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NorthWestern (NWE) Financials

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$50.85 -0.23 (-0.45%)
As of 06/20/2025 04:00 PM Eastern
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Annual Income Statements for NorthWestern

Annual Income Statements for NorthWestern

This table shows NorthWestern's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 183 194 224
Consolidated Net Income / (Loss)		 183 194 224
Net Income / (Loss) Continuing Operations		 183 194 224
Total Pre-Tax Income 		182 202 215
Total Operating Income		 263 300 323
Total Gross Profit		 764 781 852
Total Revenue		 1,478 1,422 1,514
Operating Revenue		 1,478 1,422 1,514
Total Cost of Revenue		 713 641 662
Operating Cost of Revenue		 713 641 662
Total Operating Expenses		 501 481 529
Selling, General & Admin Expense		 114 117 137
Depreciation Expense		 195 210 228
Other Operating Expenses / (Income)		 193 153 164
Total Other Income / (Expense), net		 -81 -99 -109
Interest Expense		 100 115 132
Other Income / (Expense), net		 19 16 23
Income Tax Expense		 -0.61 7.54 -9.44
Basic Earnings per Share		 $3.28 $3.22 $3.66
Weighted Average Basic Shares Outstanding		 55.77M 60.32M 61.29M
Diluted Earnings per Share		 $3.25 $3.22 $3.65
Weighted Average Diluted Shares Outstanding		 - - 61.33M
Weighted Average Basic & Diluted Shares Outstanding		 - - 61.33M
Cash Dividends to Common per Share		 $2.52 $2.56 $2.60

Quarterly Income Statements for NorthWestern

This table shows NorthWestern's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q3 2024 Q1 2025
Period end date 9/30/2023 9/30/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 29 47 77
Consolidated Net Income / (Loss)		 29 47 77
Net Income / (Loss) Continuing Operations		 29 47 77
Total Pre-Tax Income 		31 44 92
Total Operating Income		 56 68 125
Total Gross Profit		 179 201 272
Total Revenue		 321 345 467
Operating Revenue		 321 345 467
Total Cost of Revenue		 142 144 195
Operating Cost of Revenue		 142 144 195
Total Operating Expenses		 123 133 147
Selling, General & Admin Expense		 29 35 41
Depreciation Expense		 52 57 62
Other Operating Expenses / (Income)		 42 42 43
Total Other Income / (Expense), net		 -25 -24 -33
Interest Expense		 29 33 37
Other Income / (Expense), net		 4.13 9.12 3.93
Income Tax Expense		 1.70 -3.17 15
Basic Earnings per Share		 $0.48 $0.76 $1.25
Weighted Average Basic Shares Outstanding		 60.44M 61.30M 61.34M
Diluted Earnings per Share		 $0.48 $0.76 $1.25
Weighted Average Diluted Shares Outstanding		 - 61.31M 61.38M
Weighted Average Basic & Diluted Shares Outstanding		 - 61.31M 61.38M
Cash Dividends to Common per Share		 $0.64 $0.65 $0.66

Annual Cash Flow Statements for NorthWestern

This table details how cash moves in and out of NorthWestern's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 3.70 2.72 3.83
Net Cash From Operating Activities		 307 489 407
Net Cash From Continuing Operating Activities		 307 489 407
Net Income / (Loss) Continuing Operations		 183 194 224
Consolidated Net Income / (Loss)		 183 194 224
Depreciation Expense		 195 210 228
Amortization Expense		 5.32 5.14 4.65
Non-Cash Adjustments To Reconcile Net Income		 -8.22 -12 -9.81
Changes in Operating Assets and Liabilities, net		 -68 92 -40
Net Cash From Investing Activities		 -517 -571 -554
Net Cash From Continuing Investing Activities		 -517 -571 -554
Purchase of Property, Plant & Equipment		 -515 -567 -549
Purchase of Investments		 -1.72 -3.92 -4.72
Other Investing Activities, net		 0.00 0.00 -0.50
Net Cash From Financing Activities		 213 84 152
Net Cash From Continuing Financing Activities		 213 84 152
Repayment of Debt		 -1.19 -4.33 -101
Payment of Dividends		 -140 -154 -159
Issuance of Debt		 77 168 410
Issuance of Common Equity		 278 75 1.19

Quarterly Cash Flow Statements for NorthWestern

This table details how cash moves in and out of NorthWestern's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q4 2024 Q1 2025
Period end date 12/31/2023 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 3.55 1.13 51
Net Cash From Operating Activities		 62 63 153
Net Cash From Continuing Operating Activities		 62 63 153
Net Income / (Loss) Continuing Operations		 83 81 77
Consolidated Net Income / (Loss)		 83 81 77
Depreciation Expense		 53 57 62
Amortization Expense		 1.15 1.16 0.99
Non-Cash Adjustments To Reconcile Net Income		 -17 -19 2.43
Changes in Operating Assets and Liabilities, net		 -57 -57 11
Net Cash From Investing Activities		 -160 -149 -97
Net Cash From Continuing Investing Activities		 -160 -149 -97
Purchase of Property, Plant & Equipment		 -160 -149 -92
Purchase of Investments		 -0.12 -0.12 -4.58
Net Cash From Financing Activities		 101 88 -5.64
Net Cash From Continuing Financing Activities		 101 88 -5.64
Repayment of Debt		 271 -69 -365
Payment of Dividends		 -39 -40 -40
Issuance of Debt		 -132 195 400
Cash Interest Paid		 - - 33
Cash Income Taxes Paid		 - - -8.26

Annual Balance Sheets for NorthWestern

This table presents NorthWestern's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024
Period end date 12/31/2023 12/31/2024
Total Assets		 7,601 7,998
Total Current Assets		 407 418
Cash & Equivalents		 9.16 4.28
Restricted Cash		 16 25
Accounts Receivable		 212 188
Inventories, net		 115 123
Other Current Assets		 55 78
Plant, Property, & Equipment, net		 6,040 6,398
Total Noncurrent Assets		 1,154 1,181
Goodwill		 358 358
Other Noncurrent Operating Assets		 796 823
Total Liabilities & Shareholders' Equity		 7,601 7,998
Total Liabilities		 4,815 5,140
Total Current Liabilities		 535 802
Short-Term Debt		 100 400
Accounts Payable		 124 112
Accrued Expenses		 246 255
Other Current Liabilities		 64 36
Total Noncurrent Liabilities		 4,280 4,338
Long-Term Debt		 2,685 2,695
Asset Retirement Reserve & Litigation Obligation		 657 661
Noncurrent Deferred & Payable Income Tax Liabilities		 601 663
Other Noncurrent Operating Liabilities		 338 318
Commitments & Contingencies		 0.00 0.00
Total Equity & Noncontrolling Interests		 2,785 2,858
Total Preferred & Common Equity		 2,785 2,858
Preferred Stock		 0.00 0.00
Total Common Equity		 2,785 2,858
Common Stock		 2,079 2,085
Retained Earnings		 811 877
Treasury Stock		 -98 -97
Accumulated Other Comprehensive Income / (Loss)		 -7.66 -6.70

Quarterly Balance Sheets for NorthWestern

This table presents NorthWestern's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2024 Q1 2025
Period end date 9/30/2024 3/31/2025
Total Assets		 7,854 8,101
Total Current Assets		 368 473
Cash & Equivalents		 2.53 56
Restricted Cash		 25 24
Accounts Receivable		 144 187
Inventories, net		 122 120
Other Current Assets		 75 86
Plant, Property, & Equipment, net		 6,305 6,429
Total Noncurrent Assets		 1,181 1,200
Goodwill		 358 358
Other Noncurrent Operating Assets		 823 842
Total Liabilities & Shareholders' Equity		 7,854 8,101
Total Liabilities		 5,038 5,205
Total Current Liabilities		 813 398
Short-Term Debt		 400 0.00
Accounts Payable		 94 88
Accrued Expenses		 286 280
Other Current Liabilities		 30 30
Total Noncurrent Liabilities		 4,224 4,807
Long-Term Debt		 2,568 3,131
Asset Retirement Reserve & Litigation Obligation		 665 663
Noncurrent Deferred & Payable Income Tax Liabilities		 640 695
Other Noncurrent Operating Liabilities		 351 319
Commitments & Contingencies		 0.00 0.00
Total Equity & Noncontrolling Interests		 2,816 2,896
Total Preferred & Common Equity		 2,816 2,896
Preferred Stock		 0.00 0.00
Total Common Equity		 2,816 2,896
Common Stock		 2,085 2,087
Retained Earnings		 836 914
Treasury Stock		 -98 -98
Accumulated Other Comprehensive Income / (Loss)		 -7.32 -6.59
Other Equity Adjustments		 - 0.00

Annual Metrics And Ratios for NorthWestern

This table displays calculated financial ratios and metrics derived from NorthWestern's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 - - 7,998
Total Liabilities & Shareholders' Equity		 - - 7,998
Growth Metrics		 - - -
Profitability Metrics		 - - -
Valuation Ratios		 - - -
Leverage & Solvency		 - - -
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Efficiency Ratios		 - - -
Capital & Investment Metrics		 - - -
Earnings Adjustments		 - - -
Debt Service Ratios		 - - -
Payout Ratios		 - - -

Quarterly Metrics And Ratios for NorthWestern

This table displays calculated financial ratios and metrics derived from NorthWestern's official financial filings.

Metric Q3 2023 Q3 2024 Q1 2025
Period end date 9/30/2023 9/30/2024 3/31/2025
Growth Metrics		 - - -
Revenue Growth		 0.00% 7.50% -1.83%
EBITDA Growth		 0.00% 19.74% 16.87%
EBIT Growth		 0.00% 28.94% 20.92%
NOPAT Growth		 0.00% 38.55% 18.22%
Net Income Growth		 0.00% 59.60% 18.21%
EPS Growth		 0.00% 58.33% 17.92%
Operating Cash Flow Growth		 0.00% 0.00% -5.12%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00%
Invested Capital Growth		 0.00% 0.00% 0.00%
Revenue Q/Q Growth		 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00%
EBIT Q/Q Growth		 0.00% 0.00% 0.00%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00%
Net Income Q/Q Growth		 0.00% 0.00% 0.00%
EPS Q/Q Growth		 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 144.11%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00%
Profitability Metrics		 - - -
Gross Margin		 55.72% 58.35% 58.23%
EBITDA Margin		 34.86% 38.82% 41.16%
Operating Margin		 17.33% 19.68% 26.73%
EBIT Margin		 18.61% 22.32% 27.57%
Profit (Net Income) Margin		 9.14% 13.56% 16.49%
Tax Burden Percent		 94.53% 107.26% 83.50%
Interest Burden Percent		 51.93% 56.65% 71.62%
Effective Tax Rate		 5.47% -7.26% 16.50%
Return on Invested Capital (ROIC)		 0.00% 0.00% 11.30%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 9.51%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 10.02%
Return on Equity (ROE)		 0.00% 0.00% 21.32%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 5.12%
Return on Assets (ROA)		 0.00% 0.00% 3.06%
Return on Common Equity (ROCE)		 0.00% 0.00% 21.32%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 8.15%
Net Operating Profit after Tax (NOPAT)		 53 73 104
NOPAT Margin		 16.38% 21.11% 22.32%
Net Nonoperating Expense Percent (NNEP)		 0.00% 1.77% 1.78%
Return On Investment Capital (ROIC_SIMPLE)		 - - 1.73%
Cost of Revenue to Revenue		 44.28% 41.65% 41.77%
SG&A Expenses to Revenue		 9.14% 10.12% 8.86%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 38.39% 38.67% 31.50%
Earnings before Interest and Taxes (EBIT)		 60 77 129
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 112 134 192
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.00 0.00 1.23
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.40
Price to Revenue (P/Rev)		 0.00 0.00 2.36
Price to Earnings (P/E)		 0.00 0.00 15.05
Dividend Yield		 0.00% 0.00% 4.51%
Earnings Yield		 0.00% 0.00% 6.64%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 1.11
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 4.39
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 10.89
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 17.91
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 18.71
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 16.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.00 1.05 1.08
Long-Term Debt to Equity		 0.00 0.91 1.08
Financial Leverage		 0.00 1.05 1.05
Leverage Ratio		 0.00 2.79 2.80
Compound Leverage Factor		 0.00 1.58 2.00
Debt to Total Capital		 0.00% 51.31% 51.94%
Short-Term Debt to Total Capital		 0.00% 6.91% 0.00%
Long-Term Debt to Total Capital		 0.00% 44.39% 51.94%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 48.69% 48.06%
Debt to EBITDA		 0.00 0.00 5.16
Net Debt to EBITDA		 0.00 0.00 5.03
Long-Term Debt to EBITDA		 0.00 0.00 5.16
Debt to NOPAT		 0.00 0.00 8.87
Net Debt to NOPAT		 0.00 0.00 8.65
Long-Term Debt to NOPAT		 0.00 0.00 8.87
Altman Z-Score		 0.00 0.00 0.82
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 0.00 0.45 1.19
Quick Ratio		 0.00 0.18 0.61
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 -5,687 -5,843
Operating Cash Flow to CapEx		 0.00% 0.00% 166.51%
Free Cash Flow to Firm to Interest Expense		 0.00 -170.29 -160.03
Operating Cash Flow to Interest Expense		 0.00 0.00 4.20
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 1.68
Efficiency Ratios		 - - -
Asset Turnover		 0.00 0.00 0.19
Accounts Receivable Turnover		 0.00 0.00 8.03
Inventory Turnover		 0.00 0.00 5.25
Fixed Asset Turnover		 0.00 0.00 0.23
Accounts Payable Turnover		 0.00 0.00 7.10
Days Sales Outstanding (DSO)		 0.00 0.00 45.47
Days Inventory Outstanding (DIO)		 0.00 0.00 69.55
Days Payable Outstanding (DPO)		 0.00 0.00 51.44
Cash Conversion Cycle (CCC)		 0.00 0.00 63.58
Capital & Investment Metrics		 - - -
Invested Capital		 0.00 5,760 5,947
Invested Capital Turnover		 0.00 0.00 0.51
Increase / (Decrease) in Invested Capital		 0.00 5,760 5,947
Enterprise Value (EV)		 0.00 0.00 6,603
Market Capitalization		 0.00 0.00 3,552
Book Value per Share		 $0.00 $45.94 $47.23
Tangible Book Value per Share		 $0.00 $40.11 $41.40
Total Capital		 0.00 5,784 6,027
Total Debt		 0.00 2,968 3,131
Total Long-Term Debt		 0.00 2,568 3,131
Net Debt		 0.00 2,940 3,051
Capital Expenditures (CapEx)		 0.00 0.00 92
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -73 -4.88
Debt-free Net Working Capital (DFNWC)		 0.00 -45 75
Net Working Capital (NWC)		 0.00 -445 75
Net Nonoperating Expense (NNE)		 23 26 27
Net Nonoperating Obligations (NNO)		 0.00 2,943 3,051
Total Depreciation and Amortization (D&A)		 52 57 63
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% -0.32%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 5.00%
Net Working Capital to Revenue		 0.00% 0.00% 5.00%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 $0.76 $1.25
Adjusted Weighted Average Basic Shares Outstanding		 0.00 61.30M 61.34M
Adjusted Diluted Earnings per Share		 $0.00 $0.76 $1.25
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 61.31M 61.38M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 61.31M 61.38M
Normalized Net Operating Profit after Tax (NOPAT)		 53 48 104
Normalized NOPAT Margin		 16.38% 13.78% 22.32%
Pre Tax Income Margin		 9.66% 12.65% 19.75%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 2.08 2.31 3.52
NOPAT to Interest Expense		 1.83 2.18 2.85
EBIT Less CapEx to Interest Expense		 0.00 0.00 1.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.33
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 67.50%
Augmented Payout Ratio		 0.00% 0.00% 67.50%

Key Financial Trends

In Q1 2025, NorthWestern delivered solid cash flow and margin expansion, though top-line growth was modestly down and leverage remains elevated.

  • Operating cash flow jumped to $153.4 M in Q1 2025 from $62.8 M in Q4 2024, indicating strong operational performance.
  • Operating cash flow covers CapEx by 166%, reflecting robust cash generation relative to investment needs.
  • NOPAT margin improved to 22.3% in Q1 2025 from 21.1% in Q3 2024, showing margin expansion.
  • EBITDA grew 16.9% year-over-year, underscoring accelerating earnings before non-cash charges.
  • Dividend per share was modestly increased to $0.66 in Q1 2025 from $0.65 in Q3 2024, maintaining shareholder returns.
  • Price-to-earnings multiple stands at a reasonable ~15x, in line with utilities sector averages.
  • Revenue declined 1.8% year-over-year in Q1 2025, indicating slight pressure on top-line growth.
  • Free cash flow to firm remains deeply negative at –$5.84 B, driven by heavy investment in assets.
  • Net debt/EBITDA ratio is high at ~5.0x, reflecting elevated leverage and financial risk.
  • Long-term debt to equity ratio rose to 1.08x, signaling increased reliance on debt financing.
06/21/25 10:34 AMAI Generated. May Contain Errors.

Frequently Asked Questions About NorthWestern's Financials

When does NorthWestern's financial year end?

According to the most recent income statement we have on file, NorthWestern's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has NorthWestern's net income changed over the last 2 years?

NorthWestern's net income appears to be on an upward trend, with a most recent value of $224.11 million in 2024, rising from $183.01 million in 2022. The previous period was $194.13 million in 2023. See where experts think NorthWestern is headed by visiting NorthWestern's forecast page.

What is NorthWestern's operating income?
NorthWestern's total operating income in 2024 was $323.32 million, based on the following breakdown:
  • Total Gross Profit: $852.25 million
  • Total Operating Expenses: $528.93 million
How has NorthWestern's revenue changed over the last 2 years?

Over the last 2 years, NorthWestern's total revenue changed from $1.48 billion in 2022 to $1.51 billion in 2024, a change of 2.4%.

How much debt does NorthWestern have?

NorthWestern's total liabilities were at $5.14 billion at the end of 2024, a 6.7% increase from 2023, and a 6.7% increase since 2023.

How much cash does NorthWestern have?

In the past 1 years, NorthWestern's cash and equivalents has ranged from $4.28 million in 2024 to $9.16 million in 2023, and is currently $4.28 million as of their latest financial filing in 2024.


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This page (NASDAQ:NWE) was last updated on 6/21/2025 by MarketBeat.com Staff
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