Filing Flows › Northwest Natural Holding (NWN) › Q3 2025
Northwest Natural Holding (NWN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Northwest Natural Holding (NWN) reported revenue of $165M for the third quarter 2025 (Q3 2025), +20% from a year earlier and -30% from the quarter before. Operating margin was -7.5%, net loss $29.9M (18.1% of revenue).
Northwest Natural Holding, Q3 2025: revenue $165M (+20% year over year), operating margin -7.5%, net loss $29.9M, operating cash flow −$15.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $165M | -30% | +20% |
| Operating profit | −$12.4M | -146% | — |
| Net earnings | −$29.9M | — | — |
| Operating cash flow | −$15.9M | -116% | — |
What changed
Revenue was $164.7M in Q3 2025, up 20% year over year and down 30% from the previous quarter.
Operating costs exceeded revenue by $12.4M, an operating margin of -7.5%. Total costs grew 13% against revenue growth of 20%. The quarter ended with a net loss of $29.9M, wider than the previous quarter's $2.5M loss. Net interest and other expense of $29.5M was the main reason.
Operating cash flow was −$15.9M. Non-cash charges added back $40.5M of depreciation. Working capital and other items used $26.5M. Capital expenditures of $110.0M exceeded it, leaving free cash flow of −$125.9M.
Questions
What was Northwest Natural Holding's revenue in the third quarter 2025?
Northwest Natural Holding (NWN) reported revenue of $165M for the third quarter 2025 (Q3 2025), +20% from a year earlier and -30% from the quarter before.
Was Northwest Natural Holding profitable in the third quarter 2025?
Operating loss was $12.4M (-7.5% of revenue) and net loss $29.9M.