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REPORTABLE SEGMENT DATA
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
REPORTABLE SEGMENT DATA
14. REPORTABLE SEGMENT DATA

The Company has four reportable segments which are determined based upon a combination of factors, including the nature of business activities, product and service offerings and the regulatory environment in which the businesses operate. NJNG consists of regulated utility operations that provide energy and off-system, capacity and storage management operations primarily to residential and commercial customers; CEV consists of capital investments in clean energy projects, primarily in commercial solar installations; ES consists of unregulated wholesale and retail energy operations and asset management services; S&T consists of the Company’s investments in natural gas transportation and storage facilities.

The accounting policies of the Company, as described in Note 2. Summary of Significant Accounting Policies, are the same as those of the reportable segments. Intercompany transactions are eliminated in consolidation.

The Chief Operating Decision Maker, the Chief Executive Officer of the Company, uses net income and NFE, as well as various other financial and operational metrics as measures of profitability. Net income is the measure of segment profit or loss that most closely aligns with GAAP. Performance is evaluated based upon profitability and budget and/or forecast-to-actual variances when making decisions about the allocation of resources and capital to segment operations.
Information related to the Company's various reportable segments during the three months ended March 31, 2026 and 2025, is detailed below:
(Thousands)NJNGCEVESS&TTotal
2026
Operating revenues attributable to reportable segments$640,922 9,932 244,155 29,434 $924,443 
Intercompany revenue238 — — — 238 
Reconciliation to consolidated revenue
Corporate and other (1)
14,720 
Total operating revenues$939,401 
Natural gas purchases276,567 — 139,938 461 416,966 
Operation and maintenance65,715 10,549 9,770 12,222 98,256 
Regulatory rider expenses59,450 — — — 59,450 
Depreciation and amortization37,509 7,121 43 5,169 49,842 
Interest income (2)
648 — 21 2,002 2,671 
Other segment income (expense) (3)
6,803 8,859 171 (139)15,694 
Interest expense, net of capitalized interest19,180 8,172 3,124 5,448 35,924 
Income tax provision (benefit)41,677 (1,828)21,737 2,571 64,157 
Equity in earnings of affiliates— — — 2,282 2,282 
Net income attributable to reportable segments$148,513 (5,223)69,735 7,708 $220,733 
Reconciliation to consolidated net income
Corporate and other (1)
(1,821)
Total net income$218,912 
2025
Operating revenues attributable to reportable segments$618,339 7,967 246,390 25,308 $898,004 
Intercompany revenue306 — — (1)305 
Reconciliation to consolidated revenue
Corporate and other (1)
14,718 
Total operating revenues$913,027 
Natural gas purchases275,298 — 151,847 59 427,204 
Operation and maintenance61,257 10,704 11,208 12,910 96,079 
Regulatory rider expenses48,501 — — — 48,501 
Depreciation and amortization35,713 5,504 62 6,538 47,817 
Gain on sale of assets— (688)— — (688)
Interest income (2)
610 250 39 2,196 3,095 
Other segment income (expense) (3)
6,534 8,203 353 (263)14,827 
Interest expense, net of capitalized interest17,259 5,937 3,262 5,817 32,275 
Income tax provision (benefit)43,230 (1,079)19,111 734 61,996 
Equity in earnings of affiliates— — — 1,161 1,161 
Net income attributable to reportable segments$144,531 (3,958)61,292 2,343 $204,208 
Reconciliation to consolidated net income
Corporate and other (1)
79 
Total net income$204,287 
(1)Corporate and other includes HSO and intercompany eliminations.
(2)Interest income is included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.
(3)Includes other income, net less interest income on the Unaudited Condensed Consolidated Statements of Operations.
Information related to the Company's various reportable segments during the six months ended March 31, 2026 and 2025, is detailed below:
(Thousands)NJNGCEVESS&TTotal
2026
Operating revenues attributable to reportable segments$1,050,823 41,692 363,262 57,514 $1,513,291 
Intercompany revenue475 — — — 475 
Reconciliation to consolidated revenue
Corporate and other (1)
30,489 
Total operating revenues$1,544,255 
Natural gas purchases447,291 — 225,712 835 673,838 
Operation and maintenance114,703 19,889 12,955 22,688 170,235 
Regulatory rider expenses92,604 — — — 92,604 
Depreciation and amortization74,469 14,153 84 10,434 99,140 
Interest income (2)
1,373 31 60 4,111 5,575 
Other segment income (expense) (3)
12,126 14,134 341 (261)26,340 
Interest expense, net of capitalized interest38,479 16,538 6,542 11,014 72,573 
Income tax provision64,909 910 28,038 4,844 98,701 
Equity in earnings of affiliates— — — 3,522 3,522 
Net income attributable to reportable segments$232,342 4,367 90,332 15,071 $342,112 
Reconciliation to consolidated net income
Corporate and other (1)
(710)
Total net income$341,402 
2025
Operating revenues attributable to reportable segments$951,767 34,373 332,698 51,894 $1,370,732 
Intercompany revenue643 — — 41 684 
Reconciliation to consolidated revenue
Corporate and other (1)
29,972 
Total operating revenues$1,401,388 
Natural gas purchases405,303 — 219,715 339 625,357 
Operation and maintenance113,351 21,270 13,073 22,993 170,687 
Regulatory rider expenses70,977 — — — 70,977 
Depreciation and amortization67,797 11,929 109 13,034 92,869 
Gain on sale of assets— (55,547)— — (55,547)
Interest income (2)
1,247 250 73 4,652 6,222 
Other segment income (expense) (3)
11,414 12,574 703 (327)24,364 
Interest expense, net of capitalized interest34,713 12,311 7,147 11,786 65,957 
Income tax provision61,491 13,062 21,880 2,223 98,656 
Equity in earnings of affiliates— — — 2,122 2,122 
Net income attributable to reportable segments$211,439 44,172 71,550 8,007 $335,168 
Reconciliation to consolidated net income
Corporate and other (1)
438 
Total net income$335,606 
(1)Corporate and other includes HSO and intercompany eliminations.
(2)Interest income is included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.
(3)Includes other income, net less interest income on the Unaudited Condensed Consolidated Statements of Operations.
The Company's capital expenditures for the various reportable segments are detailed below:
(Thousands)NJNGCEVESS&TTotal
Capital expenditures during the three months ended:
March 31, 2026$106,001 71,678 — 16,951 $194,630 
March 31, 2025$93,332 35,226 — 5,861 $134,419 
Capital expenditures during the six months ended:
March 31, 2026$212,919 131,379 — 29,396 $373,694 
March 31, 2025$203,236 68,702 — 14,062 $286,000 

The Company's assets for the various reportable segments are detailed below:
(Thousands)NJNGCEVESS&TTotal
Segment assets as of March 31, 2026
$5,477,659 1,337,811 90,975 1,049,837 $7,956,282 
Corporate and other (1)
$(13,027)
Total assets$7,943,255 
Segment assets as of September 30, 2025
$5,198,116 1,308,969 98,429 1,033,439 $7,638,953 
Corporate and other (1)
$(60,178)
Total assets$7,578,775 
(1)Corporate and other includes HSO and intercompany eliminations.