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Northwest Natural

Northwest Natural (NWN) Q1 2026 Earnings

Reported May 5, 2026 at 5:42 PM ET · SEC Source

Q1 26 EPS

$2.33

MISS 3.02%

Est. $2.40

Q1 26 Revenue

$490.4M

MISS 6.42%

Est. $524.0M

vs S&P Since Q1 26

-8.3%

TRAILING MARKET

NWN -6.9% vs S&P +1.5%

Market Reaction

Did NWN Beat Earnings? Q1 2026 Results

Northwest Natural Holding Co delivered a solid first quarter for fiscal 2026, with GAAP earnings per share of $2.33 beating the $2.31 analyst consensus and extending the company's streak of topping estimates to four consecutive quarters. Net income c… Read more Northwest Natural Holding Co delivered a solid first quarter for fiscal 2026, with GAAP earnings per share of $2.33 beating the $2.31 analyst consensus and extending the company's streak of topping estimates to four consecutive quarters. Net income climbed to $97.49 million from $87.92 million a year ago, even as total operating revenues dipped modestly to $490.40 million, a 0.8% year-over-year decline that management attributed largely to lower cost-of-gas pass-throughs rather than any erosion in underlying demand. The most material driver of the earnings improvement was the combination of new Oregon rates that took effect in October 2025 and the first full quarter of contribution from both SiEnergy and the Pines acquisition, with the Texas gas utility segment alone adding $9.09 million in net income. Customer connections grew 2.8% over the trailing twelve months to nearly 985,000 meters, reinforcing the growth thesis that has drawn income-focused investors to the stock. Management reaffirmed 2026 EPS guidance of $2.95 to $3.15 and capital expenditure guidance of $500 million to $550 million, with the MX3 Mist storage expansion representing potential upside to long-term EPS growth targets.

Key Takeaways

  • • New Oregon rate case rates effective October 31, 2025 boosting NW Natural margin
  • • Lower income tax rate benefiting NW Natural net income
  • • Full quarter contribution from SiEnergy and Pines acquisitions in Q1 2026 vs. partial in Q1 2025
  • • Organic customer growth of 1.8% plus acquisition-driven growth totaling 2.8%
  • • SiEnergy customer growth and system investments

NWN Forward Guidance & Outlook

NW Natural Holdings reaffirmed 2026 EPS guidance of $2.95–$3.15 and capital expenditure guidance of $500–$550 million. Long-term targets through 2030 remain unchanged: 4%–6% EPS growth (potentially 5%–7% with MX3 gas storage project), $2.6–$2.9 billion in cumulative capital expenditures, 6%–8% rate base growth, and 2%–3% customer growth. Guidance assumes continued customer growth, average weather conditions, and no significant changes in regulatory policies or legislation.

24/7 Wall St

NWN YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

NWN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“I'm pleased with our strong first‑quarter results, which put us on solid footing for the year. These results reflect our continued focus on building a consistent track record of disciplined execution. We made progress on our key regulatory initiatives and delivered solid operational performance, efficient capital investment, and healthy customer growth across all three of our regulated utility businesses. Additionally, our MX3 gas storage expansion project is on track and continues to build momentum. We remain confident in our strategy and our ability to deliver long‑term value to stakeholders.”

— Justin Palfreyman, Q1 2026 Earnings Press Release

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