Short answer
Northwest Natural Holding Co (NWN) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $1.3B (+11.8% year over year) and net income of $113M.
- Top risk flagged: Regulatory risk Oregon HB 3179 restricts NW Natural from filing new general rate cases until Jan 2, 2027, limiting recovery of costs and financial flexibility
FY2025 key financial metrics · XBRL
- Revenue
- $1.3B
- +11.8% YoY
- Net income
- $113M
- +43.7% YoY
- Operating margin
- 21.8%
- +5.2 pp YoY
- EPS (diluted)
- $2.77
- +36.5% YoY
- ROE
- 7.7%
- +2.0 pp YoY
- Operating cash flow
- $269M
- +34.4% YoY
Source: XBRL data from the Northwest Natural Holding Co (NWN) FY2025 10-K on SEC EDGAR. USD.
Northwest Natural Holding Co FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Regulated natural gas distribution primarily in Oregon and southwest Washington through NWN Gas Utility segment
- New emphasis on SiEnergy (Texas gas distribution and transmission) and NWN Water (regulated/unregulated water services) as distinct reportable segments starting 2025
- Strategic repositioning with segment restructuring: NGD segment renamed NWN Gas Utility; SiEnergy and NWN Water elevated to core reporting segments
- Service to ~810,000 gas meters with 2025 storage deliverability of 7.0 million therms/day; 60% gas supply sourced from Canada, 40% from U.S. Rockies
- Planned 4-5 Bcf expansion at North Mist gas storage facility announced in Feb 2026, permitted Jan 2025, conditional on customer approvals
Management Discussion & Analysis
- No share repurchases completed in Q4 2025 under $150M authorized buyback program for up to 5 million shares
- Previous buyback program authorized 2.8 million shares or $100M; replaced by current program starting May 2024
- No information on cash flow, dividends, capex, segments, or forward-looking guidance in provided text
Risk Factors
- Regulatory risk Oregon HB 3179 restricts NW Natural from filing new general rate cases until Jan 2, 2027, limiting recovery of costs and financial flexibility
- Geopolitical/macroeconomic exposure from Texas expansion: acquired SiEnergy with multiple Texas gas utilities subject to Railroad Commission regulation in 2025
- Operational vulnerability: 4-5 Bcf North Mist gas storage expansion dependent on customer approval, permits, and timely project authorization
- Market disruption risk: competition from electric heat pumps and alternative technologies could erode NW Natural’s natural gas customer growth
- Financial risk: counterparty risk exposure to Jonah Energy in gas reserves arrangement, with Jonah lacking credit ratings and potential impact on cost recovery
Generated from the filing text; verify against the original. How to read a 10-K
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