Northwest Natural Holding Co (NWN) financial statements: income statement, balance sheet and cash flow

Northwest Natural Holding Co's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Northwest Natural Holding Co reported revenue of $1.3B (+11.8% year on year) and net income of $113.3M (+43.7% year on year).

Income statement

Northwest Natural Holding Co income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Operating revenues	$1.3B	$1.2B	$1.2B	$1.0B
Cost of gas	$395.6M	$412.4M	$499.8M	$429.6M
Operations and maintenance	$327.4M	$294.7M	$273.8M	$224.7M
Operations and maintenance	$268.2M	$257.0M	$244.7M	$204.8M
Environmental remediation	$14.6M	$14.1M	$12.9M	$12.4M
General taxes	$52.0M	$48.7M	$46.2M	$41.0M
Revenue taxes	$48.2M	$48.3M	$48.7M	$41.8M
Depreciation	$165.5M	$137.9M	$125.6M	$116.7M
Other operating expenses	$5.2M	$5.8M	$5.5M	$3.6M
Total operating expenses	$1.0B	$961.9M	$1.0B	$869.9M
Income from operations	$280.9M	$191.1M	$184.9M	$167.5M
Other income (expense), net	($3.7M)	($1.1M)	$17.9M	$1.2M
Interest expense, net	$122.5M	$80.1M	$76.6M	$53.2M
Income before income taxes	$154.7M	$109.9M	$126.2M	$115.4M
Income tax expense	$41.4M	$31.1M	$32.4M	$29.1M
Net income	$113.3M	$78.9M	$93.9M	$86.3M
Change in employee benefit plan liability, net of taxes of $(241) for 2025, $40 for 2024, and $443 for 2023	$670.0K	($399.0K)	($1.2M)	$4.2M
Amortization of non-qualified employee benefit plan liability, net of taxes of $(526) for 2025, $(210) for 2024, and $(148) for 2023	$1.7M	$584.0K	$410.0K	$795.0K
Unrealized (loss) gain on interest rate swaps, net of taxes of $65 for 2025, $13 for 2024, and $(21) for 2023	($194.0K)	($36.0K)	$59.0K	$129.0K
Comprehensive income	$115.5M	$79.0M	$93.1M	$91.4M
Basic (in shares)	40.9M	38.8M	36.2M	33.9M
Diluted (in shares)	41.0M	38.9M	36.3M	34.0M
Basic (in dollars per share)	$2.77	$2.03	$2.59	$2.54
Diluted (in dollars per share)	$2.77	$2.03	$2.59	$2.54

Northwest Natural Holding Co income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Operating revenues	$243.6M	$490.4M	$164.7M	$236.2M
Cost of gas	$61.8M	$158.1M	$39.4M	$64.5M
Operations and maintenance	$66.5M	$70.5M	$62.7M	$63.0M
Operations and maintenance	$80.4M	$83.1M	$76.8M	$79.1M
Environmental remediation	$2.4M	$6.3M	$1.2M	$2.3M
General taxes	$12.2M	$16.3M	$12.1M	$12.1M
Revenue taxes	$8.4M	$18.1M	$5.7M	$8.3M
Depreciation	$44.2M	$44.1M	$40.5M	$41.5M
Other operating expenses	$1.0M	$1.4M	$1.4M	$1.2M
Total operating expenses	$210.4M	$327.5M	$177.2M	$209.0M
Income from operations	$33.2M	$162.9M	($12.4M)	$27.2M
Other income (expense), net	$1.4M	$512.0K	$929.0K	($160.0K)
Interest expense, net	$33.4M	$33.4M	$30.4M	$30.5M
Income (loss) before income taxes	$1.2M	$130.0M	($41.9M)	($3.4M)
Income tax expense (benefit)	$610.0K	$32.5M	($12.0M)	($940.0K)
Net income (loss)	$600.0K	$97.5M	($29.9M)	($2.5M)
Amortization of non-qualified employee benefit plan liability, net of taxes $33 and $25 for the three months ended and $66 and $50 for the six months ended June 30, 2026 and 2025, respectively	$91.0K	$91.0K	$200.0K	$174.0K
Unrealized gain (loss) on interest rate swaps, net of taxes $(4) and $— for the three months ended and $(10) and $47 for the six months ended June 30, 2026 and 2025, respectively	$12.0K	$30.0K	($40.0K)	($1.0K)
Comprehensive income (loss)	$703.0K	$97.6M	($29.7M)	($2.3M)
Basic (in shares)	42.1M	41.7M	41.2M	40.5M
Diluted (in shares)	42.2M	41.8M	41.2M	40.5M
Basic (in dollars per share)	$0.01	$2.34	-$0.73	-$0.06
Diluted (in dollars per share)	$0.01	$2.33	-$0.73	-$0.06

Balance sheet

Northwest Natural Holding Co balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$36.7M	$38.5M	$32.9M	$29.3M
Accounts receivable	$121.9M	$124.5M	$121.3M	$168.9M
Accrued unbilled revenue	$97.2M	$94.4M	$83.1M	$89.0M
Receivables from affiliates	$997.0K	$591.0K	$824.0K	$634.0K
Allowance for uncollectible accounts	($4.1M)	($3.5M)	($3.5M)	($3.3M)
Regulatory assets	$143.7M	$130.1M	$178.3M	$117.5M
Derivative instruments	$3.9M	$6.6M	$11.4M	$194.4M
Inventories	$127.7M	$107.0M	$112.6M	$87.1M
Other current assets	$75.8M	$60.2M	$65.3M	$61.3M
Total current assets	$602.9M	$557.8M	$601.4M	$744.2M
Property, plant, and equipment	$5.6B	$4.9B	$4.6B	$4.3B
Less: Accumulated depreciation	$1.3B	$1.2B	$1.2B	$1.1B
Total property, plant, and equipment, net	$4.4B	$3.7B	$3.4B	$3.1B
Regulatory assets	$424.2M	$382.5M	$333.4M	$340.4M
Derivative instruments	$366.0K	$535.0K	$431.0K	$5.0M
Other investments	$80.7M	$82.2M	$103.0M	$95.7M
Operating lease right of use asset, net	$68.2M	$68.6M	$71.3M	$73.4M
Assets under sales-type leases	$121.5M	$125.7M	$129.9M	$134.3M
Goodwill	$370.8M	$183.8M	$163.3M	$149.3M
Other non-current assets	$146.4M	$160.9M	$106.2M	$91.5M
Total non-current assets	$5.6B	$4.7B	$4.3B	$4.0B
Total assets	$6.2B	$5.2B	$4.9B	$4.7B
Short-term debt	$172.0M	$170.1M	$89.8M	$258.2M
Current maturities of long-term debt	$160.6M	$30.8M	$150.9M	$90.7M
Accounts payable	$175.6M	$133.3M	$145.4M	$180.7M
Payables to affiliates	$2.4M	$3.5M	$14.8M	$9.2M
Taxes accrued	$18.1M	$16.2M	$15.5M	$15.6M
Interest accrued	$26.1M	$18.2M	$15.8M	$10.2M
Regulatory liability, current	$138.0M	$116.2M	$85.0M	$248.6M
Derivative instruments	$63.6M	$75.3M	$98.7M	$28.7M
Operating lease liabilities	$3.2M	$1.8M	$2.3M	$1.5M
Other current liabilities	$79.2M	$87.2M	$93.6M	$64.6M
Total current liabilities	$836.4M	$649.0M	$696.9M	$898.7M
Long-term debt	$2.3B	$1.7B	$1.4B	$1.2B
Deferred tax liabilities	$437.5M	$397.1M	$382.7M	$366.0M
Regulatory liabilities	$758.4M	$730.1M	$695.9M	$689.6M
Pension and other postretirement benefit liabilities	$112.1M	$130.4M	$158.1M	$149.1M
Derivative instruments	$14.0M	$13.3M	$28.1M	$20.8M
Operating lease liabilities	$75.0M	$75.9M	$77.2M	$79.0M
Other non-current liabilities	$186.3M	$173.7M	$119.0M	$123.4M
Total deferred credits and other non-current liabilities	$1.6B	$1.5B	$1.5B	$1.4B
Common stock - no par value; authorized 100,000,000 shares; issued and outstanding 41,563,577 and 40,222,305 at December 31, 2025 and 2024, respectively	1.0B	989.3M	891.0M	805.3M
Retained earnings	$435.8M	$402.9M	$399.9M	$376.5M
Accumulated other comprehensive loss	($4.7M)	($6.9M)	($7.0M)	($6.3M)
Total equity	$1.5B	$1.4B	$1.3B	$1.2B

Northwest Natural Holding Co balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$24.2M	$34.9M	$32.2M	$102.6M
Accounts receivable	$83.2M	$150.5M	$70.5M	$78.9M
Accrued unbilled revenue	$26.5M	$61.2M	$29.1M	$27.9M
Receivables from affiliates	$1.1M	$4.3M	$1.0M	$1.6M
Allowance for uncollectible accounts	($3.9M)	($4.5M)	($2.6M)	($3.2M)
Regulatory assets	$168.1M	$146.5M	$140.5M	$103.9M
Derivative instruments	$4.3M	$2.7M	$5.0M	$7.2M
Inventories	$142.9M	$134.7M	$118.6M	$113.7M
Other current assets	$53.9M	$57.9M	$42.2M	$35.1M
Total current assets	$499.2M	$584.1M	$435.6M	$466.1M
Property, plant, and equipment	$5.8B	$5.7B	$5.5B	$5.4B
Less: Accumulated depreciation	$1.3B	$1.3B	$1.3B	$1.3B
Total property, plant, and equipment, net	$4.5B	$4.4B	$4.2B	$4.1B
Regulatory assets	$640.7M	$637.6M	$374.3M	$372.7M
Derivative instruments	$3.4M	$459.0K	$2.5M	$4.1M
Other investments	$69.0M	$69.4M	$81.1M	$82.2M
Operating lease right of use asset, net	$68.0M	$68.1M	$69.1M	$69.6M
Assets under sales-type leases	$119.4M	$120.5M	$122.5M	$123.6M
Goodwill	$371.6M	$371.3M	$371.0M	$370.9M
Other non-current assets	$144.5M	$146.1M	$150.1M	$151.0M
Total non-current assets	$5.9B	$5.8B	$5.4B	$5.3B
Total assets	$6.4B	$6.4B	$5.9B	$5.8B
Short-term debt	$121.3M	$171.3M	$195.5M	$157.4M
Current maturities of long-term debt	$125.7M	$160.7M	$115.7M	$141.5M
Accounts payable	$135.5M	$124.8M	$130.5M	$116.8M
Payables to affiliates	$2.9M	$17.7M	$5.5M	$8.1M
Taxes accrued	$13.0M	$17.2M	$20.4M	$11.5M
Interest accrued	$27.3M	$22.0M	$16.8M	$25.3M
Regulatory liabilities	$116.0M	$113.9M	$141.4M	$130.9M
Derivative instruments	$36.5M	$42.1M	$52.5M	$26.0M
Operating lease liabilities	$3.4M	$3.3M	$2.6M	$2.5M
Other current liabilities	$68.3M	$75.2M	$67.4M	$71.9M
Total current liabilities	$647.1M	$730.5M	$742.8M	$683.9M
Long-term debt	$2.4B	$2.3B	$2.1B	$2.1B
Deferred tax liabilities	$470.6M	$467.1M	$414.2M	$426.8M
Regulatory liabilities	$779.5M	$762.4M	$742.9M	$737.2M
Pension and other postretirement benefit liabilities	$105.1M	$108.9M	$122.1M	$125.0M
Derivative instruments	$17.5M	$17.3M	$9.5M	$7.9M
Operating lease liabilities	$74.8M	$74.9M	$76.4M	$76.7M
Other non-current liabilities	$411.2M	$408.4M	$183.6M	$183.1M
Total deferred credits and other non-current liabilities	$1.9B	$1.8B	$1.5B	$1.6B
Common stock - no par value; authorized 100,000,000 shares; issued and outstanding 42,093,292, 40,909,610, and 41,563,577 at June 30, 2026 and 2025, and December 31, 2025, respectively	1.1B	1.1B	1.0B	1.0B
Retained earnings	$492.0M	$512.2M	$398.6M	$448.5M
Accumulated other comprehensive loss	($4.5M)	($4.6M)	($6.5M)	($6.7M)
Total equity	$1.6B	$1.6B	$1.4B	$1.5B

Cash flow statement

Northwest Natural Holding Co cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$113.3M	$78.9M	$93.9M	$86.3M
Depreciation	$165.5M	$137.9M	$125.6M	$116.7M
Amortization	$24.2M	$20.2M	$3.2M	$5.6M
Deferred income taxes	$35.5M	$11.4M	$9.0M	$17.4M
Qualified defined benefit pension plan expense (benefit)	$10.4M	$4.1M	($2.4M)	$5.4M
Contributions to qualified defined benefit pension plans	($11.3M)	($20.5M)	$0	$0
Deferred environmental expenditures, net	($25.7M)	($23.3M)	($26.1M)	($18.2M)
Environmental remediation expense	$14.6M	$14.1M	$12.9M	$12.4M
Asset optimization revenue sharing bill credits	($15.5M)	($28.9M)	($10.5M)	($41.1M)
Regulatory disallowance of line extension allowances	$0	$13.7M	—	—
Other	$12.7M	$10.8M	$23.0M	$21.6M
Receivables, net	$8.2M	($15.3M)	$51.0M	($76.5M)
Inventories	($29.2M)	($2.7M)	($24.1M)	($29.3M)
Income and other taxes	($5.9M)	$809.0K	($1.2M)	$6.9M
Accounts payable	$10.1M	($14.1M)	($40.0M)	$24.5M
Deferred gas costs	($34.2M)	$38.1M	$52.4M	$12.3M
Asset optimization revenue sharing	$24.3M	$14.5M	—	—
Decoupling mechanism	($26.9M)	$5.2M	($11.4M)	$10.9M
Cloud-based software	($10.4M)	($22.4M)	($16.3M)	($23.9M)
Regulatory accounts	$6.6M	$12.3M	$22.6M	$28.9M
RNG facility prepayment	$0	($51.4M)	—	—
Other, net	$2.9M	$17.1M	$18.4M	($12.4M)
Cash provided by operating activities	$269.1M	$200.3M	$279.9M	$147.7M
Capital expenditures	($466.9M)	($394.4M)	($327.3M)	($338.6M)
Acquisitions, net of cash acquired	($338.1M)	($29.8M)	($7.5M)	($94.3M)
Purchase of equity method investment	($1.0M)	($1.0M)	($1.0M)	($1.0M)
Other	($2.9M)	($3.8M)	$383.0K	($1.7M)
Cash used in investing activities	($808.9M)	($429.0M)	($335.5M)	($435.5M)
Proceeds from common stock issued, net	$47.4M	$90.4M	$66.5M	$208.6M
Long-term debt issued	$760.0M	$285.0M	$330.0M	$290.0M
Long-term debt retired	($183.1M)	($150.0M)	($90.0M)	$0
Changes in other short-term debt, net	($3.1M)	$80.3M	($168.5M)	($131.3M)
Cash contributions received from parent	$135.0M	$75.0M	$30.0M	$179.4M
Cash dividend payments on common stock	($77.3M)	($72.9M)	($67.3M)	($62.8M)
Payment of financing fees	($9.2M)	$3.3M	$2.2M	—
Shares withheld for tax purposes	-1.6M	-1.3M	—	—
Other	($197.0K)	($1.2M)	($4.2M)	($2.9M)
Cash provided by financing activities	$532.9M	$227.1M	$64.2M	$301.6M
(Decrease) increase in cash, cash equivalents and restricted cash	($6.9M)	($1.6M)	$8.7M	$13.8M
Cash, cash equivalents and restricted cash, beginning of period	$48.0M	$48.0M	$49.6M	$18.6M
Cash, cash equivalents and restricted cash, end of period	$41.1M	—	—	$29.3M
Interest paid, net of capitalization	$111.3M	$71.2M	$80.2M	$50.8M
Income Tax Paid, Federal, after Refund Received	$5.6M	—	—	—
Income taxes paid, net of refunds:	$11.4M	$19.4M	$24.3M	$2.8M
Shares issued in connection with business combinations	0	1.4M	12.9M	—

Northwest Natural Holding Co cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$98.1M	$97.5M	$55.5M	$85.4M
Depreciation	$88.3M	$44.1M	$122.5M	$82.0M
Amortization	$12.2M	$6.1M	$18.4M	$12.1M
Deferred income taxes	$28.8M	$25.0M	$17.0M	$28.1M
Qualified defined benefit pension plan expense	$4.6M	$2.3M	$7.8M	$5.4M
Contributions to qualified defined benefit pension plans	($6.5M)	($2.9M)	($8.4M)	($5.5M)
Deferred environmental expenditures, net	($14.3M)	($6.1M)	($17.9M)	($11.7M)
Environmental remediation expense	$8.8M	$6.3M	$9.8M	$8.5M
Asset optimization revenue sharing bill credits	($23.2M)	($23.2M)	($15.5M)	($15.5M)
Other	$6.5M	$4.2M	$8.0M	$7.8M
Receivables, net	$118.6M	$21.7M	$129.3M	$121.6M
Inventories	($15.4M)	($7.6M)	($9.6M)	($4.4M)
Income and other taxes	$12.9M	$13.4M	$15.7M	$8.5M
Accounts payable	($19.7M)	($31.2M)	($4.6M)	$11.6M
Deferred gas costs	($58.5M)	($29.7M)	($53.2M)	($45.2M)
Asset optimization revenue sharing	$8.8M	$4.3M	$19.5M	($10.1M)
Decoupling mechanism	($36.2M)	($15.8M)	($21.1M)	($14.8M)
Cloud-based software	($5.0M)	($2.5M)	($8.0M)	($3.8M)
Regulatory accounts	$18.6M	$13.2M	$6.8M	$1.6M
Other, net	($1.6M)	($3.1M)	($6.1M)	$22.0K
Cash provided by operating activities	$225.8M	$116.1M	$265.9M	$281.8M
Capital expenditures	($234.9M)	($113.7M)	($332.7M)	($222.7M)
Acquisitions, net of cash acquired	$0	$0	($331.3M)	($331.3M)
Purchase of equity method investment	($1.0M)	($1.0M)	($1.0M)	($1.0M)
Other	$974.0K	($1.4M)	($2.5M)	($894.0K)
Cash used by investing activities	($235.0M)	($116.1M)	($667.5M)	($555.9M)
Cash contributions received from parent	$0	$0	$135.0M	$135.0M
Proceeds from common stock issued, net	$22.2M	$22.3M	$47.6M	$24.4M
Long-term debt issued	$125.0M	$0	$560.0M	$375.0M
Long-term debt retired	($55.3M)	($121.0K)	($173.0M)	($3.0M)
Changes in other short-term debt, net	($50.7M)	($713.0K)	$20.4M	($17.7M)
Cash dividend payments on common stock	($39.9M)	($19.8M)	($57.6M)	($38.2M)
Payment of financing fees	($1.1M)	($54.0K)	($6.1M)	($4.4M)
Shares withheld for tax purposes	-2.0M	-2.0M	-1.6M	-1.5M
Other	($372.0K)	($392.0K)	($262.0K)	($1.8M)
Cash (used by) provided by financing activities	($2.1M)	($779.0K)	$389.5M	$332.8M
(Decrease) increase in cash, cash equivalents and restricted cash	($11.2M)	($705.0K)	($12.2M)	$58.7M
Cash, cash equivalents and restricted cash, beginning of period	$41.1M	$41.1M	$48.0M	$106.7M
Cash, cash equivalents and restricted cash, end of period	$29.8M	$40.4M	$35.8M	—
Interest paid, net of capitalization	$63.5M	$36.4M	$90.5M	$52.6M
Income taxes paid, net of refunds	$3.3M	$1.4M	$9.1M	$8.1M

Northwest Natural Holding Co score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.