Northwest Natural Holding Company (NWN) Earnings
Northwest Natural Holding Company is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.06. NWN has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +12.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $2.40 | $2.33 | -2.9% | $490M | -8.9% |
| Nov 5, 2025 | $-0.82 | $-0.73 | +11.0% | $165M | -60.7% |
| Feb 28, 2025 | $1.42 | $1.41 | -0.7% | $371M | -6.1% |
| Aug 2, 2024 | $-0.12 | $-0.07 | +41.7% | $212M | -8.7% |
| Feb 23, 2024 | $1.27 | $1.21 | -4.7% | $356M | -1.3% |
| Nov 3, 2023 | $-0.70 | $-0.65 | +7.1% | $141M | +5.0% |
| Aug 3, 2023 | $0.01 | $0.03 | +263.6% | $238M | +15.8% |
| May 4, 2023 | $1.90 | $2.01 | +5.8% | $462M | +27.3% |
| Feb 24, 2023 | $1.33 | $1.36 | +2.3% | $375M | +25.0% |
| Aug 4, 2022 | $0.02 | $0.05 | +225.1% | $195M | +26.5% |
| May 4, 2022 | $1.91 | $1.80 | -5.8% | $350M | +9.9% |
| Feb 25, 2022 | $1.28 | $1.31 | +2.3% | $294M | +10.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Regulatory dynamics: Northwest Natural filed multi-party settlement in Washington resolving revenue requirement aspects of multiyear general rate case; engaged in multiyear rate case rulemaking in Oregon, filed alternative rate mechanism; C Energy filed general rate case in Texas, consolidating entities; water and wastewater business has multiple rate cases ongoing. - Business performance: Segments performed well, customer growth healthy, MX3 project progressing. - Strategic coordination: Taking more coordinated approach to regulatory strategy across enterprise, multiyear rate cases and mechanisms designed to reduce regulatory lag and produce balanced consolidated earnings profile.
Guidance
- Reaffirmed 2026 and long-term guidance. - Adjusted EPS $2.33 in Q1 2026 vs $2.28 in prior-year period. - Long-term EPS growth target 4%-6%, MX3 project expected to raise to 5%-7% once notice to proceed received. - Expected capital expenditures $500 million to $550 million in 2026, funding plan balanced supported by operating cash flow, long-term debt and ATM equity issuance.
Segment performance
C Energy: Texas gas utility had strong quarter, 16% organic customer growth, backlog over 250 thousand future meters at quarter-end, expected 15%-20% annual customer growth through 2030, contributing ~10%-15% to consolidated EPS in 2026. Northwest Natural Water: Healthy overall customer growth of 4.1% in quarter, organic customer growth of 2.2%, expected 2%-3% growth through 2030, contributing ~10%-15% to consolidated EPS in 2026. Northwest Natural Gas: System performed well winter, MX3 storage project progressing, MX3 not in current 5%-7% long-term EPS guidance but expected to positively impact earnings growth, timeline still contemplates receiving notice to proceed by 2027, in-service date in 2029.
Risks & headwinds
- Forward-looking statements based on management assumptions which may not occur, refer to cautionary statements in press release and risk factors in 10-Q and 10-K filings. - Changes in regulatory policies, mechanisms, outcomes or laws may affect earnings. - Economic environment changes may impact customer growth etc.
Analyst Q&A
Q: Christopher Ellinghaus asked about organic growth at C Energy and economic conditions in Oregon.
A: 16% growth at C Energy is organic, no acquisitions, Oregon economic conditions challenged but customer growth in line with expectations.
Q: Alexis Kania asked about evolution of multiyear rate structure in Oregon and potential tuck-ins in C Energy.
A: Oregon multiyear plan may slip into next year for clarity, in Texas there are acquisition opportunities but focused on organic growth.
Q: Selman Akyol asked about timeline for filing for GRIP and water and gas installation in new communities in Texas.
A: Rate case expected to be resolved in ~6 months, water and gas are being installed simultaneously in new communities.