Filing Flows › NorthWestern Energy Group (NWE) › Q4 2025
NorthWestern Energy Group (NWE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
NorthWestern Energy Group (NWE) reported revenue of $414M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +7% from the quarter before. Operating margin was 14.5%, net earnings $44.7M (10.8% of revenue).
NorthWestern Energy Group, Q4 2025: revenue $414M (+11% year over year), operating margin 14.5%, net earnings $44.7M, operating cash flow $56.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $414M | +7% | +11% |
| Operating profit | $60.0M | -25% | -35% |
| Net earnings | $44.7M | +17% | -45% |
| Operating cash flow | $56.2M | -56% | -11% |
What changed
Revenue was $414.3M in Q4 2025, up 11% year over year and up 7% from the previous quarter.
Operating profit was $60.0M, a 14.5% margin (down 10.1 points year over year). Operating profit fell $31.7M even though revenue rose $40.8M versus a year earlier, so costs grew faster than sales. Total costs grew 26% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+27%). Net earnings were $44.7M, down 45% year over year. The effective tax rate was -87.9%.
Operating cash flow was $56.2M (down 11% year over year), 126% of net earnings. Non-cash charges added back $61.9M of depreciation and amortization and $933K of share-based compensation. Working capital and other items used $51.4M. Capital expenditures of $149.9M exceeded it, leaving free cash flow of −$93.7M.
Questions
What was NorthWestern Energy Group's revenue in the fourth quarter 2025?
NorthWestern Energy Group (NWE) reported revenue of $414M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +7% from the quarter before.
Was NorthWestern Energy Group profitable in the fourth quarter 2025?
Operating profit was $60.0M (14.5% of revenue) and net earnings $44.7M.