REVENUE

3 Months Ended

Dec. 31, 2025

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 Obligation	Description
NJNG	Natural 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.
CEV	Commercial 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.
CEV	Renewable 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.
ES	Natural 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.
HSO	Service 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:
Segment/ Operations	Performance Obligation	Description
ES	Natural 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.
HSO	Installations	Home 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 December 31, 2025 and 2024, are as follows:

(Thousands)	NJNG		CEV		ES	S&T	HSO	Total
2025
Natural gas utility sales (1)	$	374,858	—		—	—	—	$	374,858
Natural gas services	—		—		12,840	28,080	—	40,920
Service contracts	—		—		—	—	9,455	9,455
Installations and maintenance	—		—		—	—	6,551	6,551
Renewable energy certificates	—		3,737		—	—	—	3,737
Electricity sales	—		5,615		—	—	—	5,615
Eliminations (2)	(237)		—		—	—	—	(237)
Revenues from contracts with customers	374,621		9,352		12,840	28,080	16,006	440,899
Alternative revenue programs (3)	(26,256)		—		—	—	—	(26,256)
Derivative instruments	61,536		22,408	(4)	106,267	—	—	190,211
Revenues out of scope	35,280		22,408		106,267	—	—	163,955
Total operating revenues	$	409,901	31,760		119,107	28,080	16,006	$	604,854
2024
Natural gas utility sales (1)	$	296,402	—		—	—	—	$	296,402
Natural gas services	—		—		11,947	26,628	—	38,575
Service contracts	—		—		—	—	9,232	9,232
Installations and maintenance	—		—		—	—	6,562	6,562
Renewable energy certificates	—		2,896		—	—	—	2,896
Electricity sales	—		5,826		—	—	—	5,826
Eliminations (2)	(337)		—		—	(42)	(161)	(540)
Revenues from contracts with customers	296,065		8,722		11,947	26,586	15,633	358,953
Alternative revenue programs (3)	(5,391)		—		—	—	—	(5,391)
Derivative instruments	42,754		17,684	(4)	74,361	—	—	134,799
Revenues out of scope	37,363		17,684		74,361	—	—	129,408
Total operating revenues	$	333,428	26,406		86,308	26,586	15,633	$	488,361

(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 December 31, 2025 and 2024, are as follows:

(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
2025
Residential	$	284,101	—	—	—	15,981	$	300,082
Commercial and industrial	53,441		9,352	12,840	28,080	25	103,738
Firm transportation	34,677		—	—	—	—	34,677
Interruptible, off-tariff and other	2,402		—	—	—	—	2,402
Revenues out of scope	35,280		22,408	106,267	—	—	163,955
Total operating revenues	$	409,901	31,760	119,107	28,080	16,006	$	604,854
2024
Residential	$	223,819	2,110	—	—	15,544	$	241,473
Commercial and industrial	41,805		6,612	11,947	26,586	89	87,039
Firm transportation	27,325		—	—	—	—	27,325
Interruptible, off-tariff and other	3,116		—	—	—	—	3,116
Revenues out of scope	37,363		17,684	74,361	—	—	129,408
Total operating revenues	$	333,428	26,406	86,308	26,586	15,633	$	488,361

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 three months ended December 31, 2025 and 2024, are as follows:

	Customer Accounts Receivable				Customers' Credit
(Thousands)	Billed		Unbilled		Balances and Deposits
Balance as of September 30, 2025	$	109,366	$	24,194	$	31,297
Increase	150,763		127,759		8,948
Balance as of December 31, 2025	$	260,129	$	151,953	$	40,245
Balance as of September 30, 2024	$	105,531	$	20,094	$	38,595
Increase	105,505		97,186		3,992
Balance as of December 31, 2024	$	211,036	$	117,280	$	42,587

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 December 31, 2025 and September 30, 2025:

(Thousands)	NJNG		CEV	ES	S&T	HSO	Total
December 31, 2025
Customer accounts receivable
Billed	$	170,462	5,108	74,400	8,896	1,263	$	260,129
Unbilled	143,752		8,201	—	—	—	151,953
Customers' credit balances and deposits	(40,200)		—	—	(45)	—	(40,245)
Total	$	274,014	13,309	74,400	8,851	1,263	$	371,837
September 30, 2025
Customer accounts receivable
Billed	$	75,789	6,818	17,483	8,172	1,104	$	109,366
Unbilled	14,817		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