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NorthWestern Energy Group (NWE) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · NorthWestern Energy Group (NWE) Q3 2026 earnings results →
Q3 2026 Revenue up 10% year over year to $424M · 7¢ of every $1 of revenue kept as net profit · operating margin 17.6%
NorthWestern Energy Group made $424M in Q3 2026 (+10% Y/Y). Operating margin 17.6%, net earnings $30.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $423.8M in Q3 2026, up 10% year over year and up 8% from the previous quarter.
Operating profit was $74.6M, a 17.6% margin (down 3.1 points year over year). Operating profit fell $5.7M even though revenue rose $36.8M versus Q3 2025, so costs grew faster than sales. Total costs grew 14% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $30.7M, down 20% year over year. The effective tax rate was 13.2%.
Operating cash flow was $130.9M (up 3% year over year), 426% of net earnings. Non-cash charges added back $67.0M of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items added $31.1M. Capital expenditures of $159.3M exceeded it, leaving free cash flow of −$28.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $424M | +10% | 17.6% | $30.7M | $131M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $393M | +15% | 16.4% | $25.0M | $73.8M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $498M | +7% | 22.9% | $63.5M | $159M |
| Q4 2025 | 10-K | Feb 12, 2026 | $414M | +11% | 14.5% | $44.7M | $56.2M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $387M | +12% | 20.7% | $38.2M | $127M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $343M | +7% | 17.7% | $21.2M | $58.2M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $467M | -2% | 26.7% | $76.9M | $153M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About NorthWestern Energy Group
NorthWestern Energy Group, doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Upon the completion of the holding company reorganization in 2023, NW Corp became a subsidiary of NorthWestern Energy Group.
In its own words, from its 10-K, filed Feb 12, 2026.
NorthWestern Energy Group against its Electric & Other Services Combined peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +8%. Operating margin: 17.6% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NWE NorthWestern Energy Group | Q3 2026 | $424M | +10% | 17.6% |
| DUK Duke Energy | Q3 2026 | $9.1B | +7% | 30.2% |
| Pepco Holdings LLC | Q3 2026 | $7.3B | +9% | 18.8% |
| EXC Exelon | Q1 2026 | $7.2B | +8% | 22.2% |
| PCG PG&E | Q3 2026 | $6.2B | -1% | 20.2% |
| ED Consolidated Edison | Q3 2026 | $4.9B | +8% | 23.8% |
| XEL Xcel Energy | Q3 2026 | $4.2B | +7% | 28.5% |
| Consolidated Edison Co of New York | Q2 2026 | $4.1B | +13% | 13.6% |
| PEG Public Service Enterprise Group | Q3 2026 | $3.0B | -6% | 20.6% |
Source: NorthWestern Energy Group 10-Q on SEC EDGAR · CIK 1993004 · Electric & Other Services Combined
Guidance and outlook
13F: who owns NWE and who is buying
More on NWE
- How NorthWestern Energy Group makes money: revenue by segment
- NorthWestern Energy Group next earnings date and what analysts expect
- NorthWestern Energy Group stock forecast, price target and fair value
- Who owns NorthWestern Energy Group stock: holders, funds and Congress trades
- NorthWestern Energy Group guidance and outlook
- Is NorthWestern Energy Group a takeover target? LBO and rumors
- NorthWestern Energy Group recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results