Q3 25 EPS
$-0.73
BEAT +11.62%
Est. $-0.83
Q3 25 Revenue
$164.7M
MISS 5.86%
Est. $175.0M
vs S&P Since Q3 25
-2.4%
TRAILING MARKET
NWN +7.5% vs S&P +9.9%
Market Reaction
Did NWN Beat Earnings? Q3 2025 Results
Northwest Natural Holdings posted a narrower seasonal loss than Wall Street expected in Q3 2025, offering investors a measure of reassurance heading into the heating season. The Portland-based utility reported a loss of $0.73 per diluted share, beati… Read more Northwest Natural Holdings posted a narrower seasonal loss than Wall Street expected in Q3 2025, offering investors a measure of reassurance heading into the heating season. The Portland-based utility reported a loss of $0.73 per diluted share, beating the consensus estimate of $0.83 by 11.62%, though revenue of $164.73 million fell 5.86% short of the $174.98 million analysts had forecast, even as that top line climbed 20.3% year over year. The primary engine behind that revenue growth was the January 2025 acquisition of SiEnergy, which added nearly 87,000 meters across Texas and helped lift total customers to roughly 972,000, a combined growth rate of 10.9%. The wider net loss of $29.89 million compared to $27.17 million a year ago reflects both the inherently slow summer quarter for gas utilities and higher interest costs tied to junior subordinated notes issued in March 2025. Management raised its outlook posture, now guiding for full-year results above the midpoint of its $2.59 to $2.79 GAAP EPS range, and reaffirmed a 4% to 6% long-term annual EPS growth target through 2030.
Key Takeaways
- • Oregon general rate case providing increased revenue requirement of $20.7 million
- • SiEnergy acquisition adding nearly 87,000 meters in Texas
- • Strong customer growth rate of 10.9% over the last 12 months with 95,000+ new connections
- • New rates for Arizona water utilities driving NWN Water revenue growth
- • ICH water utilities acquisition contributing incremental revenues
- • Higher interest expense from junior subordinated notes issued in March 2025 widening Other segment losses
NWN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NWN Revenue by Segment
With YoY comparisons, source: SEC Filings
“Driven by strong execution of our 2025 plan, we now expect EPS results to be above the midpoint of our guidance range. We continue to see the benefits of our strategic investments in Texas gas utilities and growth across our water and wastewater utilities. At the same time, we remain focused on operational excellence, maintaining and improving our systems and keeping affordability front and center for our customers. In fact, our NW Natural gas customers' bills are about the same as they were 20 years ago. Combined with over 70 consecutive years of dividend increases, this reflects our long-standing commitment to delivering value for customers and shareholders alike.”
— Justin B. Palfreyman, Q3 2025 Earnings Press Release
NWN Earnings Trends
NWN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NWN EPS Trend
Earnings per share: estimate vs actual
NWN Revenue Trend
Quarterly revenue: estimate vs actual
NWN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $2.40 | $2.33 | -3.02% | $490.4M | -6.42% |
| Q4 25 BEAT FY | $1.36 | $1.39 | +2.21% | $394.2M | -6.16% |
| FY Full Year | $2.92 | $2.77 | -5.24% | $1.29B | -1.97% |
| Q3 25 BEAT | $-0.83 | $-0.73 | +11.62% | $164.7M | -5.86% |
| Q2 25 BEAT | $-0.13 | $-0.06 | +53.13% | $236.2M | -6.53% |
| Q1 25 BEAT | $2.01 | $2.28 | +13.43% | $494.3M | +6.30% |