New Jersey Resources Corporation (NJR) reported a total operating revenue of $939.4 million for the three months ended March 31, 2026, marking a 2.6% increase from $913.0 million in the same period last year. For the six months ended March 31, 2026, total operating revenue rose to $1.54 billion, up 10.2% from $1.40 billion in the prior year. The company's net income for the latest quarter was $218.9 million, compared to $204.3 million in the previous year, while net income for the six-month period was $341.4 million, slightly up from $335.6 million.
The increase in revenue and profitability can be attributed to several factors, including higher base rates and Basic Gas Supply Service (BGSS) incentives, as well as customer growth in the Natural Gas Distribution segment (NJNG). NJNG's operating revenue increased to $640.9 million for the three months ended March 31, 2026, from $618.3 million in the prior year, driven by a rise in firm sales and BGSS incentives. The segment's net income also saw a rise, reaching $148.5 million, up from $144.5 million year-over-year.
Strategically, NJR has continued to invest in clean energy projects through its Clean Energy Ventures (CEV) segment, which reported operating revenues of $9.9 million for the latest quarter, up from $8.0 million in the previous year. CEV placed one commercial solar project in service during the quarter, contributing to its growth. However, the segment experienced a net loss of $5.2 million, compared to a loss of $4.0 million in the prior year, primarily due to increased interest and depreciation expenses.
Operationally, NJNG's customer base grew to 594,227 as of March 31, 2026, compared to 588,164 a year earlier, reflecting a continued demand for natural gas services. The company also reported a significant increase in cash flows from operating activities, totaling $589.3 million for the six months ended March 31, 2026, compared to $414.1 million in the same period last year. This increase was largely driven by higher base rates and improved financial margins in the Energy Services segment.
Looking ahead, NJR anticipates continued growth driven by its strategic investments in clean energy and infrastructure projects. The company expects to maintain its focus on customer growth and operational efficiency while navigating the regulatory landscape and market conditions. The outlook remains positive, with plans for further capital expenditures in both the natural gas and clean energy sectors, positioning NJR for sustained performance in the coming periods.
About NEW JERSEY RESOURCES CORP
New Jersey Resources Corporation is a diversified energy company engaged in natural gas distribution, clean energy investments, and energy services. Its core operations include regulated utility services, renewable solar projects, and natural gas storage and transportation. Serving residential, commercial, and industrial customers primarily in New Jersey and across North America, the company emphasizes sustainable energy solutions, risk management, and operational reliability.
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