Segment Information (Tables)

12 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

Income statement information and capital expenditures by segment are shown in the following tables.


	Year Ended September 30, 2025
	Distribution		Pipeline and Storage		Total of Reportable Segments
	(In thousands)
Operating revenues from external parties	$	4,422,355	$	280,400	$	4,702,755
Intersegment revenues	3,042		784,900		787,942
Total operating revenues	4,425,397		1,065,300		5,490,697
Operation and maintenance expense	644,924		229,986		874,910
Depreciation and amortization expense (2)	543,840		190,905		734,745
Interest charges (2)	99,226		72,452		171,678
Income tax expense (2)	150,961		128,319		279,280
Other segment items (1)	2,239,665		(8,335)		2,231,330
Net income (2)	$	746,781	$	451,973	$	1,198,754
Capital expenditures (2)	$	2,662,703	$	898,696	$	3,561,399
Reconciliation to consolidated total operating revenues:
Total operating revenues of reportable segments					$	5,490,697
Elimination of intersegment revenues					(787,942)
Consolidated total operating revenues					$	4,702,755


	Year Ended September 30, 2024
	Distribution		Pipeline and Storage		Total of Reportable Segments
	(In thousands)
Operating revenues from external parties	$	3,912,134	$	253,053	$	4,165,187
Intersegment revenues	3,007		684,976		687,983
Total operating revenues	3,915,141		938,029		4,853,170
Operation and maintenance expense	589,864		218,571		808,435
Depreciation and amortization expense (2)	491,982		177,990		669,972
Interest charges (2)	117,086		73,546		190,632
Income tax expense (2)	96,041		96,840		192,881
Other segment items (1)	1,948,755		(400)		1,948,355
Net income (2)	$	671,413	$	371,482	$	1,042,895
Capital expenditures (2)	$	2,249,280	$	687,844	$	2,937,124
Reconciliation to consolidated total operating revenues:
Total operating revenues of reportable segments					$	4,853,170
Elimination of intersegment revenues					(687,983)
Consolidated total operating revenues					$	4,165,187


	Year Ended September 30, 2023
	Distribution		Pipeline and Storage		Total of Reportable Segments
	(In thousands)
Operating revenues from external parties	$	4,096,661	$	178,696	$	4,275,357
Intersegment revenues	3,029		606,478		609,507
Total operating revenues	4,099,690		785,174		4,884,864
Operation and maintenance expense	543,078		200,580		743,658
Depreciation and amortization expense (2)	434,721		169,606		604,327
Interest charges (2)	77,185		60,096		137,281
Income tax expense (2)	60,032		53,747		113,779
Other segment items (1)	2,404,277		(4,320)		2,399,957
Net income (2)	$	580,397	$	305,465	$	885,862
Capital expenditures (2)	$	1,927,125	$	878,848	$	2,805,973
Reconciliation to consolidated total operating revenues:
Total operating revenues of reportable segments					$	4,884,864
Elimination of intersegment revenues					(609,507)
Consolidated total operating revenues					$	4,275,357

(1)Other segment items consist of purchased gas cost, bad debt expense, taxes other than income taxes, the equity component of AFUDC, community support spending, and other segment income or expense deemed insignificant which are used to reach net income, our measurement of segment profit or loss.

(2)The totals of reportable segments for these items reconcile to consolidated totals.

Balance sheet information at September 30, 2025 and 2024 by segment is presented in the following tables.


	September 30, 2025
	Distribution		Pipeline and Storage		Total of Reportable Segments
	(In thousands)
Property, plant and equipment, net (1)	$	18,765,128	$	6,527,862	$	25,292,990
Total assets	$	27,296,805	$	6,896,646	$	34,193,451
Reconciliation to consolidated assets:
Total assets of reportable segments					$	34,193,451
Elimination of intersegment assets					(5,943,929)
Consolidated total assets					$	28,249,522


	September 30, 2024
	Distribution		Pipeline and Storage		Total of Reportable Segments
	(In thousands)
Property, plant and equipment, net (1)	$	16,372,659	$	5,831,708	$	22,204,367
Total assets	$	24,328,877	$	6,181,558	$	30,510,435
Reconciliation to consolidated assets:
Total assets of reportable segments					$	30,510,435
Elimination of intersegment assets					(5,315,970)
Consolidated total assets					$	25,194,465

(1)The total of reportable segments for this item reconciles to consolidated total.

Schedule of Revenue from External Customers by Products and Services

The following table summarizes our revenues from external parties, excluding intersegment revenues, by products and services for the fiscal years ended September 30.



	2025		2024		2023
	(In thousands)
Distribution revenues:
Gas sales revenues:
Residential	$	2,916,245	$	2,583,681	$	2,638,689
Commercial	1,154,591		1,016,675		1,112,236
Industrial	122,576		100,596		151,970
Public authority and other	52,606		52,180		62,476
Total gas sales revenues	4,246,018		3,753,132		3,965,371
Transportation revenues	149,853		132,608		119,371
Other gas revenues	26,484		26,394		11,919
Total distribution revenues	4,422,355		3,912,134		4,096,661
Pipeline and storage revenues	280,400		253,053		178,696
Total operating revenues	$	4,702,755	$	4,165,187	$	4,275,357