NorthWestern Energy Group Inc

northwesternenergy.com

What Do They Do?

Provides electricity and natural gas to residential, commercial, and industrial customers.

How Do They Make Money?

Customers are billed monthly for electricity or gas supplied under tariffs, and payment is generally due after billing.

revenue

Segment	Share	How money arrives
Electric Usage-based	79% FY2022: 75%	Usage-based
Gas Domestic Regulated Usage-based	21% FY2022: 25%	Usage-based
Regulated Electric and Natural Gas Segments Usage-based	100% FY2022: 100%	Usage-based

Who Are Their Customers?

Households are the largest customer group; commercial buyers are mainly main-street businesses, while industrial buyers are mainly manufacturers and processors.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$130M.

Operating income, FY2025

20% of revenue

▲ +1% vs FY2024 ($323.3M, 21%)

Net income, FY2025

11% of revenue

▼ −19% vs FY2024 ($224.1M, 15%)

Free cash flow, FY2025

−8% of revenue

▼ −9% (Loss) vs FY2024 (−$142.5M, −9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +15%; vs $342.7M in Q2 FY2025
Net income: ▲ +18%; vs $21.2M in Q2 FY2025

Sep 9, 2026 Reaffirmed earnings guidance of $3.68 to $3.83 per diluted share
Jul 30, 2026 Received several regulatory approvals for the Black Hills merger Montana approval remained pending, and the company anticipated closing by year-end 2026.

Growing. Revenue grew 17% in 4 years, from $1.4B in FY2021 to $1.6B in FY2025, about 4% a year.

Revenue over time

Electric Gas Domestic Regulated Regulated Electric and Natural Gas Segments

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments