NWE at a glance
NorthWestern Energy Group, Inc. (NWE, SEC CIK 1993004) filed its latest 10-K annual report on February 12, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on September 9, 2026 and Form 4 insider filings as recently as October 5, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), NorthWestern Energy Group, Inc. (NWE) reported revenue of $1.6 billion (up 6.4% from FY2024) and net income of $181.1 million. Diluted EPS was $2.94.
- As of June 30, 2026, 31 institutional investment managers tracked by SignalX reported holding NorthWestern Energy Group, Inc. (NWE) shares worth $2.1 billion in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $1.6B
- +6.4% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 31 funds
- $2.1B · −1 vs prior quarter
- Latest 8-K
- Sep 9, 2026
- Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Regulated energy services focused on electric and natural gas utility operations
- Proxy statement incorporated by reference contains executive compensation, ownership, and related transactions info
- No new products, services, or segments highlighted within this filing's business section
- Notable absence of direct business description; emphasis on corporate governance and financial disclosures
- Filing relies heavily on referenced proxy materials, indicating a streamlined 10-K format this year
Risk Factors
- Regulatory disallowance of $30.9M capital costs by MPSC in 2025 for YCGS construction deemed imprudent
- Montana District Court vacated YCGS air quality permit in 2023 causing a 3-month construction delay and increased costs
- Montana electric and natural gas transmission constraints limit on-system deliverability and access to lower-cost supply
- Coal-fired Colstrip Units 3 & 4 co-ownership exposes company to environmental and regulatory risks through 2042
- Reliance on market purchases exposes to price volatility and counterparty risks impacting liquidity and operations
Management Discussion & Analysis
- Revenue: Electric base rates increase $105.5M, natural gas base rates $18.0M; net income down $43.0M to $181.1M from $224.1M in 2024
- Profitability: Income before taxes decreased to $187.6M from $214.7M; Income tax expense $-6.5M vs $9.4M benefit prior year
- Best segment: Electric base rates increase $105.5M; worst: Non-cash regulatory disallowance of YCGS capital costs $30.9M charge
- Cash flows: Merger-related costs $9.3M; capital expenditures planned $300M for new 131 MW gas plant; no specific buybacks or dividends noted
- Outlook: Pending merger with Black Hills; Montana rate review with approved ROEs ~9.6%; data center load additions and new transmission projects targeted for growth
AI summary of the NWE 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $392.6M vs $342.7M YoY, up $49.9M
- Gross margin 27.2% vs 27.6% YoY; net income $25.0M vs $21.2M
- Best segment Electric utility margin $251.4M, up 14.4%; Natural Gas $51.4M, up 8.0%
- Operating expenses $238.6M vs $206.7M; interest expense $40.3M vs $36.3M
- Data-center demand outlook 150 MW late 2027, potentially 1,500 MW or more by 2030; merger expected by year-end 2026
Risk Factors
- No material changes to risk factors from the December 31, 2025 Form 10-K
- No newly added risk factor or quarter-specific trigger disclosed
- Carried-forward regulatory, operational, market, and financial risks remain incorporated by reference to the 2025 Form 10-K
AI summary of the NWE 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- 2026 non-GAAP EPS guidance reaffirmed at $3.68–$3.83 per diluted share
- Management presenting company information at Barclays 40th Annual Energy-Power Conference on September 9, 2026
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 financial results released for quarter ended June 30, 2026
- 2026 earnings guidance affirmed at $3.68–$3.83 per diluted share
Item 7.01: Regulation FD Disclosure
- Investor call scheduled July 30, 2026, at 3:30 p.m. Eastern to review financial results
- CEO Brian Bird and CFO Crystal Lail presenting results and investor slides
Item EX-99.1: Item EX-99.1
- Q2 GAAP EPS $0.40 vs $0.35; adjusted EPS $0.50 vs $0.40, driven by rates and retail volumes
- 2026 adjusted EPS guidance reaffirmed at $3.68-$3.83; long-term EPS and rate-base growth target remains 4%-6%
Item 1.01: Entry into a Material Definitive Agreement
- $150 million South Dakota First Mortgage Bonds issued June 15, 2026 by wholly owned subsidiary NWE Public Service
- 5.51% fixed interest rate with maturity on June 15, 2036
AI summaries of NWE 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for NWE
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- Fund moves. Which tracked funds opened, added or cut NWE, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Yingling Jeffrey W. | A | Oct 1, 2026 | 548 | $68.38 |
| Ide Britt E | A | Oct 1, 2026 | 548 | $68.38 |
| Edwards Sherina M. | A | Oct 1, 2026 | 548 | $68.38 |
| Goodin David L | A | Oct 1, 2026 | 548 | $68.38 |
| HORSFALL JAN ROBERT | A | Oct 1, 2026 | 548 | $68.38 |
| Larson Kent T | A | Oct 1, 2026 | 548 | $68.38 |
| Sullivan Linda G | A | Oct 1, 2026 | 804 | $68.38 |
| YAZDI MAHVASH | A | Oct 1, 2026 | 548 | $68.38 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $1.5B | $1.6B |
| Operating Income | - | $323.3M | $325.8M |
| Net Income | $194.1M | $224.1M | $181.1M |
| Op. Margin | - | 21.4% | 20.2% |
| Net Margin | - | 14.8% | 11.2% |
| Balance Sheet | |||
| Total Assets | - | $8.0B | $8.5B |
| Equity | $2.8B | $2.9B | $2.9B |
| ROE | 7.0% | 7.8% | 6.3% |
| Per Share | |||
| EPS | $3.22 | $3.65 | $2.94 |
| Cash Flow | |||
| Operating CF | - | $406.7M | $394.5M |
| CapEx | $566.9M | $549.2M | $524.5M |
Source: XBRL data in NorthWestern Energy Group, Inc. (NWE)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate NWE share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 31 | $2.13B |
| Q1 2026 | 32 | $1.97B |
| Q4 2025 | 29 | $1.87B |
| Q3 2025 | 30 | $1.77B |
| Q2 2025 | 32 | $1.58B |
| Q1 2025 | 27 | $1.18B |
| Q4 2024 | 21 | $945.7M |
| Q3 2024 | 19 | $552.0M |
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- Franklin Resources−40.4K (-2%)
Source: 13F-HR filings on SEC EDGAR (aggregated from 221 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
NWE filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 8-K | Sep 9, 2026 | - | Analysis | - |
| 4 | Aug 6, 2026 | - | - | - |
| 4 | Aug 5, 2026 | - | - | - |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 30, 2026 | - | Analysis | - |
| 4 | Jul 13, 2026 | - | - | - |
| 4 | Jul 13, 2026 | - | - | - |
| 4 | Jul 13, 2026 | - | - | - |
| 4 | Jul 13, 2026 | - | - | - |
| 4 | Jul 13, 2026 | - | - | - |
| 4 | Jul 13, 2026 | - | - | - |
| 4 | Jul 13, 2026 | - | - | - |
| 8-K | Jun 22, 2026 | - | Analysis | - |
| 8-K | Jun 2, 2026 | - | Analysis | |
| 8-K | Jun 2, 2026 | - | Analysis | |
| 8-K | May 27, 2026 | - | Analysis | |
| 8-K | May 18, 2026 | - | Analysis |
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NWE SEC filings: frequently asked questions
Which institutions hold NWE stock?
As of June 30, 2026, the largest NorthWestern Energy Group, Inc. (NWE) holders among the 13F filers tracked by SignalX were BlackRock ($649.6 million), Vanguard Portfolio Management LLC ($254.2 million), Vanguard Capital Management LLC ($199.8 million), State Street Corp ($174.1 million), Franklin Resources ($113.3 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was NWE's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), NorthWestern Energy Group, Inc. (NWE) reported revenue of $1.6 billion (up 6.4% from FY2024) and net income of $181.1 million. Diluted EPS was $2.94. The figures come from the XBRL data in the 10-K.
What are the main risks in NWE's latest 10-K?
In the 10-K filed February 12, 2026, NorthWestern Energy Group, Inc. (NWE) flagged: Regulatory disallowance of $30.9M capital costs by MPSC in 2025 for YCGS construction deemed imprudent. Montana District Court vacated YCGS air quality permit in 2023 causing a 3-month construction delay and increased costs. (AI summary of the Risk Factors section.)
What did NWE report in its latest 8-K?
NorthWestern Energy Group, Inc. (NWE) filed an 8-K on September 9, 2026 reporting Item 7.01 (Regulation FD Disclosure). 2026 non-GAAP EPS guidance reaffirmed at $3.68–$3.83 per diluted share.
What are the latest NWE SEC filings?
NorthWestern Energy Group, Inc. (NWE) filed its latest 10-K annual report on February 12, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on September 9, 2026 and a Form 4 insider filing on October 5, 2026.
What is NWE's SEC CIK number?
NorthWestern Energy Group, Inc. (NWE)'s SEC Central Index Key (CIK) is 1993004. EDGAR lists every NWE filing under that number.
Ask anything about NWE
The research agent reads NWE's filings, financials, insider trades and 13F holders, then answers with sources.