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Utilities - Regulated gas · Utilities · Fiscal year ends Dec 31
Northwest Natural reported revenue of $1.3B in the fiscal year ended Dec 2025, up 11.8% from the year before. Operating income was $281M, an operating margin of 21.8%, and net income was $113M. Operating cash flow of $269M less capital expenditure of $467M left free cash flow of −$198M. Net debt was $2.4B.
Ranks among the 16 utilities - regulated gas 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 | 860 | 1,037 | 1,197 | 1,153 | 1,289 |
| Operating income | 163 | 167 | 185 | 191 | 281 |
| Pre-tax income | 106 | 115 | – | – | – |
| Income tax | 27.4 | 29.1 | 32.4 | 31.1 | 41.4 |
| Net income | 78.7 | 86.3 | 93.9 | 78.9 | 113 |
| Diluted EPS | 2.56 | 2.54 | 2.59 | 2.03 | 2.77 |
| Diluted shares | 30.8 | 34.0 | 36.3 | 38.9 | 41.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 18.6 | 29.3 | 32.9 | 38.5 | 36.7 |
| Current assets | 437 | 744 | 601 | 558 | 603 |
| Net PP&E | 2,871 | 3,114 | 3,358 | 3,672 | 4,352 |
| Goodwill | 70.6 | 149 | 163 | 184 | 371 |
| Total assets | 4,065 | 4,748 | 4,867 | 5,234 | 6,167 |
| Payables | 133 | 181 | 145 | 133 | 176 |
| Current liabilities | 725 | 899 | 697 | 649 | 836 |
| Short-term debt | 0.3 | 90.7 | 151 | 30.8 | 161 |
| Long-term debt | 1,045 | 1,246 | 1,425 | 1,679 | 2,272 |
| Total liabilities | 3,129 | 3,573 | 3,583 | 3,849 | 4,692 |
| Shareholders' equity | 935 | 1,175 | 1,284 | 1,385 | 1,475 |
| Backlog (remaining obligations) | 98.4 | 81.4 | 78.1 | 113 | 115 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 160 | 148 | 280 | 200 | 269 |
| Capital expenditure | 294 | 339 | 327 | 394 | 467 |
| Free cash flow | −134 | −191 | −47.4 | −194 | −198 |
| Depreciation & amortisation | 114 | 117 | 126 | 138 | 166 |
| Acquisitions | 1.3 | 94.3 | 7.5 | 29.8 | 338 |
| Dividends paid | 55.9 | 62.8 | 67.3 | 72.9 | 77.3 |
| Dividend per share | 1.92 | 1.93 | 1.94 | 1.95 | 1.96 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.6% | 15.4% | −3.7% | 11.8% |
| Operating income growth (YoY) | – | 2.7% | 10.4% | 3.4% | 47.0% |
| EPS growth (YoY) | – | −0.8% | 2.0% | −21.6% | 36.5% |
| Operating margin | 19.0% | 16.1% | 15.4% | 16.6% | 21.8% |
| Net margin | 9.1% | 8.3% | 7.8% | 6.8% | 8.8% |
| Return on equityBlank when equity is negative | 8.4% | 7.3% | 7.3% | 5.7% | 7.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.9% | 4.4% | 4.4% | 4.2% | 5.3% |
| Free cash flow margin | −15.5% | −18.4% | −4.0% | −16.8% | −15.3% |
| Cash conversion (CFO ÷ net income) | 2.04x | 1.71x | 2.98x | 2.54x | 2.37x |
| Debt ÷ equity | 1.12x | 1.14x | 1.23x | 1.23x | 1.65x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,026 | 1,308 | 1,543 | 1,672 | 2,396 |
| Current ratio | 0.60x | 0.83x | 0.86x | 0.86x | 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.