NorthWestern Energy Group (NWE) Q1 2026 earnings summary

Executive summary

• Reported GAAP diluted EPS of $1.03 and non-GAAP diluted EPS of $1.31 for Q1 2026, with adjusted EPS up 7.4% year-over-year but GAAP EPS down 17.6% due to higher operating and merger-related costs.

• Affirmed 2026 earnings guidance of $3.68–$3.83 per share and long-term EPS growth target of 4%-6%.

• Achieved shareholder approval for the pending merger with Black Hills, with 99.7% of votes in favor; constructive settlements reached with key interveners in Montana, Nebraska, and South Dakota.

• Declared a $0.67 per share dividend, payable June 30, 2026.

Financial highlights

• Q1 2026 adjusted EPS of $1.31, up from $1.22 in Q1 2025; total revenues rose 6.6% to $497.6 million.

• Utility margin increased 7.2% to $352.0 million, driven by higher base rates and acquisitions.

• Net income declined 17.4% to $63.5 million, primarily due to increased operating and merger-related expenses.

• Operating income fell 8.5% to $114.1 million; interest expense rose to $39.9 million.

• Warmest winter in Montana in over 100 years led to a $0.17 unfavorable weather impact and lower retail volumes.

Outlook and guidance

• 2026 non-GAAP EPS guidance affirmed at $3.68–$3.83 per share; long-term EPS and rate base growth targeted at 4%-6% annually.

• Five-year capital plan of $3.2 billion for 2026–2030, including $300 million for South Dakota generation.

• No new common equity issuance needed in 2026; equity needs expected in 2027 and beyond for incremental generation.

• Dividend payout ratio target remains at 60–70% over the long term.