NWN earnings analysis
What we found in NWN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.33
- Segment
- NW Natural
- Segment
- SiEnergy
- Segment
- NWN Water
What they said about what is next.
EPS guidance for 2026 maintained between $2.95 and $3.15.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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