Northwest Natural Holding Company
ir.nwnaturalholdings.comWhat Do They Do?
Provides natural gas, water, and wastewater utility services to residential, commercial, and industrial customers.
10-K for FY2025, filed Feb 27, 2026NW Natural distributes natural gas to residential, commercial, and industrial customers in Oregon and southwest Washington. NW Natural and…View ↗
SiEnergy owns and operates SiEnergy Holdings, which includes SiEnergy Gas and Terra Transmission, a gas distribution and a transmission…View ↗
NWN Water provides regulated water and wastewater services and unregulated wastewater and operations services to customers in Oregon…View ↗
How Do They Make Money?
The company earns utility revenue as gas or water is delivered, with gas customer accounts settled monthly or paid at the time of sale. Storage customers pay fixed monthly reservation charges; asset-management revenue is earned over contract terms and on additional activity.
10-K for FY2025, filed Feb 27, 2026Revenues, derived primarily from the sale and transportation of natural gas, are recognized upon delivery of gas or water, or service to…View ↗
NW Natural's revenue represents the majority of NW Holdings' revenue and is recognized when the obligation to customers is satisfied and in…View ↗
Revenues not related to NWN Gas Utility, SiEnergy Gas Utility, and NWN Water Utility are derived primarily from Interstate Storage…View ↗
$1.3B
-
10-K for FY2025, filed Feb 27, 2026
$1.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
NWN Gas Utility
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
85% |
NWN Gas Utility, FY2025
$1.1B Sources
|
Usage-based |
|
SiEnergy Gas Utility
Usage-based
|
5.1% |
SiEnergy Gas Utility, FY2025
$66M Sources
|
Usage-based |
|
NWN Water Utility
Usage-based
|
5.1% |
NWN Water Utility, FY2025
$65.6M Sources
|
Usage-based |
|
NW Natural
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
87%
FY2022: 98%
|
NW Natural, FY2025
$1.1B Sources
|
Usage-based |
Who Are Their Customers?
NW Natural serves residential, commercial, and industrial gas customers in Oregon and southwest Washington; residential and commercial customers generally buy gas and delivery together, while some industrial and large commercial customers use third-party gas suppliers. SiEnergy serves residential and commercial gas customers in Texas, while NWN Water serves residential and commercial water customers.
10-K for FY2025, filed Feb 27, 2026The NWN Gas Utility business serves residential, commercial, and industrial customers with no individual customer accounting for more than…View ↗
Generally, residential and commercial customers purchase both their natural gas commodity (gas sales) and natural gas delivery services…View ↗
SiEnergy Gas Utility, which was acquired on January 7, 2025, is a regulated natural gas distribution utility and serves residential and…View ↗
NWN Water Utility is a regulated water and wastewater utility serving residential and commercial customers in Oregon, Washington, Idaho…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$197.8M.
10-K for FY2025, filed Feb 27, 2026
$280.9MView ↗
10-K for FY2025, filed Feb 27, 2026
$113.3MView ↗
10-K for FY2025, filed Feb 27, 2026
−$197.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$600KView ↗
- ▲ Now profitable
- vs −$2.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
-
Aug 5, 2026
Expects 2026 EPS in upper half of guidance range
The company gave 2026 EPS guidance of $2.95 – $3.15 and expects results in the range’s upper half.
Sources
8-K, filed Aug 5, 2026
2026 EPS is expected to be in the upper half of the guidance range of $2.95 – $3.15 Expect rate base growth of 6% – 8% through 2030 driven…View ↗
Growing. Revenue grew 50% in 4 years, from $860.4M in FY2021 to $1.3B in FY2025, about 11% a year.
Texas gas utility
Compared with the older report's description of NW Natural, water, renewables and other activities, the latest describes SiEnergy gas distribution and transmission in Texas.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 27, 2026NW Holdings is a holding company headquartered in Portland, Oregon and owns NW Natural, NW Natural Water Company, LLC (NWN Water), NW…View ↗
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