Northwest Natural Holding Company
Q2 2026 Earnings
Market Reaction
Did NWN Beat Earnings? Q2 2026 Results
Northwest Natural Holding Co posted a modest but improved second quarter for fiscal 2026, reporting GAAP earnings per share of $0.01 on revenue of $243.55 million, a 3.1% increase from the prior-year period, and swinging from a net loss of $0.06 per share in Q2 2025. The primary catalyst behind the turnaround was the absence of prior-year acquisition costs, which had weighed heavily on the Other segment, alongside standout growth at SiEnergy, the company's Texas gas utility, where customer meters expanded to 95,904 from 83,278 a year ago and a full quarter of contribution from the Pines acquisition lifted segment net income. Regulatory momentum also supported the outlook, as Washington state approved a $20.10 million annual revenue increase for NW Natural effective August 1, 2026, while an Oregon settlement proposing a $13.00 million increase awaits implementation. Management lifted its full-year 2026 guidance to the upper half of the $2.95 to $3.15 EPS range, underpinned by strong first-half results of $2.33 per share and reaffirmed long-term capital expenditure targets of $2.60 billion to $2.90 billion through 2030.
- New Oregon rates effective October 31, 2025 driving higher NW Natural margin
- SiEnergy customer growth and Texas HB 4384 depreciation/interest cost deferrals
- Full quarter contribution from Pines acquisition (acquired June 2, 2025)
- Lower transaction and business development costs compared to prior year
- Higher net income from NW Natural Renewables
“Our results exceeded our expectations and reflect strong execution across the business. Our consistent performance and strong first-half results, combined with increased visibility into the balance of the year, support our expectation that 2026 EPS will be in the upper half of our guidance range. The strength of our strategy positions NW Natural Holdings to continue to deliver safe, reliable, and affordable service while creating long-term value for customers and shareholders.”
Northwest Natural CEO, on the earnings call
Forward Guidance & Outlook
NW Natural Holdings now expects 2026 EPS in the upper half of its guidance range of $2.95–$3.15, reflecting strong first-half performance and increased visibility into the balance of the year. The company reaffirmed long-term targets for 2026–2030: EPS growth of 4%–6% (5%–7% with MX3 gas storage project in service before end of 2029), rate base growth of 6%–8%, capital expenditures of $2.6–$2.9 billion, customer growth of 2.0%–3.0%, and 2026 capital expenditures of $500–$550 million. Guidance assumes continued customer growth, average weather conditions, and no significant regulatory or legislative changes.
NWN YoY Financials
NWN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.