NEW JERSEY RESOURCES CORP, 10-Q filed on 5/5/2026
Quarterly Report
v3.26.1
Cover Page - shares
 6 Months Ended
Mar. 31, 2026
May 01, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-08359  
Entity Registrant Name NEW JERSEY RESOURCES CORPORATION  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 22-2376465  
Entity Address, Address Line One 1415 Wyckoff Road  
Entity Address, City or Town Wall  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07719  
City Area Code (732)  
Local Phone Number 938‑1480  
Title of 12(b) Security Common Stock - $2.50 Par Value  
Trading Symbol NJR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Business false  
Entity Common Stock, Shares Outstanding   100,921,573
Entity Central Index Key 0000356309  
Current Fiscal Year End Date --09-30  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
OPERATING REVENUES        
Utility $ 640,922 $ 618,341 $ 1,050,823 $ 951,768
Nonutility 298,479 294,686 493,432 449,620
Total operating revenues 939,401 913,027 1,544,255 1,401,388
Natural gas purchases:        
Related parties 1,242 1,666 2,519 3,384
Operation and maintenance 112,496 111,041 199,177 199,673
Regulatory rider expenses 59,450 48,501 92,604 70,977
Depreciation and amortization 50,129 47,967 99,705 93,296
Gain on sale of assets 0 (688) 0 (55,547)
Total operating expenses 638,374 633,078 1,064,020 931,862
OPERATING INCOME 301,027 279,949 480,235 469,526
Other income, net 16,295 17,006 27,655 28,623
Interest expense, net of capitalized interest 34,975 32,527 70,651 66,418
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES 282,347 264,428 437,239 431,731
Income tax provision 66,176 61,593 100,401 98,977
Equity in earnings of affiliates 2,741 1,452 4,564 2,852
NET INCOME $ 218,912 $ 204,287 $ 341,402 $ 335,606
INCOME PER COMMON SHARE        
Basic (usd per share) $ 2.17 $ 2.04 $ 3.39 $ 3.35
Diluted (usd per share) $ 2.16 $ 2.02 $ 3.37 $ 3.33
WEIGHTED AVERAGE SHARES OUTSTANDING        
Basic (in shares) 100,849 100,291 100,775 100,073
Diluted (in shares) 101,482 100,933 101,388 100,705
Utility        
Natural gas purchases:        
Natural gas purchases $ 274,947 $ 272,974 $ 444,051 $ 400,654
Nonutility        
Natural gas purchases:        
Natural gas purchases $ 140,110 $ 151,617 $ 225,964 $ 219,425
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 218,912 $ 204,287 $ 341,402 $ 335,606
Other comprehensive income, net of tax        
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(80), $(80), $(159) and $(159), respectively 262 263 526 526
Adjustment to postemployment benefit obligation, net of tax of $2, $58, $3 and $116, respectively (4) (196) (10) (391)
Other comprehensive income, net of tax 258 67 516 135
Comprehensive income $ 219,170 $ 204,354 $ 341,918 $ 335,741
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement, Recognized Amount [Abstract]        
Tax on reclassifications of losses to net income on derivatives $ (80) $ (80) $ (159) $ (159)
Tax on adjustment to postemployment benefit obligation $ 2 $ 58 $ 3 $ 116
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 341,402 $ 335,606
Adjustments to reconcile net income to cash flows from operating activities    
Unrealized loss (gain) on derivative instruments 1,711 (20,838)
Gain on sale of assets 0 (55,547)
Depreciation and amortization 99,705 93,296
Allowance for equity used during construction (6,962) (3,790)
Allowance for doubtful accounts 2,187 2,894
Non cash lease expense 2,216 2,172
Deferred income taxes 64,942 42,849
Equivalent value of ITCs recognized on equipment financing (14,373) (12,315)
Manufactured gas plant remediation costs (1,880) (2,592)
Equity in earnings, net of distributions received from equity investees (1,607) 0
Cost of removal - asset retirement obligations (1,022) (863)
Contributions to postemployment benefit plans (595) (493)
Changes in:    
Components of working capital 24,151 4,601
Other noncurrent assets and liabilities 79,463 29,098
Cash flows from operating activities 589,338 414,078
Expenditures for:    
Cost of removal (16,482) (20,438)
Distribution from equity investees in excess of equity in earnings 0 318
Proceeds from sale of assets 0 134,036
Cash flows used in investing activities (375,676) (152,219)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Proceeds from long-term debt 0 100,000
Payments of long-term debt (12,672) (113,016)
Payments of short-term debt, net (45,600) (129,350)
Proceeds from sale leaseback transactions - solar 49,264 25,725
Proceeds from sale leaseback transactions - natural gas meters 15,016 11,714
Payments of common stock dividends (95,575) (89,761)
Proceeds from waiver discount issuance of common stock 0 19,910
Proceeds from issuance of common stock - DRP 7,593 7,606
Tax withholding payments related to net settled stock compensation (6,895) (11,608)
Cash flows used in financing activities (88,869) (178,780)
Change in cash, cash equivalents and restricted cash 124,793 83,079
Cash, cash equivalents and restricted cash at beginning of period 1,649 1,612
Cash, cash equivalents and restricted cash at end of period 126,442 84,691
CHANGES IN COMPONENTS OF WORKING CAPITAL    
Receivables (237,587) (212,142)
Inventories 153,439 95,561
Recovery of natural gas costs 81,906 9,690
Natural gas purchases payable 13,214 52,144
Deferred revenue, current (1,467) 638
Accounts payable and other (5,490) (37,264)
Prepaid expenses (8,603) (6,719)
Prepaid and accrued taxes 60,288 92,155
Restricted broker margin accounts (17,715) 28,188
Customers' credit balances and deposits (8,353) (15,746)
Other current assets and liabilities (5,481) (1,904)
Total 24,151 4,601
Cash paid for:    
Interest (net of amounts capitalized) 72,983 64,947
Income taxes 14,029 6,721
Accrued capital expenditures 32,156 18,907
Utility plant    
Expenditures for:    
Payments to acquire PP&E (196,437) (183,099)
Solar equipment    
Expenditures for:    
Payments to acquire PP&E (131,379) (68,702)
Storage and Transportation and other    
Expenditures for:    
Payments to acquire PP&E $ (31,378) $ (14,334)
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
PROPERTY, PLANT AND EQUIPMENT    
Utility plant, at cost $ 4,576,735 $ 4,434,220
Construction work in progress 449,255 395,943
Nonutility plant and equipment, at cost 1,998,803 1,972,811
Construction work in progress 278,050 151,404
Total property, plant and equipment 7,302,843 6,954,378
Accumulated depreciation and amortization, utility plant (900,176) (850,757)
Accumulated depreciation and amortization, nonutility plant and equipment (318,586) (293,522)
Property, plant and equipment, net 6,084,081 5,810,099
CURRENT ASSETS    
Cash and cash equivalents 125,284 591
Customer accounts receivable    
Billed 291,052 109,366
Unbilled revenues 79,011 24,194
Allowance for doubtful accounts (12,474) (11,371)
Regulatory assets 31,954 48,898
Natural gas in storage, at average cost 60,534 215,836
Materials and supplies, at average cost 45,283 43,420
Prepaid expenses 19,451 10,848
Prepaid taxes 26,498 67,143
Derivatives, at fair value 9,530 12,514
Restricted broker margin accounts 8,811 8,920
Other current assets 45,350 39,517
Total current assets 730,284 569,876
NONCURRENT ASSETS    
Investments in equity method investees 102,778 101,243
Regulatory assets 619,754 672,518
Operating lease assets 188,223 185,596
Derivatives, at fair value 1,721 2,319
Software costs 11,195 11,151
Deferred income taxes 20,860 20,821
Postemployment employee benefit assets 43,037 40,813
Notes receivable 42,500 42,500
Other noncurrent assets 98,822 121,839
Total noncurrent assets 1,128,890 1,198,800
Total assets 7,943,255 7,578,775
CAPITALIZATION    
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares March 31, 2026 — 100,861,916; September 30, 2025 — 100,478,590 251,667 250,705
Premium on common stock 693,465 676,635
Accumulated other comprehensive loss, net of tax (10,947) (11,463)
Treasury stock at cost and other; shares March 31, 2026 — 18,922; September 30, 2025 — 17,273 17,366 24,422
Retained earnings 1,697,006 1,451,367
Common stock equity 2,648,557 2,391,666
Long-term debt 3,281,739 3,250,387
Total capitalization 5,930,296 5,642,053
CURRENT LIABILITIES    
Current maturities of long-term debt 164,595 158,192
Short-term debt 150,000 195,600
Natural gas purchases payable 75,807 62,593
Natural gas purchases payable to related parties 641 641
Deferred revenue 21,138 22,605
Accounts payable and other 169,989 204,478
Dividends payable 47,908 47,719
Accrued taxes 30,328 11,722
Regulatory liabilities 72,350 12,884
New Jersey Clean Energy Program 6,930 17,171
Derivatives, at fair value 8,117 7,620
Operating lease liabilities 5,168 4,388
Restricted broker margin accounts 1,111 3,949
Customers' credit balances and deposits 22,944 31,297
Total current liabilities 777,026 780,859
NONCURRENT LIABILITIES    
Deferred income taxes 490,779 438,411
Deferred investment tax credits 1,739 1,878
Deferred revenue 41,980 17,580
Derivatives, at fair value 5,267 4,283
Manufactured gas plant remediation 166,110 166,990
Postemployment employee benefit liability 110,023 108,830
Regulatory liabilities 168,990 171,177
Operating lease liabilities 163,048 159,131
Asset retirement obligations 77,541 76,507
Other noncurrent liabilities 10,456 11,076
Total noncurrent liabilities 1,235,933 1,155,863
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities 7,943,255 7,578,775
Related Party    
CURRENT LIABILITIES    
Natural gas purchases payable to related parties $ 641 $ 641
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
 6 Months Ended 12 Months Ended
Mar. 31, 2026
Sep. 30, 2025
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 2.50 $ 2.50
Common stock, shares authorized (in shares) 150,000,000 150,000,000
CommonStockSharesIssuedNotDisclosed true true
Common stock, shares outstanding (in shares) 100,861,916 100,478,590
Treasury stock at cost and other, shares (in shares) 18,922 17,273
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Premium on Common Stock
Accumulated Other Comprehensive (Loss) Income
Treasury Stock and Other
Retained Earnings
Balance as of beginning of period (in shares) at Sep. 30, 2024   99,461,000        
Balance as of beginning of period at Sep. 30, 2024 $ 2,200,443 $ 248,159 $ 633,811 $ (6,521) $ 26,220 $ 1,298,774
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 131,319         131,319
Other comprehensive income 68     68    
Common stock issued:            
Incentive compensation plan (in shares)   232,000        
Incentive compensation plan 8,242 $ 581 7,661      
Dividend reinvestment plan (in shares)   80,000        
Dividend reinvestment plan 3,744 $ 199 3,545      
Waiver discount (in shares)   418,000        
Waiver discount 19,910 $ 1,045 18,865      
Cash dividend declared (45,010)         (45,010)
Treasury stock and other (6,032)       (6,032)  
Balance as of end of period (in shares) at Dec. 31, 2024   100,191,000        
Balance as of end of period at Dec. 31, 2024 2,312,684 $ 249,984 663,882 (6,453) 20,188 1,385,083
Balance as of beginning of period (in shares) at Sep. 30, 2024   99,461,000        
Balance as of beginning of period at Sep. 30, 2024 2,200,443 $ 248,159 633,811 (6,521) 26,220 1,298,774
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 335,606          
Other comprehensive income 135          
Balance as of end of period (in shares) at Mar. 31, 2025   100,303,000        
Balance as of end of period at Mar. 31, 2025 2,477,907 $ 250,265 668,599 (6,386) 21,194 1,544,235
Balance as of beginning of period (in shares) at Dec. 31, 2024   100,191,000        
Balance as of beginning of period at Dec. 31, 2024 2,312,684 $ 249,984 663,882 (6,453) 20,188 1,385,083
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 204,287         204,287
Other comprehensive income 67     67    
Common stock issued:            
Incentive compensation plan (in shares)   31,000        
Incentive compensation plan 1,275 $ 76 1,199      
Dividend reinvestment plan (in shares)   81,000        
Dividend reinvestment plan 3,723 $ 205 3,518      
Cash dividend declared (45,135)         (45,135)
Treasury stock and other 1,006       1,006  
Balance as of end of period (in shares) at Mar. 31, 2025   100,303,000        
Balance as of end of period at Mar. 31, 2025 $ 2,477,907 $ 250,265 668,599 (6,386) 21,194 1,544,235
Balance as of beginning of period (in shares) at Sep. 30, 2025 100,478,590 100,479,000        
Balance as of beginning of period at Sep. 30, 2025 $ 2,391,666 $ 250,705 676,635 (11,463) 24,422 1,451,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 122,490         122,490
Other comprehensive income 258     258    
Common stock issued:            
Incentive compensation plan (in shares)   194,000        
Incentive compensation plan 8,890 $ 485 8,405      
Dividend reinvestment plan (in shares)   79,000        
Dividend reinvestment plan 3,733 $ 198 3,535      
Cash dividend declared (47,855)         (47,855)
Treasury stock and other (in shares)   (2,000)        
Treasury stock and other (6,847)       (6,847)  
Balance as of end of period (in shares) at Dec. 31, 2025   100,750,000        
Balance as of end of period at Dec. 31, 2025 $ 2,472,335 $ 251,388 688,575 (11,205) 17,575 1,526,002
Balance as of beginning of period (in shares) at Sep. 30, 2025 100,478,590 100,479,000        
Balance as of beginning of period at Sep. 30, 2025 $ 2,391,666 $ 250,705 676,635 (11,463) 24,422 1,451,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 341,402          
Other comprehensive income $ 516          
Balance as of end of period (in shares) at Mar. 31, 2026 100,861,916 100,862,000        
Balance as of end of period at Mar. 31, 2026 $ 2,648,557 $ 251,667 693,465 (10,947) 17,366 1,697,006
Balance as of beginning of period (in shares) at Dec. 31, 2025   100,750,000        
Balance as of beginning of period at Dec. 31, 2025 2,472,335 $ 251,388 688,575 (11,205) 17,575 1,526,002
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 218,912         218,912
Other comprehensive income 258     258    
Common stock issued:            
Incentive compensation plan (in shares)   30,000        
Incentive compensation plan 1,375 $ 75 1,300      
Dividend reinvestment plan (in shares)   82,000        
Dividend reinvestment plan 3,794 $ 204 3,590      
Cash dividend declared (47,908)         (47,908)
Treasury stock and other $ (209)       (209)  
Balance as of end of period (in shares) at Mar. 31, 2026 100,861,916 100,862,000        
Balance as of end of period at Mar. 31, 2026 $ 2,648,557 $ 251,667 $ 693,465 $ (10,947) $ 17,366 $ 1,697,006
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]        
Cash dividend declared per share (usd per share) $ 0.48 $ 0.48 $ 0.45 $ 0.45
v3.26.1
NATURE OF THE BUSINESS
 6 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF THE BUSINESS
1. NATURE OF THE BUSINESS

The Company provides regulated natural gas distribution services, transmission and storage services and operates certain unregulated businesses primarily through the following:

NJNG provides natural gas utility service to residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and is subject to rate regulation by the BPU. NJNG comprises the Natural Gas Distribution segment.

Clean Energy Ventures, the Company's clean energy subsidiary, comprises the CEV segment, which owns and operates clean energy projects, including commercial solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan, Indiana and Pennsylvania.

Energy Services comprises the ES segment. ES maintains and transacts around a portfolio of natural gas transportation and storage capacity contracts and provides physical wholesale energy, retail energy and energy management services in the U.S.

NJR Midstream Holdings Corporation, which comprises the S&T segment, invests in energy-related ventures through its subsidiaries. The Company operates natural gas storage and transmission assets through the wholly-owned subsidiaries of Leaf River and Adelphia and is subject to rate regulation by FERC. The Company holds a 50% combined ownership interest in Steckman Ridge, a FERC-jurisdictional natural gas storage facility located in Pennsylvania, which is accounted for under the equity method of accounting.

NJR Retail Holdings Corporation has one principal subsidiary, NJRHS, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJRHS is included in HSO.
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and GAAP. The September 30, 2025 Balance Sheet data is derived from the audited financial statements of the Company. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's 2025 Annual Report on Form 10-K.

The Unaudited Condensed Consolidated Financial Statements include the accounts of NJR and its subsidiaries. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair presentation of the results of the interim periods presented. These adjustments are of a normal and recurring nature. Because of the seasonal nature of the Company's utility and wholesale energy services operations, in addition to other factors, the financial results for the interim periods presented are not indicative of the results that are to be expected for the fiscal year ending September 30, 2026. Intercompany transactions and accounts have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period. On a quarterly basis, or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation and the fair value of derivative instruments and debt. Asset retirement obligations are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies. When evaluating the potential for a loss, the Company will establish a reserve if a loss is probable and can be reasonably estimated, in which case it is the Company’s policy to accrue the full amount of such estimates. Where the information is sufficient only to establish a range of probable liability, and no point within the range is more likely than any other, it is the Company’s policy to accrue the lower end of the range. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates.

Revenues

Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer after the last meter reading through the end of the respective accounting period is estimated, and NJNG recognizes unbilled revenues related to these amounts. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects, unaccounted-for natural gas and the most current tariff rates.

CEV recognizes revenue when SRECs are transferred to counterparties. SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules. The SREC program closed to all new solar projects in April 2020.

TRECs provide a fixed compensation base multiplied by an assigned project factor in order to determine their value. The project factor is determined by the type and location of the project, as defined.

The ADI Program provides administratively set incentives for net metered projects of 5 MW or less. The CSI program is open to qualifying grid supply solar facilities, non-residential net metered solar installations with a capacity greater than 5 MW, and eligible grid supply solar facilities installed in combination with energy storage. RECs generated through the production of electricity under these programs are known as SREC IIs.

TRECs and SREC IIs generated are required to be purchased monthly by a REC program administrator as appointed by the BPU. Revenue for TRECs and SREC IIs are recognized upon generation and are transferred monthly based upon metered solar electricity activity.

Revenues for ES are recognized when the natural gas is physically delivered to the customer. In addition, changes in the fair value of derivatives that economically hedge the forecasted sales of the natural gas are recognized in operating revenues as they occur. ES also recognizes changes in the fair value of SREC derivative contracts for forward sales as a component of operating revenues.

ES has a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts. The AMAs include a series of temporary and permanent releases, and revenue under these agreements is recognized as the performance obligations are satisfied. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed-upon term. For permanent releases of pipeline capacity, which represent a transfer of contractual rights for such capacity, revenue is recognized upon the transfer of the underlying contractual rights. ES recognized operating revenue of approximately $4.9M during both the three months ended March 31, 2026 and 2025, and approximately $9.9M during both the six months ended March 31, 2026 and 2025, related to the AMAs on the Unaudited Condensed Consolidated Statements of Operations. Amounts received in excess of revenue recognized totaling approximately $61.3M and $36.8M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025, respectively.

S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed.

Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows:
(Thousands)March 31,
2026		September 30,
2025		March 31,
2025
Balance Sheet
Cash and cash equivalents$125,284 $591 $83,708 
Restricted cash in other noncurrent assets$1,158 $1,058 $983 
Statements of Cash Flow
Cash, cash equivalents and restricted cash$126,442 $1,649 $84,691 

Allowance for Doubtful Accounts

The Company segregates financial assets, primarily trade receivables and unbilled revenues due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, such as unemployment rates among others.

Loans and Notes Receivable

NJNG currently provides loans, with terms ranging from five to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program. The loans are recognized at fair value on the Unaudited Condensed Consolidated Balance Sheets. The Company has approximately $25.6M and $21.5M recorded in other current assets and approximately $82.9M and $69.4M in other noncurrent assets as of March 31, 2026 and September 30, 2025, respectively, on the Unaudited Condensed Consolidated Balance Sheets, related to the loans.

In August 2025, CEV entered into a seller-based financing arrangement with a third party for the sale of certain solar energy modules totaling $42.5M. Amounts related to the financing are due to CEV no later than December 31, 2027, and are recorded as notes receivable within the Company’s Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025.

The Company evaluates loans and notes receivable for collectability each reporting period in accordance with the current expected credit loss model. If necessary, an allowance is recorded to reflect potential losses. As of March 31, 2026 and September 30, 2025, the Company has not recorded a reserve for credit losses associated with outstanding loans and notes receivable.

Natural Gas in Storage

The following table summarizes natural gas in storage, at average cost by segment as of:
March 31, 2026September 30, 2025
($ in thousands)Natural Gas in StorageBcfNatural Gas in StorageBcf
NJNG$42,487 6.8 $184,099 30.8 
ES16,788 5.2 30,686 13.2 
S&T1,259 0.4 1,051 0.3 
Total$60,534 12.4 $215,836 44.3 

Software Costs

The Company capitalizes certain costs, such as software design and configuration, coding, testing and installation, that are incurred to purchase or create and implement computer software for internal use. Capitalized costs include external costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Maintenance costs are expensed as incurred. Upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Amortization is recorded on the straight-line basis over the estimated useful lives.

The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements:
(Thousands)March 31,
2026		September 30,
2025
Balance Sheets
Utility plant, at cost$134,817 $132,868 
Construction work in progress$109,174 $87,274 
Nonutility plant and equipment, at cost$344 $344 
Accumulated depreciation and amortization, utility plant$(31,418)$(24,906)
Accumulated depreciation and amortization, nonutility plant and equipment$(85)$(70)
Software costs$11,195 $11,151 

Three Months EndedSix Months Ended
March 31,March 31,
Statements of Operations2026202520262025
Operation and maintenance$323 $1,151 $516 $3,887 
Depreciation and amortization$3,130 $3,128 $6,527 $5,543 

Sale Leasebacks

NJNG utilizes sale leaseback arrangements as a financing mechanism to fund certain of its capital expenditures related to natural gas meters, whereby the physical asset is sold concurrent with an agreement to lease the asset back. These agreements include options to renew the lease or repurchase the asset at the end of the term. As NJNG retains control of the natural gas meters, these arrangements do not qualify as a sale. Proceeds from sale leaseback transactions are accounted for as financing arrangements and are included in long-term debt on the Unaudited Condensed Consolidated Balance Sheets.

In addition, for certain of its commercial solar energy projects, the Company enters into lease agreements that provide for the sale of commercial solar energy assets to third parties and the concurrent leaseback of the assets. For sale leaseback transactions where the Company has concluded that the arrangement does not qualify as a sale as the Company retains control of the underlying assets, the Company uses the financing method to account for the transaction. Under the financing method, the Company recognizes the proceeds received from the buyer-lessor that constitute a payment to acquire the solar energy asset as a financing arrangement, which is recorded as a component of debt on the Unaudited Condensed Consolidated Balance Sheets.

The Company continues to operate its solar assets and is responsible for related expenses and entitled to retain the revenue generated from RECs and energy sales. ITCs and other tax attributes associated with these solar projects transfer to the buyer; however, the payments are structured so that CEV is compensated for the transfer of the related tax attributes. Accordingly, CEV recognizes the equivalent value of the tax attributes in other income on the Unaudited Condensed Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease. See Note 9. Debt for more details regarding sale leaseback transactions recorded as financing arrangements.

Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive loss, net of related tax effects during the three months ended March 31, 2026 and 2025:
(Thousands)Cash Flow HedgesPostemployment Benefit ObligationTotal
Balance as of December 31, 2025$(4,899)$(6,306)$(11,205)
Other comprehensive income (loss), net of tax
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(80), $2, $(78), respectively
262 (4)(1)258 
Balance as of March 31, 2026$(4,637)$(6,310)$(10,947)
Balance as of December 31, 2024$(5,952)$(501)$(6,453)
Other comprehensive income (loss), net of tax
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(80), $58 and $(22), respectively
263 (196)(1)67 
Balance as of March 31, 2025$(5,689)$(697)$(6,386)
(1)Included in the computation of net periodic pension cost, a component of O&M on the Unaudited Condensed Consolidated Statements of Operations.

The following table presents the changes in the components of accumulated other comprehensive loss, net of related tax effects during the six months ended March 31, 2026 and 2025:
(Thousands)Cash Flow HedgesPostemployment Benefit ObligationTotal
Balance as of September 30, 2025$(5,163)$(6,300)$(11,463)
Other comprehensive income (loss), net of tax
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(159), $3 and $(156), respectively
526 (10)(1)516 
Balance as of March 31, 2026$(4,637)$(6,310)$(10,947)
Balance as of September 30, 2024$(6,215)$(306)$(6,521)
Other comprehensive income (loss), net of tax
Amounts reclassified from accumulated other comprehensive income (loss) net of tax of $(159), $116 and $(43), respectively
526 (391)(1)135 
Balance as of March 31, 2025$(5,689)$(697)$(6,386)
(1)Included in the computation of net periodic pension cost, a component of O&M on the Unaudited Condensed Consolidated Statements of Operations.

Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation.
Recently Adopted Updates to the Accounting Standards Codification

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, an amendment to ASC 740, Income Taxes, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. It will provide investors more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance became effective for the Company on October 1, 2025, for the first annual period, and can be applied either prospectively or retrospectively. As the amendments in this update only impact disclosures, there will be no impact on the Company’s financial position, results of operations, and cash flows upon adoption.
Other Recent Updates to the Accounting Standards Codification

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, an amendment to ASC 220, Income Statement Reporting, which requires more detailed information about specified categories of expenses included in certain captions presented on the face of the income statement. The guidance becomes effective for the Company on October 1, 2027, for the first annual period and on October 1, 2028, for the interim periods. The Company can elect to apply it either prospectively or retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption.

Internal-Use Software

In September 2025, the FASB issued ASU No. 2025-06, an amendment to ASC 350, Intangibles—Goodwill and Other, which simplifies the capitalization guidance as it relates to Internal-Use Software by removing all references to project stages and clarifying the threshold to apply to begin capitalizing costs. The guidance becomes effective for the Company on October 1, 2028. The Company can elect to apply it prospectively, retrospectively or through a modified transition approach, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its financial position, results of operations and cash flows upon adoption.

Government Grants

In December 2025, the FASB issued ASU No. 2025-10, an amendment to ASC 832, Government Grants, which adds guidance on the recognition, measurement, and presentation of government grants. The guidance becomes effective for the Company on October 1, 2029. The Company can elect to apply it retrospectively, or through a modified prospective or retrospective transition approach, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its financial position, results of operations and cash flows upon adoption.
v3.26.1
REVENUE
 6 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE
3. REVENUE

Revenue is recognized when a performance obligation is satisfied by transferring control of a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer using the output method of progress. The Company elected to apply the invoice practical expedient for recognizing revenue, whereby the amounts invoiced to customers represent the value to the customer and the Company’s performance completion as of the invoice date. Therefore, the Company does not disclose related unsatisfied performance obligations. The Company also elected the practical expedient to exclude from the transaction price all sales taxes that are assessed by a governmental authority and therefore presents sales tax net in operating revenues on the Unaudited Condensed Consolidated Statements of Operations.

Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reportable segment and other business operations:

Revenue Recognized Over Time:
Segment/
Operations		Performance ObligationDescription
NJNGNatural gas utility sales
NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated.

Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer.
CEVCommercial solar electricity
CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated.

Revenue is recognized as invoiced and the payment is due each month for the previous month's services.
Revenue Recognized Over Time (continued):
Segment/
Operations		Performance ObligationDescription
CEVRenewable energy certificates
Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the ADI & CSI Programs are purchased monthly by a REC Administrator.

Revenue is recognized upon generation.
ESNatural gas services
The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations.

Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term.
S&T
Natural gas services
The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries.

Demand fees are recognized as revenue over the term of the related agreement.
HSOService contracts
Home Services enters into service contracts with homeowners to provide maintenance and replacement of applicable heating, cooling or ventilation equipment. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract.

Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice.
Revenue Recognized at a Point in Time:
ESNatural gas services
For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty.

Revenue is recognized upon the transfer of the underlying contractual rights.
S&T
Natural gas services
The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling.

Usage fees and hub services revenues are recognized as services are performed.
HSOInstallationsHome Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed.

The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.
Disaggregated revenues from contracts with customers by product line and by reportable segment and other business operations during the three months ended March 31, 2026 and 2025, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2026
Natural gas utility sales (1)
$574,822 — — — — $574,822 
Natural gas services— — 13,491 29,434 — 42,925 
Service contracts— — — — 9,528 9,528 
Installations and maintenance— — — — 5,430 5,430 
Renewable energy certificates— 3,380 — — — 3,380 
Electricity sales— 5,503 — — — 5,503 
Eliminations (2)
(238)— — — — (238)
Revenues from contracts with customers574,584 8,883 13,491 29,434 14,958 641,350 
Alternative revenue programs (3)
(24,299)— — — — (24,299)
Derivative instruments90,637 1,049 (4)230,664 — — 322,350 
Revenues out of scope66,338 1,049 230,664 — — 298,051 
Total operating revenues$640,922 9,932 244,155 29,434 14,958 $939,401 
2025
Natural gas utility sales (1)
$509,451 — — — — $509,451 
Natural gas services— — 11,890 25,307 — 37,197 
Service contracts— — — — 9,270 9,270 
Installations and maintenance— — — — 5,848 5,848 
Renewable energy certificates— 2,866 — — — 2,866 
Electricity sales— 4,967 — — — 4,967 
Eliminations (2)
(306)— — 1 (95)(400)
Revenues from contracts with customers509,145 7,833 11,890 25,308 15,023 569,199 
Alternative revenue programs (3)
(20,145)— — — — (20,145)
Derivative instruments129,339 134 (4)234,500 — — 363,973 
Revenues out of scope109,194 134 234,500 — — 343,828 
Total operating revenues$618,339 7,967 246,390 25,308 15,023 $913,027 
(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.
(2)Consists of transactions between subsidiaries that are eliminated in consolidation.
(3)Includes CIP revenue.
(4)Includes SREC revenue.
Disaggregated revenues from contracts with customers by product line and by reportable segment and other business operations during the six months ended March 31, 2026 and 2025, are as follows:

(Thousands)NJNGCEVESS&THSOTotal
2026
Natural gas utility sales (1)
$949,680 — — — — $949,680 
Natural gas services— — 26,331 57,514 — 83,845 
Service contracts— — — — 18,983 18,983 
Installations and maintenance— — — — 11,981 11,981 
Renewable energy certificates— 7,117 — — — 7,117 
Electricity sales— 11,118 — — — 11,118 
Eliminations (2)
(475)— — — — (475)
Revenues from contracts with customers949,205 18,235 26,331 57,514 30,964 1,082,249 
Alternative revenue programs (3)
(50,555)— — — — (50,555)
Derivative instruments152,173 23,457 (4)336,931 — — 512,561 
Revenues out of scope101,618 23,457 336,931 — — 462,006 
Total operating revenues$1,050,823 41,692 363,262 57,514 30,964 $1,544,255 
2025
Natural gas utility sales (1)
$805,853 — — — — $805,853 
Natural gas services— — 23,837 51,935 — 75,772 
Service contracts— — — — 18,502 18,502 
Installations and maintenance— — — — 12,410 12,410 
Renewable energy certificates— 5,762 — — — 5,762 
Electricity sales— 10,793 — — — 10,793 
Eliminations (2)
(643)— — (41)(256)(940)
Revenues from contracts with customers805,210 16,555 23,837 51,894 30,656 928,152 
Alternative revenue programs (3)
(25,536)— — — — (25,536)
Derivative instruments172,093 17,818 (4)308,861 — — 498,772 
Revenues out of scope146,557 17,818 308,861 — — 473,236 
Total operating revenues$951,767 34,373 332,698 51,894 30,656 $1,401,388 
(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.
(2)Consists of transactions between subsidiaries that are eliminated in consolidation.
(3)Includes CIP revenue.
(4)Includes SREC revenue.
Disaggregated revenues from contracts with customers by customer type and by reportable segment and other business operations during the three months ended March 31, 2026 and 2025, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2026
Residential$444,413 — — — 14,928 $459,341 
Commercial and industrial84,260 8,883 13,491 29,434 30 136,098 
Firm transportation43,841 — — — — 43,841 
Interruptible, off-tariff and other2,070 — — — — 2,070 
Revenues out of scope66,338 1,049 230,664 — — 298,051 
Total operating revenues$640,922 9,932 244,155 29,434 14,958 $939,401 
2025
Residential$392,100 — — — 14,980 $407,080 
Commercial and industrial73,496 7,833 11,890 25,308 43 118,570 
Firm transportation42,408 — — — — 42,408 
Interruptible, off-tariff and other1,141 — — — — 1,141 
Revenues out of scope109,194 134 234,500 — — 343,828 
Total operating revenues$618,339 7,967 246,390 25,308 15,023 $913,027 

Disaggregated revenues from contracts with customers by customer type and by reportable segment and other business operations during the six months ended March 31, 2026 and 2025, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2026
Residential$728,514 — — — 30,909 $759,423 
Commercial and industrial137,701 18,235 26,331 57,514 55 239,836 
Firm transportation78,518 — — — — 78,518 
Interruptible, off-tariff and other4,472 — — — — 4,472 
Revenues out of scope101,618 23,457 336,931 — — 462,006 
Total operating revenues$1,050,823 41,692 363,262 57,514 30,964 $1,544,255 
2025
Residential$615,919 2,110 — — 30,524 $648,553 
Commercial and industrial115,301 14,445 23,837 51,894 132 205,609 
Firm transportation69,733 — — — — 69,733 
Interruptible, off-tariff and other4,257 — — — — 4,257 
Revenues out of scope146,557 17,818 308,861 — — 473,236 
Total operating revenues$951,767 34,373 332,698 51,894 30,656 $1,401,388 
Customer Accounts Receivable/Credit Balances and Deposits

The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the six months ended March 31, 2026 and 2025, are as follows:
Customer Accounts ReceivableCustomers' Credit
(Thousands)BilledUnbilledBalances and Deposits
Balance as of September 30, 2025$109,366 $24,194 $31,297 
Increase (decrease)181,686 54,817 (8,353)
Balance as of March 31, 2026$291,052 $79,011 $22,944 
Balance as of September 30, 2024$105,531 $20,094 $38,595 
Increase (decrease)157,720 53,531 (15,746)
Balance as of March 31, 2025$263,251 $73,625 $22,849 

The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025:
(Thousands)NJNGCEVESS&THSOTotal
March 31, 2026
Customer accounts receivable
Billed$247,580 5,640 28,513 7,793 1,526 $291,052 
Unbilled70,568 8,443 — — — 79,011 
Customers' credit balances and deposits(22,915)— — (29)— (22,944)
Total$295,233 14,083 28,513 7,764 1,526 $347,119 
September 30, 2025
Customer accounts receivable
Billed$75,789 6,818 17,483 8,172 1,104 $109,366 
Unbilled14,817 9,377 — — — 24,194 
Customers' credit balances and deposits(31,257)— — (40)— (31,297)
Total$59,349 16,195 17,483 8,132 1,104 $102,263 
v3.26.1
REGULATION
 6 Months Ended
Mar. 31, 2026
Regulated Operations [Abstract]  
REGULATION
4. REGULATION

NJNG is subject to cost-based regulation, therefore, it is permitted to recover authorized operating expenses and earn a reasonable return on its utility capital investments based on the BPU's approval. The impact of the ratemaking process and decisions authorized by the BPU allows NJNG to capitalize or defer certain costs that are expected to be recovered from its customers as regulatory assets and to recognize certain obligations representing amounts that are probable future expenditures as regulatory liabilities in accordance with accounting guidance applicable to regulated operations.

NJNG's recovery of costs is facilitated through its base rates, BGSS and other regulatory tariff riders. NJNG is required to make filings to the BPU for review of its BGSS, CIP and other programs and related rates. Annual rate changes are typically requested to be effective at the beginning of the following fiscal year. The current base rates include a weighted average cost of capital of 7.08% and a return on common equity of 9.6%. All rate and program changes are subject to proper notification and BPU review and approval. In addition, NJNG is permitted to implement certain BGSS rate changes on a provisional basis with proper notification to the BPU.
Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following:
(Thousands)March 31,
2026		September 30,
2025
Regulatory assets-current
New Jersey Clean Energy Program$6,930 $17,171 
Conservation Incentive Program— 22,697 
Derivatives at fair value, net23,731 7,544 
Other current regulatory assets1,293 1,486 
Total current regulatory assets$31,954 $48,898 
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries$61,245 $74,961 
Liability for future expenditures166,110 166,990 
Deferred income taxes48,117 46,013 
SAVEGREEN120,133 141,562 
Postemployment and other benefit costs42,131 41,275 
Cost of removal129,571 132,895 
Other noncurrent regulatory assets47,474 63,612 
Total noncurrent regulatory assets$614,781 $667,308 
Regulatory liability-current
Overrecovered natural gas costs$41,993 $10,643 
Conservation Incentive Program27,859 — 
Total current regulatory liabilities$69,852 $10,643 
Regulatory liabilities-noncurrent
Tax Act impact$167,800 $170,309 
Other noncurrent regulatory liabilities1,190 868 
Total noncurrent regulatory liabilities$168,990 $171,177 

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following:
(Thousands)March 31,
2026		September 30,
2025
Total noncurrent regulatory assets$4,973 $5,210 
Total current regulatory liabilities$2,498 $2,241 

The assets are comprised primarily of the tax benefit associated with the equity component of Allowance for Funds Used During Construction and the liability consists primarily of scheduling penalties. Recovery of regulatory assets is subject to FERC approval.
Regulatory filings and/or actions that occurred during the current fiscal year include the following:

•On October 31, 2025, NJNG notified the BPU that it intended to self-implement an increase to its BGSS rate, effective December 1, 2025 through September 30, 2026, which will result in an increase of approximately $38.1M in revenues related to BGSS.

•On December 17, 2025, the BPU approved, on a provisional basis, NJNG's annual BGSS/CIP filing, which included an increase of approximately $6.1M related to its balancing charge and a decrease of approximately $26.2M to CIP rates, effective January 1, 2026.

•On December 17, 2025, the BPU approved NJNG's annual SAVEGREEN filing for the recovery of costs, which will increase annual recoveries by approximately $13.3M, effective January 1, 2026.

•On December 17, 2025, the BPU approved NJNG's final IIP filing, which requested a rate increase for capital expenditures of approximately $33.1M through October 31, 2025, resulting in a revenue increase of approximately $3.3M, effective January 1, 2026. In conjunction with this filing, NJNG notified the BPU that it was withdrawing its July 2025 request to extend the program. Any recovery of future infrastructure investments will be requested through a NJNG base rate case.

•On March 18, 2026, the BPU approved NJNG's annual SBC filing of RAC expenditures through June 30, 2025, which included a decrease to the RAC annual recoveries of approximately $0.8M and a decrease to the NJCEP annual recoveries of approximately $5.2M, effective April 1, 2026.
v3.26.1
DERIVATIVE INSTRUMENTS
 6 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
5. DERIVATIVE INSTRUMENTS

The Company is subject primarily to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments. In addition, the Company is exposed to interest rate risk and may utilize derivatives to reduce exposure to fluctuations in interest rates. These contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, financial and certain of the Company's physical contracts are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value.

Energy Services

ES chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of operating expenses or operating revenues, as appropriate for ES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For ES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either operating expenses or operating revenues.

As a result of ES entering into transactions to borrow natural gas, commonly referred to as “park and loans,” an embedded derivative is recognized relating to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed natural gas is expected to occur and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings.

Expected production of SRECs are hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. ES recognizes changes in the fair value of these derivatives as a component of operating revenues. For SRECs that are acquired by ES, changes in the fair value of these derivatives are reported as a component of operating expenses. Upon settlement of these contracts, the related revenue or expense is recognized when the SREC is transferred to the counterparty or acquired by ES, respectively.
Natural Gas Distribution

Changes in fair value of NJNG's financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. NJNG does not currently elect NPNS on any of its physical commodity derivatives. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect to treat certain contracts as normal. Because NJNG recovers these amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG’s tariff for natural gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets.

Clean Energy Ventures

The Company elects NPNS accounting treatment on PPA contracts executed by CEV that meet the definition of a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense to do so, the Company can and may elect to treat certain contracts as normal.

Fair Value of Derivatives

The following table presents the fair value of the Company's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of:
Derivatives at Fair Value
March 31, 2026September 30, 2025
(Thousands)Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
ES:
Physical commodity contractsDerivatives - current2,981 4,548 3,709 5,878 
Derivatives - noncurrent1,068 4,676 1,312 3,931 
Financial commodity contractsDerivatives - current6,469 3,538 8,426 1,736 
Derivatives - noncurrent653 591 1,006 352 
NJNG:
Physical commodity contractsDerivatives - current$80 $— $30 $2 
Financial commodity contractsDerivatives - current— 31 349 4 
Derivatives - noncurrent— — 1 — 
Total fair value of derivatives$11,251 $13,384 $14,833 $11,903 

Offsetting of Derivatives

The Company transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty. However, the Company’s policy is to present its derivative assets and liabilities on a gross basis at the contract level unit of account on the Unaudited Condensed Consolidated Balance Sheets.
The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.
Asset DerivativesLiability Derivatives
(Thousands)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
As of March 31, 2026
ES Contracts
Physical commodity$4,049 (1,806)— $2,243 $9,224 (1,806)(2,214)$5,204 
Financial commodity7,122 (4,129)(1,112)1,881 4,129 (4,129)— — 
Total ES$11,171 (5,935)(1,112)$4,124 $13,353 (5,935)(2,214)$5,204 
NJNG Contracts
Physical commodity$80 — — $80 $— — — $— 
Financial commodity— — — — 31 — (31)— 
Total NJNG$80 — — $80 $31 — (31)$— 
As of September 30, 2025
ES Contracts
Physical commodity$5,021 (2,061)— $2,960 $9,809 (2,061)(2,022)$5,726 
Financial commodity9,432 (2,088)(3,951)3,393 2,088 (2,088)— — 
Total ES$14,453 (4,149)(3,951)$6,353 $11,897 (4,149)(2,022)$5,726 
NJNG Contracts
Physical commodity$30 (1)— $29 $2 (1)— $1 
Financial commodity350 (4)— 346 4 (4)— — 
Total NJNG$380 (5)— $375 $6 (5)— $1 
(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.
(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.
(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.

ES utilizes financial derivatives to economically hedge the gross margin associated with the purchase of physical natural gas to be used for storage injection and its subsequent sale at a later date. The gains or (losses) on the financial transactions that are economic hedges of the cost of the purchased natural gas are recognized prior to the gains or (losses) on the physical transaction, which are recognized in earnings when the natural gas is delivered. Therefore, mismatches between the timing of the recognition of realized gains or (losses) on the financial derivative instruments and gains or (losses) associated with the actual sale of the natural gas that is being economically hedged along with fair value changes in derivative instruments, create volatility in the results of ES, although the Company's intended economic results relating to the entire transaction are unaffected.

The following table presents the effect of derivative instruments recognized on the Unaudited Condensed Consolidated Statements of Operations for the periods set forth below:
(Thousands)Location of gain (loss) recognized in income on derivativesAmount of gain (loss) recognized
in income on derivatives
Three Months EndedSix Months Ended
March 31,March 31,
Derivatives not designated as hedging instruments:2026202520262025
ES:
Physical commodity contractsOperating revenues$(829)$36,080 $(1,590)$33,448 
Physical commodity contractsNatural gas purchases1,403 725 947 (1,027)
Financial commodity contractsNatural gas purchases(552)(4,350)(455)(2,812)
Physical commodity contractsOperation and maintenance37 (2,179)33 (1,126)
Total unrealized and realized gain (loss)$59 $30,276 $(1,065)$28,483 
NJNG’s derivative contracts are part of the Company's risk management activities that relate to its natural gas purchases and BGSS incentive programs. At settlement, the resulting gains and/or losses are payable to or recoverable from utility customers and are deferred in regulatory assets or liabilities resulting in no impact to earnings.

The following table reflects the gains (losses) associated with NJNG's derivative instruments for the periods set forth below:
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands)2026202520262025
NJNG:
Physical commodity contracts$(3,331)$(5,188)$(3,045)$(18,574)
Financial commodity contracts(9,726)30,038 (14,204)35,977 
Total unrealized and realized (loss) gain$(13,057)$24,850 $(17,249)$17,403 

NJNG and ES had the following outstanding long (short) derivatives as of:
Natural Gas DistributionEnergy Services
Volumes (Bcf)FuturesPhysical CommodityFuturesPhysical Commodity
March 31, 202625.96.93.20.1
September 30, 202536.16.0(4.7)5.5

Not included in the above table are 0.9M SRECs that were open as of both March 31, 2026 and September 30, 2025.

Broker Margin

Futures exchanges have contract specific margin requirements that require the posting of cash or cash equivalents relating to traded contracts. Margin requirements consist of initial margin that is posted upon the initiation of a position, maintenance margin that is usually expressed as a percent of initial margin, and variation margin that fluctuates based on the daily marked-to-market relative to maintenance margin requirements. The Company maintains separate broker margin accounts for NJNG and ES.

The balances by reportable segment are as follows:
(Thousands)Balance Sheet LocationMarch 31,
2026		September 30,
2025
NJNGRestricted broker margin accounts-current assets$5,582 $5,480 
ESRestricted broker margin accounts-current assets$3,229 $3,440 
Restricted broker margin accounts-current liabilities$1,111 $3,949 

Wholesale Credit Risk

NJNG, ES, CEV and S&T are exposed to credit risk as a result of their sales/wholesale marketing activities. As a result of the inherent volatility in the prices of natural gas commodities, derivatives and SRECs, the market value of contractual positions with individual counterparties could exceed established credit limits or collateral provided by those counterparties. If a counterparty fails to perform the obligations under its contract, then the Company could sustain a loss.

The Company monitors and manages the credit risk of its wholesale operations through credit policies and procedures that management believes reduce overall credit risk. These policies include a review and evaluation of current and prospective counterparties' financial statements and/or credit ratings, daily monitoring of counterparties' credit limits and exposure, daily communication with traders regarding credit status and the use of credit mitigation measures, such as collateral requirements and netting agreements. Examples of collateral include letters of credit and cash received for either prepayment or margin deposit. Collateral may be requested due to the Company's election not to extend credit or because exposure exceeds defined thresholds. Most of the Company's wholesale marketing contracts contain standard netting provisions. These contracts include those governed by ISDA and the NAESB. The netting provisions refer to payment netting, whereby receivables and payables with the same counterparty are offset and the resulting net amount is paid to the party to which it is due.
Internally-rated exposure applies to counterparties that are not rated by Fitch or Moody's. In these cases, the counterparty's or guarantor's financial statements are reviewed, and similar methodologies and ratios used by credit rating agencies are applied to arrive at a substitute rating. Gross credit exposure is defined as the unrealized fair value of physical and financial derivative commodity contracts, plus any outstanding wholesale receivable for the value of natural gas delivered and/or financial derivative commodity contract that has settled for which payment has not yet been received.

The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of March 31, 2026. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services.
(Thousands)Gross Credit Exposure
Investment grade$84,631 
Noninvestment grade10,032 
Internally rated investment grade13,496 
Internally rated noninvestment grade23,399 
Total$131,558 

Conversely, certain of NJNG's and ES's derivative instruments are linked to agreements containing provisions that would require cash collateral payments from the Company if certain events occur. These provisions vary based upon the terms in individual counterparty agreements and can result in cash payments if NJNG's credit rating were to fall below its current level. Specifically, most, but not all, of these additional payments will be triggered if NJNG's debt is downgraded by the major credit agencies, regardless of investment grade status. In addition, some of these agreements include threshold amounts that would result in additional collateral payments if the values of derivative liabilities were to exceed the maximum values provided for in relevant counterparty agreements. Other provisions include payment features that are not specifically linked to ratings but are based on certain financial metrics.

Collateral amounts associated with any of these conditions are determined based on a sliding scale and are contingent upon the degree to which the Company's credit rating and/or financial metrics deteriorate, and the extent to which liability amounts exceed applicable threshold limits. Derivative instruments with credit-risk-related contingent features that were in a liability position for which collateral is required were immaterial as of March 31, 2026 and September 30, 2025. These amounts differ from the respective net derivative liabilities reflected on the Unaudited Condensed Consolidated Balance Sheets because the agreements also include clauses, commonly known as “Rights of Offset,” that would permit the Company to offset its derivative assets against its derivative liabilities for determining additional collateral to be posted, as previously discussed.
v3.26.1
FAIR VALUE
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE
6. FAIR VALUE

Fair Value of Assets and Liabilities

The fair value of cash and cash equivalents, accounts receivable, current loans receivable, accounts payable, commercial paper and borrowings under revolving credit facilities are estimated to equal their carrying amounts due to the short maturity of those instruments. Notes receivable and noncurrent loans receivable are recorded based on what the Company expects to receive, which approximates fair value. Noncurrent loans receivable are in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets. The Company regularly evaluates the credit quality and collection profile of its customers to approximate fair value.

The estimated fair value of long-term debt, including current maturities, excluding natural gas meter sale leasebacks, debt issuance costs and solar asset sale leasebacks, is as follows:
(Thousands)March 31,
2026		September 30,
2025
Carrying value (1) (2)
$2,917,845 $2,917,845 
Fair market value$2,561,682 $2,631,512 
(1)Excludes NJNG's debt issuance costs of approximately $11.2M and $11.3M as of March 31, 2026 and September 30, 2025, respectively.
(2)Excludes NJR's debt issuance costs of approximately $2.6M and $2.9M as of March 31, 2026 and September 30, 2025, respectively.
The Company enters into sale leaseback transactions for certain commercial solar assets and natural gas meters. These transactions are recorded within long-term debt on the Unaudited Condensed Consolidated Balance Sheets. The carrying value of solar sale leasebacks was approximately $498.8M and $471.5M and the estimated fair value was approximately $501.9M and $481.4M as of March 31, 2026 and September 30, 2025, respectively. The carrying value of the natural gas meter sale leasebacks was approximately $43.6M and $33.5M and the estimated fair value of certain natural gas meter sale leasebacks amounted to approximately $42.5M and $32.5M as of March 31, 2026 and September 30, 2025, respectively.

The Company utilizes a discounted cash flow method to determine the fair value of its debt. Inputs include observable municipal and corporate yields, as appropriate for the maturity of the specific debt instrument and the Company's credit rating. As of March 31, 2026 and September 30, 2025, the Company discloses its debt within Level 2 of the fair value hierarchy.

Fair Value Hierarchy

The Company applies fair value measurement guidance to its financial assets and liabilities, as appropriate, which include financial derivatives and physical commodity contracts qualifying as derivatives, investments in equity securities and other financial assets and liabilities. In addition, authoritative accounting literature prescribes the use of a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on the source of the data used to develop the price inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following:

Fair Value HierarchyDescription of Fair Value LevelFair Value Technique
Level 1
Unadjusted quoted prices for identical assets or liabilities in active markets
The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM.
Level 2Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services
The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC contracts or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is:
•widely accepted and public;
•non-proprietary and sourced from an independent third party; and
•observable and published.
These additional adjustments are generally not considered to be significant to the ultimate recognized values.

Level 3Inputs derived from a significant amount of unobservable market dataThese include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Assets and liabilities measured at fair value on a recurring basis are summarized as follows:
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(Thousands)(Level 1)(Level 2)(Level 3)Total
As of March 31, 2026
Assets:
Physical commodity contracts$— $4,129 $— $4,129 
Financial commodity contracts7,122 — — 7,122 
Money market funds100,005 — — 100,005 
Other2,404 — — 2,404 
Total assets at fair value$109,531 $4,129 $— $113,660 
Liabilities:
Physical commodity contracts$— $9,224 $— $9,224 
Financial commodity contracts4,160 — — 4,160 
Total liabilities at fair value$4,160 $9,224 $— $13,384 
As of September 30, 2025
Assets:
Physical commodity contracts$— $5,051 $— $5,051 
Financial commodity contracts9,782 — — 9,782 
Money market funds5 — — 5 
Other2,589 — — 2,589 
Total assets at fair value$12,376 $5,051 $— $17,427 
Liabilities:
Physical commodity contracts$— $9,811 $— $9,811 
Financial commodity contracts2,092 — — 2,092 
Total liabilities at fair value$2,092 $9,811 $— $11,903 
v3.26.1
INVESTMENTS IN EQUITY INVESTEES
 6 Months Ended
Mar. 31, 2026
Investments, All Other Investments [Abstract]  
INVESTMENTS IN EQUITY INVESTEES
7. INVESTMENTS IN EQUITY INVESTEES

The Company holds a 50% equity method investment in Steckman Ridge, a jointly owned and controlled natural gas storage facility located in Bedford County, Pennsylvania. The Company's investment in Steckman Ridge was approximately $102.8M and $101.2M as of March 31, 2026 and September 30, 2025, respectively, which includes loans with a total outstanding principal balance of approximately $70.4M for both periods. These loans accrue interest at a variable rate that resets quarterly and are due October 1, 2027.

NJNG and ES have entered into storage and park and loan agreements with Steckman Ridge. See Note 15. Related Party Transactions for more information on these intercompany transactions.
v3.26.1
EARNINGS PER SHARE
 6 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
8. EARNINGS PER SHARE

The following table presents the calculation of the Company's basic and diluted earnings per share for:
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands, except per share amounts)2026202520262025
Net income, as reported$218,912 $204,287 $341,402 $335,606 
Basic earnings per share
Weighted average shares of common stock outstanding-basic100,849 100,291 100,775 100,073 
Basic earnings per common share$2.17$2.04$3.39$3.35
Diluted earnings per common share
Weighted average shares of common stock outstanding-basic100,849 100,291 100,775 100,073 
Incremental shares (1)
633 642 613 632 
Weighted average shares of common stock outstanding-diluted101,482 100,933 101,388 100,705 
Diluted earnings per common share$2.16$2.02$3.37$3.33
(1)Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.
v3.26.1
DEBT
 6 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT
9. DEBT

NJR and NJNG finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program and committed unsecured credit facilities.

Credit Facilities and Short-term Debt

A summary of NJR's credit facility and NJNG's commercial paper program and credit facility is as follows:
At end of period
(Thousands)As of dateTotal
borrowing capacity		Loans outstandingWeighted average interest rateRemaining borrowing capacityExpiration dates
NJR bank revolving credit facility (1)
March 31, 2026$575,000 $150,000 4.90 %$399,726 (2)August 2029
September 30, 2025$575,000 $152,600 5.38 %$401,018 (2)August 2029
NJNG bank revolving credit facility (3)
March 31, 2026$250,000 $— — %$249,269 (4)August 2029
September 30, 2025$250,000 $43,000 4.30 %$206,269 (4)August 2029
(1)Committed credit facility, which requires commitment fees of 0.10% on the unused amount.
(2)Letters of credit outstanding total approximately $25.3M and $21.4M as of March 31, 2026 and September 30, 2025, respectively, which reduces the amount available by the same amount.
(3)Committed credit facility, which requires commitment fees of 0.075% on the unused amount.
(4)Letters of credit outstanding total approximately $0.7M as of both March 31, 2026 and September 30, 2025, which reduces the amount available by the same amount.

Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR Credit Facility.
Long-term Debt

NJNG

NJNG received approximately $15.0M and $11.7M during the six months ended March 31, 2026 and 2025, respectively, in connection with the sale leaseback of its natural gas meters. NJNG records the sale leaseback as a financing obligation for accounting purposes that is paid over the term of the arrangement and has the option to purchase the meters back at fair value upon expiration of the lease.

On April 1, 2026, NJNG remarketed a $15.0M FMB, with an interest rate of 3.75% and a maturity date of April 1, 2059.

Clean Energy Ventures

CEV received proceeds of approximately $49.3M and $25.7M during the six months ended March 31, 2026 and 2025, respectively, in connection with the sale leaseback of commercial solar assets. CEV records the sale leaseback as a financing obligation for accounting purposes and continues to operate the solar assets, including related expenses, retains the revenue generated from RECs and energy sales, and has the option to repurchase the assets sold or renew the lease at the end of the lease term.
v3.26.1
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
10. EMPLOYEE BENEFIT PLANS

Pension and Other Postemployment Benefit Plans

In January 2024, the Company announced changes to its postretirement medical benefits plan that replaced the existing retiree medical coverage for certain eligible employees and their dependents with an employer funded Health Reimbursement Arrangement beginning on January 1, 2025. The liability associated with postretirement medical benefits was remeasured as of January 1, 2024. The change in post-retirement medical benefits is being amortized into earnings over approximately eight years, the average remaining service to retirement for all plan participants.
The components of the net periodic cost for pension benefits, including the Company's Pension Equalization Plan, and OPEB costs (principally health care and life insurance) for employees and covered dependents were as follows:
PensionOPEB
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
March 31,March 31,March 31,March 31,
(Thousands)20262025202620252026202520262025
Service cost$1,244 $1,380 $2,489 $2,761 $272 $273 $544 $546 
Interest cost3,963 3,859 7,927 7,717 2,698 2,097 5,396 4,194 
Expected return on plan assets(6,137)(5,925)(12,274)(11,850)(2,260)(2,347)(4,519)(4,693)
Recognized actuarial loss39 300 77 601 2,796 1,793 5,592 3,586 
Prior service credit amortization— — — — (3,270)(3,270)(6,540)(6,540)
Net periodic benefit (credit) cost$(891)$(386)$(1,781)$(771)$236 $(1,454)$473 $(2,907)

The Company does not expect to make additional contributions to fund the pension plans during fiscal 2026 based on current actuarial assumptions; however, funding requirements are uncertain and can depend significantly on changes in actuarial assumptions, returns on plan assets and changes in the demographics of eligible employees and covered dependents. In addition, as in the past, the Company may elect to make contributions in excess of the minimum required amount to the plans. There were no discretionary contributions made during the six months ended March 31, 2026 and 2025.
v3.26.1
INCOME TAXES
 6 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES
11. INCOME TAXES

ASC Topic 740, Income Taxes requires the use of an estimated annual effective tax rate for purposes of determining the income tax provision during interim reporting periods. In calculating its estimated annual effective tax rate, the Company considers forecasted annual pre-tax income and estimated permanent book versus tax differences. Adjustments to the effective tax rate and management's estimates will occur as information and assumptions change.

Changes in tax laws or tax rates are recognized in the financial reporting period that includes the enactment date, the date on which the act is signed into law. Similarly, the tax effect of unusual or infrequent events and transactions are recognized in the financial reporting period in which they occur. These items are excluded from the calculation of the estimated annual effective tax rate and are reported discretely in each interim reporting period.

NJR evaluates its tax positions to determine the appropriate accounting and recognition of potential future obligations associated with uncertain tax positions. A tax benefit claimed, or expected to be claimed, on a tax return may be recognized only if it is more likely than not that the tax position will be upheld upon examination by the applicable taxing authority and is measured based on the largest tax benefit that is more than 50% likely to be realized. Interest and penalties related to unrecognized tax benefits, if any, are recognized within income tax expense, and accrued interest and penalties are recognized within other noncurrent liabilities on the Unaudited Condensed Consolidated Balance Sheets.

Effective Tax Rate

The estimated annual effective tax rates were 23.0% and 23.2%, for the six months ended March 31, 2026 and 2025, respectively.

To the extent there are discrete tax items that are not included in the estimated annual effective tax rate, the actual reported effective tax rate may differ from the estimated annual effective tax rate. Discrete tax items primarily relate to the vesting of share-based awards during the six months ended March 31, 2026, and income tax effects associated with the sale of the Company’s residential solar energy projects and host customer contracts during the six months ended March 31, 2025. NJR’s effective tax rate was 22.7% and 22.8% during the six months ended March 31, 2026 and 2025, respectively.
Other Tax Items

As of March 31, 2026 and September 30, 2025, the Company has tax credit carryforwards of approximately $97.7M and $149.7M, respectively, which each have a life of 20 years. The Company expects to utilize this entire carryforward prior to expiration, which would begin in fiscal 2036.

As of March 31, 2026 and September 30, 2025, the Company has state income tax net operating losses of approximately $353.9M and $476.1M, respectively. The Company’s state net operating loss carryforwards are subject to varying expiration periods based on the jurisdiction in which they were generated, generally ranging from seven to 20 years, with the majority expiring after 2037. The Company expects to utilize this entire carryforward prior to expiration, except for state income tax attributes for which the Company has a valuation allowance of approximately $0.4M as of both March 31, 2026 and September 30, 2025, for which the Company could not conclude were realizable on a more-likely-than-not basis.

In July 2025, the President of the U.S. signed OBBBA into law, which includes a broad range of tax reform provisions, including extending and modifying certain key provisions of the federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017, and expanding certain incentives under the federal Inflation Reduction Act. OBBBA also modified tax legislation affecting clean energy tax credits and accelerated the phase-out of ITCs. The Company evaluated the provisions of OBBBA and concluded it did not have a material impact on its Unaudited Condensed Consolidated Financial Statements.
v3.26.1
LEASES
 6 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES
12. LEASES

The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company has not entered into any material agreements as of March 31, 2026, in which it is a lessor.

The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters.

Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns.

Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five to 20 years. The Company’s office leases vary in duration, ranging from two to 11 years and may or may not include extension or early purchase options. The Company’s meter lease terms are between seven and 10 years with purchase options available prior to the end of the term. Equipment leases, including general office equipment, also vary in duration, with an average term of ten years. The Company's storage and capacity leases have assumed terms of 50 years to coincide with the expected useful lives of the cavern assets with which the leases are associated. The Company's lease terms may include options to extend, purchase the leased asset or terminate a lease and they are included in the lease liability calculation when it is reasonably certain that those options will be exercised. The Company has elected an accounting policy, which applies to all asset classes, that exempts leases with an original term of one year or less from the recognition requirements of ASC 842, Leases.
The Company has lease agreements with lease and non-lease components and has elected the practical expedient not to separate lease components from the associated non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation.

The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations:
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands)Income Statement Location2026202520262025
Operating lease costOperation and maintenance$2,922 $2,811 $5,776 $5,520 
Finance lease cost
Amortization of right-of-use assetsDepreciation and amortization344 382 726 922 
Interest on lease liabilitiesInterest expense, net of capitalized interest112 157 239 345 
Total finance lease cost456 539 965 1,267 
Variable lease costOperation and maintenance151 154 463 384 
Total lease cost$3,529 $3,504 $7,204 $7,171 

The following table presents supplemental cash flow information related to leases:
Six Months Ended
March 31,
(Thousands)20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$4,425 $4,085 
Operating cash flows for finance leases$239 $345 
Financing cash flows for finance leases$3,155 $4,934 

Operating lease assets obtained in exchange for new or modified operating lease liabilities totaled approximately $0.8M and $5.4M during the three and six months ended March 31, 2026, respectively, and $5.5M during both the three and six months ended March 31, 2025. There were no finance lease assets obtained in exchange for new or modified finance lease liabilities during the three and six months ended March 31, 2026 and 2025.

The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets:
(Thousands)Balance Sheet LocationMarch 31,
2026		September 30,
2025
Noncurrent Assets
Operating lease assetsOperating lease assets$188,223 $185,596 
Finance lease assetsUtility plant23,676 24,402 
Total lease assets$211,899 $209,998 
Current Liabilities
Operating lease liabilitiesOperating lease liabilities$5,168 $4,388 
Finance lease liabilitiesCurrent maturities of long-term debt4,614 5,568 
Noncurrent Liabilities
Operating lease liabilitiesOperating lease liabilities163,048 159,131 
Finance lease liabilitiesLong-term debt8,164 10,366 
Total lease liabilities$180,994 $179,453 

For operating lease assets and liabilities, the weighted average remaining lease term was 28.0 years and 28.4 years and the weighted average discount rate used in the valuation over the remaining lease term was 4.1% and 4.0% as of March 31, 2026 and September 30, 2025, respectively. For finance lease assets and liabilities, the weighted average remaining lease term was 2.1 years and 2.4 years as of March 31, 2026 and September 30, 2025, respectively, and the weighted average discount rate used in the valuation over the remaining lease term was 3.4% as of both March 31, 2026 and September 30, 2025.
LEASES
12. LEASES

The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company has not entered into any material agreements as of March 31, 2026, in which it is a lessor.

The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters.

Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns.

Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five to 20 years. The Company’s office leases vary in duration, ranging from two to 11 years and may or may not include extension or early purchase options. The Company’s meter lease terms are between seven and 10 years with purchase options available prior to the end of the term. Equipment leases, including general office equipment, also vary in duration, with an average term of ten years. The Company's storage and capacity leases have assumed terms of 50 years to coincide with the expected useful lives of the cavern assets with which the leases are associated. The Company's lease terms may include options to extend, purchase the leased asset or terminate a lease and they are included in the lease liability calculation when it is reasonably certain that those options will be exercised. The Company has elected an accounting policy, which applies to all asset classes, that exempts leases with an original term of one year or less from the recognition requirements of ASC 842, Leases.
The Company has lease agreements with lease and non-lease components and has elected the practical expedient not to separate lease components from the associated non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation.

The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations:
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands)Income Statement Location2026202520262025
Operating lease costOperation and maintenance$2,922 $2,811 $5,776 $5,520 
Finance lease cost
Amortization of right-of-use assetsDepreciation and amortization344 382 726 922 
Interest on lease liabilitiesInterest expense, net of capitalized interest112 157 239 345 
Total finance lease cost456 539 965 1,267 
Variable lease costOperation and maintenance151 154 463 384 
Total lease cost$3,529 $3,504 $7,204 $7,171 

The following table presents supplemental cash flow information related to leases:
Six Months Ended
March 31,
(Thousands)20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$4,425 $4,085 
Operating cash flows for finance leases$239 $345 
Financing cash flows for finance leases$3,155 $4,934 

Operating lease assets obtained in exchange for new or modified operating lease liabilities totaled approximately $0.8M and $5.4M during the three and six months ended March 31, 2026, respectively, and $5.5M during both the three and six months ended March 31, 2025. There were no finance lease assets obtained in exchange for new or modified finance lease liabilities during the three and six months ended March 31, 2026 and 2025.

The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets:
(Thousands)Balance Sheet LocationMarch 31,
2026		September 30,
2025
Noncurrent Assets
Operating lease assetsOperating lease assets$188,223 $185,596 
Finance lease assetsUtility plant23,676 24,402 
Total lease assets$211,899 $209,998 
Current Liabilities
Operating lease liabilitiesOperating lease liabilities$5,168 $4,388 
Finance lease liabilitiesCurrent maturities of long-term debt4,614 5,568 
Noncurrent Liabilities
Operating lease liabilitiesOperating lease liabilities163,048 159,131 
Finance lease liabilitiesLong-term debt8,164 10,366 
Total lease liabilities$180,994 $179,453 

For operating lease assets and liabilities, the weighted average remaining lease term was 28.0 years and 28.4 years and the weighted average discount rate used in the valuation over the remaining lease term was 4.1% and 4.0% as of March 31, 2026 and September 30, 2025, respectively. For finance lease assets and liabilities, the weighted average remaining lease term was 2.1 years and 2.4 years as of March 31, 2026 and September 30, 2025, respectively, and the weighted average discount rate used in the valuation over the remaining lease term was 3.4% as of both March 31, 2026 and September 30, 2025.
v3.26.1
COMMITMENTS AND CONTINGENT LIABILITIES
 6 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENT LIABILITIES
13. COMMITMENTS AND CONTINGENT LIABILITIES

Cash Commitments

NJNG has entered into long-term contracts, expiring at various dates through July 2039, for the supply, transportation and storage of natural gas. These contracts include annual fixed charges of approximately $126.3M at current contract rates and volumes for the remainder of the fiscal year, which are recoverable through BGSS.

For the purpose of securing storage and pipeline capacity, ES enters into storage and pipeline capacity contracts, which require the payment of certain demand charges by ES to maintain the ability to access such natural gas storage or pipeline capacity, during a fixed time period, which generally ranges from one to 10 years. Demand charges are established by interstate storage and pipeline operators and are regulated by FERC. These demand charges represent commitments to pay storage providers or pipeline companies for the right to store and/or transport natural gas utilizing their respective assets.

Commitments as of March 31, 2026, for natural gas purchases and future demand fees for the next five fiscal year periods are as follows:
(Thousands)20262027202820292030Thereafter
ES:
Natural gas purchases$28,537 $3,711 $— $— $— $— 
Storage demand fees8,057 14,807 10,330 4,375 4,375 5,788 
Pipeline demand fees22,275 47,541 40,306 14,525 13,064 44,703 
Sub-total ES$58,869 $66,059 $50,636 $18,900 $17,439 $50,491 
NJNG:
Natural gas purchases$15,684 $— $— $— $— $— 
Storage demand fees21,697 40,150 24,356 7,394 2,457 — 
Pipeline demand fees104,583 209,341 136,907 117,244 114,226 754,284 
Sub-total NJNG$141,964 $249,491 $161,263 $124,638 $116,683 $754,284 
Total$200,833 $315,550 $211,899 $143,538 $134,122 $804,775 

Certain pipeline demand fees totaling approximately $4.0M per year, for which ES is the responsible party, are being paid for by the counterparty to a capacity release transaction, which began in November 2021, for a period of 10 years.

Guarantees

As of March 31, 2026, there were NJR guarantees covering approximately $151.5M of ES’s natural gas purchases and demand fee commitments not yet reflected in accounts payable on the Unaudited Condensed Consolidated Balance Sheets.

Legal Proceedings

Manufactured Gas Plant Remediation

NJNG is responsible for the remedial cleanup of certain former MGP sites, dating back to gas operations in the late 1800s and early 1900s, which contain contaminated residues from former gas manufacturing operations. NJNG is currently involved in administrative proceedings with the NJDEP and is participating in various studies and investigations by outside consultants, to determine the nature and extent of any such contaminated residues and to develop appropriate programs of remedial action, where warranted, under NJDEP regulations.

NJNG periodically, and at least annually, performs an environmental review of former MGP sites located in Atlantic Highlands, Berkeley, Long Branch, Manchester, Toms River, Freehold and Aberdeen, New Jersey, including a review of potential liability for investigation and remedial action. NJNG estimated at the time of the most recent review that total future expenditures at the former MGP sites for which it is responsible, including potential liabilities for natural resource damages that might be brought by the NJDEP for alleged injury to groundwater or other natural resources concerning these sites, will range from approximately $144.3M to $200.2M. NJNG’s estimate of these liabilities is based upon known facts, existing technology and enacted laws and regulations in place when the review was completed.
Where it is probable that costs will be incurred, and the information is sufficient to establish a range of possible liability, NJNG accrues the most likely amount in the range. If no point within the range is more likely than the other, it is NJNG’s policy to accrue the lower end of the range. Accordingly, as of March 31, 2026, NJNG recorded a MGP remediation liability and a corresponding regulatory asset of approximately $166.1M on the Unaudited Condensed Consolidated Balance Sheets based on the most likely amount. The actual costs to be incurred by NJNG are dependent upon several factors, including final determination of remedial action, changing technologies and governmental regulations, the ultimate ability of other responsible parties to pay and insurance recoveries, if any.

NJNG recovers its remediation expenditures, including carrying costs, over rolling seven-year periods pursuant to a RAC approved by the BPU. As of March 31, 2026, approximately $61.2M of previously incurred remediation costs, net of recoveries from customers and insurance proceeds, are included in regulatory assets on the Unaudited Condensed Consolidated Balance Sheets. NJNG will continue to seek recovery of MGP-related costs through the RAC. If any future regulatory position indicates that the recovery of such costs is not probable, the related non-recoverable costs would be charged to income in the period of such determination.

General

The Company is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory and arbitration proceedings relating to matters that arise in the ordinary course of business. In view of the inherent difficulty of predicting the outcome of litigation matters, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, the Company cannot state with confidence what the eventual outcome of the pending litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, the Company establishes accruals for litigation for those matters that present loss contingencies as to which it is both probable that a loss will be incurred and the amount of such loss can be reasonably estimated. The Company also discloses contingent matters for which there is a reasonable possibility of a loss. Based upon currently available information, the Company believes that the results of litigation that are currently pending, taken together, will not have a materially adverse effect on the Company’s financial condition, results of operations or cash flows. The actual results of resolving the pending litigation matters may be substantially different than the amounts accrued.

The foregoing statements about the Company’s litigation are based upon the Company’s judgments, assumptions and estimates and are necessarily subjective and uncertain. The Company has a number of threatened and pending litigation matters at various stages.
v3.26.1
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.
v3.26.1
RELATED PARTY TRANSACTIONS
 6 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
15. RELATED PARTY TRANSACTIONS

In April 2020, NJNG entered into a five-year agreement for 3 Bcf of firm storage capacity with Steckman Ridge, which expired in March 2025. In March 2025, NJNG entered into a two-year agreement for 3 Bcf of firm storage capacity with Steckman Ridge, which expires on March 31, 2027. Under the terms of the new agreement, NJNG incurs demand fees, at market rates, of approximately $6.5M annually, a portion of which is eliminated in consolidation. These fees are recoverable through NJNG’s BGSS mechanism and are included as a component of regulatory assets.

ES may periodically enter into storage or park and loan agreements with Steckman Ridge. As of March 31, 2026, ES entered into transactions with Steckman Ridge for varying terms, all of which expire by March 31, 2027.

Demand fees, net of eliminations, associated with Steckman Ridge were as follows:
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands)2026202520262025
NJNG$1,059 $1,486 $2,141 $3,010 
ES183 180 378 374 
Total$1,242 $1,666 $2,519 $3,384 

The following table summarizes demand fees payable to Steckman Ridge as of:
(Thousands)March 31,
2026		September 30,
2025
NJNG$540 $540 
ES101 101 
Total$641 $641 
NJNG entered into two transportation agreements with Adelphia, each for committed capacity of 130,000 Dths per day. The first is for five years in Zone South with an expiration date of August 8, 2027, and the second is for 15 years in Zone North with an expiration date of October 31, 2038.

NJNG and CEV entered into a 15-year sublease and PPA related to an onsite solar array and the related energy output at the Company’s headquarters in Wall, New Jersey, with an expiration date of March 1, 2036, the effects of which are immaterial to the Unaudited Condensed Consolidated Financial Statements.

NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, each with an expiration date of July 1, 2037, the effects of which are eliminated in consolidation.

NJNG and CEV entered into a 20-year sublease and PPA related to an onsite solar array and the related energy output at the Company’s liquefied natural gas plant in Howell, New Jersey, with an expiration date of June 1, 2042, the effects of which are immaterial to the Unaudited Condensed Consolidated Financial Statements.

The intercompany profits for certain transactions between NJNG and ES and NJNG and Adelphia are not eliminated in accordance with ASC 980, Regulated Operations.
v3.26.1
DISPOSITIONS
 6 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
DISPOSITIONS
16. DISPOSITIONS

In November 2024, CEV completed the sale of its residential solar portfolio to a third party, which primarily included residential solar energy projects and host customer contracts, for a purchase price of $132.5M. The transaction also included a post-closing working capital adjustment and was subject to a transition services agreement.

CEV had certain residential solar energy projects under contract and in various stages of development that were transferred to the buyer once the assets became operational. The transfer of these projects commenced in January 2025 and continued throughout fiscal 2025. As of September 30, 2025, CEV received approximately $4.7M related to the transfer of these assets. There were no projects transferred during the three and six months ended March 31, 2026.

During the three and six months ended March 31, 2025, the Company recognized a pre-tax gain on sale of assets of approximately $0.7M and $55.5M, respectively, on the Unaudited Condensed Consolidated Statements of Operations. There was no activity during the three and six months ended March 31, 2026.

Also, in connection with the sale, CEV entered into an agreement with the buyer to leaseback certain residential solar energy projects that have not yet passed the fifth anniversary of their placed-in-service dates. The assets are subject to leaseback until the fifth anniversary of the applicable placed-in-service date of the project. The impact of these transactions is considered immaterial to the Company’s Unaudited Condensed Consolidated Financial Statements.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Consolidation
The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and GAAP. The September 30, 2025 Balance Sheet data is derived from the audited financial statements of the Company. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's 2025 Annual Report on Form 10-K.

The Unaudited Condensed Consolidated Financial Statements include the accounts of NJR and its subsidiaries. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair presentation of the results of the interim periods presented. These adjustments are of a normal and recurring nature. Because of the seasonal nature of the Company's utility and wholesale energy services operations, in addition to other factors, the financial results for the interim periods presented are not indicative of the results that are to be expected for the fiscal year ending September 30, 2026. Intercompany transactions and accounts have been eliminated.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period. On a quarterly basis, or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation and the fair value of derivative instruments and debt. Asset retirement obligations are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies. When evaluating the potential for a loss, the Company will establish a reserve if a loss is probable and can be reasonably estimated, in which case it is the Company’s policy to accrue the full amount of such estimates. Where the information is sufficient only to establish a range of probable liability, and no point within the range is more likely than any other, it is the Company’s policy to accrue the lower end of the range. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates.
Revenues
Revenues

Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer after the last meter reading through the end of the respective accounting period is estimated, and NJNG recognizes unbilled revenues related to these amounts. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects, unaccounted-for natural gas and the most current tariff rates.

CEV recognizes revenue when SRECs are transferred to counterparties. SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules. The SREC program closed to all new solar projects in April 2020.

TRECs provide a fixed compensation base multiplied by an assigned project factor in order to determine their value. The project factor is determined by the type and location of the project, as defined.

The ADI Program provides administratively set incentives for net metered projects of 5 MW or less. The CSI program is open to qualifying grid supply solar facilities, non-residential net metered solar installations with a capacity greater than 5 MW, and eligible grid supply solar facilities installed in combination with energy storage. RECs generated through the production of electricity under these programs are known as SREC IIs.

TRECs and SREC IIs generated are required to be purchased monthly by a REC program administrator as appointed by the BPU. Revenue for TRECs and SREC IIs are recognized upon generation and are transferred monthly based upon metered solar electricity activity.

Revenues for ES are recognized when the natural gas is physically delivered to the customer. In addition, changes in the fair value of derivatives that economically hedge the forecasted sales of the natural gas are recognized in operating revenues as they occur. ES also recognizes changes in the fair value of SREC derivative contracts for forward sales as a component of operating revenues.

ES has a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts. The AMAs include a series of temporary and permanent releases, and revenue under these agreements is recognized as the performance obligations are satisfied. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed-upon term. For permanent releases of pipeline capacity, which represent a transfer of contractual rights for such capacity, revenue is recognized upon the transfer of the underlying contractual rights. ES recognized operating revenue of approximately $4.9M during both the three months ended March 31, 2026 and 2025, and approximately $9.9M during both the six months ended March 31, 2026 and 2025, related to the AMAs on the Unaudited Condensed Consolidated Statements of Operations. Amounts received in excess of revenue recognized totaling approximately $61.3M and $36.8M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025, respectively.

S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed.

Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts

The Company segregates financial assets, primarily trade receivables and unbilled revenues due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, such as unemployment rates among others.
Loans and Notes Receivable
Loans and Notes Receivable
NJNG currently provides loans, with terms ranging from five to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program. The loans are recognized at fair value on the Unaudited Condensed Consolidated Balance Sheets.
Software Costs
Software Costs
The Company capitalizes certain costs, such as software design and configuration, coding, testing and installation, that are incurred to purchase or create and implement computer software for internal use. Capitalized costs include external costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Maintenance costs are expensed as incurred. Upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Amortization is recorded on the straight-line basis over the estimated useful lives.
Sale Leasebacks
Sale Leasebacks

NJNG utilizes sale leaseback arrangements as a financing mechanism to fund certain of its capital expenditures related to natural gas meters, whereby the physical asset is sold concurrent with an agreement to lease the asset back. These agreements include options to renew the lease or repurchase the asset at the end of the term. As NJNG retains control of the natural gas meters, these arrangements do not qualify as a sale. Proceeds from sale leaseback transactions are accounted for as financing arrangements and are included in long-term debt on the Unaudited Condensed Consolidated Balance Sheets.

In addition, for certain of its commercial solar energy projects, the Company enters into lease agreements that provide for the sale of commercial solar energy assets to third parties and the concurrent leaseback of the assets. For sale leaseback transactions where the Company has concluded that the arrangement does not qualify as a sale as the Company retains control of the underlying assets, the Company uses the financing method to account for the transaction. Under the financing method, the Company recognizes the proceeds received from the buyer-lessor that constitute a payment to acquire the solar energy asset as a financing arrangement, which is recorded as a component of debt on the Unaudited Condensed Consolidated Balance Sheets.

The Company continues to operate its solar assets and is responsible for related expenses and entitled to retain the revenue generated from RECs and energy sales. ITCs and other tax attributes associated with these solar projects transfer to the buyer; however, the payments are structured so that CEV is compensated for the transfer of the related tax attributes. Accordingly, CEV recognizes the equivalent value of the tax attributes in other income on the Unaudited Condensed Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease. See Note 9. Debt for more details regarding sale leaseback transactions recorded as financing arrangements.
Reclassification
Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation.
Recently Adopted Updates to the Accounting Standards Codification and Other Recent Updates to the Accounting Standards Codification
Recently Adopted Updates to the Accounting Standards Codification

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, an amendment to ASC 740, Income Taxes, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. It will provide investors more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance became effective for the Company on October 1, 2025, for the first annual period, and can be applied either prospectively or retrospectively. As the amendments in this update only impact disclosures, there will be no impact on the Company’s financial position, results of operations, and cash flows upon adoption.
Other Recent Updates to the Accounting Standards Codification

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, an amendment to ASC 220, Income Statement Reporting, which requires more detailed information about specified categories of expenses included in certain captions presented on the face of the income statement. The guidance becomes effective for the Company on October 1, 2027, for the first annual period and on October 1, 2028, for the interim periods. The Company can elect to apply it either prospectively or retrospectively to all periods presented, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its disclosures upon adoption.

Internal-Use Software

In September 2025, the FASB issued ASU No. 2025-06, an amendment to ASC 350, Intangibles—Goodwill and Other, which simplifies the capitalization guidance as it relates to Internal-Use Software by removing all references to project stages and clarifying the threshold to apply to begin capitalizing costs. The guidance becomes effective for the Company on October 1, 2028. The Company can elect to apply it prospectively, retrospectively or through a modified transition approach, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its financial position, results of operations and cash flows upon adoption.

Government Grants

In December 2025, the FASB issued ASU No. 2025-10, an amendment to ASC 832, Government Grants, which adds guidance on the recognition, measurement, and presentation of government grants. The guidance becomes effective for the Company on October 1, 2029. The Company can elect to apply it retrospectively, or through a modified prospective or retrospective transition approach, with early adoption permitted. The Company is currently evaluating the amendment to understand the impacts on its financial position, results of operations and cash flows upon adoption.
Derivative Instruments
The Company is subject primarily to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments. In addition, the Company is exposed to interest rate risk and may utilize derivatives to reduce exposure to fluctuations in interest rates. These contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, financial and certain of the Company's physical contracts are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value.

Energy Services

ES chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of operating expenses or operating revenues, as appropriate for ES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For ES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either operating expenses or operating revenues.

As a result of ES entering into transactions to borrow natural gas, commonly referred to as “park and loans,” an embedded derivative is recognized relating to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed natural gas is expected to occur and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings.

Expected production of SRECs are hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. ES recognizes changes in the fair value of these derivatives as a component of operating revenues. For SRECs that are acquired by ES, changes in the fair value of these derivatives are reported as a component of operating expenses. Upon settlement of these contracts, the related revenue or expense is recognized when the SREC is transferred to the counterparty or acquired by ES, respectively.
Natural Gas Distribution

Changes in fair value of NJNG's financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. NJNG does not currently elect NPNS on any of its physical commodity derivatives. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect to treat certain contracts as normal. Because NJNG recovers these amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG’s tariff for natural gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets.

Clean Energy Ventures

The Company elects NPNS accounting treatment on PPA contracts executed by CEV that meet the definition of a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense to do so, the Company can and may elect to treat certain contracts as normal.
Offsetting of Derivatives

The Company transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty. However, the Company’s policy is to present its derivative assets and liabilities on a gross basis at the contract level unit of account on the Unaudited Condensed Consolidated Balance Sheets.
Fair Value Hierarchy
Fair Value Hierarchy

The Company applies fair value measurement guidance to its financial assets and liabilities, as appropriate, which include financial derivatives and physical commodity contracts qualifying as derivatives, investments in equity securities and other financial assets and liabilities. In addition, authoritative accounting literature prescribes the use of a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on the source of the data used to develop the price inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following:

Fair Value HierarchyDescription of Fair Value LevelFair Value Technique
Level 1
Unadjusted quoted prices for identical assets or liabilities in active markets
The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM.
Level 2Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services
The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC contracts or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is:
•widely accepted and public;
•non-proprietary and sourced from an independent third party; and
•observable and published.
These additional adjustments are generally not considered to be significant to the ultimate recognized values.

Level 3Inputs derived from a significant amount of unobservable market dataThese include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Lessee Accounting
The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. After the criteria are satisfied, the Company accounts for these arrangements as leases in accordance with ASC 842, Leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Company is the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company has not entered into any material agreements as of March 31, 2026, in which it is a lessor.

The Company’s lease agreements primarily consist of commercial solar land leases, storage and capacity leases, equipment and real property, including land and office facilities, office equipment and the sale leaseback of certain natural gas meters.

Certain leases contain escalation provisions for inflation metrics. The storage leases contain a variable payment component that relates to the change in the inflation metrics that are not known past the current payment period. The variable components of these lease payments are excluded from the lease payments that are used to determine the related right-of-use lease asset and liability. The variable portion of these leases are recognized as leasing expenses when they are incurred. The capacity lease payments are fully variable and based on the amount of natural gas stored in the storage caverns.

Generally, the Company’s solar land lease terms are between 20 and 50 years and may include multiple options to extend the terms for an additional five to 20 years. The Company’s office leases vary in duration, ranging from two to 11 years and may or may not include extension or early purchase options. The Company’s meter lease terms are between seven and 10 years with purchase options available prior to the end of the term. Equipment leases, including general office equipment, also vary in duration, with an average term of ten years. The Company's storage and capacity leases have assumed terms of 50 years to coincide with the expected useful lives of the cavern assets with which the leases are associated. The Company's lease terms may include options to extend, purchase the leased asset or terminate a lease and they are included in the lease liability calculation when it is reasonably certain that those options will be exercised. The Company has elected an accounting policy, which applies to all asset classes, that exempts leases with an original term of one year or less from the recognition requirements of ASC 842, Leases.
The Company has lease agreements with lease and non-lease components and has elected the practical expedient not to separate lease components from the associated non-lease components for certain classes of leases, such as office buildings, solar land leases and office equipment. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. In July 2021, NJNG entered into 16-year lease agreements, as Lessor, with various NJR subsidiaries, as Lessees, for office space at the Company’s headquarters in Wall, New Jersey, the effects of which are eliminated in consolidation.
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Restricted Cash
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows:
(Thousands)March 31,
2026		September 30,
2025		March 31,
2025
Balance Sheet
Cash and cash equivalents$125,284 $591 $83,708 
Restricted cash in other noncurrent assets$1,158 $1,058 $983 
Statements of Cash Flow
Cash, cash equivalents and restricted cash$126,442 $1,649 $84,691 
Schedule of Natural Gas in Storage
The following table summarizes natural gas in storage, at average cost by segment as of:
March 31, 2026September 30, 2025
($ in thousands)Natural Gas in StorageBcfNatural Gas in StorageBcf
NJNG$42,487 6.8 $184,099 30.8 
ES16,788 5.2 30,686 13.2 
S&T1,259 0.4 1,051 0.3 
Total$60,534 12.4 $215,836 44.3 
Schedule of Software Costs Included in the Consolidated Financial Statements
The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements:
(Thousands)March 31,
2026		September 30,
2025
Balance Sheets
Utility plant, at cost$134,817 $132,868 
Construction work in progress$109,174 $87,274 
Nonutility plant and equipment, at cost$344 $344 
Accumulated depreciation and amortization, utility plant$(31,418)$(24,906)
Accumulated depreciation and amortization, nonutility plant and equipment$(85)$(70)
Software costs$11,195 $11,151 

Three Months EndedSix Months Ended
March 31,March 31,
Statements of Operations2026202520262025
Operation and maintenance$323 $1,151 $516 $3,887 
Depreciation and amortization$3,130 $3,128 $6,527 $5,543 
Schedule of Accumulated Other Comprehensive Loss
The following table presents the changes in the components of accumulated other comprehensive loss, net of related tax effects during the three months ended March 31, 2026 and 2025:
(Thousands)Cash Flow HedgesPostemployment Benefit ObligationTotal
Balance as of December 31, 2025$(4,899)$(6,306)$(11,205)
Other comprehensive income (loss), net of tax
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(80), $2, $(78), respectively
262 (4)(1)258 
Balance as of March 31, 2026$(4,637)$(6,310)$(10,947)
Balance as of December 31, 2024$(5,952)$(501)$(6,453)
Other comprehensive income (loss), net of tax
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(80), $58 and $(22), respectively
263 (196)(1)67 
Balance as of March 31, 2025$(5,689)$(697)$(6,386)
(1)Included in the computation of net periodic pension cost, a component of O&M on the Unaudited Condensed Consolidated Statements of Operations.

The following table presents the changes in the components of accumulated other comprehensive loss, net of related tax effects during the six months ended March 31, 2026 and 2025:
(Thousands)Cash Flow HedgesPostemployment Benefit ObligationTotal
Balance as of September 30, 2025$(5,163)$(6,300)$(11,463)
Other comprehensive income (loss), net of tax
Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $(159), $3 and $(156), respectively
526 (10)(1)516 
Balance as of March 31, 2026$(4,637)$(6,310)$(10,947)
Balance as of September 30, 2024$(6,215)$(306)$(6,521)
Other comprehensive income (loss), net of tax
Amounts reclassified from accumulated other comprehensive income (loss) net of tax of $(159), $116 and $(43), respectively
526 (391)(1)135 
Balance as of March 31, 2025$(5,689)$(697)$(6,386)
(1)Included in the computation of net periodic pension cost, a component of O&M on the Unaudited Condensed Consolidated Statements of Operations.
v3.26.1
REVENUE (Tables)
 6 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Performance Obligation, Recognition Period
Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reportable segment and other business operations:

Revenue Recognized Over Time:
Segment/
Operations		Performance ObligationDescription
NJNGNatural gas utility sales
NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated.

Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer.
CEVCommercial solar electricity
CEV operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated.

Revenue is recognized as invoiced and the payment is due each month for the previous month's services.
Revenue Recognized Over Time (continued):
Segment/
Operations		Performance ObligationDescription
CEVRenewable energy certificates
Certain CEV projects generate TRECs and SREC IIs under the established ADI & CSI Programs. A TREC or SREC II is created for every MWh of electricity produced by a solar generator. The performance obligation of CEV is to generate electricity. TRECs and SREC IIs under the ADI & CSI Programs are purchased monthly by a REC Administrator.

Revenue is recognized upon generation.
ESNatural gas services
The performance obligation of ES is to provide the customer transportation, storage and asset management services on an as-needed basis. ES generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations.

Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. ES invoices customers in line with the terms of the contract and based on the services provided. Payment is due upon receipt of the invoice. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term.
S&T
Natural gas services
The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from firm storage contracts and transportation contracts, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of its service as it is performed on their behalf using an output method based on actual deliveries.

Demand fees are recognized as revenue over the term of the related agreement.
HSOService contracts
Home Services enters into service contracts with homeowners to provide maintenance and replacement of applicable heating, cooling or ventilation equipment. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract.

Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice.
Revenue Recognized at a Point in Time:
ESNatural gas services
For a permanent release of pipeline capacity, the performance obligation of ES is the release of the pipeline capacity associated with certain natural gas transportation contracts and the transfer of the underlying contractual rights to the counterparty.

Revenue is recognized upon the transfer of the underlying contractual rights.
S&T
Natural gas services
The performance obligation of S&T is to provide the customer with storage and transportation services. S&T generates revenues from usage fees and hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling.

Usage fees and hub services revenues are recognized as services are performed.
HSOInstallationsHome Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators for customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed.

The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.
Schedule of Disaggregation of Revenue
Disaggregated revenues from contracts with customers by product line and by reportable segment and other business operations during the three months ended March 31, 2026 and 2025, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2026
Natural gas utility sales (1)
$574,822 — — — — $574,822 
Natural gas services— — 13,491 29,434 — 42,925 
Service contracts— — — — 9,528 9,528 
Installations and maintenance— — — — 5,430 5,430 
Renewable energy certificates— 3,380 — — — 3,380 
Electricity sales— 5,503 — — — 5,503 
Eliminations (2)
(238)— — — — (238)
Revenues from contracts with customers574,584 8,883 13,491 29,434 14,958 641,350 
Alternative revenue programs (3)
(24,299)— — — — (24,299)
Derivative instruments90,637 1,049 (4)230,664 — — 322,350 
Revenues out of scope66,338 1,049 230,664 — — 298,051 
Total operating revenues$640,922 9,932 244,155 29,434 14,958 $939,401 
2025
Natural gas utility sales (1)
$509,451 — — — — $509,451 
Natural gas services— — 11,890 25,307 — 37,197 
Service contracts— — — — 9,270 9,270 
Installations and maintenance— — — — 5,848 5,848 
Renewable energy certificates— 2,866 — — — 2,866 
Electricity sales— 4,967 — — — 4,967 
Eliminations (2)
(306)— — 1 (95)(400)
Revenues from contracts with customers509,145 7,833 11,890 25,308 15,023 569,199 
Alternative revenue programs (3)
(20,145)— — — — (20,145)
Derivative instruments129,339 134 (4)234,500 — — 363,973 
Revenues out of scope109,194 134 234,500 — — 343,828 
Total operating revenues$618,339 7,967 246,390 25,308 15,023 $913,027 
(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.
(2)Consists of transactions between subsidiaries that are eliminated in consolidation.
(3)Includes CIP revenue.
(4)Includes SREC revenue.
Disaggregated revenues from contracts with customers by product line and by reportable segment and other business operations during the six months ended March 31, 2026 and 2025, are as follows:

(Thousands)NJNGCEVESS&THSOTotal
2026
Natural gas utility sales (1)
$949,680 — — — — $949,680 
Natural gas services— — 26,331 57,514 — 83,845 
Service contracts— — — — 18,983 18,983 
Installations and maintenance— — — — 11,981 11,981 
Renewable energy certificates— 7,117 — — — 7,117 
Electricity sales— 11,118 — — — 11,118 
Eliminations (2)
(475)— — — — (475)
Revenues from contracts with customers949,205 18,235 26,331 57,514 30,964 1,082,249 
Alternative revenue programs (3)
(50,555)— — — — (50,555)
Derivative instruments152,173 23,457 (4)336,931 — — 512,561 
Revenues out of scope101,618 23,457 336,931 — — 462,006 
Total operating revenues$1,050,823 41,692 363,262 57,514 30,964 $1,544,255 
2025
Natural gas utility sales (1)
$805,853 — — — — $805,853 
Natural gas services— — 23,837 51,935 — 75,772 
Service contracts— — — — 18,502 18,502 
Installations and maintenance— — — — 12,410 12,410 
Renewable energy certificates— 5,762 — — — 5,762 
Electricity sales— 10,793 — — — 10,793 
Eliminations (2)
(643)— — (41)(256)(940)
Revenues from contracts with customers805,210 16,555 23,837 51,894 30,656 928,152 
Alternative revenue programs (3)
(25,536)— — — — (25,536)
Derivative instruments172,093 17,818 (4)308,861 — — 498,772 
Revenues out of scope146,557 17,818 308,861 — — 473,236 
Total operating revenues$951,767 34,373 332,698 51,894 30,656 $1,401,388 
(1)Includes building rent related to the Wall headquarters, which is eliminated in consolidation.
(2)Consists of transactions between subsidiaries that are eliminated in consolidation.
(3)Includes CIP revenue.
(4)Includes SREC revenue.
Disaggregated revenues from contracts with customers by customer type and by reportable segment and other business operations during the three months ended March 31, 2026 and 2025, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2026
Residential$444,413 — — — 14,928 $459,341 
Commercial and industrial84,260 8,883 13,491 29,434 30 136,098 
Firm transportation43,841 — — — — 43,841 
Interruptible, off-tariff and other2,070 — — — — 2,070 
Revenues out of scope66,338 1,049 230,664 — — 298,051 
Total operating revenues$640,922 9,932 244,155 29,434 14,958 $939,401 
2025
Residential$392,100 — — — 14,980 $407,080 
Commercial and industrial73,496 7,833 11,890 25,308 43 118,570 
Firm transportation42,408 — — — — 42,408 
Interruptible, off-tariff and other1,141 — — — — 1,141 
Revenues out of scope109,194 134 234,500 — — 343,828 
Total operating revenues$618,339 7,967 246,390 25,308 15,023 $913,027 

Disaggregated revenues from contracts with customers by customer type and by reportable segment and other business operations during the six months ended March 31, 2026 and 2025, are as follows:
(Thousands)NJNGCEVESS&THSOTotal
2026
Residential$728,514 — — — 30,909 $759,423 
Commercial and industrial137,701 18,235 26,331 57,514 55 239,836 
Firm transportation78,518 — — — — 78,518 
Interruptible, off-tariff and other4,472 — — — — 4,472 
Revenues out of scope101,618 23,457 336,931 — — 462,006 
Total operating revenues$1,050,823 41,692 363,262 57,514 30,964 $1,544,255 
2025
Residential$615,919 2,110 — — 30,524 $648,553 
Commercial and industrial115,301 14,445 23,837 51,894 132 205,609 
Firm transportation69,733 — — — — 69,733 
Interruptible, off-tariff and other4,257 — — — — 4,257 
Revenues out of scope146,557 17,818 308,861 — — 473,236 
Total operating revenues$951,767 34,373 332,698 51,894 30,656 $1,401,388 
Schedule of Expected Timing of Performance
The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Unaudited Condensed Consolidated Balance Sheets during the six months ended March 31, 2026 and 2025, are as follows:
Customer Accounts ReceivableCustomers' Credit
(Thousands)BilledUnbilledBalances and Deposits
Balance as of September 30, 2025$109,366 $24,194 $31,297 
Increase (decrease)181,686 54,817 (8,353)
Balance as of March 31, 2026$291,052 $79,011 $22,944 
Balance as of September 30, 2024$105,531 $20,094 $38,595 
Increase (decrease)157,720 53,531 (15,746)
Balance as of March 31, 2025$263,251 $73,625 $22,849 
Schedule of Performance Obligation, in Excess of Billings
The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025:
(Thousands)NJNGCEVESS&THSOTotal
March 31, 2026
Customer accounts receivable
Billed$247,580 5,640 28,513 7,793 1,526 $291,052 
Unbilled70,568 8,443 — — — 79,011 
Customers' credit balances and deposits(22,915)— — (29)— (22,944)
Total$295,233 14,083 28,513 7,764 1,526 $347,119 
September 30, 2025
Customer accounts receivable
Billed$75,789 6,818 17,483 8,172 1,104 $109,366 
Unbilled14,817 9,377 — — — 24,194 
Customers' credit balances and deposits(31,257)— — (40)— (31,297)
Total$59,349 16,195 17,483 8,132 1,104 $102,263 
v3.26.1
REGULATION (Tables)
 6 Months Ended
Mar. 31, 2026
Regulated Operations [Abstract]  
Schedule of Regulatory Assets
Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following:
(Thousands)March 31,
2026		September 30,
2025
Regulatory assets-current
New Jersey Clean Energy Program$6,930 $17,171 
Conservation Incentive Program— 22,697 
Derivatives at fair value, net23,731 7,544 
Other current regulatory assets1,293 1,486 
Total current regulatory assets$31,954 $48,898 
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries$61,245 $74,961 
Liability for future expenditures166,110 166,990 
Deferred income taxes48,117 46,013 
SAVEGREEN120,133 141,562 
Postemployment and other benefit costs42,131 41,275 
Cost of removal129,571 132,895 
Other noncurrent regulatory assets47,474 63,612 
Total noncurrent regulatory assets$614,781 $667,308 
Regulatory liability-current
Overrecovered natural gas costs$41,993 $10,643 
Conservation Incentive Program27,859 — 
Total current regulatory liabilities$69,852 $10,643 
Regulatory liabilities-noncurrent
Tax Act impact$167,800 $170,309 
Other noncurrent regulatory liabilities1,190 868 
Total noncurrent regulatory liabilities$168,990 $171,177 

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following:
(Thousands)March 31,
2026		September 30,
2025
Total noncurrent regulatory assets$4,973 $5,210 
Total current regulatory liabilities$2,498 $2,241 
Schedule of Regulatory Liabilities
Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following:
(Thousands)March 31,
2026		September 30,
2025
Regulatory assets-current
New Jersey Clean Energy Program$6,930 $17,171 
Conservation Incentive Program— 22,697 
Derivatives at fair value, net23,731 7,544 
Other current regulatory assets1,293 1,486 
Total current regulatory assets$31,954 $48,898 
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries$61,245 $74,961 
Liability for future expenditures166,110 166,990 
Deferred income taxes48,117 46,013 
SAVEGREEN120,133 141,562 
Postemployment and other benefit costs42,131 41,275 
Cost of removal129,571 132,895 
Other noncurrent regulatory assets47,474 63,612 
Total noncurrent regulatory assets$614,781 $667,308 
Regulatory liability-current
Overrecovered natural gas costs$41,993 $10,643 
Conservation Incentive Program27,859 — 
Total current regulatory liabilities$69,852 $10,643 
Regulatory liabilities-noncurrent
Tax Act impact$167,800 $170,309 
Other noncurrent regulatory liabilities1,190 868 
Total noncurrent regulatory liabilities$168,990 $171,177 

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia are comprised of the following:
(Thousands)March 31,
2026		September 30,
2025
Total noncurrent regulatory assets$4,973 $5,210 
Total current regulatory liabilities$2,498 $2,241 
v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Assets and Liabilities
The following table presents the fair value of the Company's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of:
Derivatives at Fair Value
March 31, 2026September 30, 2025
(Thousands)Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
ES:
Physical commodity contractsDerivatives - current2,981 4,548 3,709 5,878 
Derivatives - noncurrent1,068 4,676 1,312 3,931 
Financial commodity contractsDerivatives - current6,469 3,538 8,426 1,736 
Derivatives - noncurrent653 591 1,006 352 
NJNG:
Physical commodity contractsDerivatives - current$80 $— $30 $2 
Financial commodity contractsDerivatives - current— 31 349 4 
Derivatives - noncurrent— — 1 — 
Total fair value of derivatives$11,251 $13,384 $14,833 $11,903 
Schedule of Offsetting Assets
The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.
Asset DerivativesLiability Derivatives
(Thousands)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
As of March 31, 2026
ES Contracts
Physical commodity$4,049 (1,806)— $2,243 $9,224 (1,806)(2,214)$5,204 
Financial commodity7,122 (4,129)(1,112)1,881 4,129 (4,129)— — 
Total ES$11,171 (5,935)(1,112)$4,124 $13,353 (5,935)(2,214)$5,204 
NJNG Contracts
Physical commodity$80 — — $80 $— — — $— 
Financial commodity— — — — 31 — (31)— 
Total NJNG$80 — — $80 $31 — (31)$— 
As of September 30, 2025
ES Contracts
Physical commodity$5,021 (2,061)— $2,960 $9,809 (2,061)(2,022)$5,726 
Financial commodity9,432 (2,088)(3,951)3,393 2,088 (2,088)— — 
Total ES$14,453 (4,149)(3,951)$6,353 $11,897 (4,149)(2,022)$5,726 
NJNG Contracts
Physical commodity$30 (1)— $29 $2 (1)— $1 
Financial commodity350 (4)— 346 4 (4)— — 
Total NJNG$380 (5)— $375 $6 (5)— $1 
(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.
(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.
(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
Schedule of Offsetting Liabilities
The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral and the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.
Asset DerivativesLiability Derivatives
(Thousands)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
Fair Value (1)
Amounts Offset (2)
Collateral Received/Pledged (3)
Net Value (4)
As of March 31, 2026
ES Contracts
Physical commodity$4,049 (1,806)— $2,243 $9,224 (1,806)(2,214)$5,204 
Financial commodity7,122 (4,129)(1,112)1,881 4,129 (4,129)— — 
Total ES$11,171 (5,935)(1,112)$4,124 $13,353 (5,935)(2,214)$5,204 
NJNG Contracts
Physical commodity$80 — — $80 $— — — $— 
Financial commodity— — — — 31 — (31)— 
Total NJNG$80 — — $80 $31 — (31)$— 
As of September 30, 2025
ES Contracts
Physical commodity$5,021 (2,061)— $2,960 $9,809 (2,061)(2,022)$5,726 
Financial commodity9,432 (2,088)(3,951)3,393 2,088 (2,088)— — 
Total ES$14,453 (4,149)(3,951)$6,353 $11,897 (4,149)(2,022)$5,726 
NJNG Contracts
Physical commodity$30 (1)— $29 $2 (1)— $1 
Financial commodity350 (4)— 346 4 (4)— — 
Total NJNG$380 (5)— $375 $6 (5)— $1 
(1)Derivative assets and liabilities are presented on a gross basis on the Unaudited Condensed Consolidated Balance Sheets as the Company does not elect balance sheet offsetting under ASC 210-20.
(2)Includes transactions with NAESB netting election, transactions held by FCMs with net margining and transactions with ISDA netting.
(3)Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4)Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations
The following table presents the effect of derivative instruments recognized on the Unaudited Condensed Consolidated Statements of Operations for the periods set forth below:
(Thousands)Location of gain (loss) recognized in income on derivativesAmount of gain (loss) recognized
in income on derivatives
Three Months EndedSix Months Ended
March 31,March 31,
Derivatives not designated as hedging instruments:2026202520262025
ES:
Physical commodity contractsOperating revenues$(829)$36,080 $(1,590)$33,448 
Physical commodity contractsNatural gas purchases1,403 725 947 (1,027)
Financial commodity contractsNatural gas purchases(552)(4,350)(455)(2,812)
Physical commodity contractsOperation and maintenance37 (2,179)33 (1,126)
Total unrealized and realized gain (loss)$59 $30,276 $(1,065)$28,483 
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges on OCI
The following table reflects the gains (losses) associated with NJNG's derivative instruments for the periods set forth below:
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands)2026202520262025
NJNG:
Physical commodity contracts$(3,331)$(5,188)$(3,045)$(18,574)
Financial commodity contracts(9,726)30,038 (14,204)35,977 
Total unrealized and realized (loss) gain$(13,057)$24,850 $(17,249)$17,403 
Schedule of Outstanding Long (Short) Derivatives
NJNG and ES had the following outstanding long (short) derivatives as of:
Natural Gas DistributionEnergy Services
Volumes (Bcf)FuturesPhysical CommodityFuturesPhysical Commodity
March 31, 202625.96.93.20.1
September 30, 202536.16.0(4.7)5.5
Schedule of Broker Margin Accounts by Company
The balances by reportable segment are as follows:
(Thousands)Balance Sheet LocationMarch 31,
2026		September 30,
2025
NJNGRestricted broker margin accounts-current assets$5,582 $5,480 
ESRestricted broker margin accounts-current assets$3,229 $3,440 
Restricted broker margin accounts-current liabilities$1,111 $3,949 
Schedule of Gross Credit Exposures
The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of March 31, 2026. The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services.
(Thousands)Gross Credit Exposure
Investment grade$84,631 
Noninvestment grade10,032 
Internally rated investment grade13,496 
Internally rated noninvestment grade23,399 
Total$131,558 
v3.26.1
FAIR VALUE (Tables)
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, by Balance Sheet Grouping
The estimated fair value of long-term debt, including current maturities, excluding natural gas meter sale leasebacks, debt issuance costs and solar asset sale leasebacks, is as follows:
(Thousands)March 31,
2026		September 30,
2025
Carrying value (1) (2)
$2,917,845 $2,917,845 
Fair market value$2,561,682 $2,631,512 
(1)Excludes NJNG's debt issuance costs of approximately $11.2M and $11.3M as of March 31, 2026 and September 30, 2025, respectively.
(2)Excludes NJR's debt issuance costs of approximately $2.6M and $2.9M as of March 31, 2026 and September 30, 2025, respectively.
Schedule of Fair Value Hierarchy The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following:
Fair Value HierarchyDescription of Fair Value LevelFair Value Technique
Level 1
Unadjusted quoted prices for identical assets or liabilities in active markets
The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM.
Level 2Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services
The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC contracts or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is:
•widely accepted and public;
•non-proprietary and sourced from an independent third party; and
•observable and published.
These additional adjustments are generally not considered to be significant to the ultimate recognized values.

Level 3Inputs derived from a significant amount of unobservable market dataThese include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized as follows:
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(Thousands)(Level 1)(Level 2)(Level 3)Total
As of March 31, 2026
Assets:
Physical commodity contracts$— $4,129 $— $4,129 
Financial commodity contracts7,122 — — 7,122 
Money market funds100,005 — — 100,005 
Other2,404 — — 2,404 
Total assets at fair value$109,531 $4,129 $— $113,660 
Liabilities:
Physical commodity contracts$— $9,224 $— $9,224 
Financial commodity contracts4,160 — — 4,160 
Total liabilities at fair value$4,160 $9,224 $— $13,384 
As of September 30, 2025
Assets:
Physical commodity contracts$— $5,051 $— $5,051 
Financial commodity contracts9,782 — — 9,782 
Money market funds5 — — 5 
Other2,589 — — 2,589 
Total assets at fair value$12,376 $5,051 $— $17,427 
Liabilities:
Physical commodity contracts$— $9,811 $— $9,811 
Financial commodity contracts2,092 — — 2,092 
Total liabilities at fair value$2,092 $9,811 $— $11,903 
v3.26.1
EARNINGS PER SHARE (Tables)
 6 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Basic and Diluted
The following table presents the calculation of the Company's basic and diluted earnings per share for:
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands, except per share amounts)2026202520262025
Net income, as reported$218,912 $204,287 $341,402 $335,606 
Basic earnings per share
Weighted average shares of common stock outstanding-basic100,849 100,291 100,775 100,073 
Basic earnings per common share$2.17$2.04$3.39$3.35
Diluted earnings per common share
Weighted average shares of common stock outstanding-basic100,849 100,291 100,775 100,073 
Incremental shares (1)
633 642 613 632 
Weighted average shares of common stock outstanding-diluted101,482 100,933 101,388 100,705 
Diluted earnings per common share$2.16$2.02$3.37$3.33
(1)Incremental shares consist primarily of unvested stock awards and performance units, which are calculated using the treasury stock method.
v3.26.1
DEBT (Tables)
 6 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
A summary of NJR's credit facility and NJNG's commercial paper program and credit facility is as follows:
At end of period
(Thousands)As of dateTotal
borrowing capacity		Loans outstandingWeighted average interest rateRemaining borrowing capacityExpiration dates
NJR bank revolving credit facility (1)
March 31, 2026$575,000 $150,000 4.90 %$399,726 (2)August 2029
September 30, 2025$575,000 $152,600 5.38 %$401,018 (2)August 2029
NJNG bank revolving credit facility (3)
March 31, 2026$250,000 $— — %$249,269 (4)August 2029
September 30, 2025$250,000 $43,000 4.30 %$206,269 (4)August 2029
(1)Committed credit facility, which requires commitment fees of 0.10% on the unused amount.
(2)Letters of credit outstanding total approximately $25.3M and $21.4M as of March 31, 2026 and September 30, 2025, respectively, which reduces the amount available by the same amount.
(3)Committed credit facility, which requires commitment fees of 0.075% on the unused amount.
(4)Letters of credit outstanding total approximately $0.7M as of both March 31, 2026 and September 30, 2025, which reduces the amount available by the same amount.
v3.26.1
EMPLOYEE BENEFIT PLANS (Tables)
 6 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Cost
The components of the net periodic cost for pension benefits, including the Company's Pension Equalization Plan, and OPEB costs (principally health care and life insurance) for employees and covered dependents were as follows:
PensionOPEB
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
March 31,March 31,March 31,March 31,
(Thousands)20262025202620252026202520262025
Service cost$1,244 $1,380 $2,489 $2,761 $272 $273 $544 $546 
Interest cost3,963 3,859 7,927 7,717 2,698 2,097 5,396 4,194 
Expected return on plan assets(6,137)(5,925)(12,274)(11,850)(2,260)(2,347)(4,519)(4,693)
Recognized actuarial loss39 300 77 601 2,796 1,793 5,592 3,586 
Prior service credit amortization— — — — (3,270)(3,270)(6,540)(6,540)
Net periodic benefit (credit) cost$(891)$(386)$(1,781)$(771)$236 $(1,454)$473 $(2,907)
v3.26.1
LEASES (Tables)
 6 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease, Cost
The following table presents the Company's lease costs included in the Unaudited Condensed Consolidated Statements of Operations:
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands)Income Statement Location2026202520262025
Operating lease costOperation and maintenance$2,922 $2,811 $5,776 $5,520 
Finance lease cost
Amortization of right-of-use assetsDepreciation and amortization344 382 726 922 
Interest on lease liabilitiesInterest expense, net of capitalized interest112 157 239 345 
Total finance lease cost456 539 965 1,267 
Variable lease costOperation and maintenance151 154 463 384 
Total lease cost$3,529 $3,504 $7,204 $7,171 

The following table presents supplemental cash flow information related to leases:
Six Months Ended
March 31,
(Thousands)20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$4,425 $4,085 
Operating cash flows for finance leases$239 $345 
Financing cash flows for finance leases$3,155 $4,934 
Schedule of Assets and Liabilities, Lessee
The following table presents the balance and classifications of the Company's right of use assets and lease liabilities included in the Unaudited Condensed Consolidated Balance Sheets:
(Thousands)Balance Sheet LocationMarch 31,
2026		September 30,
2025
Noncurrent Assets
Operating lease assetsOperating lease assets$188,223 $185,596 
Finance lease assetsUtility plant23,676 24,402 
Total lease assets$211,899 $209,998 
Current Liabilities
Operating lease liabilitiesOperating lease liabilities$5,168 $4,388 
Finance lease liabilitiesCurrent maturities of long-term debt4,614 5,568 
Noncurrent Liabilities
Operating lease liabilitiesOperating lease liabilities163,048 159,131 
Finance lease liabilitiesLong-term debt8,164 10,366 
Total lease liabilities$180,994 $179,453 
v3.26.1
COMMITMENTS AND CONTINGENT LIABILITIES (Tables)
 6 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Long-term Purchase Commitment
Commitments as of March 31, 2026, for natural gas purchases and future demand fees for the next five fiscal year periods are as follows:
(Thousands)20262027202820292030Thereafter
ES:
Natural gas purchases$28,537 $3,711 $— $— $— $— 
Storage demand fees8,057 14,807 10,330 4,375 4,375 5,788 
Pipeline demand fees22,275 47,541 40,306 14,525 13,064 44,703 
Sub-total ES$58,869 $66,059 $50,636 $18,900 $17,439 $50,491 
NJNG:
Natural gas purchases$15,684 $— $— $— $— $— 
Storage demand fees21,697 40,150 24,356 7,394 2,457 — 
Pipeline demand fees104,583 209,341 136,907 117,244 114,226 754,284 
Sub-total NJNG$141,964 $249,491 $161,263 $124,638 $116,683 $754,284 
Total$200,833 $315,550 $211,899 $143,538 $134,122 $804,775 
v3.26.1
REPORTABLE SEGMENT DATA (Tables)
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
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.
Schedule of Assets for Business Segments and Business 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.
v3.26.1
RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Demand Fees and Demand Fees Payable
Demand fees, net of eliminations, associated with Steckman Ridge were as follows:
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands)2026202520262025
NJNG$1,059 $1,486 $2,141 $3,010 
ES183 180 378 374 
Total$1,242 $1,666 $2,519 $3,384 

The following table summarizes demand fees payable to Steckman Ridge as of:
(Thousands)March 31,
2026		September 30,
2025
NJNG$540 $540 
ES101 101 
Total$641 $641 
v3.26.1
NATURE OF THE BUSINESS (Details)
 6 Months Ended
Mar. 31, 2026
subsidiary
NJR Retail Holdings Corporation  
Nature of Business [Line Items]  
Number of principal subsidiaries 1
Steckman Ridge  
Nature of Business [Line Items]  
Ownership percentage 50.00%
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ADDITIONAL INFORMATION (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Megawatt
Mar. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Finite-Lived Intangible Assets [Line Items]            
Operating revenues attributable to reportable segments   $ 939,401 $ 913,027 $ 1,544,255 $ 1,401,388  
Loans receivable in other noncurrent assets   82,900   82,900   $ 69,400
Proceeds from other financing activity $ 42,500          
ES            
Finite-Lived Intangible Assets [Line Items]            
Operating revenues attributable to reportable segments   4,900 $ 4,900 9,900 $ 9,900  
Deferred revenue   61,300   $ 61,300   36,800
ADI            
Finite-Lived Intangible Assets [Line Items]            
Number of megawatts | Megawatt       5    
CSI            
Finite-Lived Intangible Assets [Line Items]            
Number of megawatts | Megawatt       5    
Financial Asset, Not Past Due            
Finite-Lived Intangible Assets [Line Items]            
Loans receivable in other current assets   $ 25,600   $ 25,600   $ 21,500
Minimum            
Finite-Lived Intangible Assets [Line Items]            
Loans receivable, term       5 years    
Maximum            
Finite-Lived Intangible Assets [Line Items]            
Loans receivable, term       10 years    
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Accounting Policies [Abstract]        
Cash and cash equivalents $ 125,284 $ 591 $ 83,708  
Restricted cash in other noncurrent assets 1,158 1,058 983  
Cash, cash equivalents and restricted cash $ 126,442 $ 1,649 $ 84,691 $ 1,612
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NATURAL GAS IN STORAGE (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Bcf
Sep. 30, 2025
USD ($)
Bcf
Inventory [Line Items]    
Natural Gas in Storage, value | $ $ 60,534 $ 215,836
Natural Gas in Storage, Bcf | Bcf 12,400,000 44,300,000
NJNG    
Inventory [Line Items]    
Natural Gas in Storage, value | $ $ 42,487 $ 184,099
Natural Gas in Storage, Bcf | Bcf 6,800,000 30,800,000
ES    
Inventory [Line Items]    
Natural Gas in Storage, value | $ $ 16,788 $ 30,686
Natural Gas in Storage, Bcf | Bcf 5,200,000 13,200,000
S&T    
Inventory [Line Items]    
Natural Gas in Storage, value | $ $ 1,259 $ 1,051
Natural Gas in Storage, Bcf | Bcf 400,000 300,000
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SOFTWARE COSTS (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]          
Capitalized software costs $ 11,195   $ 11,195   $ 11,151
Operation and maintenance          
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]          
Software costs 323 $ 1,151 516 $ 3,887  
Depreciation and amortization          
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]          
Software costs 3,130 $ 3,128 6,527 $ 5,543  
Utility plant, at cost          
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]          
Software costs 134,817   134,817   132,868
Construction work in progress | Regulated          
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]          
Software costs 109,174   109,174   87,274
Nonutility plant and equipment, at cost          
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]          
Software costs 344   344   344
Accumulated depreciation and amortization, utility plant          
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]          
Accumulated depreciation and amortization (31,418)   (31,418)   (24,906)
Accumulated depreciation and amortization, nonutility plant and equipment          
Oil and Gas, Full Cost Method, Capitalized Cost Excluded from Amortization [Line Items]          
Accumulated depreciation and amortization $ (85)   $ (85)   $ (70)
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]        
Balance as of beginning of period $ 2,472,335 $ 2,312,684 $ 2,391,666 $ 2,200,443
Amounts reclassified from accumulated other comprehensive loss, net of tax 258 67 516 135
Balance as of end of period 2,648,557 2,477,907 2,648,557 2,477,907
Tax on amounts reclassified from accumulated other comprehensive loss (78) (22) (156) (43)
Total        
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]        
Balance as of beginning of period (11,205) (6,453) (11,463) (6,521)
Balance as of end of period (10,947) (6,386) (10,947) (6,386)
Cash Flow Hedges        
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]        
Balance as of beginning of period (4,899) (5,952) (5,163) (6,215)
Amounts reclassified from accumulated other comprehensive loss, net of tax 262 263 526 526
Balance as of end of period (4,637) (5,689) (4,637) (5,689)
Tax on amounts reclassified from accumulated other comprehensive loss (80) (80) (159) (159)
Postemployment Benefit Obligation        
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]        
Balance as of beginning of period (6,306) (501) (6,300) (306)
Amounts reclassified from accumulated other comprehensive loss, net of tax (4) (196) (10) (391)
Balance as of end of period (6,310) (697) (6,310) (697)
Tax on amounts reclassified from accumulated other comprehensive loss $ 2 $ 58 $ 3 $ 116
v3.26.1
REVENUE - DISAGGREGATED REVENUE - PRODUCT (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 641,350 $ 569,199 $ 1,082,249 $ 928,152
Alternative revenue programs (24,299) (20,145) (50,555) (25,536)
Derivative instruments 322,350 363,973 512,561 498,772
Revenues out of scope 298,051 343,828 462,006 473,236
Total operating revenues 939,401 913,027 1,544,255 1,401,388
Natural gas utility sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 574,822 509,451 949,680 805,853
Natural gas services        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 42,925 37,197 83,845 75,772
Service contracts        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 9,528 9,270 18,983 18,502
Installations and maintenance        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 5,430 5,848 11,981 12,410
Renewable energy certificates        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 3,380 2,866 7,117 5,762
Electricity sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 5,503 4,967 11,118 10,793
ES        
Disaggregation of Revenue [Line Items]        
Total operating revenues 4,900 4,900 9,900 9,900
Operating Segments        
Disaggregation of Revenue [Line Items]        
Total operating revenues 924,443 898,004 1,513,291 1,370,732
Operating Segments | NJNG        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 574,584 509,145 949,205 805,210
Alternative revenue programs (24,299) (20,145) (50,555) (25,536)
Derivative instruments 90,637 129,339 152,173 172,093
Revenues out of scope 66,338 109,194 101,618 146,557
Total operating revenues 640,922 618,339 1,050,823 951,767
Operating Segments | NJNG | Natural gas utility sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 574,822 509,451 949,680 805,853
Operating Segments | NJNG | Natural gas services        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | NJNG | Service contracts        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | NJNG | Installations and maintenance        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | NJNG | Renewable energy certificates        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | NJNG | Electricity sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | CEV        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 8,883 7,833 18,235 16,555
Alternative revenue programs 0 0 0 0
Derivative instruments 1,049 134 23,457 17,818
Revenues out of scope 1,049 134 23,457 17,818
Total operating revenues 9,932 7,967 41,692 34,373
Operating Segments | CEV | Natural gas utility sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | CEV | Natural gas services        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | CEV | Service contracts        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | CEV | Installations and maintenance        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | CEV | Renewable energy certificates        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 3,380 2,866 7,117 5,762
Operating Segments | CEV | Electricity sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 5,503 4,967 11,118 10,793
Operating Segments | ES        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 13,491 11,890 26,331 23,837
Alternative revenue programs 0 0 0 0
Derivative instruments 230,664 234,500 336,931 308,861
Revenues out of scope 230,664 234,500 336,931 308,861
Total operating revenues 244,155 246,390 363,262 332,698
Operating Segments | ES | Natural gas utility sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | ES | Natural gas services        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 13,491 11,890 26,331 23,837
Operating Segments | ES | Service contracts        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | ES | Installations and maintenance        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | ES | Renewable energy certificates        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | ES | Electricity sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | S&T        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 29,434 25,308 57,514 51,894
Alternative revenue programs 0 0 0 0
Derivative instruments 0 0 0 0
Revenues out of scope 0 0 0 0
Total operating revenues 29,434 25,308 57,514 51,894
Operating Segments | S&T | Natural gas utility sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | S&T | Natural gas services        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 29,434 25,307 57,514 51,935
Operating Segments | S&T | Service contracts        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | S&T | Installations and maintenance        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | S&T | Renewable energy certificates        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Operating Segments | S&T | Electricity sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
HSO | HSO        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 14,958 15,023 30,964 30,656
Alternative revenue programs 0 0 0 0
Derivative instruments 0 0 0 0
Revenues out of scope 0 0 0 0
Total operating revenues 14,958 15,023 30,964 30,656
HSO | HSO | Natural gas utility sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
HSO | HSO | Natural gas services        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
HSO | HSO | Service contracts        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 9,528 9,270 18,983 18,502
HSO | HSO | Installations and maintenance        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 5,430 5,848 11,981 12,410
HSO | HSO | Renewable energy certificates        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
HSO | HSO | Electricity sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Eliminations        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers (238) (400) (475) (940)
Eliminations | NJNG        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers (238) (306) (475) (643)
Eliminations | CEV        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Eliminations | ES        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Eliminations | S&T        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 1 0 (41)
Eliminations | HSO        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 0 $ (95) $ 0 $ (256)
v3.26.1
REVENUE - DISAGGREGATED REVENUE - TYPE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 641,350 $ 569,199 $ 1,082,249 $ 928,152
Revenues out of scope 298,051 343,828 462,006 473,236
Total operating revenues 939,401 913,027 1,544,255 1,401,388
Residential        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 459,341 407,080 759,423 648,553
Commercial and industrial        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 136,098 118,570 239,836 205,609
Firm transportation        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 43,841 42,408 78,518 69,733
Interruptible, off-tariff and other        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 2,070 1,141 4,472 4,257
Operating Segments        
Disaggregation of Revenue [Line Items]        
Total operating revenues 924,443 898,004 1,513,291 1,370,732
NJNG | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 574,584 509,145 949,205 805,210
Revenues out of scope 66,338 109,194 101,618 146,557
Total operating revenues 640,922 618,339 1,050,823 951,767
NJNG | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 444,413 392,100 728,514 615,919
NJNG | Operating Segments | Commercial and industrial        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 84,260 73,496 137,701 115,301
NJNG | Operating Segments | Firm transportation        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 43,841 42,408 78,518 69,733
NJNG | Operating Segments | Interruptible, off-tariff and other        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 2,070 1,141 4,472 4,257
CEV | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 8,883 7,833 18,235 16,555
Revenues out of scope 1,049 134 23,457 17,818
Total operating revenues 9,932 7,967 41,692 34,373
CEV | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 2,110
CEV | Operating Segments | Commercial and industrial        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 8,883 7,833 18,235 14,445
CEV | Operating Segments | Firm transportation        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
CEV | Operating Segments | Interruptible, off-tariff and other        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
ES        
Disaggregation of Revenue [Line Items]        
Total operating revenues 4,900 4,900 9,900 9,900
ES | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 13,491 11,890 26,331 23,837
Revenues out of scope 230,664 234,500 336,931 308,861
Total operating revenues 244,155 246,390 363,262 332,698
ES | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
ES | Operating Segments | Commercial and industrial        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 13,491 11,890 26,331 23,837
ES | Operating Segments | Firm transportation        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
ES | Operating Segments | Interruptible, off-tariff and other        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
S&T | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 29,434 25,308 57,514 51,894
Revenues out of scope 0 0 0 0
Total operating revenues 29,434 25,308 57,514 51,894
S&T | Operating Segments | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
S&T | Operating Segments | Commercial and industrial        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 29,434 25,308 57,514 51,894
S&T | Operating Segments | Firm transportation        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
S&T | Operating Segments | Interruptible, off-tariff and other        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
HSO | HSO        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 14,958 15,023 30,964 30,656
Revenues out of scope 0 0 0 0
Total operating revenues 14,958 15,023 30,964 30,656
HSO | HSO | Residential        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 14,928 14,980 30,909 30,524
HSO | HSO | Commercial and industrial        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 30 43 55 132
HSO | HSO | Firm transportation        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
HSO | HSO | Interruptible, off-tariff and other        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 0 $ 0 $ 0 $ 0
v3.26.1
REVENUE - TIMING OF REVENUE RECOGNITION (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Timing of Revenue Recognition [Roll Forward]    
Customers' credit, beginning $ 31,297 $ 38,595
Increase for customers' credits (8,353) (15,746)
Customers' credit, end 22,944 22,849
Billed    
Timing of Revenue Recognition [Roll Forward]    
Billed, beginning 109,366 105,531
Increase for customer accounts receivable 181,686 157,720
Billed, end 291,052 263,251
Unbilled    
Timing of Revenue Recognition [Roll Forward]    
Billed, beginning 24,194 20,094
Increase for customer accounts receivable 54,817 53,531
Billed, end $ 79,011 $ 73,625
v3.26.1
REVENUE - TIMING OF REVENUE RECOGNITION - BALANCE SHEET (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Billed $ 291,052 $ 109,366    
Unbilled 79,011 24,194    
Customers' credit balances and deposits (22,944) (31,297) $ (22,849) $ (38,595)
Total 347,119 102,263    
Operating Segments | NJNG        
Disaggregation of Revenue [Line Items]        
Billed 247,580 75,789    
Unbilled 70,568 14,817    
Customers' credit balances and deposits (22,915) (31,257)    
Total 295,233 59,349    
Operating Segments | CEV        
Disaggregation of Revenue [Line Items]        
Billed 5,640 6,818    
Unbilled 8,443 9,377    
Customers' credit balances and deposits 0 0    
Total 14,083 16,195    
Operating Segments | ES        
Disaggregation of Revenue [Line Items]        
Billed 28,513 17,483    
Unbilled 0 0    
Customers' credit balances and deposits 0 0    
Total 28,513 17,483    
Operating Segments | S&T        
Disaggregation of Revenue [Line Items]        
Billed 7,793 8,172    
Unbilled 0 0    
Customers' credit balances and deposits (29) (40)    
Total 7,764 8,132    
HSO        
Disaggregation of Revenue [Line Items]        
Billed 1,526 1,104    
Unbilled 0 0    
Customers' credit balances and deposits 0 0    
Total $ 1,526 $ 1,104    
v3.26.1
REGULATION - ADDITIONAL INFORMATION (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 18, 2026
Dec. 17, 2025
Oct. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Schedule of Regulatory Filings [Line Items]              
Revenues from contracts with customers       $ 641,350 $ 569,199 $ 1,082,249 $ 928,152
NJNG              
Schedule of Regulatory Filings [Line Items]              
Approved rate increase amount   $ 33,100          
Base Rate Stipulation              
Schedule of Regulatory Filings [Line Items]              
Weighted average cost of capital, percentage           7.08%  
BPU              
Schedule of Regulatory Filings [Line Items]              
Approved return on equity, percentage           9.60%  
BPU | NJNG              
Schedule of Regulatory Filings [Line Items]              
Approved rate increase amount   3,300          
NJNG              
Schedule of Regulatory Filings [Line Items]              
Revenues from contracts with customers     $ 38,100        
BGSS Balancing              
Schedule of Regulatory Filings [Line Items]              
Requested rate increase (decrease), amount   6,100          
Conservation Incentive Program              
Schedule of Regulatory Filings [Line Items]              
Requested rate increase (decrease), amount   (26,200)          
SAVEGREEN              
Schedule of Regulatory Filings [Line Items]              
Capital investments approved by the BPU   $ 13,300          
RAC              
Schedule of Regulatory Filings [Line Items]              
Capital investments approved by the BPU $ (800)            
NJCEP              
Schedule of Regulatory Filings [Line Items]              
Capital investments approved by the BPU $ (5,200)            
v3.26.1
REGULATION - REGULATORY ASSETS AND LIABILITIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-current $ 31,954 $ 48,898
Regulatory assets-noncurrent 619,754 672,518
Regulatory liability-current 72,350 12,884
Regulatory liabilities-noncurrent 168,990 171,177
NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-current 31,954 48,898
Regulatory assets-noncurrent 614,781 667,308
Regulatory liability-current 69,852 10,643
Regulatory liabilities-noncurrent 168,990 171,177
NJNG | Overrecovered natural gas costs    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory liability-current 41,993 10,643
NJNG | Conservation Incentive Program    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory liability-current 27,859 0
NJNG | Tax Act impact    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory liabilities-noncurrent 167,800 170,309
NJNG | Other noncurrent regulatory liabilities    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory liabilities-noncurrent 1,190 868
Adelphia Gateway, LLC    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-noncurrent 4,973 5,210
Regulatory liability-current 2,498 2,241
New Jersey Clean Energy Program | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-current 6,930 17,171
Conservation Incentive Program | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-current 0 22,697
Derivatives at fair value, net | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-current 23,731 7,544
Other current regulatory assets | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-current 1,293 1,486
Regulatory assets-noncurrent 47,474 63,612
Expended, net of recoveries    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-noncurrent 61,200  
Expended, net of recoveries | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-noncurrent 61,245 74,961
Liability for future expenditures | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-noncurrent 166,110 166,990
Deferred income taxes | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-noncurrent 48,117 46,013
SAVEGREEN | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-noncurrent 120,133 141,562
Postemployment and other benefit costs | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-noncurrent 42,131 41,275
Cost of removal | NJNG    
Schedule of Regulatory Assets And Liabilities [Line Items]    
Regulatory assets-noncurrent $ 129,571 $ 132,895
v3.26.1
DERIVATIVE INSTRUMENTS - BALANCE SHEET RELATED DISCLOSURES (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Fair Value    
Derivative assets, current $ 9,530 $ 12,514
Derivative liability, current 8,117 7,620
Derivative assets, noncurrent 1,721 2,319
Derivative liabilities, noncurrent 5,267 4,283
Physical commodity contracts    
Fair Value    
Derivative assets 4,129 5,051
Derivative liabilities 9,224 9,811
Financial commodity contracts    
Fair Value    
Derivative assets 7,122 9,782
Derivative liabilities 4,160 2,092
Not Designated as Hedging Instrument    
Fair Value    
Derivative assets 11,251 14,833
Derivative liabilities 13,384 11,903
ES | Not Designated as Hedging Instrument | Physical commodity contracts    
Fair Value    
Derivative assets, current 2,981 3,709
Derivative liability, current 4,548 5,878
Derivative assets, noncurrent 1,068 1,312
Derivative liabilities, noncurrent 4,676 3,931
ES | Not Designated as Hedging Instrument | Financial commodity contracts    
Fair Value    
Derivative assets, current 6,469 8,426
Derivative liability, current 3,538 1,736
Derivative assets, noncurrent 653 1,006
Derivative liabilities, noncurrent 591 352
NJNG | Not Designated as Hedging Instrument | Physical commodity contracts    
Fair Value    
Derivative assets, current 80 30
Derivative liability, current 0 2
NJNG | Not Designated as Hedging Instrument | Financial commodity contracts    
Fair Value    
Derivative assets, current 0 349
Derivative liability, current 31 4
Derivative assets, noncurrent 0 1
Derivative liabilities, noncurrent $ 0 $ 0
v3.26.1
DERIVATIVE INSTRUMENTS - OFFSETTING OF ASSETS AND LIABILITIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
ES    
Asset Derivatives    
Fair Value $ 11,171 $ 14,453
Amounts Offset (5,935) (4,149)
Collateral Received/Pledged (1,112) (3,951)
Net Value 4,124 6,353
Liability Derivatives    
Fair Value 13,353 11,897
Amounts Offset (5,935) (4,149)
Collateral Received/Pledged (2,214) (2,022)
Net Value 5,204 5,726
ES | Physical commodity contracts    
Asset Derivatives    
Fair Value 4,049 5,021
Amounts Offset (1,806) (2,061)
Collateral Received/Pledged 0 0
Net Value 2,243 2,960
Liability Derivatives    
Fair Value 9,224 9,809
Amounts Offset (1,806) (2,061)
Collateral Received/Pledged (2,214) (2,022)
Net Value 5,204 5,726
ES | Financial commodity contracts    
Asset Derivatives    
Fair Value 7,122 9,432
Amounts Offset (4,129) (2,088)
Collateral Received/Pledged (1,112) (3,951)
Net Value 1,881 3,393
Liability Derivatives    
Fair Value 4,129 2,088
Amounts Offset (4,129) (2,088)
Collateral Received/Pledged 0 0
Net Value 0 0
NJNG    
Asset Derivatives    
Fair Value 80 380
Amounts Offset 0 (5)
Collateral Received/Pledged 0 0
Net Value 80 375
Liability Derivatives    
Fair Value 31 6
Amounts Offset 0 (5)
Collateral Received/Pledged (31) 0
Net Value 0 1
NJNG | Physical commodity contracts    
Asset Derivatives    
Fair Value 80 30
Amounts Offset 0 (1)
Collateral Received/Pledged 0 0
Net Value 80 29
Liability Derivatives    
Fair Value 0 2
Amounts Offset 0 (1)
Collateral Received/Pledged 0 0
Net Value 0 1
NJNG | Financial commodity contracts    
Asset Derivatives    
Fair Value 0 350
Amounts Offset 0 (4)
Collateral Received/Pledged 0 0
Net Value 0 346
Liability Derivatives    
Fair Value 31 4
Amounts Offset 0 (4)
Collateral Received/Pledged (31) 0
Net Value $ 0 $ 0
v3.26.1
DERIVATIVE INSTRUMENTS - INCOME STATEMENT RELATED DISCLOSURES (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain (loss) recognized in income on derivatives $ 59 $ 30,276 $ (1,065) $ 28,483
ES | Physical commodity contracts | Operating revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]     Nonutility Nonutility
Amount of gain (loss) recognized in income on derivatives (829) 36,080 $ (1,590) $ 33,448
ES | Physical commodity contracts | Natural gas purchases        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]     Natural gas purchases Natural gas purchases
Amount of gain (loss) recognized in income on derivatives 1,403 725 $ 947 $ (1,027)
ES | Physical commodity contracts | Operation and maintenance        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain (loss) recognized in income on derivatives 37 (2,179) 33 (1,126)
ES | Financial commodity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain (loss) recognized in income on derivatives (552) (4,350) (455) (2,812)
NJNG        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain (loss) recognized in income on derivatives (13,057) 24,850 (17,249) 17,403
NJNG | Physical commodity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain (loss) recognized in income on derivatives (3,331) (5,188) (3,045) (18,574)
NJNG | Financial commodity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain (loss) recognized in income on derivatives $ (9,726) $ 30,038 $ (14,204) $ 35,977
v3.26.1
DERIVATIVE INSTRUMENTS - VOLUME (Details) - Bcf
 6 Months Ended 12 Months Ended
Mar. 31, 2026
Sep. 30, 2025
NJNG | Long | Futures    
Derivative [Line Items]    
Notional amount 25.9 36.1
NJNG | Long | Physical Commodity    
Derivative [Line Items]    
Notional amount 6.9 6.0
ES | Long | Futures    
Derivative [Line Items]    
Notional amount 3.2  
ES | Long | Physical Commodity    
Derivative [Line Items]    
Notional amount 0.1 5.5
ES | Short | Futures    
Derivative [Line Items]    
Notional amount   (4.7)
v3.26.1
DERIVATIVE INSTRUMENTS - ADDITIONAL INFORMATION (Details) - certificate
certificate in Millions
Mar. 31, 2026
Sep. 30, 2025
Physical commodity contracts | ES    
Derivative [Line Items]    
Number of SRECs (in certificates) 0.9 0.9
v3.26.1
DERIVATIVE INSTRUMENTS - BROKER MARGIN DEPOSITS (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
NJNG | Assets, Current    
Derivative [Line Items]    
Broker margin - current assets $ 5,582 $ 5,480
ES | Assets, Current    
Derivative [Line Items]    
Broker margin - current assets 3,229 3,440
ES | Liabilities, Current    
Derivative [Line Items]    
Broker margin - current liabilities $ 1,111 $ 3,949
v3.26.1
DERIVATIVE INSTRUMENTS - CREDIT RISK EXPOSURE (Details)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
USD ($)
Credit Risk Exposure [Line Items]  
Gross Credit Exposure $ 131,558
Investment grade  
Credit Risk Exposure [Line Items]  
Gross Credit Exposure 84,631
Noninvestment grade  
Credit Risk Exposure [Line Items]  
Gross Credit Exposure 10,032
Internally rated investment grade  
Credit Risk Exposure [Line Items]  
Gross Credit Exposure 13,496
Internally rated noninvestment grade  
Credit Risk Exposure [Line Items]  
Gross Credit Exposure $ 23,399
v3.26.1
FAIR VALUE - DEBT (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
NJR    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt issuance costs $ 2,600 $ 2,900
NJNG    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt issuance costs 11,200 11,300
Level 2 | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 2,917,845 2,917,845
Level 2 | Fair market value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 2,561,682 $ 2,631,512
v3.26.1
FAIR VALUE - ADDITIONAL INFORMATION (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
NJNG    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Finance leases $ 43,600 $ 33,500
Level 2 | NJNG    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Finance leases 42,500 32,500
Fair market value | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 2,561,682 2,631,512
Solar Asset Financing | CEV    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 498,800 471,500
Solar Asset Financing | Fair market value | CEV    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 501,900 $ 481,400
v3.26.1
FAIR VALUE - HIERARCHY (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Assets:    
Other $ 2,404 $ 2,589
Total assets at fair value 113,660 17,427
Liabilities:    
Total liabilities at fair value $ 13,384 11,903
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Assets  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Liabilities and Equity  
Money market funds    
Assets:    
Assets $ 100,005 5
Physical commodity contracts    
Assets:    
Assets 4,129 5,051
Liabilities:    
Liabilities 9,224 9,811
Financial commodity contracts    
Assets:    
Assets 7,122 9,782
Liabilities:    
Liabilities 4,160 2,092
Quoted Prices in Active Markets for Identical Assets, (Level 1)    
Assets:    
Other 2,404 2,589
Total assets at fair value 109,531 12,376
Liabilities:    
Total liabilities at fair value 4,160 2,092
Quoted Prices in Active Markets for Identical Assets, (Level 1) | Money market funds    
Assets:    
Assets 100,005 5
Quoted Prices in Active Markets for Identical Assets, (Level 1) | Physical commodity contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Quoted Prices in Active Markets for Identical Assets, (Level 1) | Financial commodity contracts    
Assets:    
Assets 7,122 9,782
Liabilities:    
Liabilities 4,160 2,092
Significant Other Observable Inputs (Level 2)    
Assets:    
Other 0 0
Total assets at fair value 4,129 5,051
Liabilities:    
Total liabilities at fair value 9,224 9,811
Significant Other Observable Inputs (Level 2) | Money market funds    
Assets:    
Assets 0 0
Significant Other Observable Inputs (Level 2) | Physical commodity contracts    
Assets:    
Assets 4,129 5,051
Liabilities:    
Liabilities 9,224 9,811
Significant Other Observable Inputs (Level 2) | Financial commodity contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Significant Unobservable Inputs (Level 3)    
Assets:    
Other 0 0
Total assets at fair value 0 0
Liabilities:    
Total liabilities at fair value 0 0
Significant Unobservable Inputs (Level 3) | Money market funds    
Assets:    
Assets 0 0
Significant Unobservable Inputs (Level 3) | Physical commodity contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Significant Unobservable Inputs (Level 3) | Financial commodity contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities $ 0 $ 0
v3.26.1
INVESTMENTS IN EQUITY INVESTEES (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Schedule of Equity Method Investments [Line Items]    
Investments in equity method investees $ 102,778 $ 101,243
Steckman Ridge    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 50.00%  
Investments in equity method investees $ 102,800 101,200
Steckman Ridge | Related Party    
Schedule of Equity Method Investments [Line Items]    
Total outstanding principal balance of loans $ 70,400 $ 70,400
v3.26.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]            
Net income $ 218,912 $ 122,490 $ 204,287 $ 131,319 $ 341,402 $ 335,606
Basic earnings per share            
Weighted average shares of common stock outstanding-basic (in shares) 100,849   100,291   100,775 100,073
Basic earnings per common share (usd per share) $ 2.17   $ 2.04   $ 3.39 $ 3.35
Diluted earnings per common share            
Weighted average shares of common stock outstanding-basic (in shares) 100,849   100,291   100,775 100,073
Incremental shares (in shares) 633   642   613 632
Weighted average shares of common stock outstanding-diluted (in shares) 101,482   100,933   101,388 100,705
Diluted earnings per common share (usd per share) $ 2.16   $ 2.02   $ 3.37 $ 3.33
v3.26.1
DEBT - CREDIT FACILITIES AND SHORT-TERM DEBT (Details) - USD ($)
 6 Months Ended
Mar. 31, 2026
Sep. 30, 2025
Letter of Credit | NJR    
Line of Credit Facility [Line Items]    
Letters of credit outstanding, amount $ 25,300,000 $ 21,400,000
Letter of Credit | NJNG    
Line of Credit Facility [Line Items]    
Letters of credit outstanding, amount $ 700,000 700,000
Revolving Credit Facility | NJR    
Line of Credit Facility [Line Items]    
Commitment fee percentage 0.10%  
Revolving Credit Facility | NJNG    
Line of Credit Facility [Line Items]    
Commitment fee percentage 0.075%  
Revolving Credit Facility | Committed Credit Facilities Due August 2029 | NJR    
Line of Credit Facility [Line Items]    
Total borrowing capacity $ 575,000,000 575,000,000
Loans outstanding $ 150,000,000 $ 152,600,000
Weighted average interest rate 4.90% 5.38%
Remaining borrowing capacity $ 399,726,000 $ 401,018,000
Revolving Credit Facility | Committed Credit Facilities Due August 2029 | NJNG    
Line of Credit Facility [Line Items]    
Total borrowing capacity 250,000,000 250,000,000
Loans outstanding $ 0 $ 43,000,000
Weighted average interest rate 0.00% 4.30%
Remaining borrowing capacity $ 249,269,000 $ 206,269,000
v3.26.1
DEBT - LONG TERM DEBT (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Apr. 01, 2026
Debt Instrument [Line Items]      
Proceeds from sale leaseback transactions - natural gas meters $ 15,016 $ 11,714  
Proceeds from sale leaseback transactions - solar 49,264 25,725  
Subsequent Event | 3.75% Long Term Debt      
Debt Instrument [Line Items]      
Long-term debt, gross     $ 15,000
Stated interest rate     3.75%
NJNG      
Debt Instrument [Line Items]      
Proceeds from sale leaseback transactions - natural gas meters 15,000 11,700  
NJRCEV      
Debt Instrument [Line Items]      
Proceeds from sale leaseback transactions - solar $ 49,300 $ 25,700  
v3.26.1
EMPLOYEE BENEFIT PLANS - ADDITIONAL INFORMATION (Details) - USD ($)
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]    
Amortization period for plan amendment 8 years  
Pension    
Defined Benefit Plan Disclosure [Line Items]    
Employer contributions $ 0 $ 0
v3.26.1
EMPLOYEE BENEFIT PLANS - COMPONENTS OF NET PERIODIC COST (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Pension        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost $ 1,244 $ 1,380 $ 2,489 $ 2,761
Interest cost 3,963 3,859 7,927 7,717
Expected return on plan assets (6,137) (5,925) (12,274) (11,850)
Recognized actuarial loss 39 300 77 601
Prior service credit amortization 0 0 0 0
Net periodic benefit (credit) cost (891) (386) (1,781) (771)
OPEB        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost 272 273 544 546
Interest cost 2,698 2,097 5,396 4,194
Expected return on plan assets (2,260) (2,347) (4,519) (4,693)
Recognized actuarial loss 2,796 1,793 5,592 3,586
Prior service credit amortization (3,270) (3,270) (6,540) (6,540)
Net periodic benefit (credit) cost $ 236 $ (1,454) $ 473 $ (2,907)
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Millions
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Income Tax Contingency [Line Items]      
Forecasted effective tax rate, percentage 23.00% 23.20%  
Actual effective tax rate, percentage 22.70% 22.80%  
ITC carryforward $ 97.7   $ 149.7
Effective term 20 years    
Operating loss carryforward, valuation allowance $ 0.4   0.4
State      
Income Tax Contingency [Line Items]      
Net operating loss carryforwards $ 353.9   $ 476.1
State | Minimum      
Income Tax Contingency [Line Items]      
Effective term 7 years    
State | Maximum      
Income Tax Contingency [Line Items]      
Effective term 20 years    
v3.26.1
LEASES - ADDITIONAL INFORMATION (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Jul. 31, 2021
Lessee, Lease, Description [Line Items]            
ROU asset obtained in exchange for operating lease liability $ 0.8 $ 5.5 $ 5.4 $ 5.5    
ROU asset obtained in exchange for finance lease liability $ 0.0     $ 0.0    
Weighted average remaining lease term, operating lease 28 years   28 years   28 years 4 months 24 days  
Operating lease, discount rate, percentage 4.10%   4.10%   4.00%  
Weighted average remaining lease term, finance lease 2 years 1 month 6 days   2 years 1 month 6 days   2 years 4 months 24 days  
Finance lease, discount rate, percentage 3.40%   3.40%   3.40%  
Solar Property | Minimum            
Lessee, Lease, Description [Line Items]            
Term of contract 20 years   20 years      
Renewal term 5 years   5 years      
Solar Property | Maximum            
Lessee, Lease, Description [Line Items]            
Term of contract 50 years   50 years      
Renewal term 20 years   20 years      
Office Building            
Lessee, Lease, Description [Line Items]            
Term of contract           16 years
Office Building | Minimum            
Lessee, Lease, Description [Line Items]            
Term of contract 2 years   2 years      
Office Building | Maximum            
Lessee, Lease, Description [Line Items]            
Term of contract 11 years   11 years      
Meter License | Minimum            
Lessee, Lease, Description [Line Items]            
Term of contract 7 years   7 years      
Meter License | Maximum            
Lessee, Lease, Description [Line Items]            
Term of contract 10 years   10 years      
Equipment            
Lessee, Lease, Description [Line Items]            
Term of contract 10 years   10 years      
Storage and Capacity            
Lessee, Lease, Description [Line Items]            
Term of contract 50 years   50 years      
v3.26.1
LEASES - LEASE COST (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]        
Operating lease cost $ 2,922 $ 2,811 $ 5,776 $ 5,520
Amortization of right-of-use assets 344 382 726 922
Interest on lease liabilities 112 157 239 345
Total finance lease cost 456 539 965 1,267
Variable lease cost 151 154 463 384
Total lease cost $ 3,529 $ 3,504 $ 7,204 $ 7,171
v3.26.1
LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating cash flows for operating leases $ 4,425 $ 4,085
Operating cash flows for finance leases 239 345
Financing cash flows for finance leases $ 3,155 $ 4,934
v3.26.1
LEASES - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Noncurrent Assets    
Operating lease assets $ 188,223 $ 185,596
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Utility plant, at cost Utility plant, at cost
Finance lease assets $ 23,676 $ 24,402
Total lease assets 211,899 209,998
Current Liabilities    
Operating lease liabilities $ 5,168 $ 4,388
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current maturities of long-term debt Current maturities of long-term debt
Finance lease liabilities $ 4,614 $ 5,568
Noncurrent Liabilities    
Operating lease liabilities $ 163,048 $ 159,131
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
Finance lease liabilities $ 8,164 $ 10,366
Total lease liabilities $ 180,994 $ 179,453
v3.26.1
COMMITMENTS AND CONTINGENT LIABILITIES - FUTURE COMMITTED EXPENSES (Details)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
USD ($)
Long-term Purchase Commitment [Line Items]  
Current charges recoverable through BGSS $ 126,300
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2026 200,833
2027 315,550
2028 211,899
2029 143,538
2030 134,122
Thereafter 804,775
ES  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2026 58,869
2027 66,059
2028 50,636
2029 18,900
2030 17,439
Thereafter 50,491
ES | Natural gas purchases  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2026 28,537
2027 3,711
2028 0
2029 0
2030 0
Thereafter 0
ES | Storage demand fees  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2026 8,057
2027 14,807
2028 10,330
2029 4,375
2030 4,375
Thereafter 5,788
ES | Pipeline demand fees  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2026 22,275
2027 47,541
2028 40,306
2029 14,525
2030 13,064
Thereafter 44,703
Annual pipeline obligation to be paid over 10 year period $ 4,000
Recorded unconditional purchase obligation term 10 years
NJNG  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2026 $ 141,964
2027 249,491
2028 161,263
2029 124,638
2030 116,683
Thereafter 754,284
NJNG | Natural gas purchases  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2026 15,684
2027 0
2028 0
2029 0
2030 0
Thereafter 0
NJNG | Storage demand fees  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2026 21,697
2027 40,150
2028 24,356
2029 7,394
2030 2,457
Thereafter 0
NJNG | Pipeline demand fees  
Natural Gas Purchases and Future Demand Fees, Next Five Fiscal Years  
2026 104,583
2027 209,341
2028 136,907
2029 117,244
2030 114,226
Thereafter $ 754,284
Minimum | ES  
Long-term Purchase Commitment [Line Items]  
Storage and pipeline capacity, contract term 1 year
Maximum | ES  
Long-term Purchase Commitment [Line Items]  
Storage and pipeline capacity, contract term 10 years
v3.26.1
COMMITMENTS AND CONTINGENT LIABILITIES - GUARANTEES (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Guarantee Obligations  
Loss Contingencies [Line Items]  
Loss contingency, estimate of possible loss $ 151.5
v3.26.1
COMMITMENTS AND CONTINGENT LIABILITIES - LEGAL PROCEEDINGS (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Sep. 30, 2025
Site Contingency [Line Items]    
Manufactured gas plant remediation $ 166,110 $ 166,990
Recovery from third party of environmental remediation cost, period 7 years  
Regulatory assets $ 619,754 $ 672,518
Expended, net of recoveries    
Site Contingency [Line Items]    
Regulatory assets 61,200  
Minimum    
Site Contingency [Line Items]    
Product liability contingency, loss exposure in excess of accrual, best estimate 144,300  
Maximum    
Site Contingency [Line Items]    
Product liability contingency, loss exposure in excess of accrual, best estimate $ 200,200  
v3.26.1
REPORTABLE SEGMENT DATA - ADDITIONAL INFORMATION (Details)
 6 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 4
Number of reportable segments 4
v3.26.1
REPORTABLE SEGMENT DATA - RECONCILIATION OF SEGMENT INCOME TO CONSOLIDATED (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments $ 939,401   $ 913,027   $ 1,544,255 $ 1,401,388
Corporate and other 641,350   569,199   1,082,249 928,152
Operation and maintenance 112,496   111,041   199,177 199,673
Regulatory rider expenses 59,450   48,501   92,604 70,977
Depreciation and amortization 50,129   47,967   99,705 93,296
Gain on sale of assets 0   (688)   0 (55,547)
Interest expense, net of capitalized interest 34,975   32,527   70,651 66,418
Income tax provision 66,176   61,593   100,401 98,977
Equity in earnings of affiliates 2,741   1,452   4,564 2,852
Total net income 218,912 $ 122,490 204,287 $ 131,319 341,402 335,606
ES            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 4,900   4,900   9,900 9,900
Corporate and other            
Segment Reporting Information [Line Items]            
Corporate and other 14,720   14,718   30,489 29,972
Total net income (1,821)   79   (710) 438
Operating Segments            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 924,443   898,004   1,513,291 1,370,732
Natural gas purchases 416,966   427,204   673,838 625,357
Operation and maintenance 98,256   96,079   170,235 170,687
Regulatory rider expenses 59,450   48,501   92,604 70,977
Depreciation and amortization 49,842   47,817   99,140 92,869
Gain on sale of assets     (688)     (55,547)
Interest income 2,671   3,095   5,575 6,222
Other segment income (expense) 15,694   14,827   26,340 24,364
Interest expense, net of capitalized interest 35,924   32,275   72,573 65,957
Income tax provision 64,157   61,996   98,701 98,656
Equity in earnings of affiliates 2,282   1,161   3,522 2,122
Net income attributable to reportable segments 220,733   204,208   342,112 335,168
Operating Segments | NJNG            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 640,922   618,339   1,050,823 951,767
Corporate and other 574,584   509,145   949,205 805,210
Natural gas purchases 276,567   275,298   447,291 405,303
Operation and maintenance 65,715   61,257   114,703 113,351
Regulatory rider expenses 59,450   48,501   92,604 70,977
Depreciation and amortization 37,509   35,713   74,469 67,797
Gain on sale of assets     0     0
Interest income 648   610   1,373 1,247
Other segment income (expense) 6,803   6,534   12,126 11,414
Interest expense, net of capitalized interest 19,180   17,259   38,479 34,713
Income tax provision 41,677   43,230   64,909 61,491
Equity in earnings of affiliates 0   0   0 0
Net income attributable to reportable segments 148,513   144,531   232,342 211,439
Operating Segments | CEV            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 9,932   7,967   41,692 34,373
Corporate and other 8,883   7,833   18,235 16,555
Natural gas purchases 0   0   0 0
Operation and maintenance 10,549   10,704   19,889 21,270
Regulatory rider expenses 0   0   0 0
Depreciation and amortization 7,121   5,504   14,153 11,929
Gain on sale of assets     (688)     (55,547)
Interest income 0   250   31 250
Other segment income (expense) 8,859   8,203   14,134 12,574
Interest expense, net of capitalized interest 8,172   5,937   16,538 12,311
Income tax provision (1,828)   (1,079)   910 13,062
Equity in earnings of affiliates 0   0   0 0
Net income attributable to reportable segments (5,223)   (3,958)   4,367 44,172
Operating Segments | ES            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 244,155   246,390   363,262 332,698
Corporate and other 13,491   11,890   26,331 23,837
Natural gas purchases 139,938   151,847   225,712 219,715
Operation and maintenance 9,770   11,208   12,955 13,073
Regulatory rider expenses 0   0   0 0
Depreciation and amortization 43   62   84 109
Gain on sale of assets     0     0
Interest income 21   39   60 73
Other segment income (expense) 171   353   341 703
Interest expense, net of capitalized interest 3,124   3,262   6,542 7,147
Income tax provision 21,737   19,111   28,038 21,880
Equity in earnings of affiliates 0   0   0 0
Net income attributable to reportable segments 69,735   61,292   90,332 71,550
Operating Segments | S&T            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 29,434   25,308   57,514 51,894
Corporate and other 29,434   25,308   57,514 51,894
Natural gas purchases 461   59   835 339
Operation and maintenance 12,222   12,910   22,688 22,993
Regulatory rider expenses 0   0   0 0
Depreciation and amortization 5,169   6,538   10,434 13,034
Gain on sale of assets     0     0
Interest income 2,002   2,196   4,111 4,652
Other segment income (expense) (139)   (263)   (261) (327)
Interest expense, net of capitalized interest 5,448   5,817   11,014 11,786
Income tax provision 2,571   734   4,844 2,223
Equity in earnings of affiliates 2,282   1,161   3,522 2,122
Net income attributable to reportable segments 7,708   2,343   15,071 8,007
Intersegment Eliminations            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 238   305   475 684
Intersegment Eliminations | NJNG            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 238   306   475 643
Intersegment Eliminations | CEV            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 0   0   0 0
Intersegment Eliminations | ES            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments 0   0   0 0
Intersegment Eliminations | S&T            
Segment Reporting Information [Line Items]            
Operating revenues attributable to reportable segments $ 0   $ (1)   $ 0 $ 41
v3.26.1
REPORTABLE SEGMENT DATA - RECONCILIATION OF CAPITAL EXPENDITURES AND SEGMENT ASSETS TO CONSOLIDATED (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Segment Reporting, Asset Reconciling Item [Line Items]          
Assets $ 7,943,255   $ 7,943,255   $ 7,578,775
Corporate and other          
Segment Reporting, Asset Reconciling Item [Line Items]          
Assets (13,027)   (13,027)   (60,178)
Operating Segments          
Segment Reporting, Asset Reconciling Item [Line Items]          
Capital expenditures 194,630 $ 134,419 373,694 $ 286,000  
Assets 7,956,282   7,956,282   7,638,953
Operating Segments | NJNG          
Segment Reporting, Asset Reconciling Item [Line Items]          
Capital expenditures 106,001 93,332 212,919 203,236  
Assets 5,477,659   5,477,659   5,198,116
Operating Segments | CEV          
Segment Reporting, Asset Reconciling Item [Line Items]          
Capital expenditures 71,678 35,226 131,379 68,702  
Assets 1,337,811   1,337,811   1,308,969
Operating Segments | ES          
Segment Reporting, Asset Reconciling Item [Line Items]          
Capital expenditures 0 0 0 0  
Assets 90,975   90,975   98,429
Operating Segments | S&T          
Segment Reporting, Asset Reconciling Item [Line Items]          
Capital expenditures 16,951 $ 5,861 29,396 $ 14,062  
Assets $ 1,049,837   $ 1,049,837   $ 1,033,439
v3.26.1
RELATED PARTY TRANSACTIONS - ADDITIONAL INFORMATION (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Mar. 31, 2025
Bcf
Apr. 30, 2020
USD ($)
Bcf
Mar. 31, 2026
numberOfAgreement
dth / d
NJNG to NJRES Affiliate      
Related Party Transaction [Line Items]      
Asset management agreement, period   5 years  
NJNG      
Related Party Transaction [Line Items]      
Asset management agreement, period 2 years    
Natural gas sold at cost under asset management agreement (in Bcf) | Bcf 3 3  
Approximate annual demand fees under agreement | $   $ 6.5  
NJNG to Adelphia Affiliate      
Related Party Transaction [Line Items]      
Number of transportation agreements | numberOfAgreement     2
NJNG to Adelphia Affiliate | Transportation Precedent Agreement One      
Related Party Transaction [Line Items]      
Transportation capacity under precedent agreement (in bcf per day)     130,000
Transportation precedent agreement term     5 years
NJNG to Adelphia Affiliate | Transportation Precedent Agreement Two      
Related Party Transaction [Line Items]      
Transportation capacity under precedent agreement (in bcf per day)     130,000
Transportation precedent agreement term     15 years
NJNG and Clean Energy Ventures to PPA | Sublease Agreement One      
Related Party Transaction [Line Items]      
Sublease agreement term     15 years
NJNG and Clean Energy Ventures to PPA | Sublease Agreement Two      
Related Party Transaction [Line Items]      
Sublease agreement term     20 years
NJNG to NJR Subsidiaries      
Related Party Transaction [Line Items]      
Term of contract     16 years
v3.26.1
RELATED PARTY TRANSACTIONS - DEMAND FEES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Related Party Transaction [Line Items]          
Demand fees payable $ 641   $ 641   $ 641
Related Party          
Related Party Transaction [Line Items]          
Demand fees expense recognized pertaining to related party agreement 1,242 $ 1,666 2,519 $ 3,384  
Demand fees payable 641   641   641
Related Party | NJNG          
Related Party Transaction [Line Items]          
Demand fees expense recognized pertaining to related party agreement 1,059 1,486 2,141 3,010  
Demand fees payable 540   540   540
Related Party | ES          
Related Party Transaction [Line Items]          
Demand fees expense recognized pertaining to related party agreement 183 $ 180 378 $ 374  
Demand fees payable $ 101   $ 101   $ 101
v3.26.1
DISPOSITIONS (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2024
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Gain on sale of assets   $ 0 $ 688 $ 0 $ 55,547  
Discontinued Operations | Residential Solar Portfolio            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Proceeds from divestiture of businesses $ 132,500          
Gain on sale of assets   0   0   $ 4,700
Pre-tax gain on sale of assets   $ 0 $ 700 $ 0 $ 55,500