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REPORTABLE SEGMENT DATA
 9 Months Ended
Jun. 30, 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 June 30, 2026 and 2025, is detailed below:
(Thousands)NJNGCEVESS&TTotal
2026
Operating revenues attributable to reportable segments$200,869 19,178 79,962 31,418 $331,427 
Intercompany revenue238 — — (30)208 
Reconciliation to consolidated revenue
Corporate and other (1)
17,545 
Total operating revenues$349,180 
Natural gas purchases65,875 — 82,091 399 148,365 
Operation and maintenance64,682 10,358 3,059 11,439 89,538 
Regulatory rider expenses10,434 — — — 10,434 
Depreciation and amortization40,385 7,664 41 5,194 53,284 
Interest income (2)
1,098 — 20 1,551 2,669 
Other segment income (expense) (3)
6,413 7,346 170 (130)13,799 
Interest expense, net of capitalized interest19,029 8,845 2,373 5,383 35,630 
Income tax provision (benefit)2,126 (31)(1,762)2,671 3,004 
Equity in earnings of affiliates— — — 1,039 1,039 
Net income (loss) attributable to reportable segments$6,087 (312)(5,650)8,762 $8,887 
Reconciliation to consolidated net income
Corporate and other (1)
802 
Total net income$9,689 
2025
Operating revenues attributable to reportable segments$204,790 12,030 38,850 27,129 $282,799 
Intercompany revenue238 — — — 238 
Reconciliation to consolidated revenue
Corporate and other (1)
15,909 
Total operating revenues$298,946 
Natural gas purchases74,941 — 67,781 366 143,088 
Operation and maintenance61,849 11,156 1,279 11,410 85,694 
Regulatory rider expenses10,979 — — — 10,979 
Depreciation and amortization35,987 5,772 30 4,809 46,598 
Gain on sale of assets— (545)— — (545)
Interest income (2)
687 280 36 2,275 3,278 
Other segment income (expense) (3)
6,793 1,777 322 (216)8,676 
Interest expense, net of capitalized interest16,184 6,629 2,893 5,741 31,447 
Income tax provision (benefit)2,489 (2,068)(7,792)1,872 (5,499)
Equity in earnings of affiliates— — — 908 908 
Net income (loss) attributable to reportable segments$10,079 (6,857)(24,983)5,898 $(15,863)
Reconciliation to consolidated net loss
Corporate and other (1)
812 
Total net loss$(15,051)
(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 nine months ended June 30, 2026 and 2025, is detailed below:
(Thousands)NJNGCEVESS&TTotal
2026
Operating revenues attributable to reportable segments$1,251,692 60,870 443,224 88,932 $1,844,718 
Intercompany revenue713 — — (30)683 
Reconciliation to consolidated revenue
Corporate and other (1)
48,034 
Total operating revenues$1,893,435 
Natural gas purchases513,166 — 307,803 1,234 822,203 
Operation and maintenance179,385 30,247 16,014 34,127 259,773 
Regulatory rider expenses103,038 — — — 103,038 
Depreciation and amortization114,854 21,817 125 15,628 152,424 
Interest income (2)
2,471 31 80 5,662 8,244 
Other segment income (expense) (3)
18,539 21,480 511 (391)40,139 
Interest expense, net of capitalized interest57,508 25,383 8,915 16,397 108,203 
Income tax provision67,035 879 26,276 7,515 101,705 
Equity in earnings of affiliates— — — 4,561 4,561 
Net income attributable to reportable segments$238,429 4,055 84,682 23,833 $350,999 
Reconciliation to consolidated net income
Corporate and other (1)
92 
Total net income$351,091 
2025
Operating revenues attributable to reportable segments$1,156,558 46,403 371,548 79,023 $1,653,532 
Intercompany revenue881 — — 41 922 
Reconciliation to consolidated revenue
Corporate and other (1)
45,880 
Total operating revenues$1,700,334 
Natural gas purchases480,244 — 287,496 705 768,445 
Operation and maintenance175,200 32,426 14,352 34,403 256,381 
Regulatory rider expenses81,956 — — — 81,956 
Depreciation and amortization103,784 17,701 139 17,843 139,467 
Gain on sale of assets— (56,092)— — (56,092)
Interest income (2)
1,934 530 109 6,927 9,500 
Other segment income (expense) (3)
18,206 14,351 1,025 (543)33,039 
Interest expense, net of capitalized interest50,897 18,940 10,040 17,527 97,404 
Income tax provision63,980 10,994 14,088 4,095 93,157 
Equity in earnings of affiliates— — — 3,030 3,030 
Net income attributable to reportable segments$221,518 37,315 46,567 13,905 $319,305 
Reconciliation to consolidated net income
Corporate and other (1)
1,250 
Total net income$320,555 
(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:
June 30, 2026$132,937 26,590 — 16,840 $176,367 
June 30, 2025$103,402 49,276 — 4,227 $156,905 
Capital expenditures during the nine months ended:
June 30, 2026$345,856 157,969 — 46,236 $550,061 
June 30, 2025$306,638 117,978 — 18,289 $442,905 

The Company's assets for the various reportable segments are detailed below:
(Thousands)NJNGCEVESS&TTotal
Segment assets as of June 30, 2026
$5,451,315 1,393,676 108,655 1,069,195 $8,022,841 
Corporate and other (1)
$1,617 
Total assets$8,024,458 
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.