Northwest Natural Holding Company (NWN) Income Statement
NWN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNWN revenue and net income
Where NWN's revenue goes
2025Each bar shows an amount and its share of revenue. NWN kept 8.8% of revenue as net income.
NWN profit margins
NWN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +11.8% | +7.5% | +10.8% | +5.9% |
| Gross profit | +28.3% | +14.3% | +11.2% | +7.9% |
| Operating income | +111.7% | +34.2% | +22.2% | +12.5% |
| Net income | +43.7% | +9.5% | +8.1% | +7.8% |
| EPS (diluted) | +27.2% | +3.6% | +3.4% | +2.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NWN quarterly EPS vs estimates
Northwest Natural beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.86).
NWN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.29B | $1.15B | $1.20B | $1.04B | $860.4M | $773.7M | $746.4M | $706.1M | $755.0M | $676.0M |
| Cost of revenue | $779.3M | $755.4M | $773.6M | $696.1M | $531.3M | $473.2M | $463.4M | $442.3M | $482.8M | $410.6M |
| Gross profit | $510.1M | $397.6M | $423.9M | $341.2M | $329.1M | $300.5M | $282.9M | $263.8M | $272.2M | $265.4M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | — | $12.4M | $9.9M | $9.7M | $12.3M | $11.1M | $15.3M | $13.3M |
| Total operating expenses | $105.4M | $206.5M | $238.9M | $173.7M | $166.0M | $152.2M | $139.5M | $131.7M | $127.0M | $126.1M |
| Operating income | $404.7M | $191.1M | $184.9M | $167.5M | $163.1M | $148.4M | $143.5M | $132.2M | $145.3M | $139.3M |
| Interest income | $122.5M | $80.1M | $76.6M | $53.2M | $44.5M | $43.1M | $42.7M | $37.1M | $37.5M | $38.1M |
| Interest expense | $111.5M | $80.1M | $76.6M | $53.2M | $44.5M | $43.1M | $42.7M | $37.1M | $38.5M | $64.1M |
| Income before taxes | $154.7M | $109.9M | $126.2M | $115.4M | $106.1M | $91.4M | $78.0M | $91.5M | $113.1M | $99.6M |
| Income taxes | $41.4M | $31.1M | $32.4M | $29.1M | $27.4M | $21.1M | $12.6M | $24.2M | $41.0M | $40.7M |
| Net income | $113.3M | $78.9M | $93.9M | $86.3M | $78.7M | $76.8M | $61.7M | $64.6M | −$55.6M | $58.9M |
| EBITDA | $470.6M | $348.1M | $346.0M | $301.3M | $264.1M | $238.1M | $212.1M | $241.5M | $267.8M | $274.8M |
| EPS (diluted) | $2.95 | $2.32 | $2.60 | $2.65 | $2.56 | $2.50 | $2.45 | $2.28 | $2.24 | $2.18 |
| Gross margin | 39.6% | 34.5% | 35.4% | 32.9% | 38.3% | 38.8% | 37.9% | 37.4% | 36.1% | 39.3% |
| Operating margin | 31.4% | 16.6% | 15.4% | 16.1% | 19.0% | 19.2% | 19.2% | 18.7% | 19.2% | 20.6% |
| Net margin | 8.8% | 6.8% | 7.8% | 8.3% | 9.1% | 9.9% | 8.3% | 9.1% | −7.4% | 8.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $243.6M | $490.4M | $394.2M | $164.7M | $236.2M | $494.3M | $370.9M | $136.9M | $211.7M | $433.5M | $355.7M | $141.5M |
| Cost of revenue | $118.5M | $235.2M | $197.3M | $158.0M | $151.9M | $276.1M | $232.6M | $108.1M | $147.1M | $267.6M | $231.0M | $116.2M |
| Gross profit | $125.1M | $255.2M | $196.9M | $6.8M | $84.3M | $218.2M | $138.3M | $28.8M | $64.6M | $165.9M | $124.7M | $25.3M |
| Sales, general & admin | — | — | — | — | — | — | — | — | — | — | $14.5M | — |
| Total operating expenses | $91.9M | $35.8M | $28.1M | $19.2M | $57.1M | $63.9M | $53.4M | $48.1M | $48.9M | $56.1M | $49.5M | $42.8M |
| Operating income | $33.2M | $219.4M | $168.8M | −$12.4M | $27.2M | $154.4M | $84.9M | −$19.3M | $15.7M | $109.8M | $75.2M | −$17.6M |
| Interest income | — | — | $32.2M | $30.4M | $30.5M | $29.4M | $21.2M | $19.1M | — | — | — | $19.4M |
| Interest expense | $33.4M | $33.4M | $21.2M | $30.4M | $30.5M | $29.4M | $21.2M | $19.1M | $19.3M | $20.5M | $19.9M | $19.4M |
| Income before taxes | $1.2M | $130.0M | $77.6M | −$41.9M | −$3.4M | $122.4M | $62.8M | −$37.5M | −$3.6M | $88.2M | $59.9M | −$32.0M |
| Income taxes | $610,000 | $32.5M | $19.8M | −$12.0M | −$940,000 | $34.5M | $17.8M | −$10.3M | −$812,000 | $24.3M | $15.3M | −$8.3M |
| Net income | $600,000 | $97.5M | $57.8M | −$29.9M | −$2.5M | $87.9M | $45.0M | −$27.2M | −$2.8M | $63.8M | $44.6M | −$23.7M |
| EBITDA | $82.0M | $220.0M | $152.5M | $35.2M | $75.1M | $197.9M | $126.1M | $21.2M | $54.2M | $146.6M | $112.6M | $31.0M |
| EPS (diluted) | $0.01 | $2.33 | $1.39 | −$0.73 | $0.01 | $2.28 | $1.41 | −$0.71 | −$0.07 | $1.69 | $1.21 | −$0.65 |
| Gross margin | 51.4% | 52.0% | 50.0% | 4.1% | 35.7% | 44.1% | 37.3% | 21.0% | 30.5% | 38.3% | 35.1% | 17.8% |
| Operating margin | 13.6% | 44.7% | 42.8% | −7.5% | 11.5% | 31.2% | 22.9% | −14.1% | 7.4% | 25.3% | 21.1% | −12.4% |
| Net margin | 0.2% | 19.9% | 14.7% | −18.1% | −1.1% | 17.8% | 12.1% | −19.8% | −1.3% | 14.7% | 12.5% | −16.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NWN's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NWN financial results
In fiscal year 2025 (ended December 31, 2025), Northwest Natural reported revenue of $1.3 billion, up 11.8% from the year before. It had net income of $113.3 million (up 43.7%), a net profit margin of 8.8%. Diluted earnings per share came to $2.95. Over five years revenue grew at an average rate of 10.8% a year.
See the NWN stock overview for the latest quote and news, or the NWN chart for price history and technical indicators.
NWN income statement FAQ
What is Northwest Natural's annual revenue?
Northwest Natural reported total revenue of $1.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 11.8% from $1.2 billion the previous year.
Is Northwest Natural profitable?
Yes. Northwest Natural reported net income of $113.3 million in fiscal 2025, a net profit margin of 8.8%; its operating margin was 31.4%.
What is Northwest Natural's gross margin?
Northwest Natural's gross margin was 39.6% in fiscal 2025: for every $100 of revenue, Northwest Natural kept $40 after the direct cost of its products and services.
How fast is Northwest Natural growing?
Revenue grew 10.8% a year on average over the last five fiscal years, from $773.7 million to $1.3 billion.
What are Northwest Natural's earnings per share?
Northwest Natural earned $2.95 per diluted share in fiscal 2025, compared with $2.32 a year earlier.
When will Northwest Natural report its next earnings?
Northwest Natural is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Northwest Natural's fiscal year end?
Northwest Natural's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.