Northwest Natural Company (NWN) Q3 2026 earnings summary

Executive summary

• 9M 2026 net income rose to $68.2M from $55.5M and diluted EPS to $1.62 from $1.36; FY2026 EPS guidance increased to $3.10–$3.20.

• Q3 revenue increased to $178.0M from $164.7M, while net loss narrowed slightly to $29.8M from $29.9M.

• Earnings gains reflected new gas rates, customer growth and Pines; higher interest, depreciation and property taxes partly offset growth.

• Priorities include affordable service, reliable investment, Texas utility growth, water and wastewater expansion, and MX3.

Financial highlights

• Q3 operating revenue was $177.972M versus $164.728M; operating loss narrowed to $8.711M from $12.423M, and diluted loss per share improved to $0.71 from $0.73.

• 9M operating revenue was $911.927M versus $895.206M; operating income rose to $187.3M from $169.1M, and net income increased to $68.249M from $55.526M.

• 9M 2026 EPS of $1.62 was 6.6% above 9M 2025 adjusted EPS of $1.52; 2025 GAAP EPS was $1.36.

• 9M capital expenditures were $373.449M, up 12% year over year; utility connections grew 1.8% to 989,410.

Outlook and guidance

• FY2026 EPS guidance rose to $3.10–$3.20 from $2.95–$3.15; 2026 capital expenditure guidance remains $500M–$550M.

• 2026–2030 annual EPS growth target is 4%–6%, or 5%–7% with MX3; rate-base growth target is 6%–8%.

• 2026–2030 planned capital expenditures are $2.6B–$2.9B: gas utility $1.6B–$1.8B, SiEnergy $750M–$800M and water utility $250M–$300M.

• Organic customer growth target is 2%–3% annually; average rate base target is $3.1B, growing to $3.3B–$3.5B.

• 2027 guidance and a capital update are expected in February; the long-term capital plan through 2030 is unchanged.