result and Q2 loss, Q3 net loss narrowed $6.5M with ITC recognition from sale leasebacks rather than a portfolio sale.
NJNG against November 2024 base rates: Q3 utility rose but fell $4.0M as and interest from prior capex outpaced the gain.
New base rate case: NJNG filed June 1, 2026 for $157.6M, echoing the prior $157.0M approved increase effective November 2024.
Risk factors unchanged from FY2025 10-K; no new market or legal risks disclosed in this 10-Q.
What to watch
NJNG base rate case outcome on the requested $157.6M increase and its effect on utility .
Energy Services financial margin next quarter to see if favorable pricing spreads hold after Q3's $19.3M improvement.
CEV trajectory as ITC recognition from solar sale leasebacks recurs or fades absent the prior solar portfolio sale gain.
Liquidity under NJR's $575M facility as FY2026 of $430M–$480M at NJNG and $210M–$290M at CEV deploys.
Clean Energy Ventures' net loss narrowed by $6.5M in Q3 FY2026, helped by higher REC sales and recognition of ITCs from solar sale leaseback transactions.
Natural Gas Distribution fell $4.0M in Q3 FY2026 as higher was more than offset by increased , O&M, and interest expenses.
Storage and Transportation rose $2.9M in Q3 FY2026, driven by higher at Adelphia following a rate case settlement and higher firm storage rates at Leaf River.
NJNG filed a base rate case on June 1, 2026, requesting a $157.6M increase and a return on common equity of 10.10%.
Liquidity remains strong with $328.9M available under NJR's $575M and $249.3M available under NJNG's $250M credit facility as of June 30, 2026.
Quantitative and Qualitative Disclosures About Market Risk
Natural gas price risk is the primary market exposure, managed with derivatives and monitored via a 10% price sensitivity analysis.
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The company uses futures, options, swaps, and physical contracts to hedge natural gas price fluctuations in its regulated utility (NJNG) and unregulated (ES) businesses.
A 10% change in NYMEX natural gas futures prices would change the fair value of open Henry Hub positions by approximately $3.5 million.
Total derivative fair value moved from a $7.7 million asset to a $3.5 million asset during the nine months ended June 30, 2026, driven by settlements and valuation changes.
Wholesale credit risk is concentrated in investment-grade counterparties, with total net credit exposure of $105.2 million for ES, CEV, and S&T combined.
The company states that an immediate 10% change in interest rates would not materially affect operating results or cash flows.
Information regarding reportable legal proceedings is contained in Part I, Item 3. Legal Proceedings in our Annual Report on Form 10-K for the year ended September 30, 2025, and is set forth in Part I, Item 1, Note 13. Commitments and Contingent Liabilities-Legal Proceedings in…
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Information regarding reportable legal proceedings is contained in Part I, Item 3. Legal Proceedings in our Annual Report on Form 10-K for the year ended September 30, 2025, and is set forth in Part I, Item 1, Note 13. Commitments and Contingent Liabilities-Legal Proceedings in the Unaudited Condensed Consolidated Financial Statements, which is incorporated by reference. No legal proceedings became reportable during the quarter ended June 30, 2026, and there have been no material developments during such quarter regarding any previously reported legal proceedings, which have not been previously disclosed.
While we attempt to identify, manage and mitigate risks and uncertainties associated with our business to the extent practical, under the circumstances, some level of risk and uncertainty will always be present. Part I, Item 1A. Risk Factors of our 2025 Annual Report on Form 10-…
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While we attempt to identify, manage and mitigate risks and uncertainties associated with our business to the extent practical, under the circumstances, some level of risk and uncertainty will always be present. Part I, Item 1A. Risk Factors of our 2025 Annual Report on Form 10-K includes a detailed discussion of our risk factors. Those risks and uncertainties have the potential to materially affect our financial condition and results of operations. There have been no material changes in our risk factors from those previously disclosed in Part I, Item 1A, of our 2025 Annual Report on Form 10-K.