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NorthWestern Corporation (NWE) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

UTILITIES · UTILITIES - REGULATED ELECTRIC · DATA UPDATED 2026-08-22

NorthWestern Corporation (NWE) operates in the UTILITIES - REGULATED ELECTRIC industry and is headquartered in Sioux Falls, United States with about 1,667 employees. Its market capitalization is roughly $4 billion. In the fiscal year ended 2025-12-31, NWE reported $1.6B in revenue and $181M in net income.

NorthWestern Energy Group, Inc., doing business as NorthWestern Energy, provides electricity and natural gas to residential, commercial, and diversified industrial customers.

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NWE Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$1.7B	$1.6B	$1.5B	$1.4B	$1.5B	$1.4B	$1.2B	$1.3B	$1.2B	$1.3B	$1.3B	$1.2B	$1.2B	$1.2B	$1.1B	$1.1B	$1.1B	$1.1B	$1.3B	$1.2B	$1.1B
Gross Profit	$1.1B	$1.3B	$1.3B	$781M	$764M	$947M	$892M	$731M	$919M	$895M	$856M	$841M	$722M	$675M	$675M	$623M	$580M	$568M	$562M	$532M	($95M)
Gross Margin %	66.5%	82.3%	85.0%	54.9%	51.7%	69.0%	74.5%	58.1%	77.1%	68.6%	68.1%	69.3%	60.0%	58.5%	63.1%	55.7%	52.2%	49.8%	44.6%	44.3%	-8.3%
Operating Income (EBIT)	$319M	$326M	$323M	$300M	$263M	$276M	$236M	$277M	$266M	$261M	$246M	$266M	$178M	$171M	$177M	$166M	$163M	$154M	$170M	$140M	$110M
Operating Margin %	18.8%	20.2%	21.4%	21.1%	17.8%	20.1%	19.7%	22.0%	22.3%	20.0%	19.6%	21.9%	14.8%	14.8%	16.6%	14.8%	14.6%	13.5%	13.5%	11.7%	9.7%
Net Income	$171M	$181M	$224M	$194M	$183M	$187M	$155M	$202M	$197M	$163M	$164M	$151M	$121M	$94M	$98M	$93M	$77M	$73M	$68M	$53M	$38M
Net Margin %	10.1%	11.2%	14.8%	13.7%	12.4%	13.6%	13.0%	16.1%	16.5%	12.5%	13.1%	12.4%	10.0%	8.1%	9.2%	8.3%	7.0%	6.4%	5.4%	4.4%	3.4%
EBITDA	$593M	$587M	$574M	$526M	$478M	$471M	$421M	$442M	$441M	$434M	$414M	$418M	$302M	$288M	$289M	$270M	$261M	$247M	$257M	$225M	$182M
Earnings Per Share (EPS)	$2.78	$2.95	$3.65	$3.22	$3.25	$3.60	$3.06	$3.98	$3.92	$3.34	$3.39	$3.17	$3.01	$2.46	$2.66	$2.53	$2.14	$2.02	$1.77	$1.44	$1.02
Shares Outstanding (M)	62M	61M	61M	60M	56M	52M	51M	51M	50M	49M	48M	48M	40M	38M	37M	37M	36M	36M	38M	37M	37M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NWE Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$393M	$498M	$414M	$387M	$343M	$467M	$373M	$345M
Gross Profit	$314M	$285M	$203M	$323M	$205M	$272M	$218M	$201M
Gross Margin %	79.8%	57.3%	49.0%	83.4%	59.8%	58.2%	58.5%	58.4%
Operating Income (EBIT)	$64M	$114M	$60M	$80M	$61M	$125M	$92M	$68M
Operating Margin %	16.4%	22.9%	14.5%	20.8%	17.7%	26.7%	24.6%	19.7%
Net Income	$25M	$63M	$45M	$38M	$21M	$77M	$81M	$47M
Net Margin %	6.4%	12.8%	10.8%	9.9%	6.2%	16.5%	21.6%	13.6%
EBITDA	$136M	$184M	$125M	$148M	$123M	$191M	$152M	$134M
Earnings Per Share (EPS)	$0.41	$1.03	$0.72	$0.62	$0.35	$1.25	$1.31	$0.76
Shares Outstanding (M)	62M	62M	62M	61M	61M	61M	61M	61M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NWE Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$416M	$394M	$407M	$489M	$307M	$220M	$352M	$297M	$382M	$324M	$289M	$340M	$250M	$194M	$251M	$234M	$219M	$117M	$198M	$202M	$170M
Capital Expenditures (CapEx)	$608M	$524M	$549M	$567M	$515M	$434M	$406M	$316M	$284M	$276M	$288M	$284M	$270M	$230M	$219M	$189M	$228M	$189M	$125M	$117M	$101M
Free Cash Flow (FCF)	($192M)	($130M)	($143M)	($78M)	($208M)	($214M)	($54M)	($19M)	$98M	$47M	$1M	$56M	($20M)	($37M)	$32M	$45M	($9M)	($73M)	$74M	$85M	$69M
FCF Margin %	-11.4%	-8.1%	-9.4%	-5.5%	-14.1%	-15.6%	-4.5%	-1.5%	8.2%	3.6%	0.1%	4.6%	-1.7%	-3.2%	3.0%	4.0%	-0.9%	-6.3%	5.9%	7.1%	6.1%
Dividends Paid	$163M	$161M	$159M	$154M	$140M	$128M	$120M	$115M	$109M	$101M	$96M	$90M	$65M	$58M	$54M	$52M	$49M	$48M	$50M	$47M	$44M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NWE Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$74M	$159M	$56M	$127M	$58M	$153M	$63M	$120M
Capital Expenditures (CapEx)	$189M	$116M	$150M	$154M	$129M	$92M	$149M	$153M
Free Cash Flow (FCF)	($115M)	$43M	($94M)	($27M)	($71M)	$61M	($86M)	($33M)
FCF Margin %	-29.3%	8.7%	-22.6%	-7.0%	-20.6%	13.1%	-23.0%	-9.6%
Dividends Paid	$41M	$41M	$40M	$40M	$40M	$40M	$40M	$40M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NWE Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$8.7B	$8.5B	$8.0B	$7.6B	$7.3B	$6.8B	$6.4B	$5.9B	$5.6B	$5.4B	$5.5B	$5.3B	$5.0B	$3.7B	$3.5B	$3.2B	$3.0B	$2.8B	$2.8B	$2.5B	$2.4B
Cash & Cash Equivalents	$4M	$9M	$4M	$9M	$8M	$3M	$6M	$5M	$8M	$8M	$5M	$12M	$20M	$17M	$10M	$6M	$6M	$4M	$11M	$13M	$2M
Total Liabilities	$5.8B	$5.6B	$5.1B	$4.8B	$4.7B	$4.4B	$4.3B	$3.9B	$3.7B	$3.6B	$3.8B	$3.7B	$3.5B	$2.7B	$2.6B	$2.4B	$2.2B	$2.0B	$2.0B	$1.7B	$1.7B
Total Debt (Short + Long-Term)	$3.6B	$3.4B	$3.1B	$2.8B	$2.6B	$2.5B	$2.4B	$2.2B	$2.1B	$2.1B	$2.1B	$2.0B	$1.9B	$1.3B	$1.2B	$1.1B	$1.1B	$1.0B	$901M	$849M	$749M
Total Shareholders' Equity	$2.9B	$2.9B	$2.9B	$2.8B	$2.7B	$2.3B	$2.1B	$2.0B	$1.9B	$1.8B	$1.7B	$1.6B	$1.5B	$1.0B	$934M	$859M	$820M	$787M	$764M	$823M	$743M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NWE viewer.

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