NorthWestern Energy Group (NWE) Q3 2026 earnings summary

Executive summary

• Q3 GAAP diluted EPS was $0.50 versus $0.62 YoY; adjusted EPS was $0.58 versus $0.79, and net income fell to $30.7M from $38.2M.

• Colstrip ownership costs, depreciation and interest pressured earnings; 2026 adjusted EPS guidance of $3.68–$3.83 and long-term EPS and rate-base growth targets of 4%–6% were affirmed.

Financial highlights

• Q3 revenue was $423.8M versus $387.0M; operating income was $74.6M versus $80.3M, and utility margin rose 5.5% to $316.5M.

• Q3 adjusted net income was $35.6M versus $48.4M; adjusted diluted EPS was $0.58 versus $0.79.

• Nine-month revenue was $1.314B versus $1.196B; net income was $119.2M versus $136.4M, and utility margin rose to $971.3M from $895.9M.

• Nine-month adjusted net income was $147.3M versus $147.9M; adjusted EPS was $2.39 versus $2.41.

Outlook and guidance

• Affirmed 2026 adjusted EPS guidance of $3.68–$3.83, with results expected in the lower half; assumptions include normal weather, 14%–18% tax rate, ~61.8M diluted shares and sufficient Colstrip cost recovery.

• Long-term standalone EPS and rate-base growth targets remain 4%–6%; combined-company EPS growth target is 5%–7%.

• The 2026–2030 capital plan totals $3.207B; an updated capital forecast is expected in early 2027.

• Merger closing is anticipated by year-end 2026, subject to remaining conditions and satisfactory Montana PSC approval.