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NorthWestern Energy Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$28.4M in Q3 2026 · −$194M over twelve months

Operating cash flow$131M
Capital spending−$159M
Free cash flow−$28.4M
Cash / net income4.3×

Analysis

In Q3 2026, NorthWestern Energy Group generated $131M of operating cash flow and spent $159M on capital projects, leaving free cash flow of −$28.4M. That is $1.5M less than in Q3 2025 (−$26.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $420M; the largest uses were capital spending ($614M), dividends ($164M), other financing ($158M); besides operations, cash came from net borrowing (+) / repaid (−) ($515M); the cash balance fell by $4.4M.

Operating cash flow was $131M against net income of $30.7M — 4.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$67.0M, accrued liabilities +$43.5M, receivables −$17.3M.

Free cash flow

NorthWestern Energy Group: free cash flow by quarterNorthWestern Energy Group: free cash flow by quarter−$85.9MQ4 2024$61.3MQ1 2025−$70.6MQ2 2025−$26.9MQ3 2025−$93.7MQ4 2025$43.3MQ1 2026−$115MQ2 2026−$28.4MQ3 2026
Operating cash flow less capital spending.
NorthWestern Energy Group: operating cash flow against capital spendingNorthWestern Energy Group: operating cash flow against capital spendingOperating cash flowCapital spending$62.8M$149MQ4 2024$153M$92.1MQ1 2025$58.2M$129MQ2 2025$127M$154MQ3 2025$56.2M$150MQ4 2025$159M$116MQ1 2026$73.8M$189MQ2 2026$131M$159MQ3 2026
Latest (Q3 2026): Operating cash flow $131M, Capital spending $159M.

Capital allocation, year by year

NorthWestern Energy Group: where the cash came from (up) and went (down), by fiscal yearNorthWestern Energy Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $220MFY2021: Net borrowing $151MFY2021: Shares issued $197MFY2021: Capital spending −$434MFY2021: Dividends −$128M$568MFY2021FY2022: Operating cash flow $307MFY2022: Net borrowing $77.0MFY2022: Shares issued $278MFY2022: Capital spending −$515MFY2022: Dividends −$140M$662MFY2022FY2023: Operating cash flow $489MFY2023: Net borrowing $168MFY2023: Shares issued $74.7MFY2023: Capital spending −$567MFY2023: Dividends −$154M$732MFY2023FY2024: Operating cash flow $407MFY2024: Net borrowing $410MFY2024: Shares issued $1.2MFY2024: Capital spending −$549MFY2024: Dividends −$159M$818MFY2024FY2025: Operating cash flow $394MFY2025: Net borrowing $643MFY2025: Shares issued $709KFY2025: Capital spending −$524MFY2025: Acquisitions −$35.9MFY2025: Dividends −$161M$1.0BFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were capital spending ($2.6B) and dividends ($743M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.5M
Debt$3.4B
Net debt$3.4B
Due within a year$107M

NorthWestern Energy Group's operations bring cash in ($420M over twelve months), and it spends more than that on capital projects: a gap of $194M funded from its $6.5M of cash and investments and from borrowing ($3.4B of debt, $107M due within a year). That is a choice to invest, not a cash runway running down.

NorthWestern Energy Group: debt maturities by year (FY2025)NorthWestern Energy Group: debt maturities by year (FY2025)$107MYear 1$584MYear 3$33.0MYear 4$650MYear 5
Principal due in each year as disclosed in the annual report, against $6.5M of cash and investments now.

Where the cash came from and went

NorthWestern Energy Group: sources (+) and uses (−) of cash, Q3 2026NorthWestern Energy Group: sources (+) and uses (−) of cash, Q3 2026Capital spending−$159MOperating cash flow$131MNet borrowing (+) / repaid (−)$72.0MDividends−$41.1MOther investing−$1.6MCash drawn (+) / kept (−)−$959KOther financing−$50K
NorthWestern Energy Group: sources (+) and uses (−) of cash, TTM to Q3 2026NorthWestern Energy Group: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$614MNet borrowing (+) / repaid (−)$515MOperating cash flow$420MDividends−$164MOther financing−$158MOther investing−$4.8MCash drawn (+) / kept (−)$4.4M

From profit to cash

NorthWestern Energy Group: net income to operating cash flow, Q3 2026NorthWestern Energy Group: net income to operating cash flow, Q3 2026Net income$30.7MDepreciation & amortization$67.0MStock-based pay$2.0MDeferred taxes$3.4MReceivables−$17.3MInventory−$7.2MPayables$8.9MAccrued liabilities$43.5MPrepaid and other assets−$16.1MOther operating capital$4.7MOperating cash flow$131M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$131M−$159M−$41.1M$72.0M−$959K−$28.4M
Q2 2026$73.8M−$189M−$41.1M$265M$2.5M−$115M
Q1 2026$159M−$116M−$41.0M−$4.0M$3.1M$43.3M
Q4 2025$56.2M−$150M−$40.4M$137M−$264K−$93.7M
Q3 2025$127M−$154M−$40.4M$109M−$3.9M−$26.9M
Q2 2025$58.2M−$129M−$40.3M$59.0M$53.5M−$70.6M
Q1 2025$153M−$92.1M−$40.3M$38.0M−$51.0M$61.3M
Q4 2024$62.8M−$149M−$39.7M$127M−$1.1M−$85.9M

NorthWestern Energy Group: income statement and cash flow

NorthWestern Energy Group, Q3 2026: revenue $424M (+10% year over year), operating margin 17.6%. The chart follows the revenue to costs, profit and cash.

NorthWestern Energy Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.