Northwest Natural Holding (NWN) FY2025 results: revenue $1.3 billion, up 11.8% on the year
Northwest Natural Holding Co. (NWN) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, up 11.8% on the year before. Net income was $113 million, up 43.7%, and diluted earnings per share $2.77. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$1.3 billion
+11.8% on the year
FY2018FY2025
Operating margin
21.8%
16.6% a year earlier
FY2018FY2025
Net income
$113 million
+43.7% on the year
FY2018FY2025
Diluted EPS
$2.77
+36.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 8 new, 1 kept.
Adjusted EPS rose to $2.93: Adjusted EPS for 2025 was $2.93, against $2.33 in 2024; GAAP EPS was $2.77 against $2.03. Adjusted results exclude $9.1 million of transaction and business development costs tied to SiEnergy and Pines.
Connections up 11.1% with SiEnergy: The company added about 98,000 gas and water connections in the last 12 months, a combined 11.1% growth rate at year-end, mainly from the SiEnergy acquisition.
Record $467 million capital spending: Capital expenditures were $466.9 million for 2025 against $394.4 million in 2024, with $338.1 million of net acquisitions on top.
Oregon order raised revenue 2.0%: The Oregon Commission approved settlements on October 24, 2025, raising the revenue requirement by $20.7 million, or 2.0%, over current rates, with new rates from October 31, 2025.
2026 EPS guidance $2.95 - 3.15: The company initiated 2026 adjusted EPS guidance of $2.95 - 3.15, against 2025 adjusted EPS of $2.93.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
269
200
280
+34.4%
Capital expenditure
467
394
327
+18.4%
Free cash flow
-198
-194
-47.4
Free cash flow margin
-15.3%
-16.8%
-4.0%
Cash from investing
-809
-429
-335
Cash from financing
533
227
64.2
+134.7%
Depreciation and amortisation
166
138
126
+20.0%
Dividends paid
77.3
72.9
67.3
+6.1%
Dividend per share
$1.96
$1.95
$1.94
+0.5%
Diluted shares, weighted
41m
39m
36m
+5.4%
Shares outstanding at period end
42m
40m
38m
+3.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,475
1,385
1,284
+6.5%
Debt
2,605
1,880
1,666
+38.5%
Operating lease liabilities
75.0
75.9
77.2
-1.2%
Other liabilities
2,012
1,893
1,840
+6.3%
Total liabilities and equity
6,167
5,234
4,867
+17.8%
Fixed assets
4,352
3,672
3,358
+18.5%
Goodwill
371
184
163
+101.7%
Cash and equivalents
36.7
38.5
32.9
-4.7%
Other assets
1,408
1,340
1,313
+5.1%
Total assets
6,167
5,234
4,867
+17.8%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.