Short answer
NorthWestern Energy Group, Inc. (NWE) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $1.6B (+6.4% year over year) and net income of $181M.
- Top risk flagged: Regulatory disallowance of $30.9M capital costs by MPSC in 2025 for YCGS construction deemed imprudent
FY2025 key financial metrics · XBRL
- Revenue
- $1.6B
- +6.4% YoY
- Net income
- $181M
- −19.2% YoY
- Operating margin
- 20.2%
- −1.1 pp YoY
- EPS (diluted)
- $2.94
- −19.5% YoY
- ROE
- 6.3%
- −1.6 pp YoY
- Operating cash flow
- $394M
- −3.0% YoY
Source: XBRL data from the NorthWestern Energy Group, Inc. (NWE) FY2025 10-K on SEC EDGAR. USD.
NorthWestern Energy Group, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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
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