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NorthWestern Energy Group (NWE) FY2025 results: revenue $1.6 billion, up 6.4% on the year

NorthWestern Energy Group, Inc. (NWE) reported revenue of $1.6 billion for fiscal 2025, the year ended 31 December 2025, up 6.4% on the year before. Net income was $181 million, down 19.2%, and diluted earnings per share $2.94. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$1.6 billion
+6.4% on the year
FY2021FY2025
Operating margin
20.2%
21.4% a year earlier
FY2021FY2025
Net income
$181 million
-19.2% on the year
FY2021FY2025
Diluted EPS
$2.94
-19.5% on the year
FY2021FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 raised, 3 new, 3 kept.

  • GAAP EPS fell to $2.94: Full-year net income was $181.1 million, or $2.94 per diluted share, against $3.65 in 2024. Management attributed the decline mainly to higher operating expenses, including the YCGS charge, merger costs, and depreciation.
  • Adjusted EPS rose to $3.58: Adjusted non-GAAP diluted EPS was $3.58 for 2025, against $3.40 in 2024. Adjusted non-GAAP net income was $220.1 million, compared with $208.9 million. The reconciliation adds back the YCGS charge and unfavorable weather.
  • Non-cash YCGS charge of $30.9 million: The MPSC disallowed part of Yellowstone County Generating Station capital costs. The company recorded a $30.9 million non-cash charge in operating and maintenance and reduced property, plant and equipment by the same amount.
  • Close targeted for second half 2026: The all-stock merger of equals with Black Hills is expected to close in the second half of 2026, subject to closing conditions. Applications are filed with the MPSC, NPSC, SDPUC and FERC.
  • Colstrip interests acquired January 1: Acquired the Avista interest of 222 MW and the Puget interest of 370 MW in Colstrip Units 3 and 4. The Puget purchase lifts the company's ownership share to 55 percent.
Read the Q4 FY2025 earnings call summary

From this 10-K

NorthWestern Energy Group, doing business as NorthWestern Energy, provides electricity and natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska and Yellowstone National Park. Its Montana and Yellowstone operations run through its subsidiary NW Corp, and its South Dakota and Nebraska operations through NWE Public Service. It has served South Dakota and Nebraska since 1923 and Montana since 2002. It reports two operating segments, electric utility operations and natural gas utility operations.

NorthWestern Energy Group, Inc., the 10-K for 2025

NorthWestern Energy Group, doing business as NorthWestern Energy, provides electricity and natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska and Yellowstone National Park. Its Montana and Yellowstone operations run through its subsidiary NW Corp, and its South Dakota and Nebraska operations through NWE Public Service. It has served South Dakota and Nebraska since 1923 and Montana since 2002. It reports two operating segments, electric utility operations and natural gas utility operations.

Pending merger

On August 18, 2025 it agreed to an all-stock merger of equals with Black Hills, under which each NorthWestern share would be converted into 0.98 shares of Black Hills common stock and Black Hills would take the name Bright Horizon Energy as the parent company. At the time of the filing the merger was still pending.

Montana electric

Its Montana service territory covers approximately 107,600 square miles, about 73 percent of the state's land area, and in 2025 it delivered electricity to approximately 440,700 customers in 225 communities and surrounding rural areas, 13 rural electric cooperatives, and Yellowstone National Park in Wyoming. Its system there includes 6,596 miles of transmission lines and 18,946 miles of distribution lines. It owns ten hydro facilities on rivers including the Missouri, with 470 MW of owned capacity, a 55% interest in Colstrip Units 3 & 4, natural gas plants near Anaconda and Laurel, and the Spion Kop and Two Dot wind farms. In 2025 it finished building the 175 MW YCGS plant near Laurel, and on January 1, 2026 it acquired an additional 592 MW of ownership interest in Colstrip Units 3 & 4.

South Dakota electric

In South Dakota it runs a vertically integrated generation, transmission and distribution utility with the exclusive right to serve an area of 25 counties, and it provides retail electricity to more than 65,600 customers in 118 communities.

Natural gas

In Montana it distributed natural gas to approximately 249,400 customers in 123 communities in 2025, over approximately 5,900 miles of underground distribution pipelines, and it also produces, stores and transmits natural gas. In South Dakota and Nebraska it provides natural gas to approximately 51,200 customers in 82 South Dakota communities and approximately 43,400 customers in 4 Nebraska communities.

People

As of December 31, 2025 it had 1,667 employees, 1,353 in Montana and 314 in South Dakota or Nebraska. Of the Montana employees, 489 are covered by five unions under eight collective bargaining agreements, and 167 of the South Dakota and Nebraska employees are covered by a collective bargaining agreement.

From NorthWestern Energy Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,6111,5141,422+6.4%
Operating income326323300+0.8%
Operating margin20.2%21.4%21.1%
Pre-tax income188215202-12.6%
Income tax6.5-9.47.5
Effective tax rate3.5%-4.4%3.7%
Net income181224194-19.2%
Net margin11.2%14.8%13.7%
Diluted EPS$2.94$3.65$3.22-19.5%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow394407489-3.0%
Capital expenditure524549567-4.5%
Free cash flow-130-143-77.7
Free cash flow margin-8.1%-9.4%-5.5%
Cash from investing-571-554-571
Cash from financing17815284.3+17.4%
Depreciation and amortisation250228210+9.6%
Share-based compensation7.04.75.2+48.0%
Dividends paid161159154+1.8%
Dividend per share$2.64$2.60$2.56+1.5%
Diluted shares, weighted62m61m60m+0.3%
Shares outstanding at period end61m61m61m+0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,8862,8582,785+1.0%
Short-term borrowingsn/an/a0.0
Debt3,4363,0952,785+11.0%
Finance lease liabilities0.01.95.5
Other liabilities2,1382,0432,025+4.7%
Total liabilities and equity8,4607,9987,601+5.8%
Fixed assets6,7396,3986,040+5.3%
Goodwill368358358+2.8%
Cash and equivalents8.84.39.2+105.0%
Receivables210188212+11.7%
Inventory133123115+7.8%
Other assets1,002927867+8.1%
Total assets8,4607,9987,601+5.8%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.