NorthWestern (NWE) financial statements
NorthWestern reported revenue of $1.6B in fiscal 2025, up 4.1% a year over 4 years.
Net income was $181M and the operating margin 20.2%, against 20.1% in 2021.
Free cash flow was -$130M, and the company returned $161M in dividends.
The diluted share count rose 19% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NorthWestern's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $1.4B | $1.5B | $1.6B |
| Selling, general and admin | $102M | $114M | $117M | $137M | $158M |
| Operating income | $276M | $263M | $300M | $323M | $326M |
| Interest expense | $94M | $100M | $115M | $132M | $150M |
| Pre-tax income | $190M | $182M | $202M | $215M | $188M |
| Income tax | $3M | -$605,000 | $8M | -$9M | $6M |
| Net income | $187M | $183M | $194M | $224M | $181M |
| EPS (diluted) | $3.60 | $3.25 | $3.22 | $3.65 | $2.94 |
| Diluted shares | 52M | 56M | 60M | 61M | 61M |
| Operating margin | 20.1% | 17.8% | 21.1% | 21.4% | 20.2% |
| Net margin | 13.6% | 12.4% | 13.7% | 14.8% | 11.2% |
Balance sheet
Fiscal years, from NorthWestern's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3M | $8M | $9M | $4M | $9M |
| Receivables | — | $245M | $212M | $188M | $210M |
| Inventory | — | $107M | $115M | $123M | $133M |
| Total current assets | — | $539M | $407M | $418M | $504M |
| Property, plant and equipment | — | $5.7B | $6.0B | $6.4B | $6.7B |
| Goodwill | — | $358M | $358M | $358M | $368M |
| Total assets | $6.8B | $7.3B | $7.6B | $8.0B | $8.5B |
| Total current liabilities | — | $621M | $535M | $802M | $697M |
| Long-term debt | — | $2.5B | $2.7B | $2.7B | $3.2B |
| Total liabilities | — | $4.7B | $4.8B | $5.1B | $5.6B |
| Shareholders' equity | $2.3B | $2.7B | $2.8B | $2.9B | $2.9B |
| Net debt | -$3M | $2.6B | $2.8B | $3.0B | $3.3B |
Cash flow
Fiscal years, from NorthWestern's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $220M | $307M | $489M | $407M | $394M |
| Capital spending | $434M | $515M | $567M | $549M | $524M |
| Free cash flow | -$214M | -$208M | -$78M | -$143M | -$130M |
| Stock-based compensation | $5M | $5M | $5M | $5M | $7M |
| Dividends paid | $128M | $140M | $154M | $159M | $161M |
| Net borrowing | -$85,000 | $0 | $300M | $315M | $652M |
| Free cash flow margin | -15.6% | -14.1% | -5.5% | -9.4% | -8.1% |
| Dividends per share | $2.48 | $2.51 | $2.55 | $2.59 | $2.63 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NWE.
Open NWE in InvestinglyQuestions
What was NorthWestern's revenue in 2025?
$1.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does NorthWestern generate?
-$130M in fiscal 2025 (operating cash flow minus capital spending).
From NorthWestern's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.