New Jersey Resources Corporation delivered a solid QQ2 2025 performance across its diversified utility and energy services portfolio, underscoring the company’s ability to balance regulated cash flows with non-regulated growth opportunities. In Q2 2025, NJR reported revenue of $913.0 million, net income of $204.3 million, and earnings per share (GAAP) of $2.04, with EBITDA of $346.4 million. The quarter benefited from higher utility gross margins at New Jersey Natural Gas (NJN) driven by the base rate settlement and better performance in Storage and Transportation led by Leaf River. Management highlighted resilient affordability initiatives and a disciplined capital deployment framework that supported double-digit growth in non-GAAP NFEPS, which rose to $1.78 per share for the quarter (versus $1.41 in the prior year).
Strategically, NJR raised its full-year NFEPS guidance by $0.10, to a range of $3.15–$3.30 per share, and emphasized that the revision reflects strong winter performance in Energy Services and the gain from the sale of the residential solar portfolio at Clean Energy Ventures. The company continued to progress on its capital plan, maintaining a target of $1.3–$1.6 billion in capex for fiscal 2025–2026, with $610–$790 million expected in fiscal 2025. NJR also signaled a broad, diversified project pipeline in Clean Energy Ventures (over 1 GW pipeline with 31 MW placed in service this year and 60 MW under construction) and ongoing capacity recovery initiatives in Leaf River and Adelphia Gateway.
Financial flexibility remains a core strength, with liquidity robust enough to support the capex program without reliance on equity issuance, a debt maturity profile staggered through fiscal 2025, and an adjusted funds from operations to adjusted debt ratio guidance of 19%–21%. Looking ahead, NJR faces macro and regulatory headwinds, including tariff dynamics and New Jersey affordability legislation, but the company contends that domestic gas sourcing, regulated rate base growth, and cost-containment provisions (e.g., BGSS incentives and SAVEGREEN) help mitigate near-term risks. Overall, NJR is positioned for sustainable long-term growth through a balanced mix of regulated returns, disciplined expansion in energy services, and a growing solar portfolio, supported by a leverage and liquidity profile that remains manageable for its credit rating objectives.