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New Jersey Resources gets most of its revenue from New Jersey Natural Gas (NJNG), which delivers natural gas to homes and businesses in New Jersey. Customers pay NJNG for delivery whether they buy the gas from NJNG or another supplier. NJNG passes the cost of purchased gas through without a markup; its earnings come from delivery charges rather than gas-price increases. New Jersey’s Board of Public Utilities controls its rates and whether it can recover costs from customers. Heating demand makes the business seasonal.
Outside the utility, Energy Services buys and sells natural gas and manages transportation and storage capacity for customers across North America. It uses contracted pipelines and storage to move gas between places or hold it for later sale, earning service fees and margins from price differences. Those opportunities depend on price differences being large enough to cover its capacity costs. The company also earns storage and transportation fees through assets including Leaf River and Adelphia, and its interest in Steckman Ridge.
Clean Energy Ventures develops and operates commercial solar projects. It sells electricity to host customers or wholesale markets, and sells certificates created by solar generation to electricity suppliers or designated program administrators. Project returns depend partly on renewable-energy certificate prices, state incentives and federal tax credits.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Spire Inc. closely matches New Jersey Resources Corp’s mix of regulated gas delivery to customers, gas sales, and pipelines and storage, so utility-rate decisions and demand for heating and gas infrastructure matter to both. Watch Spire’s heating-gas sales and customer-owned gas transportation revenue for a comparison with NJR’s delivery business.
ONE GAS, INC. offers a close comparison for New Jersey Resources Corp’s main earnings business, NJNG: both deliver regulated natural gas to residential and commercial customers. Watch ONE Gas’s rate increases and residential heating demand when assessing the same drivers of NJNG’s delivery earnings, rather than NJR’s other energy businesses.
Atmos Energy Corporation shares New Jersey Resources Corp’s exposure to regulated earnings from delivering gas to customers and operating gas transportation infrastructure, but lacks NJR’s solar and wholesale gas-marketing mix. Watch the returns regulators allow Atmos to earn on its distribution investment as a comparison for NJNG’s ability to earn from its gas network.
Northwest Natural Holding Company and New Jersey Resources Corp depend on gas delivery to residential and commercial customers for utility margins, rather than simply on gas prices. In Northwest Natural’s December 31, 2025 meter summary, residential customers supplied 66% of NWN Gas Utility’s margin but only 37% of delivered volumes—a reason to watch household delivery results rather than total gas volumes when comparing it with NJNG.
Chesapeake Utilities and New Jersey Resources Corp both earn most of their profits from regulated energy delivery to customers, alongside gas transmission and unregulated energy businesses. Watch Chesapeake’s regulated gas and electric delivery and gas transmission earnings separately from propane and generation results when comparing it with NJR’s utility-led mix.
National Fuel Gas Co. shares New Jersey Resources Corp’s gas delivery, pipeline and storage exposure, but its own gas production adds a materially different sensitivity to gas prices. For a closer NJR comparison, watch National Fuel’s revenue from delivering gas to retail customers and transporting and storing customer-owned gas, rather than its production results.
Unitil Corporation provides a regional comparison for New Jersey Resources Corp’s NJNG utility through regulated gas and electric delivery to customers, with gas customers making up nearly half its customer count. Watch Unitil’s gas-delivery results for a comparison with NJNG’s heating-driven business, while keeping its electric distribution business separate.
Enbridge, Inc and New Jersey Resources Corp share gas utility and infrastructure exposure and jointly own Steckman Ridge, a western Pennsylvania gas storage facility in which NJR holds 50%. News about that facility directly concerns NJR’s storage investment, whereas Enbridge’s large business transporting oil and other liquids is a different exposure.
Housing Starts (Sep)
For NJNG, housing starts, permits and new-home sales track homebuilding and demand for new gas connections; more construction can add customers and delivery margin, while less can slow that growth.
Expected1.31MLast release1.275M
If it comes in above expectations
If the reading is above the 1.31M estimate, it is above the previous 1.275M. If construction readings are above estimates, NJNG may see more new homes and conversions to natural gas in its New Jersey service area, adding customers whose gas delivery generates Utility Gross Margin.
If it comes in below expectations
If construction readings are below estimates, fewer new homes or conversions to natural gas may slow NJNG’s customer additions and the delivery margin those customers generate.
Fed Interest Rate Decision
For NJR and NJNG, the Fed’s policy rate—the benchmark that influences borrowing costs—matters because they borrow for working capital and capital projects, so it can change the interest they pay.
Expected4.0%Last release4.0%
If it comes in above expectations
If the policy rate is higher than expected, NJR and NJNG may pay more interest on borrowing that reprices and new debt, raising financing costs for working capital and projects.
If it comes in below expectations
If the policy rate is lower than expected, NJR and NJNG may pay less interest on borrowing that reprices and new debt, easing financing costs for working capital and projects.
ONE GAS, INC. earningsOGS
ONE Gas’s report will show how residential heating demand and rate increases affect its gas-delivery business, a comparison for NJNG’s delivery business.
Focus on ONE Gas’s gas-delivery results and the contribution from rate increases, not a direct comparison of its earnings per share with NJNG’s. Stronger delivery results with a larger rate contribution would suggest the shared drivers of regulated rates and heating demand are supportive, a favorable reference for NJNG’s delivery business; weak delivery results or a limited rate contribution would suggest less support from those drivers. Their service areas and results differ, so ONE Gas does not establish NJNG’s outcome.
Enbridge, Inc earningsENB
Enbridge and New Jersey Resources co-own the Steckman Ridge gas storage facility, so Enbridge’s report may provide clues about how that shared investment is operating.
Look for Enbridge disclosures about Steckman Ridge’s operations or facility conditions; its large oil-transport business is separate from NJR’s investment. Normal operations would suggest no evident operating problem at the storage asset in which NJR owns 50%; an interruption or operating constraint could affect that investment’s contribution. Enbridge’s overall results do not substitute for NJR’s report on its share of the investment’s earnings.
New Jersey Resources Corp earningsThis company
New Jersey Resources earns from gas delivery, solar, energy marketing, and storage and transport, and this report shows which businesses supported the quarter’s results.
Read NJNG’s Utility Gross Margin alongside results from the other segments, and compare GAAP net income with the company’s supplemental non-GAAP NFE, which adjusts certain gains, losses and derivative timing effects. Steady delivery margin with support from other segments would show the core gas-delivery business is contributing; weaker margin or results carried mainly by one-off gains and more volatile businesses would show less support from the core.
