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Side-by-side financial comparison of Confluent, Inc. (CFLT) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $314.8M, roughly 1.4× Confluent, Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -25.2%, a 60.9% gap on every dollar of revenue. On growth, Confluent, Inc. posted the faster year-over-year revenue change (20.5% vs 1.7%). Over the past eight quarters, Confluent, Inc.'s revenue compounded faster (20.4% CAGR vs 12.1%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
CFLT vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $425.9M |
| Net Profit | $-79.2M | $152.0M |
| Gross Margin | 74.7% | — |
| Operating Margin | -31.5% | 81.5% |
| Net Margin | -25.2% | 35.7% |
| Revenue YoY | 20.5% | 1.7% |
| Net Profit YoY | 10.0% | — |
| EPS (diluted) | $-0.23 | $1.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $314.8M | $637.9M | ||
| Q3 25 | $298.5M | $443.1M | ||
| Q2 25 | $282.3M | $527.4M | ||
| Q1 25 | $271.1M | $734.8M | ||
| Q4 24 | $261.2M | $513.8M | ||
| Q3 24 | $250.2M | $310.0M | ||
| Q2 24 | $235.0M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $-79.2M | $181.6M | ||
| Q3 25 | $-66.5M | $107.3M | ||
| Q2 25 | $-82.0M | $149.8M | ||
| Q1 25 | $-67.6M | $216.4M | ||
| Q4 24 | $-88.1M | $45.0M | ||
| Q3 24 | $-74.1M | $-167.6M | ||
| Q2 24 | $-89.9M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 74.7% | 86.6% | ||
| Q3 25 | 74.2% | — | ||
| Q2 25 | 73.7% | 94.7% | ||
| Q1 25 | 74.5% | 81.6% | ||
| Q4 24 | 74.1% | 87.3% | ||
| Q3 24 | 74.5% | — | ||
| Q2 24 | 72.3% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | -31.5% | 43.3% | ||
| Q3 25 | -27.9% | 40.6% | ||
| Q2 25 | -34.2% | 43.7% | ||
| Q1 25 | -37.3% | 43.2% | ||
| Q4 24 | -40.5% | 16.8% | ||
| Q3 24 | -37.4% | -63.4% | ||
| Q2 24 | -46.1% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | -25.2% | 28.5% | ||
| Q3 25 | -22.3% | 24.2% | ||
| Q2 25 | -29.0% | 28.4% | ||
| Q1 25 | -24.9% | 29.4% | ||
| Q4 24 | -33.7% | 8.8% | ||
| Q3 24 | -29.6% | -54.1% | ||
| Q2 24 | -38.3% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $-0.23 | $1.98 | ||
| Q3 25 | $-0.19 | $1.18 | ||
| Q2 25 | $-0.24 | $1.64 | ||
| Q1 25 | $-0.20 | $2.37 | ||
| Q4 24 | $-0.26 | $0.49 | ||
| Q3 24 | $-0.23 | $-1.81 | ||
| Q2 24 | $-0.28 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $347.2M | — |
| Total DebtLower is stronger | $1.1B | $300.0M |
| Stockholders' EquityBook value | $1.2B | — |
| Total Assets | $3.0B | $9.1B |
| Debt / EquityLower = less leverage | 0.94× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $347.2M | $271.4M | ||
| Q3 25 | $298.5M | $43.2M | ||
| Q2 25 | $295.6M | $39.3M | ||
| Q1 25 | $278.6M | $40.0M | ||
| Q4 24 | $386.0M | $48.7M | ||
| Q3 24 | $322.6M | $38.2M | ||
| Q2 24 | $311.3M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $1.1B | $2.7B | ||
| Q3 25 | $1.1B | $2.7B | ||
| Q2 25 | $1.1B | $2.7B | ||
| Q1 25 | $1.1B | $2.7B | ||
| Q4 24 | $1.1B | $2.7B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | $1.1B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $3.6B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $1.1B | $3.0B | ||
| Q1 25 | $1.0B | $2.8B | ||
| Q4 24 | $961.2M | $-76.2M | ||
| Q3 24 | $934.3M | $-15.5M | ||
| Q2 24 | $873.9M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $3.0B | $9.2B | ||
| Q3 25 | $2.9B | $8.7B | ||
| Q2 25 | $2.8B | $8.4B | ||
| Q1 25 | $2.7B | $8.5B | ||
| Q4 24 | $2.7B | $8.3B | ||
| Q3 24 | $2.6B | $8.3B | ||
| Q2 24 | $2.5B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.94× | 0.75× | ||
| Q3 25 | 0.98× | 0.87× | ||
| Q2 25 | 1.03× | 0.90× | ||
| Q1 25 | 1.07× | 0.99× | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 1.17× | — | ||
| Q2 24 | 1.25× | 532.10× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $42.1M | $657.3M |
| Free Cash FlowOCF − Capex | $41.7M | — |
| FCF MarginFCF / Revenue | 13.2% | — |
| Capex IntensityCapex / Revenue | 0.1% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $42.1M | $274.9M | ||
| Q3 25 | $30.8M | $237.8M | ||
| Q2 25 | $18.1M | $388.4M | ||
| Q1 25 | $-26.8M | $253.8M | ||
| Q4 24 | $35.2M | $220.1M | ||
| Q3 24 | $15.6M | $197.9M | ||
| Q2 24 | $8.6M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $41.7M | $-2.7M | ||
| Q3 25 | $30.0M | $-47.8M | ||
| Q2 25 | $17.2M | $195.3M | ||
| Q1 25 | $-28.2M | $59.9M | ||
| Q4 24 | $34.5M | $-20.3M | ||
| Q3 24 | $15.0M | $-49.1M | ||
| Q2 24 | $7.5M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | -0.4% | ||
| Q3 25 | 10.0% | -10.8% | ||
| Q2 25 | 6.1% | 37.0% | ||
| Q1 25 | -10.4% | 8.2% | ||
| Q4 24 | 13.2% | -4.0% | ||
| Q3 24 | 6.0% | -15.8% | ||
| Q2 24 | 3.2% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 0.1% | 43.5% | ||
| Q3 25 | 0.3% | 64.4% | ||
| Q2 25 | 0.3% | 36.6% | ||
| Q1 25 | 0.5% | 26.4% | ||
| Q4 24 | 0.3% | 46.8% | ||
| Q3 24 | 0.2% | 79.7% | ||
| Q2 24 | 0.5% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 4% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
