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Northwest Natural NWN Q3 2025 earnings

Reported November 5, 2025 · Before market open

Revenue$164.7MMiss by $254.6M
EPS-$0.73Beat by $0.09
Revenue estimate$419.4M
EPS estimate-$0.82

Next report

Aug 5, 2026 (In 1 week)
Revenue estimate$271.9M
EPS estimate-$0.08

Financials

Q3 2025

Income statement

See full
Revenue$164.7M+20.3%
Operating income-$12.4M+35.7%
Net income-$29.9M-10.0%
EPS (diluted)-$0.73-2.8%

Balance sheet

See full
Cash & equivalents$35.8M-23.5%
Total debt$2.4B+34.0%
Total equity$1.4B+5.7%
Total assets$5.9B+18.4%

Cash flow

See full
Operating cash flow-—
CapEx$110.0M+15.4%
Free cash flow-$125.9M-3.4%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$1.84B+17.8%
Enterprise value$4.21B+27.1%
P/E18.3×-1.6×
P/S1.5×+0.1×

Profitability

See full
Operating margin20.1%+4.1pp
Net margin7.9%+1.0pp
FCF margin-14.7%-1.0pp

Returns & leverage

See full
Return on equity7.2%+1.1pp
Debt / equity1.7×+0.4×
Current ratio0.6×-0.1×

Segments

By product

See full
Natural gas sales$121.2M+13.6%
Water and wastewater revenue$18.6M—
Renewable natural gas sales$6.5M+1,871%
Alternative revenue$6.0M+146%
Gas storage revenue, net$3.9M-13.8%

By segment

See full
NWN Gas Utility$120.1M—
NWN Water$18.6M—
SiEnergy$11.8M—

Versus estimates

Revenue

Q1 2026$490.4MMiss by $48.2MQ4 2025$394.2MMiss by $40.4M
Q3 2025$164.7MMiss by $254.6M
Q2 2025$236.2MBeat by $61.5MQ1 2025$494.3MBeat by $265.6MQ4 2024$370.9MMiss by $24.2M

Diluted EPS

Q1 2026$2.33Miss by $0.07Q4 2025$1.39Beat by $0.03
Q3 2025-$0.73Beat by $0.09
Q2 2025$0.01Beat by $0.08Q1 2025$2.28Beat by $0.19Q4 2024$1.41Miss by $0.01

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Questions, answered.

When did Northwest Natural report Q3 2025 earnings?
Northwest Natural (NWN) reported Q3 2025 earnings on November 5, 2025 before market open.
What were Northwest Natural's Q3 2025 revenue and EPS?
Northwest Natural reported revenue of $164.7M and eps of $-0.73 for Q3 2025.
Did Northwest Natural beat estimates in Q3 2025?
Revenue missed the consensus estimate of $419.4M by $254.6M. EPS beat the consensus estimate of $-0.82 by $0.09.
How did Northwest Natural's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 20.3% from $136.9M a year earlier and eps declined 2.8% from $-0.71.
Where can I find Northwest Natural's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001733998-25-000174) and the 10-Q periodic report (0001733998-25-000176) directly on SEC EDGAR. The filing index links above go to sec.gov.