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New Jersey Resources vs Spire: revenue, profit, margins and growth compared

New Jersey Resources brought in $2B of revenue in fiscal 2025, Spire $2.5B in fiscal 2025. Revenue changed by +13.4% at New Jersey Resources and -4.5% at Spire on the year before, so New Jersey Resources grew faster. New Jersey Resources kept 16.5% of its revenue as net profit, Spire 11.0%.

Side by side, latest fiscal year

NJRSR
Fiscal year endedFY2025 (September 30, 2025)FY2025 (September 30, 2025)
Revenue$2B$2.5B
Revenue growth+13.4%-4.5%
Net income$335.6M$271.7M
Net margin16.5%11.0%
Free cash flown/a-$344.4M
Free cash flow marginn/a-13.9%
Earnings per share (diluted)$3.33$4.37
Cash$591K$5.7M
Debt$3.4B$3.9B
Price to earnings15.217.7
Market value$5.1B$4.6B
Dividend yield3.61%4.07%
Rank by revenue in sector#58 of 109 · Utilities#53 of 109 · Utilities

Over the years

Revenue
NJR FY2018: $2.9BNJR FY2019: $2.6BNJR FY2020: $2BNJR FY2021: $2.2BNJR FY2022: $2.9BNJR FY2023: $2BNJR FY2024: $1.8BNJR FY2025: $2BSR FY2018: $2BSR FY2019: $2BSR FY2020: $1.9BSR FY2021: $2.2BSR FY2022: $2.2BSR FY2023: $2.7BSR FY2024: $2.6BSR FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
NJR $2BSR $2.5B
Net income
NJR FY2018: $233.4MNJR FY2019: $123.9MNJR FY2020: $163MNJR FY2021: $117.9MNJR FY2022: $274.9MNJR FY2023: $264.7MNJR FY2024: $289.8MNJR FY2025: $335.6MSR FY2018: $214.2MSR FY2019: $184.6MSR FY2020: $88.6MSR FY2021: $271.7MSR FY2022: $220.8MSR FY2023: $217.5MSR FY2024: $250.9MSR FY2025: $271.7MFY18FY19FY20FY21FY22FY23FY24FY25
NJR $335.6MSR $271.7M
Net margin
NJR FY2018: 8.0%NJR FY2019: 4.8%NJR FY2020: 8.3%NJR FY2021: 5.5%NJR FY2022: 9.5%NJR FY2023: 13.5%NJR FY2024: 16.1%NJR FY2025: 16.5%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
NJR 16.5%SR 11.0%
Revenue growth
NJR FY2019: -11.1%NJR FY2020: -24.6%NJR FY2021: +10.4%NJR FY2022: +34.7%NJR FY2023: -32.4%NJR FY2024: -8.5%NJR FY2025: +13.4%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
NJR +13.4%SR -4.5%
Free cash flow
NJR FY2018: $191.4MNJR FY2019: -$105.9MSR FY2018: -$42.8MSR FY2019: -$372.4MSR FY2020: -$168.5MSR FY2021: -$375MSR FY2022: -$497.2MSR FY2023: -$222.3MSR FY2024: $51.1MSR FY2025: -$344.4MFY18FY19FY20FY21FY22FY23FY24FY25
NJR -$105.9MSR -$344.4M

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

Questions about New Jersey Resources and Spire

Which is bigger by revenue, New Jersey Resources or Spire?

Spire is bigger by revenue: $2.5B in fiscal 2025, against $2B for New Jersey Resources in fiscal 2025.

Which keeps more of its revenue as profit, New Jersey Resources or Spire?

New Jersey Resources had a net margin of 16.5% in fiscal 2025; Spire had 11.0% in fiscal 2025.

Which grew revenue faster, New Jersey Resources or Spire?

In their latest fiscal years revenue changed by +13.4% at New Jersey Resources 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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