NorthWestern Corporation(NASDAQ:NWE) 
NorthWestern Corporation, doing business as NorthWestern Energy, provides electricity and natural gas to residential, commercial, and industrial customers. The company operates through Electric and Natural Gas segments. It generates, purchases, transmits, and distributes electricity; and produces, p...
Website: http://www.northwesternenergy.com
Founded: 1923
Full Time Employees: 1,533
Sector: Utilities
Industry: Utilities-Diversified
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 |
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revenues | ||||||||||
electric | 362,054,000 | 339,751,000 | 279,468,000 | 335,483,000 | 290,903,000 | 306,478,000 | 260,134,000 | 343,186,000 | 264,229,000 | 280,030,000 |
gas | 135,516,000 | 47,201,000 | 63,245,000 | 131,147,000 | 82,563,000 | 38,683,000 | 59,795,000 | 132,156,000 | 91,780,000 | 41,060,000 |
total revenues | 497,570,000 | 386,952,000 | 342,713,000 | 466,630,000 | 373,466,000 | 345,161,000 | 319,929,000 | 475,342,000 | 356,009,000 | 321,090,000 |
yoy | 33.23% | 12.11% | 7.12% | -1.83% | 4.90% | 7.50% | ||||
qoq | 28.59% | 12.91% | -26.56% | 24.95% | 8.20% | 7.89% | -32.69% | 33.52% | 10.88% | |
operating expenses | ||||||||||
fuel, purchased supply and direct transmission expense | 145,565,000 | 86,933,000 | 75,271,000 | 138,197,000 | 94,727,000 | 87,888,000 | 76,480,000 | 174,721,000 | 98,249,000 | 88,943,000 |
operating and maintenance | 74,540,000 | 64,139,000 | 62,336,000 | 56,709,000 | 60,421,000 | 55,866,000 | 57,367,000 | 54,182,000 | 56,583,000 | 53,240,000 |
administrative and general | 46,119,000 | 46,702,000 | 33,773,000 | 41,357,000 | 30,787,000 | 34,924,000 | 31,281,000 | 40,445,000 | 23,302,000 | 29,355,000 |
property and other taxes | 50,404,000 | 46,064,000 | 48,168,000 | 43,240,000 | 38,830,000 | 41,596,000 | 36,256,000 | 47,171,000 | 22,025,000 | 41,763,000 |
depreciation and depletion | 66,831,000 | 62,833,000 | 62,379,000 | 62,400,000 | 57,005,000 | 56,954,000 | 56,933,000 | 56,743,000 | 52,687,000 | 52,159,000 |
total operating expenses | 383,459,000 | 306,671,000 | 281,927,000 | 341,903,000 | 281,770,000 | 277,228,000 | 258,317,000 | 373,262,000 | 252,846,000 | 265,460,000 |
operating income | 114,111,000 | 80,281,000 | 60,786,000 | 124,727,000 | 91,696,000 | 67,933,000 | 61,612,000 | 102,080,000 | 103,163,000 | 55,630,000 |
yoy | 24.44% | 18.18% | -1.34% | 22.19% | -11.12% | 22.12% | ||||
qoq | 42.14% | 32.07% | -51.26% | 36.02% | 34.98% | 10.26% | -39.64% | -1.05% | 85.44% | |
operating margin % | 22.93% | 20.75% | 17.74% | 26.73% | 24.55% | 19.68% | 19.26% | 21.48% | 28.98% | 17.33% |
interest expense | -39,916,000 | -38,361,000 | -36,254,000 | -36,511,000 | -35,422,000 | -33,397,000 | -31,875,000 | -30,979,000 | -29,473,000 | -28,725,000 |
other income | 3,057,000 | 5,103,000 | 78,000 | 3,928,000 | 3,429,000 | 9,116,000 | 6,160,000 | 4,319,000 | 2,906,000 | 4,127,000 |
income before income taxes | 77,252,000 | 47,023,000 | 24,610,000 | 92,144,000 | 59,703,000 | 43,652,000 | 35,897,000 | 75,420,000 | 76,596,000 | 31,032,000 |
income tax expense | -13,796,000 | -3,382,000 | -15,204,000 | -4,243,000 | -10,334,000 | |||||
net income | 63,456,000 | 38,233,000 | 21,228,000 | 76,940,000 | 80,552,000 | 46,819,000 | 31,654,000 | 65,086,000 | 83,142,000 | 29,335,000 |
yoy | -21.22% | -18.34% | -32.94% | 18.21% | -3.12% | 59.60% | ||||
qoq | 65.97% | 80.11% | -72.41% | -4.48% | 72.05% | 47.91% | -51.37% | -21.72% | 183.42% | |
net income margin % | 12.75% | 9.88% | 6.19% | 16.49% | 21.57% | 13.56% | 9.89% | 13.69% | 23.35% | 9.14% |
average common shares outstanding | 61,461,000 | 61,395,000 | 61,381,000 | 61,339,000 | 7,000 | 61,302,000 | 61,289,000 | 61,266,000 | 310,000 | 60,442,000 |
basic earnings per average common share | 1,030 | 620 | 350 | 1,250 | 1,320 | 760 | 520 | 1,060 | 1,370 | 480 |
diluted earnings per average common share | 1,030 | 620 | 350 | 1,250 | 1,310 | 760 | 520 | 1,060 | 1,370 | 480 |
dividends declared per common share | 670 | 660 | 660 | 660 | 487.5 | 650 | 650 | 650 | 480 | 640 |
income tax benefit | -8,790,000 | 20,849,000 | 3,167,000 | 6,546,000 | -1,697,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 |
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assets | |||||||||||
current assets: | |||||||||||
cash and cash equivalents | 5,861,000 | 8,781,000 | 6,203,000 | 2,936,000 | 56,025,000 | 4,283,000 | 2,527,000 | 6,398,000 | 4,150,000 | 9,164,000 | 5,091,000 |
restricted cash | 21,744,000 | 21,957,000 | 24,271,000 | 23,612,000 | 24,041,000 | 24,734,000 | 25,365,000 | 24,640,000 | 16,232,000 | 16,023,000 | 16,549,000 |
accounts receivable | 199,275,000 | 209,751,000 | 159,063,000 | 154,923,000 | 187,489,000 | 187,764,000 | 144,186,000 | 149,500,000 | 186,927,000 | 212,257,000 | 148,043,000 |
inventories | 134,071,000 | 132,506,000 | 135,002,000 | 125,398,000 | 119,606,000 | 122,940,000 | 121,568,000 | 114,956,000 | 103,843,000 | 114,539,000 | 119,080,000 |
regulatory assets | 103,237,000 | 92,937,000 | 73,360,000 | 67,504,000 | 52,562,000 | 39,851,000 | 34,334,000 | 42,024,000 | 60,788,000 | 29,626,000 | 41,940,000 |
prepaid expenses and other | 48,984,000 | 38,010,000 | 45,997,000 | 28,707,000 | 33,104,000 | 38,614,000 | 40,440,000 | 26,527,000 | 24,896,000 | 25,397,000 | 27,651,000 |
total current assets | 513,172,000 | 503,942,000 | 443,896,000 | 403,080,000 | 472,827,000 | 418,186,000 | 368,420,000 | 364,045,000 | 396,836,000 | 407,006,000 | 358,354,000 |
property, plant, and equipment | 6,794,000,000 | 6,738,849,000 | 6,661,515,000 | 6,531,509,000 | 6,428,850,000 | 6,398,275,000 | 6,304,721,000 | 6,193,234,000 | 6,086,585,000 | 6,039,801,000 | 5,932,179,000 |
goodwill | 367,635,000 | 367,635,000 | 367,929,000 | 357,586,000 | 357,586,000 | 357,586,000 | 357,586,000 | 357,586,000 | 357,586,000 | 357,586,000 | 357,586,000 |
other noncurrent assets | 134,110,000 | 76,631,000 | 68,556,000 | 64,818,000 | 67,633,000 | 59,063,000 | 57,118,000 | 50,097,000 | 49,287,000 | 52,314,000 | 50,007,000 |
total assets | 8,582,506,000 | 8,459,691,000 | 8,298,732,000 | 8,135,967,000 | 8,101,411,000 | 7,997,524,000 | 7,854,074,000 | 7,713,819,000 | 7,633,434,000 | 7,600,652,000 | 7,429,499,000 |
liabilities and shareholders' equity | |||||||||||
current liabilities: | |||||||||||
current maturities of finance leases | 1,844,000 | 1,865,000 | 2,798,000 | 3,731,000 | 3,663,000 | 3,596,000 | 3,529,000 | 3,462,000 | 3,400,000 | 3,338,000 | 3,275,000 |
current portion of long-term debt | 104,983,000 | 104,967,000 | 104,951,000 | 59,964,000 | 299,950,000 | 299,918,000 | 224,926,000 | 99,950,000 | 99,900,000 | ||
short-term borrowings | 150,000,000 | 150,000,000 | 150,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||
accounts payable | 121,796,000 | 129,633,000 | 93,536,000 | 93,744,000 | 88,453,000 | 111,794,000 | 93,748,000 | 91,258,000 | 96,544,000 | 124,340,000 | 119,315,000 |
accrued expenses and other | 321,104,000 | 272,373,000 | 303,958,000 | 251,932,000 | 279,596,000 | 254,599,000 | 286,070,000 | 244,000,000 | 298,302,000 | 315,291,000 | |
regulatory liabilities | 31,195,000 | 38,613,000 | 29,327,000 | 28,061,000 | 25,926,000 | 32,261,000 | 30,001,000 | 36,164,000 | 46,438,000 | 61,103,000 | 31,733,000 |
total current liabilities | 730,922,000 | 697,451,000 | 684,570,000 | 537,432,000 | 397,638,000 | 802,200,000 | 813,266,000 | 699,810,000 | 444,684,000 | 534,898,000 | 569,514,000 |
long-term finance leases | 8,436,000 | 932,000 | 1,865,000 | 2,798,000 | 3,730,000 | 4,596,000 | 5,461,000 | 6,327,000 | |||
long-term debt | 3,177,528,000 | 3,181,040,000 | 3,044,194,000 | 3,029,611,000 | 3,130,596,000 | 2,695,343,000 | 2,567,940,000 | 2,569,553,000 | 2,767,107,000 | 2,684,635,000 | 2,544,522,000 |
deferred income taxes | 750,719,000 | 733,064,000 | 720,827,000 | 702,905,000 | 695,297,000 | 663,430,000 | 640,082,000 | 629,311,000 | 619,744,000 | 600,520,000 | 551,221,000 |
noncurrent regulatory liabilities | 684,664,000 | 678,861,000 | 682,040,000 | 674,431,000 | 662,973,000 | 660,942,000 | 665,360,000 | 658,857,000 | 651,831,000 | 657,452,000 | 671,831,000 |
other noncurrent liabilities | 321,353,000 | 283,535,000 | 287,127,000 | 311,912,000 | 317,607,000 | 316,044,000 | 348,166,000 | 345,301,000 | 332,454,000 | 332,372,000 | 345,670,000 |
total liabilities | 5,673,622,000 | 5,573,951,000 | 5,418,758,000 | 5,256,291,000 | 5,205,043,000 | 5,139,824,000 | 5,037,612,000 | 4,906,562,000 | 4,820,416,000 | 4,815,338,000 | 4,689,085,000 |
commitments and contingencies | |||||||||||
shareholders' equity: | |||||||||||
common stock | 650,000 | 649,000 | 649,000 | 649,000 | 649,000 | 648,000 | 648,000 | 648,000 | 648,000 | 648,000 | 648,000 |
treasury stock | -99,186,000 | -97,503,000 | -97,484,000 | -97,705,000 | -97,935,000 | -97,394,000 | -97,557,000 | -97,776,000 | -97,990,000 | -97,926,000 | -98,122,000 |
paid-in capital | 2,094,232,000 | 2,091,935,000 | 2,090,767,000 | 2,088,674,000 | 2,086,594,000 | 2,084,133,000 | 2,084,560,000 | 2,082,857,000 | 2,080,953,000 | 2,078,753,000 | 2,078,554,000 |
retained earnings | 919,137,000 | 896,720,000 | 892,403,000 | 894,531,000 | 913,650,000 | 877,017,000 | 836,129,000 | 828,960,000 | 836,951,000 | 811,495,000 | 767,355,000 |
accumulated other comprehensive loss | -5,949,000 | -6,061,000 | -6,361,000 | -6,473,000 | -6,590,000 | -6,704,000 | -7,318,000 | -7,432,000 | -7,544,000 | -7,656,000 | -8,021,000 |
total shareholders' equity | 2,908,884,000 | 2,885,740,000 | 2,879,974,000 | 2,879,676,000 | 2,896,368,000 | 2,857,700,000 | 2,816,462,000 | 2,807,257,000 | 2,813,018,000 | 2,785,314,000 | 2,740,414,000 |
total liabilities and shareholders' equity | 8,582,506,000 | 8,459,691,000 | 8,298,732,000 | 8,135,967,000 | 8,101,411,000 | 7,997,524,000 | 7,854,074,000 | 7,713,819,000 | 7,633,434,000 | 7,600,652,000 | 7,429,499,000 |
accrued expenses | 246,167,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | ||||||||||
net income | 63,456,000 | 44,691,000 | 38,233,000 | 21,228,000 | 76,940,000 | 80,552,000 | 46,819,000 | 31,654,000 | 65,086,000 | 83,142,000 |
adjustments to reconcile net income to cash from operations: | ||||||||||
depreciation and depletion | 66,831,000 | 61,914,000 | 62,833,000 | 62,379,000 | 62,400,000 | 57,005,000 | 56,954,000 | 56,933,000 | 56,743,000 | 52,687,000 |
amortization of debt issuance costs, premium, and deferred hedge gain | 975,000 | |||||||||
stock-based compensation costs | 2,045,000 | 933,000 | 1,884,000 | 1,884,000 | 2,284,000 | -570,000 | 1,494,000 | 1,746,000 | 2,051,000 | 57,000 |
equity portion of allowance for funds used during construction | -1,941,000 | -2,947,000 | -2,269,000 | -1,797,000 | -5,974,000 | -5,109,000 | -4,288,000 | |||
loss on disposition of assets | 9,000 | 2,000 | 149,000 | 343,000 | ||||||
deferred income taxes | 14,140,000 | -16,552,000 | 6,924,000 | 3,675,000 | 13,071,000 | -16,097,000 | -5,825,000 | 3,918,000 | 9,035,000 | 19,865,000 |
changes in current assets and liabilities: | ||||||||||
accounts receivable | 10,476,000 | -50,688,000 | -2,636,000 | 32,566,000 | 275,000 | -43,578,000 | 5,314,000 | 37,427,000 | 25,330,000 | -64,215,000 |
inventories | -1,565,000 | 2,496,000 | -6,225,000 | -5,793,000 | 3,335,000 | -1,372,000 | -6,613,000 | -11,112,000 | 10,695,000 | 4,541,000 |
other current assets | -10,974,000 | 7,987,000 | -17,262,000 | 4,397,000 | 5,510,000 | 1,827,000 | -13,913,000 | -1,631,000 | 501,000 | 2,255,000 |
accounts payable | -7,984,000 | 21,061,000 | 2,276,000 | -12,696,000 | -14,992,000 | 21,634,000 | 6,458,000 | -11,302,000 | -9,391,000 | 6,093,000 |
accrued expenses and other | 48,746,000 | 50,768,000 | -27,653,000 | 24,792,000 | 42,085,000 | -54,289,000 | 52,132,000 | |||
regulatory assets | -10,300,000 | -19,722,000 | -6,371,000 | -14,942,000 | -12,711,000 | -5,401,000 | 7,690,000 | 18,763,000 | -31,161,000 | 11,519,000 |
regulatory liabilities | -7,418,000 | 10,501,000 | 50,000 | 2,135,000 | -6,335,000 | 2,260,000 | -6,163,000 | -10,274,000 | -14,665,000 | 29,369,000 |
other noncurrent assets and liabilities | -7,082,000 | -4,066,000 | -1,605,000 | -8,057,000 | -519,000 | -1,096,000 | -8,983,000 | 4,369,000 | -6,235,000 | |
cash from operating activities | 159,414,000 | 56,181,000 | 126,673,000 | 58,209,000 | 153,392,000 | 62,837,000 | 119,961,000 | 62,266,000 | 161,677,000 | 62,309,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 159,414,000 | 56,181,000 | 126,673,000 | 58,209,000 | 153,392,000 | 62,837,000 | 119,961,000 | 62,266,000 | 161,677,000 | 62,309,000 |
investing activities: | ||||||||||
property, plant, and equipment additions | -116,080,000 | -149,923,000 | -153,555,000 | -128,854,000 | -92,124,000 | -148,733,000 | -153,150,000 | -138,607,000 | -108,754,000 | -159,719,000 |
investment in debt & equity securities | -2,313,000 | -1,194,000 | -4,584,000 | |||||||
cash from investing activities | -116,080,000 | -152,070,000 | -191,806,000 | -130,048,000 | -96,708,000 | -149,353,000 | -156,832,000 | -139,282,000 | -108,996,000 | -159,838,000 |
financing activities: | ||||||||||
dividends on common stock | -41,038,000 | -40,374,000 | -40,361,000 | -40,347,000 | -40,307,000 | -39,664,000 | -39,650,000 | -39,645,000 | -39,630,000 | -39,002,000 |
issuance of long-term debt | 102,077,000 | 0 | 100,000,000 | 400,000,000 | 0 | 0 | 0 | 215,000,000 | 0 | |
line of credit repayments | -4,000,000 | 59,000,000 | 259,000,000 | -362,000,000 | 73,000,000 | 27,000,000 | -132,000,000 | |||
other financing activities | -1,429,000 | 420,000 | -332,000 | -3,328,000 | 375,000 | 317,000 | -856,000 | |||
cash from financing activities | -46,467,000 | 96,153,000 | 69,059,000 | 18,321,000 | -5,635,000 | 87,641,000 | 33,725,000 | 87,672,000 | -57,486,000 | 101,076,000 |
increase in cash, cash equivalents, and restricted cash | -3,133,000 | 3,926,000 | -53,518,000 | 51,049,000 | -3,146,000 | 10,656,000 | -4,805,000 | |||
cash, cash equivalents, and restricted cash, beginning of period | 30,738,000 | 0 | 0 | 0 | 29,017,000 | 0 | 0 | 0 | 25,187,000 | 0 |
cash, cash equivalents, and restricted cash, end of period | 27,605,000 | 264,000 | 3,926,000 | -53,518,000 | 80,066,000 | 1,125,000 | -3,146,000 | 10,656,000 | 20,382,000 | 3,547,000 |
supplemental cash flow information: | ||||||||||
cash paid during the period for: | ||||||||||
production tax credits | -4,038,000 | 0 | -8,255,000 | |||||||
interest | 44,166,000 | 40,997,000 | 34,398,000 | 32,768,000 | 32,567,000 | 41,867,000 | 18,128,000 | |||
significant non-cash transactions: | ||||||||||
capital expenditures included in accounts payable | 41,848,000 | -5,348,000 | 17,987,000 | 14,028,000 | -1,178,000 | 6,015,000 | 21,129,000 | |||
amortization of debt issuance costs, discount and deferred hedge gain | 1,024,000 | 1,049,000 | 1,353,000 | 990,000 | 1,157,000 | 1,153,000 | 1,151,000 | 1,186,000 | 1,145,000 | |
equity portion of afudc | ||||||||||
regulatory disallowance of certain ycgs capital costs | ||||||||||
impairment of alternative energy storage investment | 0 | -500,000 | 0 | 4,659,000 | ||||||
accrued expenses | ||||||||||
acquisition of energy west operations | 0 | |||||||||
investment in equity securities | -120,000 | -3,682,000 | -675,000 | -242,000 | -119,000 | |||||
other investing activity | ||||||||||
proceeds from issuance of common stock | 0 | |||||||||
issuances of short-term borrowings | 0 | 0 | ||||||||
repayments on long-term debt | 0 | 0 | 0 | 0 | 0 | -100,000,000 | ||||
line of credit (repayments) borrowings | ||||||||||
treasury stock activity | ||||||||||
financing costs | ||||||||||
net increase in cash, cash equivalents, and restricted cash | ||||||||||
gain on disposition of assets | -1,000 | |||||||||
issuance of short-term borrowings | ||||||||||
line of credit borrowings (repayments) | ||||||||||
items not affecting cash: | ||||||||||
income taxes | 200,000 | 141,000 | -4,810,000 | |||||||
refinancing of pollution control revenue refunding bonds | ||||||||||
line of credit (repayments) borrowings | 141,000,000 | |||||||||
repayments of short-term borrowings | ||||||||||
other noncurrent assets | ||||||||||
other noncurrent liabilities |