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Northwest Natural Gas Co (NWN) Financial History

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

UTILITIES · UTILITIES - REGULATED GAS · DATA UPDATED 2026-09-06

Northwest Natural Gas Co (NWN) operates in the UTILITIES - REGULATED GAS industry and is headquartered in Portland, United States with about 1,619 employees. Its market capitalization is roughly $2 billion. In the fiscal year ended 2025-12-31, NWN reported $1.3B in revenue and $113M in net income.

Northwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, and industrial customers in the United States. It operates through three segments: NWN Gas Utility, SiEnergy, and NWN Water.

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NWN 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	$1.3B	$1.3B	$1.2B	$1.2B	$1.0B	$860M	$774M	$746M	$706M	$755M	$676M	$724M	$754M	$759M	$731M	$849M	$812M	$1.0B	$1.0B	$1.0B	$1.0B
Gross Profit	$584M	$510M	$398M	$424M	$341M	$329M	$301M	$283M	$264M	$272M	$265M	$239M	$252M	$249M	$246M	$369M	$368M	$402M	$381M	$394M	$365M
Gross Margin %	45.2%	39.6%	34.5%	35.4%	32.9%	38.2%	38.8%	37.9%	37.4%	36.1%	39.3%	33.0%	33.4%	32.8%	33.6%	43.5%	45.3%	39.6%	36.7%	38.1%	36.0%
Operating Income (EBIT)	$409M	$405M	$191M	$185M	$167M	$163M	$148M	$143M	$132M	$145M	$139M	$124M	$143M	$143M	$142M	$145M	$158M	$159M	$144M	$155M	$137M
Operating Margin %	31.6%	31.4%	16.6%	15.4%	16.1%	19.0%	19.2%	19.2%	18.7%	19.2%	20.6%	17.2%	19.0%	18.8%	19.5%	17.1%	19.4%	15.7%	13.9%	15.0%	13.5%
Net Income	$126M	$113M	$79M	$94M	$86M	$79M	$77M	$62M	$65M	($56M)	$59M	$54M	$59M	$61M	$60M	$64M	$73M	$75M	$70M	$74M	$63M
Net Margin %	9.8%	8.8%	6.8%	7.8%	8.3%	9.1%	9.9%	8.3%	9.1%	-7.4%	8.7%	7.4%	7.8%	8.0%	8.2%	7.5%	8.9%	7.4%	6.7%	7.2%	6.3%
EBITDA	$485M	$471M	$348M	$344M	$303M	$264M	$238M	$212M	$214M	$232M	$275M	$227M	$241M	$223M	$220M	$219M	$230M	$225M	$220M	$223M	$199M
Earnings Per Share (EPS)	$3.08	$2.77	$2.03	$2.59	$2.54	$2.56	$2.51	$2.07	$2.24	$-1.93	$2.06	$1.96	$2.16	$2.24	$2.22	$2.39	$2.73	$2.83	$2.61	$2.76	$2.29
Shares Outstanding (M)	42M	41M	39M	36M	34M	31M	31M	30M	29M	29M	29M	27M	27M	27M	27M	27M	27M	27M	27M	27M	28M

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

NWN 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	$244M	$490M	$394M	$165M	$236M	$494M	$371M	$137M
Gross Profit	$125M	$255M	$197M	$7M	$84M	$218M	$138M	$29M
Gross Margin %	51.4%	52.0%	50.0%	4.1%	35.7%	44.1%	37.3%	21.0%
Operating Income (EBIT)	$33M	$219M	$169M	($12M)	$27M	$154M	$85M	($19M)
Operating Margin %	13.6%	44.7%	42.8%	-7.5%	11.5%	31.2%	22.9%	-14.1%
Net Income	$1M	$97M	$58M	($30M)	($2M)	$88M	$45M	($27M)
Net Margin %	0.2%	19.9%	14.7%	-18.1%	-1.1%	17.8%	12.1%	-19.8%
EBITDA	$76M	$220M	$152M	$36M	$75M	$198M	$126M	$21M
Earnings Per Share (EPS)	$0.01	$2.38	$1.41	$-0.73	$-0.06	$2.18	$1.12	$-0.71
Shares Outstanding (M)	42M	41M	41M	41M	40M	40M	40M	38M

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

NWN 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)	$213M	$269M	$200M	$280M	$148M	$160M	$143M	$185M	$169M	$207M	$222M	$185M	$216M	$176M	$169M	$233M	$126M	$240M	$35M	$184M	$149M
Capital Expenditures (CapEx)	$479M	$467M	$394M	$327M	$339M	$295M	$281M	$242M	$215M	$213M	$140M	$118M	$120M	$139M	$132M	$101M	$249M	$135M	$104M	$118M	$97M
Free Cash Flow (FCF)	($266M)	($198M)	($194M)	($47M)	($192M)	($135M)	($138M)	($57M)	($46M)	($7M)	$83M	$66M	$96M	$37M	$37M	$133M	($122M)	$105M	($69M)	$65M	$51M
FCF Margin %	-20.6%	-15.3%	-16.8%	-4.0%	-18.5%	-15.7%	-17.8%	-7.6%	-6.5%	-0.9%	12.2%	9.2%	12.7%	4.9%	5.0%	15.7%	-15.0%	10.4%	-6.7%	6.3%	5.1%
Dividends Paid	$79M	$77M	$73M	$67M	$63M	$56M	$55M	$53M	$51M	$54M	$52M	$49M	$50M	$49M	$48M	$47M	$45M	$42M	$40M	$39M	$38M

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

NWN 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)	$110M	$116M	$3M	($16M)	$102M	$180M	($19M)	($26M)
Capital Expenditures (CapEx)	$121M	$114M	$134M	$110M	$120M	$102M	$100M	$95M
Free Cash Flow (FCF)	($12M)	$2M	($131M)	($126M)	($18M)	$77M	($120M)	($122M)
FCF Margin %	-4.8%	0.5%	-33.2%	-76.4%	-7.8%	15.7%	-32.2%	-88.9%
Dividends Paid	$20M	$20M	$20M	$19M	$19M	$19M	$19M	$18M

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

NWN 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	$6.4B	$6.2B	$5.2B	$4.9B	$4.7B	$4.1B	$3.8B	$3.5B	$3.2B	$3.0B	$3.1B	$3.1B	$3.1B	$3.0B	$2.8B	$2.7B	$2.6B	$2.4B	$2.4B	$2.0B	$2.0B
Cash & Cash Equivalents	$24M	$41M	$38M	$33M	$29M	$19M	$30M	$10M	$13M	$3M	$4M	$4M	$10M	$9M	$9M	$6M	$3M	$8M	$7M	$6M	$6M
Total Liabilities	$4.9B	$4.8B	$3.8B	$3.6B	$3.6B	$3.1B	$2.9B	$2.6B	$2.5B	$2.3B	$2.2B	$2.3B	$2.3B	$2.2B	$2.1B	$2.0B	$1.9B	$1.1B	$1.8B	$1.4B	$1.4B
Total Debt (Short + Long-Term)	$2.6B	$2.6B	$1.9B	$1.7B	$1.6B	$1.4B	$1.3B	$1.0B	$954M	$834M	$773M	$864M	$896M	$930M	$882M	$823M	$859M	$739M	$760M	$660M	$647M
Total Shareholders' Equity	$1.6B	$1.5B	$1.4B	$1.3B	$1.2B	$935M	$889M	$866M	$763M	$743M	$850M	$781M	$767M	$752M	$733M	$714M	$693M	$1.3B	$628M	$595M	$600M

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 NWN viewer.

Other Companies in UTILITIES - REGULATED GAS

OGS · One Gas Inc — $5 billion
SR · Spire Inc — $5 billion
MDU · MDU Resources Group Inc — $4 billion
CPK · Chesapeake Utilities Corporation — $3 billion
CTRI · Centuri Holdings, Inc. — $2 billion
SPH · Suburban Propane Partners LP — $1 billion
UGI · UGI Corporation — $8 billion
SWX · Southwest Gas Holdings Inc — $6 billion

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