Northwest Natural Holding Co (NWN) FY2025 10-K Annual Report

Filed: Feb 27, 2026
Utilities
Natural Gas DistributionSEC EDGAR

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
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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
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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
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Northwest Natural Holding Co FY2025 Key Financial Metrics
XBRL

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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