10-K · February 27, 2026
Northwest Natural Holding Company reported a net income of $113.3 million for the year ended December 31, 2025, marking an increase of $34.4 million over 2024. The strong performance was supported by rate increases and…
Earnings analysis · 10-Q
NWN earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Northwest Natural Holding Company reported Q1 2026 results with revenues of $490.4 million, down from estimates of $520.1 million and EPS of $2.33, slightly below the estimated $2.38. Despite these misses, the company…
Read full summary
Northwest Natural Holding Company reported Q1 2026 results with revenues of $490.4 million, down from estimates of $520.1 million and EPS of $2.33, slightly below the estimated $2.38. Despite these misses, the company enjoyed a year-over-year net income increase of $9.6 million, attributed to new rates in Oregon and organic growth at their SiEnergy segment, alongside continued investments in system reliability.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.33
- Segment
- NW Natural
- Segment
- SiEnergy
- Segment
- NWN Water
What stood out
-
Revenue Decline of 10.04%
Reported revenue of $490.4 million, down 10.04% from $494 million in 2025Q1.
-
EPS Growth Up 6.88%
EPS was reported at $2.33, an increase of $0.15 or 6.88% compared to $2.18 in 2025Q1.
-
Significant Capital Investments
$113.7 million in capital expenditures aimed at enhancing utility system reliability.
-
SiEnergy Segment Growth
SiEnergy net income increased by $3.6 million to $9.09 million, boosted by organic growth.
-
New Utility Connections Growth
Over 26,000 new utility connections added quarter-over-quarter.
-
Regulatory Rate Increase Impact
New rates effective October 31, 2025 improved margins, contributing to net income growth.
What to watch
-
Regulatory Approval Risk
Dependence on regulatory approval for rate increases, particularly in Oregon and Washington, could impact profitability.
-
Higher Operating Expenses
Operating expenses increased by $7.2 million attributed to higher employee costs and technology expenses.
-
Market Volatility Impacting Natural Gas Prices
Potential impacts from geopolitical tensions affecting global natural gas pricing could affect operational costs.
Management's outlook
EPS guidance for 2026 maintained between $2.95 and $3.15.
Earlier filings 4
10-Q · November 5, 2025
Northwest Natural Holdings reported a revenue of $165 million for Q3 2025, reflecting a decrease of 20% from $212 million in Q2 2025. The company experienced an operating loss of $12.4 million and net loss of $29.9…
10-Q · August 5, 2025
NW Natural Holdings reported Q2 2025 revenue of $236 million, a significant decrease from $494 million in the prior quarter but an increase from $212 million in Q2 2024. The net loss narrowed slightly to -$2.5 million…
10-Q · May 6, 2025
Northwest Natural Holdings reported strong Q1 2025 results with revenue increasing significantly to $494 million, driven by higher margins primarily from their natural gas utility segment and the newly acquired…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.