Q4 25 EPS
$1.39
BEAT +2.21%
Est. $1.36
Q4 25 Revenue
$394.2M
MISS 6.16%
Est. $420.0M
vs S&P Since Q4 25
-10.3%
TRAILING MARKET
NWN -1.7% vs S&P +8.6%
Full Year 2025 Results
FY 25 EPS
$2.77
MISS 5.24%
Est. $2.92
FY 25 Revenue
$1.29B
MISS 1.97%
Est. $1.32B
Market Reaction
Did NWN Beat Earnings? Q4 2025 Results
Northwest Natural Holdings delivered a mixed but broadly solid Q4 2025, matching consensus EPS estimates precisely at $1.39 while falling short on revenue, which came in at $394.16 million against expectations of $420.04 million, a miss of 6.16%, tho… Read more Northwest Natural Holdings delivered a mixed but broadly solid Q4 2025, matching consensus EPS estimates precisely at $1.39 while falling short on revenue, which came in at $394.16 million against expectations of $420.04 million, a miss of 6.16%, though the top line still grew 6.3% year-over-year. The headline EPS figure, up from $1.12 in Q4 2024, was anchored by the January 2025 acquisition of SiEnergy, which contributed $5.65 million in net income for the quarter and helped push the company's combined utility connection growth rate to 11.1% over the trailing twelve months. The Oregon gas utility segment also benefited from new rates effective October 31, 2025, lifting Q4 segment net income by $7.51 million year-over-year. With Stifel raising its price target to $58 following the results, investor attention is now pivoting to management's 2026 EPS guidance of $2.95 to $3.15, backed by $500 million to $550 million in planned capital expenditures and a long-term EPS growth target of 4% to 6% annually through 2030.
Key Takeaways
- • New Oregon rates effective November 1, 2024 and October 31, 2025 driving NWN Gas Utility margin improvement
- • SiEnergy acquisition (January 2025) and Pines acquisition (June 2025) contributing approximately 98,000 new connections
- • Strongest organic customer growth in nearly two decades
- • New rates for Arizona water utilities driving NWN Water Utility revenue growth
- • Record $467 million capital investment in utility systems
NWN YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
NWN Revenue by Segment
With YoY comparisons, source: SEC Filings
“Last year was a pivotal year. We delivered record adjusted earnings per share at the top of our guidance range, deployed a record amount of capital to support customers, and reported our strongest organic customer growth in nearly two decades. I'm incredibly proud that NW Natural gas customers' bills are about the same as they were 20 years ago — a testament to disciplined cost management and long-term rate stability. The strategic decisions we've made over the last few years have resulted in three strong, growing businesses with a long runway of opportunity. Projects like our new MX3 storage expansion strengthen regional reliability, energy affordability, and support our long‑term growth outlook. With momentum on our side, we're executing with discipline and creating value for our customers and shareholders.”
— Justin B. Palfreyman, Q4 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% |