Filing Flows › NorthWestern Energy Group (NWE) › Q3 2025
NorthWestern Energy Group (NWE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
NorthWestern Energy Group (NWE) reported revenue of $387M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +13% from the quarter before. Operating margin was 20.7%, net earnings $38.2M (9.9% of revenue).
NorthWestern Energy Group, Q3 2025: revenue $387M (+12% year over year), operating margin 20.7%, net earnings $38.2M, operating cash flow $127M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $387M | +13% | +12% |
| Operating profit | $80.3M | +32% | +18% |
| Net earnings | $38.2M | +80% | -18% |
| Operating cash flow | $127M | +118% | +6% |
What changed
Revenue was $387.0M in Q3 2025, up 12% year over year and up 13% from the previous quarter.
Operating profit was $80.3M, a 20.7% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 30% reached operating profit, above the 20% margin then. Total costs grew 11% against revenue growth of 12%. The fastest-growing cost line was General & admin (+34%). Net earnings were $38.2M, down 18% year over year. The effective tax rate was 18.7%.
Operating cash flow was $126.7M (up 6% year over year), 331% of net earnings. Non-cash charges added back $62.8M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $23.7M. Capital expenditures of $153.6M exceeded it, leaving free cash flow of −$26.9M.
Questions
What was NorthWestern Energy Group's revenue in the third quarter 2025?
NorthWestern Energy Group (NWE) reported revenue of $387M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +13% from the quarter before.
Was NorthWestern Energy Group profitable in the third quarter 2025?
Operating profit was $80.3M (20.7% of revenue) and net earnings $38.2M.