| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 497.57 | 6.6% |
| Total Income | 497.57 | 6.6% |
| Expenditure | 383.46 | 12.2% |
| PBT | 77.25 | 16.2% |
| Net Profit | 63.46 | 17.5% |
| OPM | 22.93% | 3.79pp |
| NPM | 12.75% | 3.73pp |
| EPS | 1.03 | 17.6% |
NorthWestern Energy Reports Q1 2026 GAAP EPS of $1.03
03 May 2026 · 3 May, 6:16 pm
Summary
NorthWestern Energy reported net income of $63.5 million, or $1.03 per diluted share, for the first quarter of 2026, compared to $76.9 million, or $1.25 per diluted share, for the same period in 2025. The decrease was primarily due to retail volumes, operating, administrative, and general costs, including merger-related costs and costs associated with additional ownership interests in Colstrip Units 3 and 4, depreciation expense, and interest expense. These were offset in part by new rates, transmission revenues, and lower non-recoverable Montana electric supply costs. The company affirmed its 2026 non-GAAP earnings guidance of $3.68 - $3.83 per diluted share and long-term diluted earnings per share growth guidance of 4% to 6%.
Key Highlights
- 1
NorthWestern Energy reported a diluted GAAP EPS of $1.03 for the first quarter of 2026, compared to $1.25 in 2025.
- 2
The adjusted diluted non-GAAP EPS for Q1 2026 was $1.31, up from $1.22 in the same period of 2025.
- 3
The company affirmed its 2026 earnings guidance range of $3.68 to $3.83 per diluted share.
- 4
NorthWestern Energy is maintaining its record $683 million capital plan for 2026, projecting a 4% to 6% long-term EPS and rate base growth rate.
- 5
A quarterly dividend of $0.67 per share was announced, payable on June 30, 2026.
- 6
Shareholders approved all merger proposals, and constructive settlement agreements were reached with key intervenors in Montana, Nebraska, and South Dakota.
Management Comments
Brian Bird
"The first quarter included several important developments across our regulatory and strategic priorities,” said President and CEO Brian Bird. “In South Dakota, the signing of Senate Bill 36 into law provided greater clarity around wildfire‑related liabilities and strengthened our ability to manage risk associated with critical energy infrastructure, aligning South Dakota with similar wildfire liability protections enacted in Montana last year. In Montana, we also submitted our Large New Load tariff rule proposal to the Public Service Commission—an important step in protecting existing customers while supporting long‑term energy investment and economic development in the state. Additionally, earlier this week we executed a development agreement with Quantica Infrastructure to advance it’s Big Sky Digital Infrastructure campus outside of Billings, MT. Bird continues, “We also made great progress on the merger. In March, we reached a constructive settlement agreement with the Public Advocate of Nebraska, followed by a hearing in early April. Also in April, both NorthWestern and Black Hills shareholders approved the merger proposals and we were able to reach constructive settlements with certain key intervenors in both Montana and South Dakota. Together, these milestones meaningfully advance us toward a targeted second‑half 2026 closing of the transaction."
Informational and educational content only. Not investment advice.