Northwest Natural Holding Company
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.55%.
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, 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.
- 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
“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.”
Northwest Natural CEO, on the earnings call
Forward Guidance & Outlook
NW Natural Holdings expects 2025 results to be above the midpoint of its updated GAAP EPS guidance range of $2.59 to $2.79 and adjusted EPS guidance of $2.75 to $2.95. The company reaffirmed its long-term EPS growth rate target of 4% to 6% compounded annually from 2025 through 2030, based on the midpoint of adjusted 2025 EPS guidance. Capital expenditures for 2025 are expected in the range of $450 to $500 million. Guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies or outcomes. New Oregon rates effective October 31, 2025 include a $20.7 million revenue requirement increase. A Washington multi-year rate case seeks increases totaling $42.5 million over three years, with new rates expected August 1, 2026.
NWN YoY Financials
NWN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.