Northwest Natural Gas (NWN) financial statements
Northwest Natural Gas reported revenue of $1.3B in fiscal 2025, up 7.6% a year over 9 years.
Net income was $113M and the operating margin 21.8%, against 22.6% in 2016.
Free cash flow was -$198M, and the company returned $77M in dividends.
The diluted share count rose 47% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Northwest Natural Gas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $668M | $755M | $706M | $746M | $774M | $860M | $1.0B | $1.2B | $1.2B | $1.3B |
| Operating income | $151M | $151M | $132M | $143M | $148M | $163M | $167M | $185M | $191M | $281M |
| Pre-tax income | $105M | $113M | $92M | $78M | $91M | $106M | $115M | — | — | — |
| Income tax | $43M | $41M | $24M | $13M | $21M | $27M | $29M | $32M | $31M | $41M |
| Net income | $59M | -$56M | $65M | $62M | $77M | $79M | $86M | $94M | $79M | $113M |
| EPS (diluted) | $2.12 | -$1.93 | $2.24 | $2.07 | $2.51 | $2.56 | $2.54 | $2.59 | $2.03 | $2.77 |
| Diluted shares | 28M | 29M | 29M | 30M | 31M | 31M | 34M | 36M | 39M | 41M |
| Operating margin | 22.6% | 20.0% | 18.7% | 19.2% | 19.2% | 19.0% | 16.1% | 15.4% | 16.6% | 21.8% |
| Net margin | 8.8% | -7.4% | 9.1% | 8.3% | 9.9% | 9.1% | 8.3% | 7.8% | 6.8% | 8.8% |
Balance sheet
Fiscal years, from Northwest Natural Gas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $3M | $13M | $10M | $30M | $19M | $29M | $33M | $38M | $37M |
| Total current assets | — | $270M | $296M | $294M | $323M | $437M | $744M | $601M | $558M | $603M |
| Property, plant and equipment | — | $2.2B | $2.4B | $2.4B | $2.7B | $2.9B | $3.1B | $3.4B | $3.7B | $4.4B |
| Goodwill | — | $0 | $9M | $50M | $69M | $71M | $149M | $163M | $184M | $371M |
| Total assets | — | $3.0B | $3.2B | $3.4B | $3.8B | $4.1B | $4.7B | $4.9B | $5.2B | $6.2B |
| Total current liabilities | — | $382M | $509M | $482M | $627M | $725M | $899M | $697M | $649M | $836M |
| Long-term debt | — | $683M | $706M | $806M | $860M | $1.0B | $1.2B | $1.4B | $1.7B | $2.3B |
| Total liabilities | — | $2.3B | $2.5B | $2.6B | $2.9B | $3.1B | $3.6B | $3.6B | $3.8B | $4.7B |
| Shareholders' equity | $850M | $743M | $763M | $866M | $889M | $935M | $1.2B | $1.3B | $1.4B | $1.5B |
| Net debt | -$4M | $776M | $724M | $871M | $925M | $1.0B | $1.3B | $1.5B | $1.7B | $2.4B |
Cash flow
Fiscal years, from Northwest Natural Gas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $222M | $207M | $169M | $186M | $145M | $160M | $148M | $280M | $200M | $269M |
| Capital spending | $138M | $213M | $215M | $223M | $273M | $294M | $339M | $327M | $394M | $467M |
| Free cash flow | $84M | -$7M | -$46M | -$37M | -$128M | -$134M | -$191M | -$47M | -$194M | -$198M |
| Dividends paid | $52M | $54M | $51M | $53M | $55M | $56M | $63M | $67M | $73M | $77M |
| Share buybacks (net) | -$1M | -$2M | $0 | $0 | — | — | — | — | — | — |
| Net borrowing | -$92M | $61M | $116M | $76M | $35M | $370M | $159M | $71M | $215M | $574M |
| Free cash flow margin | 12.5% | -0.9% | -6.5% | -5.0% | -16.5% | -15.5% | -18.4% | -4.0% | -16.8% | -15.3% |
| Dividends per share | $1.85 | $1.88 | $1.78 | $1.79 | $1.81 | $1.82 | $1.85 | $1.86 | $1.87 | $1.89 |
Questions
What was Northwest Natural Gas's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Northwest Natural Gas generate?
-$198M in fiscal 2025 (operating cash flow minus capital spending).
From Northwest Natural Gas's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.