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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

Nov 4, 2026 (in 2 months)
Revenue estimate$178.2M
EPS estimate-$0.88

Financials

Q4 2025

Income statement

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Revenue$394.2M+6.3%
Operating income$111.7M+31.6%
Net income$77.6M+23.5%
EPS (diluted)$1.41+22.6%

Balance sheet

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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

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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
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Market cap$1.94B+22.2%
Enterprise value$4.42B+27.5%
P/E12.5×-1.9×
P/S1.5×+0.1×

Profitability

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Operating margin21.8%+5.2pp
Net margin12%+2.5pp
FCF margin-15.3%-1.3pp

Returns & leverage

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Return on equity10.8%+2.6pp
Debt / equity1.7×+0.3×
Current ratio0.7×-0.1×

Segments

By product

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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

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SiEnergy$20.0M—
NWN Water Utility$16.8M—

FAQ

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.