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Northwest Natural NWN Q4 2025 Annual earnings

Reported February 27, 2026 · Before market open

Revenue$394.2MMiss by $40.4M
EPS$1.39Beat by $0.03
Revenue estimate$434.6M
EPS estimate$1.36

Next report

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

Financials

Q4 2025

Income statement

See full
Revenue$394.2M+6.3%
Operating income$111.7M+31.6%
Net income$57.8M+28.4%
EPS (diluted)$1.41+22.6%

Balance sheet

See full
Cash & equivalents$41.1M-14.4%
Total debt$2.5B+30.9%
Total equity$1.5B+6.5%
Total assets$6.2B+17.8%

Cash flow

See full
Operating cash flow$3.3M—
CapEx$134.2M+34.1%
Free cash flow-$131.0M-9.5%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$1.94B+22.2%
Enterprise value$4.42B+27.5%
P/E17.1×-3.0×
P/S1.5×+0.1×

Profitability

See full
Operating margin21.8%+5.2pp
Net margin8.8%+1.9pp
FCF margin-15.3%-1.3pp

Returns & leverage

See full
Return on equity7.9%+2.0pp
Debt / equity1.7×+0.3×
Current ratio0.7×-0.1×

Segments

By product

See full
Natural gas sales$328.6M-1.7%
Alternative revenue$28.5M+197%
Water and wastewater revenue$16.8M—
Renewable natural gas sales$8.1M+8,039%
Gas storage revenue, net$4.2M-7.7%

By segment

See full
NWN Gas Utility$341.4M—
SiEnergy$20.0M—
NWN Water$16.8M—

Versus estimates

Revenue

Q1 2026$490.4MMiss by $48.2M
Q4 2025$394.2MMiss by $40.4M
Q3 2025$164.7MMiss by $254.6MQ2 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 $0.07
Q4 2025$1.39Beat by $0.03
Q3 2025-$0.73Beat by $0.09Q2 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 Q4 2025 earnings?
Northwest Natural (NWN) reported Q4 2025 earnings on February 27, 2026 before market open.
What were Northwest Natural's Q4 2025 revenue and EPS?
Northwest Natural reported revenue of $394.2M and eps of $1.39 for Q4 2025.
Did Northwest Natural beat estimates in Q4 2025?
Revenue missed the consensus estimate of $434.6M by $40.4M. EPS beat the consensus estimate of $1.36 by $0.03.
How did Northwest Natural's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 6.3% from $370.9M a year earlier and eps declined 1.4% from $1.41.
Where can I find Northwest Natural's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001733998-26-000006) and the 10-K periodic report (0001733998-26-000012) directly on SEC EDGAR. The filing index links above go to sec.gov.