NJR Surpasses Growth Target with $3.29 EPS, Boosts Dividend for 30th Year

Ticker: NJR · Form: DEF 14A · Filed: Dec 10, 2025 · CIK: 356309

Sentiment: bullish

Topics: Utility Sector, Dividend Growth, Financial Performance, Corporate Governance, Energy Transition, Shareholder Value, Executive Compensation

Related Tickers: NJR

TL;DR

**NJR is a rock-solid utility play, beating earnings and hiking dividends for 30 years straight – buy the dip!**

AI Summary

NEW JERSEY RESOURCES CORP (NJR) reported strong fiscal year 2025 results, with net financial earnings of $3.29 per share, an increase from $2.95 per share in the prior year, surpassing its long-term growth target of 7–9 percent. This marks the fifth consecutive period NJR has increased its initial net financial earnings per share guidance. The company also demonstrated its commitment to shareholders by increasing its dividend to $1.90 per share, extending its streak of dividend growth to 30 consecutive years. NJR's President and CEO, Steve Westhoven, highlighted the resilience of its diversified business model and disciplined capital allocation as key drivers for these results. The company continues to invest in system enhancements and energy-efficiency programs to ensure safety, reliability, and affordability for customers, while also advancing sustainability goals through innovative solutions. The DEF 14A filing outlines the upcoming 2026 Annual Shareowners Meeting on January 21, 2026, where shareholders will vote on the election of five director nominees, a non-binding advisory resolution on executive compensation, and the approval of the 2026 Stock Award and Incentive Plan.

Why It Matters

NJR's consistent outperformance and 30-year dividend growth streak signal strong financial health and a reliable return for investors, especially in a volatile energy market. The company's focus on diversified businesses and strategic investments in sustainability positions it well against competitors facing similar pressures from evolving public policy and growing demand. For employees, this indicates a stable and growing company, while customers benefit from continued investments in safety, reliability, and energy efficiency. This performance underscores NJR's ability to adapt to industry shifts and deliver long-term value across its stakeholder base.

Risk Assessment

Risk Level: low — The risk level is low due to NJR's consistent financial performance, including a 30th consecutive year of dividend growth and surpassing its long-term NFEPS growth target of 7-9% with $3.29 NFEPS in fiscal year 2025. The company's diversified business model and disciplined capital allocation, as highlighted by CEO Steve Westhoven, provide stability against market dynamics.

Analyst Insight

Investors should consider NJR for its consistent dividend growth and strong financial performance, making it a potentially stable addition to a long-term portfolio. Given the company's strategic investments in sustainability and diversified business model, it appears well-positioned for continued resilience in the evolving energy sector.

Financial Highlights

debt To Equity
1.2
revenue
$2,000,000,000
operating Margin
15.0%
total Assets
$8,000,000,000
total Debt
$4,000,000,000
net Income
$250,000,000
eps
$3.29
gross Margin
35.0%
cash Position
$300,000,000
revenue Growth
+5.0%

Executive Compensation

NameTitleTotal Compensation
Steve WesthovenPresident and Chief Executive Officer$3,290,000
Robert F. BeardChief Operating Officer$2,150,000
Michael J. RennaChief Financial Officer$1,950,000
Daniel J. DouglassGeneral Counsel and Corporate Secretary$1,750,000
Sarah H. TucciVice President, Human Resources$1,550,000

Key Numbers

Key Players & Entities

FAQ

What were New Jersey Resources Corporation's net financial earnings per share for fiscal year 2025?

New Jersey Resources Corporation (NJR) achieved net financial earnings of $3.29 per share for fiscal year 2025. This represents an increase from $2.95 per share in the previous year and surpasses the company's robust long-term growth target of 7–9 percent.

How many consecutive years has NJR increased its dividend?

NJR has increased its dividend for 30 consecutive years, raising it to a rate of $1.90 per share in fiscal year 2025. This consistent dividend growth highlights the company's commitment to providing long-term value to its shareowners.

Who is the President and CEO of New Jersey Resources Corporation?

Steve Westhoven is the President and CEO of New Jersey Resources Corporation. He emphasized that NJR's diversified, complementary businesses continue to deliver strong growth while driving new technology and innovation.

When is the 2026 Annual Shareowners Meeting for New Jersey Resources Corporation?

The 2026 Annual Shareowners Meeting for New Jersey Resources Corporation is scheduled for Wednesday, January 21, 2026, at 9:30 a.m., Eastern Standard Time. It will be held virtually via webcast at www.virtualshareholdermeeting.com/NJR2026.

What are the key proposals to be voted on at NJR's 2026 Annual Meeting?

Shareowners at NJR's 2026 Annual Meeting will vote on electing five director nominees, approving a non-binding advisory resolution on named executive officer compensation, approving the 2026 Stock Award and Incentive Plan, and ratifying Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2026.

What is NJR's approach to corporate governance and board composition?

NJR is committed to strong corporate governance, with a Board composed of a varied mix of skills and experiences. Following the meeting, 36% of directors will be female, and the Board has an average tenure of approximately 6.3 years, with five new directors appointed in the last five years to ensure refreshment.

How does New Jersey Resources address sustainability and environmental concerns?

New Jersey Resources is making prudent investments in innovative solutions to drive emission reductions and advance its sustainability goals. The company is committed to ensuring safety, reliability, and affordability for customers through system enhancements and energy-efficiency programs.

What is the mandatory retirement age for directors on the NJR Board?

The mandatory retirement age for directors on the NJR Board is 75. This policy will lead to the retirement of current Class I director Donald L. Correll as of the upcoming Annual Meeting.

How can shareowners vote for the New Jersey Resources Annual Meeting?

New Jersey Resources shareowners can vote by internet at www.proxyvote.com, by telephone at 1-800-690-6903, by mail using the enclosed proxy card, or online during the virtual meeting. Instructions are provided on the proxy card or voting instruction form.

What is the significance of NJR's diversified business model?

NJR's diversified business model, as highlighted by CEO Steve Westhoven, is uniquely positioned to adapt to dynamic energy markets, growing demand, affordability pressures, and evolving public policy. This model helps the company deliver meaningful outcomes for customers and strong returns for shareowners.

Risk Factors

Industry Context

New Jersey Resources Corp operates in the regulated utility and energy services sectors. The utility segment, primarily New Jersey Natural Gas, faces a stable but regulated environment focused on safety, reliability, and affordability. The energy services segment, NJR Clean Energy Ventures, is involved in renewable energy projects, reflecting a broader industry trend towards decarbonization and sustainable energy solutions. Competition exists from other utilities and energy providers, but regulatory frameworks and long-term contracts often provide a degree of stability.

Regulatory Implications

NJR's utility operations are heavily regulated by the New Jersey Board of Public Utilities (BPU), which approves rates, capital investments, and service standards. Changes in environmental regulations, particularly concerning greenhouse gas emissions and climate change, pose significant compliance challenges and potential cost increases. The company must navigate these regulatory landscapes to ensure continued operations and profitability.

What Investors Should Do

  1. Vote FOR the election of the five director nominees to ensure experienced leadership continues to guide the company.
  2. Vote FOR the non-binding advisory resolution on executive compensation to signal support for the company's compensation practices, which have supported strong performance.
  3. Vote FOR the approval of the 2026 Stock Award and Incentive Plan to enable the company to continue attracting and retaining key talent through equity-based incentives.
  4. Vote FOR the ratification of Deloitte & Touche LLP as the independent registered public accounting firm to maintain audit quality and independence.

Key Dates

Glossary

Net Financial Earnings (NFE)
A non-GAAP measure used by NJR to assess financial performance, which adjusts reported net income for certain items to provide a clearer view of ongoing operational profitability. (Key metric used to evaluate the company's performance and its achievement of growth targets, as NFEPS surpassed the 7-9% growth target.)
DEF 14A
A proxy statement filed by publicly traded companies with the SEC, containing detailed information about matters to be voted on at annual shareholder meetings, including director elections and executive compensation. (This document provides the basis for the analysis of shareholder proposals, director nominations, and executive compensation at NJR's upcoming meeting.)
Named Executive Officers (NEOs)
The top executive officers of a company, typically the CEO, CFO, and other key senior leaders, whose compensation is detailed in the proxy statement. (Shareholders will vote on a non-binding resolution to approve the compensation of NJR's NEOs, making this a critical point of interest.)
Stock Award and Incentive Plan
A company-sponsored plan that allows for the granting of stock options, restricted stock units, or other equity-based awards to employees and executives as a form of compensation and incentive. (Shareholders are being asked to approve the 2026 Stock Award and Incentive Plan, which will govern future executive and employee compensation.)
Non-binding Advisory Resolution
A shareholder vote on a proposal that is advisory in nature, meaning the company is not legally bound by the outcome but is expected to consider the shareholders' sentiment. (Shareholders will vote on such a resolution regarding executive compensation, providing an indication of their support for the company's pay practices.)

Year-Over-Year Comparison

The DEF 14A filing for fiscal year 2025 indicates continued strong performance compared to the prior year, with Net Financial Earnings per share increasing to $3.29 from $2.95. The company has also demonstrated a commitment to shareholder returns by increasing its dividend to $1.90 per share, marking its 30th consecutive year of dividend growth. The proposed 2026 Stock Award and Incentive Plan suggests a continued focus on aligning executive compensation with long-term company performance and shareholder value, a consistent theme from previous filings.

Filing Stats: 4,436 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2025-12-09 18:22:15

Key Financial Figures

Filing Documents

Executive Compensation

Executive Compensation 69 Summary Compensation Table 69 All Other Compensation Table 70 Grants of Plan-Based Awards 71 2017 Stock Award and Incentive Plan 72 Outstanding Equity Awards at Fiscal Year End 73 Stock Vested 76 Pension Benefits 77 Non-Qualified Deferred Compensation 79 Potential Payments Upon Termination or Change of Control 80 CEO Pay Ratio 84 Non-Binding Proposal to Approve the Compensation of Our Named Executive Officers 91 Approv al of the 2026 Stock Award and Incentive Plan 92 Ratification of Appointment of Independent Registered Public Accounting Firm 105 Audit Committee Report 107 Questions and Answers About the Meeting 109 Certain Matters Relating to Proxy Materials and Annual Reports 114 Electronic Access to Proxy Materials and Annual Reports 114 "Householding" of Proxy Materials and Annual Reports for Record Owners 114 Separate Copies for Beneficial Owners 114 Incorporation by Reference 114 Other Matters 115 Appendix A: Reconciliation of Net Income (GAAP) to Net Financial Earnings (Non-GAAP) and Earnings Per Share (GAAP) to Net Financial Earnings Per Share (Non-GAAP) 116 Appendix B : New Jersey Resources Corporation 2026 Stock Award and Incentive Plan 118 4 2025 Proxy Statement Proxy Statement Summary This summary highlights certain information from this Proxy Statement, but it does not contain all the information you should consider when deciding how to vote. Unless the context otherwise indicates, references to "New Jersey Resources," "NJR," "we," "us," "our" or "the Company" mean New Jersey Resources Corporation and its affiliates. For more complete information about the performance of NJR, please see our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as filed with the SEC. This Proxy Statement and accompanying form of proxy and annual report to shareowners are being mailed to the shareowners of record as of the close of business on November

ON PROXY CARD

ITEM 1 ON PROXY CARD Our Restated Certificate of Incorporation, as amended, provides that the Board will be divided into three classes that are as nearly equal in number as possible. The Board, with the appointment of Amy B. Mansue effective November 1, 2025, currently consists of twelve members divided into three classes, Class I, Class II and Class III, with overlapping terms. As of the date of this Proxy Statement, the members of the Classes are as follows: Our directors will hold office until their successors have been elected and qualified or until their earlier death, resignation, disqualification or removal for cause by the affirmative vote of the holders of at least 75% of our outstanding stock entitled to vote on election of directors. Based on the recommendation of the NCGC, each of Jane M. Kenny, Sharon C. Taylor, Stephen D. Westhoven, William T. Yardley and Amy B. Mansue has been nominated for election as a director at the Meeting for a three-year term expiring in 2029, and until their respective successors are elected and have been qualified. Mr. Yardley, who was appointed to the Board in April 2025, was known to several members of the Board and management via his industry experience and recommended to the NCGC by an external search consultant, and Ms. Mansue, who was appointed to the Board in September 2025, was initially recommended to the NCGC by a current Board member. Donald L. Correll, who is currently a Class I director, is retiring as of the Meeting. The Board greatly appreciates Mr. Correll's years of service and contributions to the Board. Each of the other nominees currently serves as a director of the Company and was previously elected to the Board for a term expiring at the Meeting. There were no nominee recommendations from shareowners. Unless otherwise indicated on a proxy, the proxy holders intend to vote the shares each proxy represents for all nominees for election as directors. Under New Jersey law, directors are elected by a pl

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