NorthWestern (NWE) revenue breakdown
By segment, Electric is the largest at 76% of fiscal 2023 revenue; Natural gas grew fastest, 11% a year over 2 years.
By product, Electric is the largest at 79% of fiscal 2025 revenue, growing 5% a year over 4 years.
Revenue by segment
Fiscal years, as NorthWestern reports them in its 10-K filings; fiscal 2023 total $1.6B.
| Segments | 2021 | 2022 | 2023 | Share |
|---|---|---|---|---|
| Electric | $1.0B | $1.1B | $1.2B | 76% |
| Natural gas | $308M | $399M | $378M | 24% |
Revenue by product
Fiscal years, as NorthWestern reports them in its 10-K filings; fiscal 2025 total $1.6B.
| Products | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|
| Electric | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | 79% |
| Gas Domestic Regulated | $320M | $371M | $353M | $313M | $341M | 21% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NWE.
Open NWE in InvestinglyQuestions
Where does NorthWestern make its money?
In fiscal 2023, by segment: Electric $1.2B, Natural gas $378M.
From NorthWestern's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.