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Northwest Natural Holding cash flow, quarter by quarter

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

Free cash flow−$151M in Q3 2026 · −$291M over twelve months

Operating cash flow−$12.7M
Capital spending−$138M
Free cash flow−$151M

Analysis

In Q3 2026, Northwest Natural Holding generated −$12.7M of operating cash flow and spent $138M on capital projects, leaving free cash flow of −$151M. That is $25.3M less than in Q3 2025 (−$126M).

Over the twelve months to Sep 30, 2026, operating cash flow was $216M; the largest uses were capital spending ($508M), dividends ($79.7M), acquisitions ($6.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($350M), shares issued ($25.7M); the cash balance fell by $849K.

Operating cash flow was −$12.7M against net income of −$29.8M. The largest differences: depreciation & amortization +$45.0M, inventory −$11.6M, deferred taxes −$8.6M.

Free cash flow

Northwest Natural Holding: free cash flow by quarterNorthwest Natural Holding: free cash flow by quarter−$120MQ4 2024$77.4MQ1 2025−$18.3MQ2 2025−$126MQ3 2025−$131MQ4 2025$2.5MQ1 2026−$11.6MQ2 2026−$151MQ3 2026
Operating cash flow less capital spending.
Northwest Natural Holding: operating cash flow against capital spendingNorthwest Natural Holding: operating cash flow against capital spendingOperating cash flowCapital spending−$19.4M$100MQ4 2024$180M$102MQ1 2025$102M$120MQ2 2025−$15.9M$110MQ3 2025$3.3M$134MQ4 2025$116M$114MQ1 2026$110M$121MQ2 2026−$12.7M$138MQ3 2026
Latest (Q3 2026): Operating cash flow −$12.7M, Capital spending $138M.

Capital allocation, year by year

Northwest Natural Holding: where the cash came from (up) and went (down), by fiscal yearNorthwest Natural Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $160MFY2021: Net borrowing $369MFY2021: Shares issued $17.5MFY2021: Capital spending −$294MFY2021: Acquisitions −$1.3MFY2021: Dividends −$55.9M$547MFY2021FY2022: Operating cash flow $148MFY2022: Net borrowing $158MFY2022: Shares issued $209MFY2022: Capital spending −$339MFY2022: Acquisitions −$94.3MFY2022: Dividends −$62.8M$514MFY2022FY2023: Operating cash flow $280MFY2023: Net borrowing $71.1MFY2023: Shares issued $66.5MFY2023: Capital spending −$327MFY2023: Acquisitions −$7.5MFY2023: Dividends −$67.3M$418MFY2023FY2024: Operating cash flow $200MFY2024: Net borrowing $215MFY2024: Shares issued $90.4MFY2024: Capital spending −$394MFY2024: Acquisitions −$29.8MFY2024: Dividends −$72.9M$505MFY2024FY2025: Operating cash flow $269MFY2025: Net borrowing $573MFY2025: Shares issued $47.4MFY2025: Capital spending −$467MFY2025: Acquisitions −$338MFY2025: Dividends −$77.3M$890MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were capital spending ($1.8B) and acquisitions ($471M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$30.3M
Debt$2.8B
Net debt$2.8B
Due within a year$161M

Northwest Natural Holding's operations bring cash in ($216M over twelve months), and it spends more than that on capital projects: a gap of $291M funded from its $30.3M of cash and investments and from borrowing ($2.8B of debt, $161M due within a year). That is a choice to invest, not a cash runway running down.

Northwest Natural Holding: debt maturities by year (FY2025)Northwest Natural Holding: debt maturities by year (FY2025)$161MYear 1$65.4MYear 2$111MYear 3$190MYear 4$80.1MYear 5$1.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $30.3M of cash and investments now.

Where the cash came from and went

Northwest Natural Holding: sources (+) and uses (−) of cash, Q3 2026Northwest Natural Holding: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$165MCapital spending−$138MDividends−$20.1MOperating cash flow−$12.7MOther investing$9.7MCash drawn (+) / kept (−)−$5.1MShares issued$3.6MOther financing−$1.4MTaxes on employees’ shares−$51K
Northwest Natural Holding: sources (+) and uses (−) of cash, TTM to Q3 2026Northwest Natural Holding: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$508MNet borrowing (+) / repaid (−)$350MOperating cash flow$216MDividends−$79.7MShares issued$25.7MOther investing$9.3MAcquisitions−$6.8MOther financing−$5.9MTaxes on employees’ shares−$2.0MCash drawn (+) / kept (−)$849K

From profit to cash

Northwest Natural Holding: net income to operating cash flow, Q3 2026Northwest Natural Holding: net income to operating cash flow, Q3 2026Net income−$29.8MDepreciation & amortization$45.0MDeferred taxes−$8.6MOther non-cash−$559KReceivables$3.1MInventory−$11.6MPayables$1.3MIncome taxes payable$8.3MOther operating capital−$5.8MOperating cash flow−$12.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$12.7M−$138M—−$20.1M$165M$3.6M−$5.1M−$151M
Q2 2026$110M−$121M—−$20.1M$19.8M−$82K$10.5M−$11.6M
Q1 2026$116M−$114M—−$19.8M−$834K$22.3M$705K$2.5M
Q4 2025$3.3M−$134M−$6.8M−$19.7M$166M−$151K−$5.2M−$131M
Q3 2025−$15.9M−$110M$1K−$19.4M$53.1M$23.2M$70.8M−$126M
Q2 2025$102M−$120M−$60.8M−$19.1M$74.7M$23.4M$321K−$18.3M
Q1 2025$180M−$102M−$270M−$19.1M$279M$961K−$59.0M$77.4M
Q4 2024−$19.4M−$100M−$997K−$19.1M$145M−$189K−$1.2M−$120M

Northwest Natural Holding: income statement and cash flow

Northwest Natural Holding, Q3 2026: revenue $178M (+8% year over year), operating margin -4.9%. The chart follows the revenue to costs, profit and cash.

Northwest Natural Holding: 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.