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Side-by-side financial comparison of Gaming & Leisure Properties, Inc. (GLPI) 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 $420.0M, roughly 1.0× Gaming & Leisure Properties, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 35.7%, a 21.3% gap on every dollar of revenue. On growth, Gaming & Leisure Properties, Inc. posted the faster year-over-year revenue change (6.3% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 5.0%).
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
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.
GLPI vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $420.0M | $425.9M |
| Net Profit | $239.4M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 79.4% | 81.5% |
| Net Margin | 57.0% | 35.7% |
| Revenue YoY | 6.3% | 1.7% |
| Net Profit YoY | 40.5% | — |
| EPS (diluted) | — | $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 | $420.0M | $425.9M | ||
| Q4 25 | $407.0M | $637.9M | ||
| Q3 25 | $397.6M | $443.1M | ||
| Q2 25 | $394.9M | $527.4M | ||
| Q1 25 | $395.2M | $734.8M | ||
| Q4 24 | $389.6M | $513.8M | ||
| Q3 24 | $385.3M | $310.0M | ||
| Q2 24 | $380.6M | $338.6M |
| Q1 26 | $239.4M | $152.0M | ||
| Q4 25 | $275.4M | $181.6M | ||
| Q3 25 | $241.2M | $107.3M | ||
| Q2 25 | $151.4M | $149.8M | ||
| Q1 25 | $165.2M | $216.4M | ||
| Q4 24 | $223.6M | $45.0M | ||
| Q3 24 | $184.7M | $-167.6M | ||
| Q2 24 | $208.3M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | 79.4% | 81.5% | ||
| Q4 25 | 89.3% | 43.3% | ||
| Q3 25 | 84.8% | 40.6% | ||
| Q2 25 | 61.3% | 43.7% | ||
| Q1 25 | 65.5% | 43.2% | ||
| Q4 24 | 79.1% | 16.8% | ||
| Q3 24 | 70.4% | -63.4% | ||
| Q2 24 | 77.1% | -15.2% |
| Q1 26 | 57.0% | 35.7% | ||
| Q4 25 | 67.6% | 28.5% | ||
| Q3 25 | 60.7% | 24.2% | ||
| Q2 25 | 38.4% | 28.4% | ||
| Q1 25 | 41.8% | 29.4% | ||
| Q4 24 | 57.4% | 8.8% | ||
| Q3 24 | 47.9% | -54.1% | ||
| Q2 24 | 54.7% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.96 | $1.98 | ||
| Q3 25 | $0.85 | $1.18 | ||
| Q2 25 | $0.54 | $1.64 | ||
| Q1 25 | $0.60 | $2.37 | ||
| Q4 24 | $0.79 | $0.49 | ||
| Q3 24 | $0.67 | $-1.81 | ||
| Q2 24 | $0.77 | $-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 | $274.5M | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $5.0B | — |
| Total Assets | $13.8B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $274.5M | — | ||
| Q4 25 | — | $271.4M | ||
| Q3 25 | — | $43.2M | ||
| Q2 25 | — | $39.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | $560.8M | $48.7M | ||
| Q3 24 | $560.8M | $38.2M | ||
| Q2 24 | $560.8M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $7.2B | $2.7B | ||
| Q3 25 | $7.2B | $2.7B | ||
| Q2 25 | $6.9B | $2.7B | ||
| Q1 25 | $6.9B | $2.7B | ||
| Q4 24 | $7.7B | $2.7B | ||
| Q3 24 | $7.4B | $2.7B | ||
| Q2 24 | $6.6B | $2.7B |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $4.6B | $3.6B | ||
| Q3 25 | $4.6B | $3.1B | ||
| Q2 25 | $4.6B | $3.0B | ||
| Q1 25 | $4.2B | $2.8B | ||
| Q4 24 | $4.3B | $-76.2M | ||
| Q3 24 | $4.3B | $-15.5M | ||
| Q2 24 | $4.1B | $5.0M |
| Q1 26 | $13.8B | $9.1B | ||
| Q4 25 | $12.9B | $9.2B | ||
| Q3 25 | $12.8B | $8.7B | ||
| Q2 25 | $12.5B | $8.4B | ||
| Q1 25 | $12.1B | $8.5B | ||
| Q4 24 | $13.1B | $8.3B | ||
| Q3 24 | $12.7B | $8.3B | ||
| Q2 24 | $11.8B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.56× | 0.75× | ||
| Q3 25 | 1.57× | 0.87× | ||
| Q2 25 | 1.51× | 0.90× | ||
| Q1 25 | 1.63× | 0.99× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 1.60× | 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 | — | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $1.1B | $274.9M | ||
| Q3 25 | $240.3M | $237.8M | ||
| Q2 25 | $293.4M | $388.4M | ||
| Q1 25 | $252.5M | $253.8M | ||
| Q4 24 | $1.1B | $220.1M | ||
| Q3 24 | $270.4M | $197.9M | ||
| Q2 24 | $252.1M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-2.7M | ||
| Q3 25 | $183.0M | $-47.8M | ||
| Q2 25 | $272.3M | $195.3M | ||
| Q1 25 | $239.6M | $59.9M | ||
| Q4 24 | $1.1B | $-20.3M | ||
| Q3 24 | $261.5M | $-49.1M | ||
| Q2 24 | $245.0M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.4% | ||
| Q3 25 | 46.0% | -10.8% | ||
| Q2 25 | 69.0% | 37.0% | ||
| Q1 25 | 60.6% | 8.2% | ||
| Q4 24 | 275.3% | -4.0% | ||
| Q3 24 | 67.9% | -15.8% | ||
| Q2 24 | 64.4% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | 14.4% | 64.4% | ||
| Q2 25 | 5.3% | 36.6% | ||
| Q1 25 | 3.3% | 26.4% | ||
| Q4 24 | 0.0% | 46.8% | ||
| Q3 24 | 2.3% | 79.7% | ||
| Q2 24 | 1.9% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 4.10× | 1.51× | ||
| Q3 25 | 1.00× | 2.21× | ||
| Q2 25 | 1.94× | 2.59× | ||
| Q1 25 | 1.53× | 1.17× | ||
| Q4 24 | 4.80× | 4.89× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | 1.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GLPI
Segment breakdown not available.
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
