ADNOC Gas (ADX: ADNOCGAS) stock fundamentals
ADX: ADNOCGAS · Energy · United Arab Emirates
In brief
ADNOC Gas (ADX: ADNOCGAS) is a holding company whose subsidiaries process natural gas and market it. Its annual financial statements for FY2025 report revenue of USD 18.5 billion. Its interim financial statements for H1 2026 report revenue of USD 3.11 billion for Q2 2026, the quarter ended 30 Jun 2026.
Key facts
ADNOC Gas (ADX: ADNOCGAS) · USD · fiscal year ends 31 December · figures from the company's financial statements; derived values are marked.
- Revenue (USD bn)
- 18.5
- Operating margin
- 36.3%
Fundamentals profile
vs ADNOC Gas's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of
Each row places ADNOC Gas's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this
| Dimension | Metric | ADNOC Gas | Own 5-year median | Position | Range |
|---|---|---|---|---|---|
| Margins | Operating margin (TTM to Q2 2026) | 33.2% | Own 5-year median not available | not available | not available |
| Leverage | Net debt / EBITDA (TTM to Q2 2026; below zero means net cash) | −0.2× | Own 5-year median not available | not available | not available |
Source: ADNOC Gas financial statements. Derived by StockFactsheet.
How did ADNOC Gas's quarterly revenue and operating margin change from Q3 2024 to Q2 2026?
ADNOC Gas's revenue was USD 3.11 billion in Q2 2026, the quarter ended 30 Jun 2026. That is a fall of 33.2% on Q2 2025 (our calculation), after USD 4.03 billion in Q1 2026. Across the 6 quarters from Q3 2024 to Q4 2025, revenue ranged from USD 4.33 billion to USD 4.87 billion.
ADNOC Gas quarterly revenue, Q3 2024 to Q2 2026
USD bn · quarters ended to
| USD m | Q2 2026ended | Q1 2026ended | Q4 2025ended | Q3 2025ended | Q2 2025ended | Q1 2025ended | Q4 2024ended | Q3 2024ended |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,111 | 4,034 | 4,326 D | 4,856 | 4,657 | 4,670 | 4,771 D | 4,870 |
| Revenue YoY % | not available | not available | not available | |||||
| Operating income | 779 | 1,373 | 1,523 D | 1,740 | 1,765 | 1,693 | 1,750 D | 1,694 |
| Operating margin % | 25.0% | 34.0% | 35.2% | 35.8% | 37.9% | 36.2% | 36.7% | 34.8% |
| Net income attributable to shareholders | 665 | 1,079 | 1,173 D | 1,338 | 1,385 | 1,270 | 1,381 D | 1,243 |
Source: ADNOC Gas financial statements
- D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- Not available
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
ADNOC Gas's operating margin, our calculation, was 25.0% in Q2 2026, against 34.0% in Q1 2026. In Q2 2025 it was 37.9%, and from Q3 2024 to Q1 2026 it stayed between 34.0% and 37.9%. Operating income was USD 779 million in Q2 2026, against USD 1.77 billion in Q2 2025. Net income was USD 665 million, against USD 1.39 billion.
The revenue note in the H1 2026 report splits revenue into natural gas liquids (NGL) products, non-NGL products and other sales. The annual reports print full-year figures only, so we derive Q4 2024 and Q4 2025 as the full year less the first 9 months and mark them D. The quarterly income statement is on the ADNOC Gas financial statements page.
How did ADNOC Gas's net cash change from Q2 2025 to Q2 2026?
ADNOC Gas's net debt, our calculation, was negative USD 1.09 billion at 30 Jun 2026, the end of Q2 2026, which means net cash. That is USD 1.49 billion of cash against USD 400 million of total debt. At 31 Dec 2025 net cash was USD 3.70 billion and total debt was nil.
| USD m | Q2 2026at | Q1 2026at | Q4 2025at | Q3 2025at | Q2 2025at |
|---|---|---|---|---|---|
| Cash and short-term investments | 1,485 | 4,213 | 3,702 | 3,433 | 4,005 |
| Total debt | 400 | not available | 0 | 250 | 250 |
| Net debt / (net cash) | −1,085 D | not available | −3,702 D | −3,183 D | −3,755 D |
Source: ADNOC Gas financial statements
- D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Not available
Net cash was USD 3.76 billion at 30 Jun 2025 and USD 3.18 billion at 30 Sep 2025. Total debt was USD 250 million at both dates. Cash was USD 4.01 billion at 30 Jun 2025, USD 3.43 billion at 30 Sep 2025 and USD 3.70 billion at 31 Dec 2025. It was USD 4.21 billion at 31 Mar 2026 and USD 1.49 billion at 30 Jun 2026.
Our total debt is the balance sheet's one loan line, loans from ADNOC, which the reports to H1 2025 called shareholder loans. ADNOC Gas draws it under a revolving credit facility from ADNOC, its parent. The total leaves out lease liabilities, which are separate lines. The H1 2026 report says the cash held with ADNOC Group Treasury Services under a cash pooling arrangement is available on demand.[1]
A balance sheet does not tie a change in cash to a use. This section therefore draws no link between the fall in cash and any payment. For another ADX-listed energy company that reports in US dollars, see the ADNOC Drilling stock fundamentals page.
Which FY2023 lines did ADNOC Gas reclassify in its FY2024 report?
At least six FY2023 lines of ADNOC Gas differ between its FY2023 and FY2024 reports. Shown here are total current assets, total assets, total current liabilities, total liabilities, cash from operations and capital expenditure. FY2023 cash from operations is USD 5,171 million in the FY2024 report, against USD 4,680 million in the FY2023 report.
| USD m | FY2023at |
|---|---|
| Total current assets | 5,856 R |
| Total assets | 28,997 R |
| Current liabilities | 3,821 R |
| Total liabilities | 6,705 R |
| Cash from operations | 5,171 R |
| Capital expenditure | −636 R |
Source: ADNOC Gas financial statements
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 6,270 m (approved ).
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 29,019 m (approved ).
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 3,844 m (approved ).
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 6,727 m (approved ).
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD 4,680 m (approved ).
- R Restated or reclassified in ADNOC Gas financial statements approved ; originally reported USD −657 m (approved ).
Totals may not add up because of rounding.
Total current assets for FY2023 fell from USD 6,270 million to USD 5,856 million. Total assets went from USD 29,019 million to USD 28,997 million. Total current liabilities went from USD 3,844 million to USD 3,821 million, and total liabilities from USD 6,727 million to USD 6,705 million. Capital expenditure for FY2023 went from USD 657 million to USD 636 million. Each later figure is from the FY2024 report and each first-printed figure is from the FY2023 report, both rounded to the nearest USD million.[6][7]
The FY2024 report's note on the change is headed reclassification of comparative figures. For these six lines it says the Group moved advances to suppliers for capital projects to non-current assets, and moved the related cash flows from operating to investing activities. We show the later figure in each FY2023 cell and mark it R, with a footnote that names the first printing. Our method for restated and derived figures sets out the marker.
How we got these numbers
Every figure comes from ADNOC Gas's published financial statements. Derived values are marked D and explained below.
Full method for this page
- Source documents
- Interim and annual financial statements (FY2023 to Q2 2026)
- Period covered
- 8 quarters and 3 fiscal years
- Calculations
- TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
- Restatements
- Restated or reclassified figures carry the R marker; its footnote gives the originally reported value.
- Comparator
- Each profile row compares the current value with ADNOC Gas's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
- Currency
- As reported (USD); no FX conversion.
- Re-keying
- Figures keyed from the issuer's published statements (PDF) with our entry tool, then checked by code against the PDF's own text (the figure on its cited page, in the row with its printed label) and by our fact-check step. The column and the sign are recorded, and lists any mismatch for review.
Latest filings and disclosures
The financial statements behind ADNOC Gas's figures, newest first.
(opens in new tab)- Issuer statement ADNOC Gas interim financial statements, H1 2026 adnocgas.ae
- Issuer statement ADNOC Gas interim financial statements, Q1 2026 adnocgas.ae
- Issuer statement ADNOC Gas annual financial statements, FY2025 adnocgas.ae
- Issuer statement ADNOC Gas interim financial statements, M9 2025 adnocgas.ae
- Issuer statement ADNOC Gas interim financial statements, H1 2025 adnocgas.ae
- Issuer statement ADNOC Gas annual financial statements, FY2024 adnocgas.ae
Company identifiers
- Legal name
- ADNOC Gas plc
- Exchange
- ADX
- Ticker
- ADNOCGAS
- Sector
- Energy
- Country
- United Arab Emirates
- Fiscal year end
- 31 December
- Reporting currency
- USD
- Accounting standard
- IFRS
- Latest filing in this page's data
- ADNOC Gas interim financial statements, H1 2026 · approved
- Investor relations
- adnocgas.ae
Sources and data
Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).
(opens in new tab)- [1] Issuer statement ADNOC Gas interim financial statements, H1 2026
- [2] Issuer statement ADNOC Gas interim financial statements, Q1 2026
- [3] Issuer statement ADNOC Gas annual financial statements, FY2025
- [4] Issuer statement ADNOC Gas interim financial statements, M9 2025
- [5] Issuer statement ADNOC Gas interim financial statements, H1 2025
- [6] Issuer statement ADNOC Gas annual financial statements, FY2024
- [7] Issuer statement ADNOC Gas annual financial statements, FY2023
- [8] Our dataset Keyed from ADNOC Gas's Q2 2026 financial statements (PDF) and checked by code against the PDF's text; signed off on .
Cite this page
StockFactsheet (2026). "ADNOC Gas (ADX: ADNOCGAS) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/adnocgas-adx/
For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer
Update history
- Published First published version.