Short answer
NEW JERSEY RESOURCES CORP (NJR) filed its fiscal 2025 10-K annual report with the SEC on Nov 20, 2025. It reported revenue of $1.4B (+9.9% year over year) and net income of $336M.
- Top risk flagged: Cybersecurity oversight by Board Audit Committee, with quarterly updates from Senior VP and CIO
FY2025 key financial metrics · XBRL
- Revenue
- $1.4B
- +9.9% YoY
- Net income
- $336M
- +15.8% YoY
- Operating margin
- 37.7%
- +0.4 pp YoY
- EPS (diluted)
- $3.33
- +14.0% YoY
- ROE
- 14.0%
- +0.9 pp YoY
- Operating cash flow
- $466M
- +9.1% YoY
Source: XBRL data from the NEW JERSEY RESOURCES CORP (NJR) FY2025 10-K on SEC EDGAR. USD.
NEW JERSEY RESOURCES CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Natural gas distribution and utility services in New Jersey
- No new products, services, or segments introduced or emphasized this year
- No strategic shift or change in competitive positioning disclosed
- Employee and R&D metrics not specified in this filing section
- Filing focused on corporate governance compliance, including Code of Conduct availability and amendments disclosure
Management Discussion & Analysis
- NJNG credit ratings reaffirmed: Moody’s senior secured A1, Fitch senior secured A+ as of Sept 30, 2025
- Moody’s corporate rating N/A, Fitch corporate rating A-; commercial paper ratings P-2 (Moody’s), F-2 (Fitch)
- Ratings outlook stable from both Moody’s (June 27, 2025) and Fitch (April 4, 2025)
- No acceleration risk from credit rating downgrades but potential for increased borrowing costs if ratings fall below investment grade
- Financing strategy targets equity ratio supporting current short-term and long-term credit ratings
Risk Factors
- Cybersecurity oversight by Board Audit Committee, with quarterly updates from Senior VP and CIO
- Managing Director of Information Security leads control implementation, with 25+ years utility sector cyber experience
- Cross-functional Cyber Resiliency Committee integrates cybersecurity policies, compliance, and investment approvals
- No current material financial impact from cybersecurity incidents as of September 30, 2025
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