Filing Flows › Northwest Natural Holding (NWN) › Q4 2025
Northwest Natural Holding (NWN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Northwest Natural Holding (NWN) reported revenue of $394M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +139% from the quarter before. Operating margin was 28.4%, net earnings $57.8M (14.7% of revenue).
Northwest Natural Holding, Q4 2025: revenue $394M (+6% year over year), operating margin 28.4%, net earnings $57.8M, operating cash flow $3.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $394M | +139% | +6% |
| Operating profit | $112M | — | +32% |
| Net earnings | $57.8M | — | +28% |
| Operating cash flow | $3.3M | — | — |
What changed
Revenue was $394.2M in Q4 2025, up 6% year over year and up 139% from the previous quarter.
Operating profit was $111.7M, a 28.4% margin (up 5.4 points year over year). Of the extra revenue versus a year earlier, 115% reached operating profit, above the 23% margin then. Total costs fell 1% while revenue rose 6%. Net earnings were $57.8M, up 28% year over year. The effective tax rate was 25.5%.
Operating cash flow was $3.3M, 6% of net earnings. Non-cash charges added back $43.0M of depreciation and amortization. Working capital and other items used $97.5M. Capital expenditures of $134.2M exceeded it, leaving free cash flow of −$131.0M.
Questions
What was Northwest Natural Holding's revenue in the fourth quarter 2025?
Northwest Natural Holding (NWN) reported revenue of $394M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +139% from the quarter before.
Was Northwest Natural Holding profitable in the fourth quarter 2025?
Operating profit was $112M (28.4% of revenue) and net earnings $57.8M.