3,547.2%.
That is the increase in New Jersey Resources' cash balance, from $931,000 at June 30, 2025 to $34.0 million a year later. The number is enormous because the starting point was tiny, but it marks a sharp change in reported results: revenue rose 9.9% to $258.0 million, and operating income moved from a $1.1 million loss to $31.9 million.
Net income also turned positive, reaching $9.7 million from a $15.1 million loss. Operating margin swung to 12.4% from negative 0.5%. So far, the filing shows higher revenue, positive operating income and a higher cash balance. Utilities rarely get accused of being too exciting, but this one brought a calculator with a loose battery.
The complication is that the cash balance is not the same thing as cash generated by operations, and the earnings improvement is heavily period-sensitive. Management's own nine-month comparison says net income fell by $33.3 million, mainly because the prior period included a gain on the sale of the residential solar portfolio.
"Net income decreased approximately $33.3M during the nine months ended June 30, 2026, compared with the nine months ended June 30, 2025, due primarily to the following factors: $56.1M decrease due to the gain on the sale of the residential solar portfolio in the prior period; $6.4M increase in interest expense, net of capitalized interest due to higher outstanding debt; and $4.1M increase in depreciation expense as a result of additional solar assets being placed into service; partially offset by $14.5M increase in operating revenues due to higher REC sales; $10.1M decrease in income tax expense related to lower operating income; and $6.6M increase in other income, net due primarily to the recognition of ITCs associated with solar sale leaseback financing transactions."
([NJR](https://jodie.ai/t/NJR), Form 10-Q, Aug. 4, 2026)
That bridge does not erase the three-month profit swing. It puts it in the right drawer. NJR is comparing a current operating period with a prior period that had a sizable asset-sale gain, while the balance sheet now carries more debt, depreciation, and solar assets.
The gas business supplies the more immediate operating detail. Natural gas purchases increased $14.3 million in the three months, as volumes climbed 39% and prices fell 13%.
"Natural gas purchases increased approximately $14.3M during the three months ended June 30, 2026, compared with the three months ended June 30, 2025, due primarily to a 39% increase in volumes of natural gas purchased, partially offset by a 13% decrease in natural gas purchase prices."
NJR, Form 10-Q, Aug. 4, 2026
In plain English, NJR bought substantially more gas, and cheaper prices softened the cost of doing so. That coincided with the reported increase in utility gross margin, but it also leaves the business exposed to the familiar arithmetic of volume, price, weather, and working capital.
The company says operating cash flows are affected by seasonal demand, wholesale energy prices, storage activity, receivables, payables, and SREC deliveries. The latest cash figure therefore answers one narrow question, how much cash was on hand at the reporting date, rather than the broader one, how repeatable was the cash movement.
At the latest close, NJR was $57.38, down 1.3% on the day. Its annual results show revenue reaching $1.4B in fiscal 2025, with a 24.8% net margin, but the latest three-month numbers are being shaped by a different mix of utility costs, financing, and prior-period solar accounting.
NJR's next quarterly report will add the useful comparison: whether cash and operating cash flow move together as the gas business moves through its seasonal cycle. For now, the filing offers more cash on hand and more operating income, with the gas bill still keeping time.
The quarter traded a prior solar gain for stronger utility operations, but higher volume still carried higher purchase costs.