NJRNYSENatural Gas DistributionUS GAAP · USD

NewJersey Resources Corporation

New Jersey Resources Corp. is a U.S. energy holding company centered on regulated natural gas distribution in New Jersey, with additional energy services, transportation/storage, and clean energy activities. Its business model combines utility-style customer relationships with more market-exposed energy services and renewable development through its subsidiaries.

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Revenue1,351m USD
+9.9 %y/y
Operating profit (EBIT)509m USD
+11.1 %y/y
EBIT margin37.7%
+0.4 ppy/y
Net income336m USD
+15.8 %y/y
Free cash flow466m USD
+9.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,500m USD2020: 834 m USD2020: EBIT 216 m USD20202021: 852 m USD2021: EBIT 288 m USD20212022: 1,199 m USD2022: EBIT 406 m USD20222023: 1,112 m USD2023: EBIT 407 m USD20232024: 1,230 m USD2024: EBIT 458 m USD20242025: 1,351 m USD2025: EBIT 509 m USD20251,351509
RevenueOperating profit (EBIT)

Business

Share of revenue
Regulated Gas Distribution55 %

Local natural gas delivery to residential, commercial, and industrial customers in New Jersey.

Energy Services25 %

Wholesale gas supply, transportation, storage, and related energy management activities.

Clean Energy Ventures10 %

Commercial solar project development, construction, ownership, and long-term power sales.

Storage and Transportation Assets7 %

Pipeline capacity, storage, and asset management arrangements that monetize infrastructure.

Home Services and Other3 %

Customer service, appliance, and related home energy offerings tied to the utility franchise.

Products

Reported · share of revenue
80.6%11.4%FY2025100 %
  • Natural Gas Utility80.6 %
  • Wholesale Natural Gas11.4 %
  • Service Contracts2.8 %
  • Electricity2.0 %
  • Installationand Maintenance1.9 %
  • Renewable Energy Certificates1.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

NJNG serves end users in New Jersey who need reliable gas delivery, including households, businesses, and some industrial users. ES sells into wholesale and retail energy markets and depends on counterparties, pipelines, and storage providers to move gas and manage supply. CEV sells solar output under long-term agreements, typically to commercial offtakers or utility counterparties seeking contracted clean power.

Residential utility customers

Households in NJNG's service territory buy regulated gas delivery for heating and everyday energy use.

Commercial and industrial customers

Businesses and industrial users buy gas distribution and related services for dependable energy supply.

Wholesale energy counterparties

ES sells gas, transportation, and energy management services to market participants and utilities.

Commercial solar offtakers

CEV's customers buy contracted solar generation under PPAs and similar long-term agreements.

Utility asset management partners

Investment-grade utilities and similar counterparties use pipeline capacity release and AMA structures.

Strategy

NJR's strategy is to balance stable regulated utility earnings with selective growth in energy services, infrastructure monetization, and clean energy. Management also emphasizes workforce retention, safety, and training because operating reliability and regulatory credibility are central to the franchise. The company is using long-term contracts, asset management agreements, and solar development to diversify cash flows while keeping the utility core intact.

Utility reliability and infrastructure investmentMedium term

The regulated gas business depends on safe, dependable service and ongoing system upgrades.

Grow and manage energy services exposureMedium term

ES can add earnings, but it requires disciplined supply, transport, storage, and credit management.

Scale clean energy venturesMedium term

Commercial solar provides a non-utility growth channel and diversifies the portfolio.

Workforce capability and retentionShort term

Technical operations, safety, and regulatory compliance depend on skilled employees.

Geography

The company is anchored in New Jersey, where NJNG operates its regulated gas utility franchise and where most customer demand is concentrated. Its energy services and storage/transportation activities extend into regional wholesale gas markets, while CEV's solar projects can be developed in multiple U.S. markets. Geography matters because the utility business is tied to state regulation and local infrastructure, while the non-utility businesses depend on regional pipeline access, weather, and market pricing.

Risks

NJR's biggest risks come from supply, transportation, and storage disruptions, because ES and NJNG rely on third-party pipelines and facilities they do not control. The company also faces regulatory, weather, labor, and counterparty risks that can affect service reliability, costs, and earnings. Its clean energy and infrastructure projects add permitting, financing, and execution risk, while derivative and wholesale credit exposures can amplify volatility in non-utility results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supply, transportation, and storage disruption1Regulatory and pricing risk2Labor and workforce retention risk3Project development and permitting risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Supply, transportation, and storage disruptionImpact: HighLikelihood: Medium

    NJNG and ES depend on assets and suppliers they do not own or control to deliver gas.

    Exposure: Natural gas delivery and energy services

  2. Regulatory and pricing riskImpact: HighLikelihood: Low

    Utility earnings and customer rates are influenced by federal and state regulators.

    Exposure: Regulated gas distribution

  3. Labor and workforce retention riskImpact: MediumLikelihood: Medium

    Operations depend on skilled employees, and union disputes or turnover can impair service.

    Exposure: Utility operations and home services

  4. Project development and permitting riskImpact: MediumLikelihood: Medium

    Solar and infrastructure projects may face approval, financing, and construction delays.

    Exposure: Clean Energy Ventures and pipelines

  5. Wholesale credit riskImpact: Medium

    ES has exposure to counterparties through derivative and energy trading contracts.

    Exposure: Energy services and trading

Accounting

Judgemental items
Asset management agreement revenue recognition

Cash received under AMAs can exceed recognized revenue, creating deferred revenue balances.

Impact: Affects timing of operating revenue and balance sheet liabilities

Derivative fair value accounting

ES uses commodity and trading derivatives that can move earnings with market prices.

Impact: Can create quarter-to-quarter volatility in operating results

Contract cost amortization

Pipeline and storage capacity costs are recognized over the life of the related contracts.

Impact: Affects gross margin and comparability across periods

Long-lived asset and project impairment

Utility infrastructure and solar projects require judgment on recoverability and useful lives.

Impact: Can materially affect asset values and depreciation expense

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Last updated: 24/09/2026