Cash Flow Statement

Operating Cash Flow

+19%

+48%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	32	13	118	123	141	126	179	190	187	217	167	168	161	148	190	197	204	185	138	135	135	182	338	354	370	383	269	155	134	117	101	208	215	215	226	220	255	259	258	261	212	209	220	227	246	261	260	274	284	290	299	302	223	(134)	(379)	(653)	(818)	(516)	(291)	(13)	224	275	284	393	396	399	392	296	294	295	304	288	92	69	(124)	(133)	86	131	364	418	473	495	566	603	577	561	477	440	466	319	78	(11)	40	244	519	655
Depreciation & Amortization	181	183	181	182	188	191	195	196	195	195	190	190	191	194	193	189	184	182	180	179	177	171	171	172	172	174	171	169	168	169	173	176	181	188	192	200	213	220	227	236	239	256	272	281	298	312	327	348	358	366	384	393	386	369	336	304	285	264	249	235	228	225	224	224	228	233	241	250	254	264	276	286	299	301	306	314	321	332	335	341	348	359	370	378	388	394	410	429	447	458	457	451	443	446	457	469
Change in Deffered Taxes	(29)	(34)	62	60	17	36	78	71	70	65	40	43	50	51	40	59	43	21	(5)	(11)	18	39	53	47	44	53	73	(2)	(21)	(41)	(3)	88	120	147	135	150	199	211	164	167	140	129	144	146	165	180	168	157	137	146	142	146	81	(175)	(358)	(531)	(652)	(429)	(247)	(62)	101	128	118	(22)	(8)	(31)	(18)	141	135	136	122	110	137	128	54	30	11	27	106	124	139	138	104	114	91	84	151	136	136	98	(3)	(46)	(42)	11	121	161
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	4	0	0	0	2	0	0	0	2	0	0	0	4	0	0	0	8	0	0	0	8	11	15	18	12	12	14	15	12	12	10	8	3	1	(0)	(2)	6	7	9	11	12	14	14	15	16	17	19	20	21	19	18	15	15	16	16	18	17	19	19	20	20	20	20	20	21	20	20	21	22	22	22	22	20	19
Other Non-Cash Items	187	208	26	34	43	50	(46)	(52)	(68)	(92)	8	9	7	1	(15)	(20)	(22)	44	104	98	104	42	(161)	(163)	(165)	(166)	(9)	188	194	197	198	8	4	3	(14)	(7)	(54)	(52)	(34)	(35)	14	13	(10)	(4)	2	1	27	17	17	30	21	21	138	718	1 130	1 572	1 850	1 341	965	531	137	58	29	30	31	33	32	32	35	32	30	28	206	217	471	498	332	320	69	47	19	19	20	20	36	41	40	43	41	243	566	707	712	510	189	47
Cash Taxes Paid	0	0	30	0	0	0	56	0	0	0	30	0	0	0	84	0	0	0	54	0	0	0	98	0	0	0	103	0	0	0	41	0	0	0	31	0	0	0	(63)	0	0	0	1	0	0	0	13	0	0	0	41	0	0	0	19	0	0	0	34	0	0	0	35	0	0	0	32	0	0	0	17	0	0	0	83	0	0	0	(6)	0	0	0	(17)	0	0	0	(38)	0	0	0	4	0	0	0	49	0
Cash Interest Paid	0	0	100	0	0	0	105	0	0	0	91	0	0	0	85	0	0	0	78	0	0	0	76	0	0	0	70	0	0	0	76	0	0	0	93	0	0	0	81	0	0	0	80	0	0	0	91	0	0	0	92	0	0	0	91	0	0	0	120	0	0	0	117	0	0	0	126	0	0	0	103	0	0	0	104	0	0	0	135	0	0	0	124	0	0	0	124	0	0	0	125	0	0	0	159	0
Change in Working Capital	25	11	(41)	(52)	31	(44)	(81)	(29)	(11)	31	32	(15)	(14)	(31)	(91)	(146)	(95)	(39)	55	93	69	32	(6)	17	5	(40)	(20)	(2)	39	139	142	100	33	(35)	(91)	(97)	(103)	(75)	39	34	62	85	33	59	(41)	(81)	(43)	(26)	80	45	63	60	85	119	124	87	(6)	(60)	(88)	(72)	(62)	(6)	30	12	(26)	17	(31)	(95)	(50)	(60)	(38)	46	12	34	33	69	18	(22)	(82)	(171)	(179)	(238)	(248)	(146)	7	133	159	132	23	(67)	(32)	(85)	(199)	(150)	(185)	(178)
Cash from Operating Activities	397 N/A	382 -4%	346 -10%	347 +0%	419 +21%	358 -15%	326 -9%	376 +16%	372 -1%	416 +12%	437 +5%	396 -10%	396 +0%	363 -8%	317 -13%	279 -12%	315 +13%	393 +25%	471 +20%	494 +5%	503 +2%	466 -7%	394 -15%	427 +8%	426 0%	405 -5%	483 +19%	508 +5%	514 +1%	582 +13%	612 +5%	580 -5%	553 -5%	518 -6%	447 -14%	466 +4%	511 +10%	563 +10%	654 +16%	662 +1%	667 +1%	692 +4%	659 -5%	709 +8%	669 -6%	672 +0%	739 +10%	769 +4%	875 +14%	877 +0%	909 +4%	922 +1%	914 -1%	896 -2%	854 -5%	779 -9%	659 -15%	601 -9%	589 -2%	620 +5%	628 +1%	680 +8%	685 +1%	637 -7%	621 -3%	652 +5%	615 -6%	622 +1%	667 +7%	668 +0%	695 +4%	758 +9%	745 -2%	748 +0%	741 -1%	778 +5%	767 -1%	789 +3%	792 +0%	758 -4%	800 +5%	774 -3%	813 +5%	968 +19%	1 098 +13%	1 214 +11%	1 237 +2%	1 181 -5%	1 112 -6%	1 050 -6%	1 066 +2%	1 015 -5%	954 -6%	1 060 +11%	1 100 +4%	1 155 +5%
Investing Cash Flow
Capital Expenditures	(267)	(262)	(232)	(204)	(186)	(154)	(152)	(166)	(178)	(178)	(172)	(166)	(198)	(207)	(220)	(250)	(240)	(281)	(294)	(289)	(292)	(282)	(277)	(281)	(289)	(335)	(398)	(412)	(434)	(373)	(314)	(291)	(363)	(401)	(443)	(575)	(605)	(699)	(814)	(870)	(939)	(1 040)	(1 035)	(949)	(857)	(739)	(704)	(735)	(731)	(800)	(914)	(964)	(1 040)	(1 024)	(1 018)	(960)	(884)	(781)	(582)	(501)	(431)	(415)	(450)	(487)	(504)	(540)	(584)	(619)	(709)	(767)	(789)	(810)	(798)	(753)	(716)	(701)	(660)	(678)	(752)	(782)	(828)	(831)	(812)	(832)	(893)	(947)	(1 010)	(1 023)	(995)	(966)	(931)	(925)	(884)	(874)	(913)	(950)
Other Items	(90)	4	27	12	(165)	(219)	47	46	233	281	9	9	5	6	116	117	112	111	(3)	(2)	(3)	(1)	175	234	239	235	69	9	6	8	(34)	(34)	(34)	(34)	54	54	110	180	120	119	63	(7)	0	(2)	(2)	(2)	(3)	5	6	6	6	1	(0)	0	(7)	(11)	81	99	128	135	65	40	28	29	27	65	55	50	30	(2)	(10)	(3)	(3)	(30)	(508)	(396)	(395)	(369)	119	46	59	301	293	274	248	(106)	(103)	(128)	(115)	(2)	(3)	4	7	8	21	14
Cash from Investing Activities	(357) N/A	(258) +28%	(206) +20%	(192) +7%	(351) -83%	(373) -6%	(105) +72%	(120) -15%	55 N/A	103 +89%	(163) N/A	(157) +4%	(194) -23%	(201) -4%	(103) +49%	(133) -29%	(128) +4%	(170) -33%	(297) -75%	(291) +2%	(295) -1%	(283) +4%	(102) +64%	(47) +54%	(51) -7%	(100) -98%	(329) -228%	(403) -23%	(428) -6%	(365) +15%	(348) +5%	(325) +6%	(397) -22%	(435) -10%	(390) +10%	(521) -34%	(495) +5%	(520) -5%	(694) -34%	(750) -8%	(876) -17%	(1 047) -20%	(1 035) +1%	(951) +8%	(860) +10%	(741) +14%	(706) +5%	(731) -4%	(725) +1%	(793) -9%	(908) -14%	(963) -6%	(1 041) -8%	(1 024) +2%	(1 025) 0%	(970) +5%	(803) +17%	(683) +15%	(454) +34%	(367) +19%	(366) +0%	(374) -2%	(423) -13%	(458) -8%	(477) -4%	(474) +1%	(529) -11%	(569) -8%	(679) -19%	(769) -13%	(799) -4%	(812) -2%	(801) +1%	(783) +2%	(1 224) -56%	(1 097) +10%	(1 055) +4%	(1 047) +1%	(633) +40%	(736) -16%	(769) -5%	(531) +31%	(519) +2%	(558) -8%	(645) -16%	(1 053) -63%	(1 112) -6%	(1 151) -4%	(1 111) +4%	(969) +13%	(934) +4%	(921) +1%	(876) +5%	(866) +1%	(892) -3%	(936) -5%
Financing Cash Flow
Net Issuance of Common Stock	10	11	11	12	12	16	17	18	20	19	24	24	22	22	20	19	(5)	(45)	(62)	(101)	(71)	(35)	(31)	15	(99)	(116)	(220)	(222)	(115)	(93)	28	25	32	40	26	19	13	(5)	(1)	4	7	12	10	10	6	5	5	6	10	9	8	7	6	10	11	11	13	10	14	13	11	12	8	5	8	6	4	(3)	(8)	(9)	(9)	(5)	(4)	162	162	162	162	(4)	(4)	(9)	(9)	(10)	(10)	(7)	(7)	(7)	(7)	(4)	(8)	(32)	(68)	(102)	(114)	(95)	(59)	319
Net Issuance of Debt	28	(93)	(85)	(95)	42	108	(127)	(143)	(349)	(425)	(205)	(182)	(114)	(105)	(129)	(66)	(82)	(18)	(10)	(34)	(29)	(122)	(120)	(168)	(96)	97	97	163	(3)	148	148	82	248	0	0	(180)	(200)	(200)	(160)	346	366	416	477	218	225	175	74	7	0	0	86	173	158	446	359	303	287	(1)	0	(31)	0	0	295	(12)	(12)	(12)	(272)	36	36	36	55	140	230	493	468	378	243	(21)	108	121	218	400	(99)	(66)	(357)	(513)	(24)	(52)	166	161	103	199	264	46	44	(125)
Cash Paid for Dividends	(79)	(80)	(81)	(82)	(83)	(83)	(85)	(86)	(87)	(88)	(89)	(90)	(92)	(93)	(94)	(95)	(97)	(98)	(98)	(99)	(99)	(100)	(101)	(102)	(103)	(103)	(104)	(104)	(103)	(104)	(104)	(106)	(107)	(108)	(110)	(111)	(112)	(114)	(115)	(116)	(117)	(118)	(119)	(150)	(121)	(122)	(123)	(93)	(125)	(126)	(127)	(128)	(129)	(130)	(131)	(132)	(133)	(134)	(135)	(136)	(137)	(138)	(139)	(140)	(141)	(142)	(143)	(144)	(145)	(147)	(147)	(148)	(149)	(150)	(153)	(156)	(159)	(162)	(163)	(164)	(165)	(166)	(168)	(170)	(172)	(174)	(176)	(178)	(180)	(182)	(184)	(185)	(186)	(187)	(188)	(190)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	(13)	(13)	(6)	(6)	7	7	14	14	14	14	16	16	16	16	6	6	6	6	13	13	13	13	0	(0)	(1)	(1)	0	(0)	2	1	0	(0)	4	1	4	4	1	5	9	11	9	9	2	0	2	2	2	2	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Financing Activities	(42) N/A	(162) -289%	(155) +4%	(165) -6%	(29) +82%	40 N/A	(194) N/A	(211) -8%	(416) -97%	(494) -19%	(270) +45%	(249) +8%	(184) +26%	(189) -3%	(215) -14%	(148) +31%	(191) -29%	(154) +19%	(163) -6%	(220) -34%	(185) +16%	(243) -31%	(237) +3%	(238) 0%	(282) -18%	(107) +62%	(210) -97%	(157) +25%	(216) -37%	(43) +80%	78 N/A	15 -81%	186 +1 143%	(55) N/A	(70) -29%	(272) -286%	(300) -10%	(320) -7%	(276) +14%	233 N/A	257 +10%	312 +22%	370 +18%	79 -79%	111 +41%	62 -44%	(42) N/A	(76) -79%	(111) -47%	(115) -4%	(29) +75%	62 N/A	46 -26%	335 +634%	248 -26%	184 -26%	168 -9%	(123) N/A	(119) +3%	(153) -28%	(125) +19%	(126) -1%	164 N/A	(147) N/A	(146) +1%	(148) -2%	(411) -177%	(111) +73%	(118) -5%	(120) -2%	(101) +16%	(13) +87%	77 N/A	504 +559%	476 -6%	384 -19%	246 -36%	(186) N/A	(59) +69%	(53) +11%	44 N/A	224 +414%	(276) N/A	(244) +12%	(536) -120%	(694) -29%	(207) +70%	(234) -13%	(22) +91%	(53) -141%	(149) -181%	(88) +41%	(37) +58%	(236) -540%	(203) +14%	4 N/A
Change in Cash
Effect of Foreign Exchange Rates	1	3	2	2	2	4	2	3	2	(1)	4	7	6	2	1	(4)	(2)	3	1	0	1	1	(0)	1	1	(1)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	(2) N/A	(35) -2 233%	(14) +60%	(8) +42%	41 N/A	30 -28%	28 -5%	49 +73%	13 -74%	24 +85%	8 -68%	(4) N/A	25 N/A	(25) N/A	0 N/A	(6) N/A	(5) +14%	71 N/A	12 -83%	(17) N/A	24 N/A	(59) N/A	55 N/A	142 +157%	95 -33%	197 +108%	(57) N/A	(53) +6%	(131) -146%	174 N/A	342 +96%	270 -21%	343 +27%	28 -92%	(13) N/A	(327) -2 433%	(284) +13%	(276) +3%	(317) -15%	145 N/A	48 -67%	(44) N/A	(6) +86%	(163) -2 620%	(80) +51%	(7) +92%	(10) -48%	(37) -288%	38 N/A	(32) N/A	(28) +12%	20 N/A	(81) N/A	207 N/A	77 -63%	(8) N/A	24 N/A	(204) N/A	16 N/A	100 +510%	138 +37%	180 +31%	426 +137%	33 -92%	(1) N/A	29 N/A	(324) N/A	(58) +82%	(129) -122%	(221) -71%	(206) +7%	(68) +67%	20 N/A	470 +2 260%	(7) N/A	65 N/A	(42) N/A	(444) -958%	100 N/A	(30) N/A	75 N/A	468 +527%	18 -96%	167 +849%	(83) N/A	(534) -541%	(82) +85%	(204) -149%	(21) +90%	28 N/A	(17) N/A	7 N/A	41 +478%	(42) N/A	5 N/A	223 +4 405%
Free Cash Flow
Free Cash Flow	130 N/A	120 -7%	113 -6%	143 +26%	233 +64%	205 -12%	173 -15%	210 +21%	194 -8%	238 +23%	265 +11%	230 -13%	198 -14%	156 -21%	98 -37%	29 -70%	75 +158%	112 +50%	177 +58%	205 +16%	211 +3%	184 -13%	118 -36%	145 +24%	137 -6%	70 -49%	85 +22%	95 +12%	80 -16%	209 +161%	298 +43%	289 -3%	190 -34%	117 -39%	4 -97%	(109) N/A	(94) +13%	(136) -45%	(160) -18%	(207) -29%	(272) -31%	(349) -28%	(376) -8%	(240) +36%	(188) +21%	(66) +65%	35 N/A	34 -3%	144 +324%	78 -46%	(5) N/A	(43) -752%	(127) -197%	(128) -1%	(165) -29%	(181) -10%	(225) -24%	(180) +20%	7 N/A	118 +1 497%	197 +67%	266 +35%	234 -12%	151 -36%	118 -22%	112 -5%	31 -72%	3 -90%	(42) N/A	(100) -140%	(94) +5%	(52) +45%	(53) -2%	(5) +91%	25 N/A	77 +212%	107 +40%	111 +3%	40 -64%	(24) N/A	(28) -20%	(58) -105%	1 N/A	137 +19 400%	205 +50%	267 +30%	227 -15%	157 -31%	117 -26%	84 -28%	135 +61%	90 -33%	70 -23%	186 +165%	187 +1%	205 +9%

Income Statement Balance Sheet Cash Flow Statement

National Fuel Gas Co
F:NFG

Cash Flow Statement

Cash Flow Statement
National Fuel Gas Co

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National Fuel Gas Co F:NFG

Cash Flow Statement

Cash Flow Statement National Fuel Gas Co

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National Fuel Gas Co
F:NFG

Cash Flow Statement
National Fuel Gas Co