$NJR

NEW JERSEY RESOURCES CORP

CIK:0000356309|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING REVENUES
Utility	$ 200,869	$ 204,790	$ 1,251,692	$ 1,156,558
Nonutility	148,311	94,156	641,743	543,776
Total operating revenues	349,180	298,946	1,893,435	1,700,334
Natural gas purchases:
Related parties	1,280	1,268	3,799	4,652
Operation and maintenance	105,574	100,133	304,751	299,806
Regulatory rider expenses	10,434	10,979	103,038	81,956
Depreciation and amortization	53,545	47,000	153,250	140,296
Gain on sale of assets	0	(545)	0	(56,092)
Total operating expenses	317,288	300,008	1,381,308	1,231,870
OPERATING INCOME (LOSS)	31,892	(1,062)	512,127	468,464
Other income, net	14,772	11,040	42,427	39,663
Interest expense, net of capitalized interest	35,199	31,694	105,850	98,112
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES	11,465	(21,716)	448,704	410,015
Income tax provision (benefit)	3,353	(5,142)	103,754	93,835
Equity in earnings of affiliates	1,577	1,523	6,141	4,375
NET INCOME (LOSS)	$ 9,689	$ (15,051)	$ 351,091	$ 320,555
INCOME (LOSS) PER COMMON SHARE
Basic (usd per share)	$ 0.10	$ (0.15)	$ 3.48	$ 3.20
Diluted (usd per share)	$ 0.10	$ (0.15)	$ 3.46	$ 3.18
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	101,092	100,373	100,881	100,173
Diluted (in shares)	101,780	100,373	101,526	100,813
Utility
Natural gas purchases:
Natural gas purchases	$ 64,255	$ 73,321	$ 508,306	$ 473,975
Nonutility
Natural gas purchases:
Natural gas purchases	$ 82,200	$ 67,852	$ 308,164	$ 287,277

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Total net income (loss)	$ 351,091	$ 320,555
Adjustments to reconcile net income to cash flows from operating activities
Unrealized loss (gain) on derivative instruments	4,460	(10,072)
Gain on sale of assets	0	(56,092)
Depreciation and amortization	153,250	140,296
Allowance for equity used during construction	(10,774)	(6,756)
Allowance for doubtful accounts	6,219	8,598
Non cash lease expense	3,261	3,282
Deferred income taxes	67,950	48,510
Equivalent value of ITCs recognized on equipment financing	(22,333)	(14,322)
Manufactured gas plant remediation costs	(3,321)	(7,289)
Equity in earnings, net of distributions received from equity investees	(246)	0
Cost of removal - asset retirement obligations	(1,533)	(1,295)
Contributions to postemployment benefit plans	(913)	(759)
Changes in:
Components of working capital	(8,448)	(48,374)
Other noncurrent assets and liabilities	39,117	8,892
Cash flows from operating activities	577,780	385,174
Expenditures for:
Cost of removal	(30,574)	(32,911)
Distribution from equity investees in excess of equity in earnings	0	625
Proceeds from sale of assets	0	136,947
Cash flows used in investing activities	(552,783)	(305,931)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from long-term debt	15,000	100,000
Payments of long-term debt	(34,250)	(190,322)
Proceeds from short-term debt, net	24,400	14,850
Proceeds from sale leaseback transactions - solar	100,572	100,271
Proceeds from sale leaseback transactions - natural gas meters	15,016	11,714
Payments of common stock dividends	(143,482)	(134,897)
Proceeds from waiver discount issuance of common stock	26,879	19,910
Proceeds from issuance of common stock - DRP	11,265	11,243
Tax withholding payments related to net settled stock compensation	(6,934)	(11,635)
Cash flows from (used in) financing activities	8,466	(78,866)
Change in cash, cash equivalents and restricted cash	33,463	377
Cash, cash equivalents and restricted cash at beginning of period	1,649	1,612
Cash, cash equivalents and restricted cash at end of period	35,112	1,989
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables	(85,995)	(74,552)
Inventories	59,013	26,442
Recovery of natural gas costs	80,190	5,589
Natural gas purchases payable	6,687	5,790
Natural gas purchases payable - related parties	(1)	(229)
Deferred revenue, current	(2,504)	1,944
Accounts payable and other	(27,429)	(29,592)
Prepaid expenses	(5,415)	(3,310)
Prepaid and accrued taxes	(2,950)	25,917
Restricted broker margin accounts	(10,225)	12,425
Customers' credit balances and deposits	(15,090)	(14,711)
Other current assets and liabilities	(4,729)	(4,087)
Total	(8,448)	(48,374)
Cash paid for:
Interest (net of amounts capitalized)	108,274	98,938
Income taxes	31,623	8,654
Accrued capital expenditures	50,939	28,391
Utility plant
Expenditures for:
Payments to acquire PP&E	(315,256)	(274,028)
Solar equipment
Expenditures for:
Payments to acquire PP&E	(157,969)	(117,978)
Storage and Transportation and other
Expenditures for:
Payments to acquire PP&E	$ (48,984)	$ (18,586)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$ 4,767,029	$ 4,434,220
Construction work in progress	378,763	395,943
Nonutility plant and equipment, at cost	2,123,940	1,972,811
Construction work in progress	216,606	151,404
Total property, plant and equipment	7,486,338	6,954,378
Accumulated depreciation and amortization, utility plant	(919,587)	(850,757)
Accumulated depreciation and amortization, nonutility plant and equipment	(331,544)	(293,522)
Property, plant and equipment, net	6,235,207	5,810,099
CURRENT ASSETS
Cash and cash equivalents	33,955	591
Customer accounts receivable
Billed	190,779	109,366
Unbilled revenues	27,689	24,194
Allowance for doubtful accounts	(16,503)	(11,371)
Regulatory assets	32,229	48,898
Natural gas in storage, at average cost	152,941	215,836
Materials and supplies, at average cost	47,302	43,420
Prepaid expenses	16,263	10,848
Prepaid taxes	75,334	67,143
Derivatives, at fair value	6,697	12,514
Restricted broker margin accounts	8,918	8,920
Other current assets	43,762	39,517
Total current assets	619,366	569,876
NONCURRENT ASSETS
Investments in equity method investees	101,381	101,243
Regulatory assets	650,105	672,518
Operating lease assets	198,383	185,596
Derivatives, at fair value	1,908	2,319
Deferred income taxes	21,292	20,821
Postemployment employee benefit assets	44,150	40,813
Notes receivable	42,500	42,500
Other noncurrent assets	99,129	121,839
Total noncurrent assets	1,169,885	1,198,800
Total assets	8,024,458	7,578,775
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares June 30, 2026 — 101,410,957; September 30, 2025 — 100,478,590	253,039	250,705
Premium on common stock	722,614	676,635
Accumulated other comprehensive loss, net of tax	(10,690)	(11,463)
Treasury stock at cost and other; shares June 30, 2026 — 18,922; September 30, 2025 — 17,273	19,867	24,422
Retained earnings	1,658,630	1,451,367
Common stock equity	2,643,460	2,391,666
Long-term debt	3,200,089	3,250,387
Total capitalization	5,843,549	5,642,053
CURRENT LIABILITIES
Current maturities of long-term debt	282,881	158,192
Short-term debt	220,000	195,600
Natural gas purchases payable	69,280	62,593
Natural gas purchases payable to related parties	640	641
Deferred revenue	20,101	22,605
Accounts payable and other	166,676	204,478
Dividends payable	48,065	47,719
Accrued taxes	15,921	11,722
Regulatory liabilities	70,082	12,884
New Jersey Clean Energy Program	14,588	17,171
Derivatives, at fair value	6,084	7,620
Operating lease liabilities	5,534	4,388
Restricted broker margin accounts	653	3,949
Customers' credit balances and deposits	16,207	31,297
Total current liabilities	936,712	780,859
NONCURRENT LIABILITIES
Deferred income taxes	496,791	438,411
Deferred investment tax credits	1,669	1,878
Deferred revenue	37,023	17,580
Derivatives, at fair value	4,397	4,283
Manufactured gas plant remediation	165,170	166,990
Postemployment employee benefit liability	110,803	108,830
Regulatory liabilities	167,403	171,177
Operating lease liabilities	171,504	159,131
Asset retirement obligations	78,503	76,507
Other noncurrent liabilities	10,934	11,076
Total noncurrent liabilities	1,244,197	1,155,863
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities	8,024,458	7,578,775
Software, In-Development, Internally Developed, and Purchased
NONCURRENT ASSETS
Software costs	11,037	11,151
Related Party
CURRENT LIABILITIES
Natural gas purchases payable to related parties	$ 640	$ 641