false
0001069533
0001069533
2026-05-06
2026-05-06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): May 6, 2026
RGC RESOURCES, INC.
(Exact name of Registrant as specified in its charter)
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Virginia
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000-26591
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54-1909697
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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519 Kimball Ave., N.E. Roanoke, Virginia
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24016
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: 540-777-4427
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class
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Trading
Symbol
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Name of Each Exchange on Which Registered
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Common Stock, $5 Par Value
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RGCO
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NASDAQ Global Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 if the Securities Exchange Act of 1934.
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Emerging growth company ☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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ITEM 2.02.
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION
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On May 6, 2026, RGC Resources, Inc. issued a press release announcing the results for the second quarter ending March 31, 2026. A copy of this press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.
The press release attached hereto as Exhibit 99.1 is also incorporated into this Item 8.01 by reference and therefore deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended.
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ITEM 9.01.
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FINANCIAL STATEMENTS AND EXHIBITS
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99.1
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Second Quarter Earnings Press Release dated May 6, 2026.
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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RGC RESOURCES, INC.
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Date: May 6, 2026
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By:
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/s/ Timothy J. Mulvaney
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Timothy J. Mulvaney |
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Vice President, Treasurer and Chief Financial Officer |
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Exhibit 99.1
NEWS RELEASE
RGC RESOURCES, INC.
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Release Date:
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May 6, 2026
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Contact:
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Timothy J. Mulvaney |
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Vice President, Treasurer and CFO |
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Telephone:
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(540) 777-3997
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RGC RESOURCES, INC. REPORTS
SECOND QUARTER EARNINGS
ROANOKE, Va. (May 6, 2026)--RGC Resources, Inc. (Nasdaq: RGCO) announced consolidated Company earnings of $8.7 million, or $0.84 per diluted share, for the second quarter ended March 31, 2026, compared to $7.7 million, or $0.74 per diluted share, for the second quarter ended March 31, 2025. The increase was the result of higher operating margins which included the positive effect of the Company’s interim base rates under the pending rate case partially offset by increased operating expenses and depreciation. Additionally, higher earnings from the Company’s investment in the Mountain Valley Pipeline, LLC (“MVP”) and lower interest expense contributed to the performance.
CEO Paul Nester stated, “We had a strong quarter in which our system performed superbly, particularly during the prolonged cold from Winter Storm Fern. The MVP pipeline delivered as promised across the eastern half of the country including to the benefit of our customers in the Roanoke Valley. Interim rates that became effective at the beginning of January were timely as challenges from inflationary pressures will continue to affect the remainder of the year.”
As noted above and announced last quarter, the Company has an expedited rate case which is currently being reviewed by the State Corporation Commission. Rates went into effect January 1, 2026 and are subject to refund.
Through the first six months of fiscal 2026, the Company’s net income of $13.6 million, or $1.31 per diluted share, was up 5.3% from $12.9 million, or $1.26 per diluted share, in the first six months of the prior year due to stronger operating margins in the second quarter and lower interest expense over the first half of the fiscal year.
RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC.
The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company’s actual results and experience to differ materially from any expectations expressed in the Company’s forward-looking statements, regarding inflation, customer growth, ratemaking, infrastructure investment and margins. These risks and uncertainties include gas prices and supply, geopolitical considerations, expectations regarding the MVP and the Company’s rate application along with risks included under Item 1-A in the Company’s fiscal 2025 Form 10-K. Forward-looking statements reflect the Company’s current expectations only as of the date they are made. The Company assumes no duty to update these statements should expectations change or actual results differ from current expectations except as required by applicable laws and regulations.
Past performance is not necessarily a predictor of future results.
Summary financial statements for the second quarter and fiscal year to date are as follows:
RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
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Three Months Ended March 31,
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Six Months Ended March 31,
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2026
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2025
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2026
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2025
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Operating revenues
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$ |
45,457,009 |
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$ |
36,462,097 |
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$ |
75,717,477 |
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$ |
63,751,583 |
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Operating expenses
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34,173,059 |
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26,062,155 |
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57,883,190 |
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46,023,620 |
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Operating income
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11,283,950 |
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10,399,942 |
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17,834,287 |
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17,727,963 |
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Equity in earnings of unconsolidated affiliates
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903,991 |
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801,175 |
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1,731,061 |
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1,655,388 |
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Other income, net
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692,421 |
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463,633 |
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1,197,410 |
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936,969 |
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Interest expense
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1,585,838 |
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1,630,275 |
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3,256,988 |
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3,410,205 |
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Income before income taxes
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11,294,524 |
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10,034,475 |
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17,505,770 |
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16,910,115 |
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Income tax expense
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2,550,034 |
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2,358,267 |
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3,878,415 |
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3,964,218 |
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Net income
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$ |
8,744,490 |
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$ |
7,676,208 |
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$ |
13,627,355 |
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$ |
12,945,897 |
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Net earnings per share of common stock:
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Basic
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$ |
0.85 |
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$ |
0.74 |
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$ |
1.34 |
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$ |
1.26 |
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Diluted
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$ |
0.84 |
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$ |
0.74 |
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$ |
1.31 |
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$ |
1.26 |
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Cash dividends per common share
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$ |
0.2175 |
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$ |
0.2075 |
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$ |
0.4350 |
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$ |
0.4150 |
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Weighted average number of common shares outstanding:
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Basic
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10,232,835 |
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10,304,222 |
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10,177,581 |
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10,281,725 |
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Diluted
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10,404,657 |
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10,308,368 |
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10,378,996 |
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10,285,939 |
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Condensed Consolidated Balance Sheets
(Unaudited)
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March 31,
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Assets
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2026
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2025
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Current assets
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$ |
25,712,684 |
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$ |
25,777,943 |
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Utility property, net
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278,879,716 |
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267,560,507 |
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Other non-current assets
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32,512,418 |
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33,082,837 |
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Total Assets
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$ |
337,104,818 |
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$ |
326,421,287 |
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Liabilities and Stockholders’ Equity
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Current liabilities
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$ |
37,334,730 |
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$ |
45,489,019 |
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Long-term debt, net
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128,925,540 |
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115,226,622 |
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Deferred credits and other non-current liabilities
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46,760,043 |
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47,872,423 |
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Total Liabilities
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213,020,313 |
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208,588,064 |
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Stockholders’ Equity
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124,084,505 |
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117,833,223 |
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Total Liabilities and Stockholders’ Equity
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$ |
337,104,818 |
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$ |
326,421,287 |
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