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National Fuel Gas vs Spire: revenue, profit, margins and growth compared

National Fuel Gas brought in $2.3B of revenue in fiscal 2025, Spire $2.5B in fiscal 2025. Revenue changed by +17.1% at National Fuel Gas and -4.5% at Spire on the year before, so National Fuel Gas grew faster. National Fuel Gas kept 22.8% of its revenue as net profit, Spire 11.0%. Free cash flow was $187.2M at National Fuel Gas and -$344.4M at Spire.

Side by side, latest fiscal year

NFGSR
Fiscal year endedFY2025 (September 30, 2025)FY2025 (September 30, 2025)
Revenue$2.3B$2.5B
Revenue growth+17.1%-4.5%
Net income$518.5M$271.7M
Net margin22.8%11.0%
Free cash flow$187.2M-$344.4M
Free cash flow margin8.2%-13.9%
Earnings per share (diluted)$5.68$4.37
Cash$43.2M$5.7M
Debt$2.7B$3.9B
Price to earnings13.917.7
Market value$7.5B$4.6B
Dividend yield2.66%4.07%
Rank by revenue in sector#56 of 109 · Utilities#53 of 109 · Utilities

Over the years

Revenue
NFG FY2018: $1.6BNFG FY2019: $1.7BNFG FY2020: $1.5BNFG FY2021: $1.7BNFG FY2022: $3.1BNFG FY2023: $2.3BNFG FY2024: $1.9BNFG FY2025: $2.3BSR FY2018: $2BSR FY2019: $2BSR FY2020: $1.9BSR FY2021: $2.2BSR FY2022: $2.2BSR FY2023: $2.7BSR FY2024: $2.6BSR FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
NFG $2.3BSR $2.5B
Net income
NFG FY2018: $391.5MNFG FY2019: $304.3MNFG FY2020: -$123.8MNFG FY2021: $363.6MNFG FY2022: $566MNFG FY2023: $476.9MNFG FY2024: $77.5MNFG FY2025: $518.5MSR FY2018: $214.2MSR FY2019: $184.6MSR FY2020: $88.6MSR FY2021: $271.7MSR FY2022: $220.8MSR FY2023: $217.5MSR FY2024: $250.9MSR FY2025: $271.7MFY18FY19FY20FY21FY22FY23FY24FY25
NFG $518.5MSR $271.7M
Net margin
NFG FY2018: 24.6%NFG FY2019: 18.0%NFG FY2020: -8.0%NFG FY2021: 20.9%NFG FY2022: 18.5%NFG FY2023: 21.1%NFG FY2024: 4.0%NFG FY2025: 22.8%SR FY2018: 10.9%SR FY2019: 9.5%SR FY2020: 4.8%SR FY2021: 12.2%SR FY2022: 10.0%SR FY2023: 8.2%SR FY2024: 9.7%SR FY2025: 11.0%FY18FY19FY20FY21FY22FY23FY24FY25
NFG 22.8%SR 11.0%
Revenue growth
NFG FY2019: +6.3%NFG FY2020: -8.7%NFG FY2021: +12.7%NFG FY2022: +75.7%NFG FY2023: -26.3%NFG FY2024: -13.8%NFG FY2025: +17.1%SR FY2019: -0.6%SR FY2020: -5.0%SR FY2021: +20.5%SR FY2022: -1.7%SR FY2023: +21.3%SR FY2024: -2.7%SR FY2025: -4.5%FY19FY20FY21FY22FY23FY24FY25
NFG +17.1%SR -4.5%
Free cash flow
NFG FY2018: $31.3MNFG FY2019: -$94.5MNFG FY2020: $24.7MNFG FY2021: $39.8MNFG FY2022: $695KNFG FY2023: $227.2MNFG FY2024: $134.7MNFG FY2025: $187.2MSR FY2018: -$42.8MSR FY2019: -$372.4MSR FY2020: -$168.5MSR FY2021: -$375MSR FY2022: -$497.2MSR FY2023: -$222.3MSR FY2024: $51.1MSR FY2025: -$344.4MFY18FY19FY20FY21FY22FY23FY24FY25
NFG $187.2MSR -$344.4M

Fiscal years as each company reports them; the two may end in different months.

Questions about National Fuel Gas and Spire

Which is bigger by revenue, National Fuel Gas or Spire?

Spire is bigger by revenue: $2.5B in fiscal 2025, against $2.3B for National Fuel Gas in fiscal 2025.

Which keeps more of its revenue as profit, National Fuel Gas or Spire?

National Fuel Gas had a net margin of 22.8% in fiscal 2025; Spire had 11.0% in fiscal 2025.

Which grew revenue faster, National Fuel Gas or Spire?

In their latest fiscal years revenue changed by +17.1% at National Fuel Gas and -4.5% at Spire.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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