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Utilities - Diversified · Utilities · Fiscal year ends Dec 31
NorthWestern Energy reported revenue of $1.6B in the fiscal year ended Dec 2025, up 6.4% from the year before. Operating income was $326M, an operating margin of 20.2%, and net income was $181M. Operating cash flow of $394M less capital expenditure of $524M left free cash flow of −$130M. Net debt was $3.3B.
Ranks among the 17 utilities - diversified companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,372 | 1,478 | 1,422 | 1,514 | 1,611 |
| Operating income | 276 | 263 | 300 | 323 | 326 |
| Interest expense | 93.7 | 100 | 115 | 132 | 150 |
| Pre-tax income | 190 | 182 | 202 | 215 | 188 |
| Income tax | 3.4 | −0.6 | 7.5 | −9.4 | 6.5 |
| Net income | 187 | 183 | 194 | 224 | 181 |
| Diluted EPS | 3.60 | 3.25 | 3.22 | 3.65 | 2.94 |
| Diluted shares | 51.9 | 56.3 | 60.4 | 61.4 | 61.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2.8 | 8.5 | 9.2 | 4.3 | 8.8 |
| Receivables | – | 245 | 212 | 188 | 210 |
| Inventory | – | 107 | 115 | 123 | 133 |
| Current assets | – | 539 | 407 | 418 | 504 |
| Net PP&E | – | 5,657 | 6,040 | 6,398 | 6,739 |
| Goodwill | – | 358 | 358 | 358 | 368 |
| Total assets | 6,780 | 7,318 | 7,601 | 7,998 | 8,460 |
| Payables | – | 201 | 124 | 112 | 130 |
| Current liabilities | – | 621 | 535 | 802 | 697 |
| Short-term debt | – | 145 | 100.0 | 300 | 105 |
| Long-term debt | – | 2,474 | 2,685 | 2,695 | 3,181 |
| Total liabilities | 4,441 | 4,653 | 4,815 | 5,140 | 5,574 |
| Shareholders' equity | 2,340 | 2,665 | 2,785 | 2,858 | 2,886 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 220 | 307 | 489 | 407 | 394 |
| Capital expenditure | 434 | 515 | 567 | 549 | 524 |
| Free cash flow | −214 | −208 | −77.7 | −143 | −130 |
| Depreciation & amortisation | 187 | 195 | 210 | 228 | 250 |
| Stock-based compensation | 5.4 | 5.5 | 5.2 | 4.7 | 7.0 |
| Dividends paid | 128 | 140 | 154 | 159 | 161 |
| Dividend per share | 2.48 | 2.52 | 2.56 | 2.60 | 2.64 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.7% | −3.8% | 6.5% | 6.4% |
| Operating income growth (YoY) | – | −4.6% | 14.2% | 7.6% | 0.8% |
| EPS growth (YoY) | – | −9.7% | −0.9% | 13.4% | −19.5% |
| Operating margin | 20.1% | 17.8% | 21.1% | 21.4% | 20.2% |
| Net margin | 13.6% | 12.4% | 13.7% | 14.8% | 11.2% |
| Return on equityBlank when equity is negative | 8.0% | 6.9% | 7.0% | 7.8% | 6.3% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 3.9% | 4.3% | 4.5% | 4.2% |
| Free cash flow margin | −15.6% | −14.1% | −5.5% | −9.4% | −8.1% |
| Cash conversion (CFO ÷ net income) | 1.18x | 1.68x | 2.52x | 1.81x | 2.18x |
| Receivable days | – | 60 | 54 | 45 | 48 |
| Interest cover | 2.94x | 2.63x | 2.62x | 2.46x | 2.17x |
| Debt ÷ equity | – | 0.98x | 1.00x | 1.05x | 1.14x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 2,610 | 2,775 | 2,991 | 3,277 |
| Current ratio | – | 0.87x | 0.76x | 0.52x | 0.72x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.