Northwest Natural Holding Co (NWN) FY2025 10-K Annual Report
Northwest Natural Holding Co (NWN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Northwest Natural Holding Co FY2025 10-K Analysis
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 revenue or profitability data disclosed in the provided MD&A section
- • 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
Northwest Natural Holding Co FY2025 Key Financial MetricsXBRL
Revenue
$1.3B
▲ +11.8% YoY
Net Income
$113M
▲ +43.7% YoY
Operating Margin
21.8%
▲ +521bp YoY
Net Margin
8.8%
▲ +195bp YoY
ROE
7.7%
▲ +199bp YoY
Total Assets
$6.2B
▲ +17.8% YoY
EPS (Diluted)
$2.77
▲ +36.5% YoY
Operating Cash Flow
$269M
▲ +34.4% YoY
Source: XBRL data from Northwest Natural Holding Co FY2025 10-K filing on SEC EDGAR. All figures in USD.
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