What is Northwestern Corp's earnings per share (EPS)?

Northwestern Corp (NWE) reported diluted earnings per share of $2.94 for fiscal year 2025. This represents a -19.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Northwestern Corp Financials

NWE

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Northwestern Corp (NWE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NWE FY2025 2026-04-30

Heavy reinvestment keeps free cash flow negative while the business expands its asset base and financing load.

Across the recent period, operating cash flow stayed in a narrow band between $394M and $489M, showing the core cash engine is steadier than headline earnings. But capital spending remained above $524M, which helps explain why interest expense rose to $150M: expansion is still being partly financed externally rather than by internal cash alone.

FY2025 net income fell to $181M even though operating income held near $326M; the pressure came below the operating line rather than from a collapse in core operations. At the same time, return on assets eased to 2.1%, suggesting the larger asset base is not yet producing proportionally more profit.

With just $8.8M of cash and a current ratio of 0.7x, liquidity management depends more on timing and financing access than on a large cash buffer. That matters because dividends paid were $161M while free cash flow was -$130M, so payouts currently coexist with ongoing external funding needs.

Financial Health Signals

Financial Health Score 50/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Northwestern Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

Altman Z-Score Distress

0.92

Northwestern Corp scores 0.92, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.5B) relative to total liabilities ($5.6B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Northwestern Corp passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.18x

For every $1 of reported earnings, Northwestern Corp generates $2.18 in operating cash flow ($394.5M OCF vs $181.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.2x

Northwestern Corp earns $2.2 in operating income for every $1 of interest expense ($325.8M vs $150.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.6B

YoY+6.4%

Northwestern Corp generated $1.6B in revenue in fiscal year 2025. This represents an increase of 6.4% from the prior year.

EBITDA

$575.3M

YoY+4.4%

Northwestern Corp's EBITDA was $575.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.4% from the prior year.

Net Income

$181.1M

YoY-19.2%

Northwestern Corp reported $181.1M in net income in fiscal year 2025. This represents a decrease of 19.2% from the prior year.

EPS (Diluted)

$2.94

YoY-19.5%

Northwestern Corp earned $2.94 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 19.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$130.0M

YoY+8.8%

Northwestern Corp generated -$130.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 8.8% from the prior year.

Cash & Debt

$8.8M

YoY+105.0%

Northwestern Corp held $8.8M in cash against $3.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.64

YoY+1.5%

Northwestern Corp paid $2.64 per share in dividends in fiscal year 2025. This represents an increase of 1.5% from the prior year.

Shares Outstanding

61M

YoY+0.2%

Northwestern Corp had 61M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

20.2%

YoY-1.1pp

Northwestern Corp's operating margin was 20.2% in fiscal year 2025, reflecting core business profitability. This is down 1.1 percentage points from the prior year.

Net Margin

11.2%

YoY-3.6pp

Northwestern Corp's net profit margin was 11.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.6 percentage points from the prior year.

Return on Equity

6.3%

YoY-1.6pp

Northwestern Corp's ROE was 6.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$524.5M

YoY-4.5%

Northwestern Corp invested $524.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 4.5% from the prior year.

NWE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$1.6B+6.4%	$1.5B+6.5%	$1.4B-3.8%	$1.5B+7.7%	$1.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$158.2M+15.1%	$137.4M+17.1%	$117.4M+3.2%	$113.8M+11.7%	$101.9M
Operating Income	$325.8M+0.8%	$323.3M+7.6%	$300.5M+14.2%	$263.1M-4.6%	$275.7M
Interest Expense	$150.4M+14.2%	$131.7M+14.9%	$114.6M+14.5%	$100.1M+6.9%	$93.7M
Income Tax	$6.5M+168.6%	-$9.4M-225.2%	$7.5M+1346.1%	-$605K-117.7%	$3.4M
Net Income	$181.1M-19.2%	$224.1M+15.4%	$194.1M+6.1%	$183.0M-2.1%	$186.8M
EPS (Diluted)	$2.94-19.5%	$3.65+13.4%	$3.22-0.9%	$3.25-9.7%	$3.60

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$497.6M+20.1%	$414.3M+7.1%	$387.0M+12.9%	$342.7M-26.6%	$466.6M+24.9%	$373.5M+8.2%	$345.2M+7.9%	$319.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$46.1M	N/A	$46.7M+38.3%	$33.8M-18.3%	$41.4M	N/A	$34.9M+11.6%	$31.3M
Operating Income	$114.1M+90.1%	$60.0M-25.2%	$80.3M+32.1%	$60.8M-51.3%	$124.7M+36.0%	$91.7M+35.0%	$67.9M+10.3%	$61.6M
Interest Expense	$39.9M	N/A	$38.4M+5.8%	$36.3M-0.7%	$36.5M	N/A	$33.4M+4.8%	$31.9M
Income Tax	$13.8M	N/A	$8.8M+159.9%	$3.4M-77.8%	$15.2M	N/A	-$3.2M-174.6%	$4.2M
Net Income	$63.5M+42.0%	$44.7M+16.9%	$38.2M+80.1%	$21.2M-72.4%	$76.9M-4.5%	$80.6M+72.0%	$46.8M+47.9%	$31.7M
EPS (Diluted)	$1.03+43.1%	$0.72+16.1%	$0.62+77.1%	$0.35-72.0%	$1.25-4.6%	$1.31+72.4%	$0.76+46.2%	$0.52

NWE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$8.5B+5.8%	$8.0B+5.2%	$7.6B+3.9%	$7.3B+7.9%	$6.8B
Current Assets	$503.9M+20.5%	$418.2M+2.7%	$407.0M-24.5%	$538.8M	N/A
Cash & Equivalents	$8.8M+105.0%	$4.3M-53.3%	$9.2M+8.0%	$8.5M+201.0%	$2.8M
Inventory	$132.5M+7.8%	$122.9M+7.3%	$114.5M+6.7%	$107.4M	N/A
Accounts Receivable	$209.8M+11.7%	$187.8M-11.5%	$212.3M-13.3%	$245.0M	N/A
Goodwill	$367.6M+2.8%	$357.6M0.0%	$357.6M0.0%	$357.6M	N/A
Total Liabilities	$5.6B+8.4%	$5.1B+6.7%	$4.8B+3.5%	$4.7B+4.8%	$4.4B
Current Liabilities	$697.5M-13.1%	$802.2M+50.0%	$534.9M-13.8%	$620.8M	N/A
Long-Term Debt	$3.2B+18.0%	$2.7B+0.4%	$2.7B+8.5%	$2.5B	N/A
Total Equity	$2.9B+1.0%	$2.9B+2.6%	$2.8B+4.5%	$2.7B+13.9%	$2.3B
Retained Earnings	$896.7M+2.2%	$877.0M+8.1%	$811.5M+5.2%	$771.4M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$8.6B+1.5%	$8.5B+1.9%	$8.3B+2.0%	$8.1B+0.4%	$8.1B+1.3%	$8.0B+1.8%	$7.9B+1.8%	$7.7B
Current Assets	$513.2M+1.8%	$503.9M+13.5%	$443.9M+10.1%	$403.1M-14.8%	$472.8M+13.1%	$418.2M+13.5%	$368.4M+1.2%	$364.0M
Cash & Equivalents	$5.9M-33.3%	$8.8M+41.6%	$6.2M+111.3%	$2.9M-94.8%	$56.0M+1208.1%	$4.3M+69.5%	$2.5M-60.5%	$6.4M
Inventory	$134.1M+1.2%	$132.5M-1.8%	$135.0M+7.7%	$125.4M+4.8%	$119.6M-2.7%	$122.9M+1.1%	$121.6M+5.8%	$115.0M
Accounts Receivable	$199.3M-5.0%	$209.8M+31.9%	$159.1M+2.7%	$154.9M-17.4%	$187.5M-0.1%	$187.8M+30.2%	$144.2M-3.6%	$149.5M
Goodwill	$367.6M0.0%	$367.6M-0.1%	$367.9M+2.9%	$357.6M0.0%	$357.6M0.0%	$357.6M0.0%	$357.6M0.0%	$357.6M
Total Liabilities	$5.7B+1.8%	$5.6B+2.9%	$5.4B+3.1%	$5.3B+1.0%	$5.2B+1.3%	$5.1B+2.0%	$5.0B+2.7%	$4.9B
Current Liabilities	$730.9M+4.8%	$697.5M+1.9%	$684.6M+27.4%	$537.4M+35.2%	$397.6M-50.4%	$802.2M-1.4%	$813.3M+16.2%	$699.8M
Long-Term Debt	$3.2B-0.1%	$3.2B+4.5%	$3.0B+0.5%	$3.0B-3.2%	$3.1B+16.1%	$2.7B+5.0%	$2.6B-0.1%	$2.6B
Total Equity	$2.9B+0.8%	$2.9B+0.2%	$2.9B0.0%	$2.9B-0.6%	$2.9B+1.4%	$2.9B+1.5%	$2.8B+0.3%	$2.8B
Retained Earnings	$919.1M+2.5%	$896.7M+0.5%	$892.4M-0.2%	$894.5M-2.1%	$913.6M+4.2%	$877.0M+4.9%	$836.1M+0.9%	$829.0M

NWE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$394.5M-3.0%	$406.7M-16.9%	$489.2M+59.2%	$307.2M+39.7%	$220.0M
Capital Expenditures	$524.5M-4.5%	$549.2M-3.1%	$566.9M+10.0%	$515.1M+18.6%	$434.3M
Free Cash Flow	-$130.0M+8.8%	-$142.5M-83.5%	-$77.7M+62.6%	-$207.9M+3.0%	-$214.3M
Investing Cash Flow	-$570.6M-2.9%	-$554.5M+2.9%	-$570.8M-10.4%	-$516.9M-18.6%	-$435.8M
Financing Cash Flow	$177.9M+17.4%	$151.6M+79.8%	$84.3M-60.5%	$213.3M-1.9%	$217.5M
Dividends Paid	$161.4M+1.8%	$158.6M+2.9%	$154.1M+10.0%	$140.1M+9.0%	$128.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$159.4M+183.8%	$56.2M-55.6%	$126.7M+117.6%	$58.2M-62.1%	$153.4M+144.1%	$62.8M-47.6%	$120.0M+92.7%	$62.3M
Capital Expenditures	$116.1M-22.6%	$149.9M-2.4%	$153.6M+19.2%	$128.9M+39.9%	$92.1M-38.1%	$148.7M-2.9%	$153.2M+10.5%	$138.6M
Free Cash Flow	$43.3M+146.2%	-$93.7M-248.7%	-$26.9M+61.9%	-$70.6M-215.3%	$61.3M+171.3%	-$85.9M-158.8%	-$33.2M+56.5%	-$76.3M
Investing Cash Flow	-$116.1M+23.7%	-$152.1M+20.7%	-$191.8M-47.5%	-$130.0M-34.5%	-$96.7M+35.2%	-$149.4M+4.8%	-$156.8M-12.6%	-$139.3M
Financing Cash Flow	-$46.5M-148.3%	$96.2M+39.2%	$69.1M+276.9%	$18.3M+425.1%	-$5.6M-106.4%	$87.6M+159.9%	$33.7M-61.5%	$87.7M
Dividends Paid	$41.0M+1.6%	$40.4M0.0%	$40.4M0.0%	$40.3M+0.1%	$40.3M+1.6%	$39.7M0.0%	$39.6M0.0%	$39.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NWE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	20.2%-1.1pp	21.4%+0.2pp	21.1%+3.3pp	17.8%-2.3pp	20.1%
Net Margin	11.2%-3.6pp	14.8%+1.1pp	13.7%+1.3pp	12.4%-1.2pp	13.6%
Return on Equity	6.3%-1.6pp	7.8%+0.9pp	7.0%+0.1pp	6.9%-1.1pp	8.0%
Return on Assets	2.1%-0.7pp	2.8%+0.3pp	2.5%+0.0pp	2.5%-0.3pp	2.8%
Current Ratio	0.72+0.2	0.52-0.2	0.76-0.1	0.87	N/A
Debt-to-Equity	1.10+0.2	0.94-0.0	0.96+0.0	0.93-1.0	1.90
FCF Margin	-8.1%+1.3pp	-9.4%-4.0pp	-5.5%+8.6pp	-14.1%+1.6pp	-15.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	22.9%+8.4pp	14.5%-6.3pp	20.8%+3.0pp	17.7%-9.0pp	26.7%+2.2pp	24.6%+4.9pp	19.7%+0.4pp	19.3%
Net Margin	12.8%+2.0pp	10.8%+0.9pp	9.9%+3.7pp	6.2%-10.3pp	16.5%-5.1pp	21.6%+8.0pp	13.6%+3.7pp	9.9%
Return on Equity	2.2%+0.6pp	1.6%+0.2pp	1.3%+0.6pp	0.7%-1.9pp	2.7%-0.2pp	2.8%+1.2pp	1.7%+0.5pp	1.1%
Return on Assets	0.7%+0.2pp	0.5%+0.1pp	0.5%+0.2pp	0.3%-0.7pp	0.9%-0.1pp	1.0%+0.4pp	0.6%+0.2pp	0.4%
Current Ratio	0.70-0.0	0.72+0.1	0.65-0.1	0.75-0.4	1.19+0.7	0.52+0.1	0.45-0.1	0.52
Debt-to-Equity	1.090.0	1.10+0.0	1.060.0	1.05-0.0	1.08+0.1	0.94+0.0	0.910.0	0.92
FCF Margin	8.7%+31.3pp	-22.6%-15.7pp	-7.0%+13.7pp	-20.6%-33.7pp	13.1%+36.1pp	-23.0%-13.4pp	-9.6%+14.2pp	-23.9%

Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Northwestern Corp's annual revenue?

Northwestern Corp (NWE) reported $1.6B in total revenue for fiscal year 2025. This represents a 6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Northwestern Corp's revenue growing?

Northwestern Corp (NWE) revenue grew by 6.4% year-over-year, from $1.5B to $1.6B in fiscal year 2025.

Is Northwestern Corp profitable?

Yes, Northwestern Corp (NWE) reported a net income of $181.1M in fiscal year 2025, with a net profit margin of 11.2%.

What is Northwestern Corp's EBITDA?

Northwestern Corp (NWE) had EBITDA of $575.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Northwestern Corp have?

As of fiscal year 2025, Northwestern Corp (NWE) had $8.8M in cash and equivalents against $3.2B in long-term debt.

What is Northwestern Corp's operating margin?

Northwestern Corp (NWE) had an operating margin of 20.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Northwestern Corp's net profit margin?

Northwestern Corp (NWE) had a net profit margin of 11.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Northwestern Corp pay dividends?

Yes, Northwestern Corp (NWE) paid $2.64 per share in dividends during fiscal year 2025.

What is Northwestern Corp's return on equity (ROE)?

Northwestern Corp (NWE) has a return on equity of 6.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Northwestern Corp's free cash flow?

Northwestern Corp (NWE) generated -$130.0M in free cash flow during fiscal year 2025. This represents a 8.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Northwestern Corp's operating cash flow?

Northwestern Corp (NWE) generated $394.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Northwestern Corp's total assets?

Northwestern Corp (NWE) had $8.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Northwestern Corp's capital expenditures?

Northwestern Corp (NWE) invested $524.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Northwestern Corp have outstanding?

Northwestern Corp (NWE) had 61M shares outstanding as of fiscal year 2025.

What is Northwestern Corp's current ratio?

Northwestern Corp (NWE) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Northwestern Corp's debt-to-equity ratio?

Northwestern Corp (NWE) had a debt-to-equity ratio of 1.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Northwestern Corp's return on assets (ROA)?

Northwestern Corp (NWE) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Northwestern Corp's Altman Z-Score?

Northwestern Corp (NWE) has an Altman Z-Score of 0.92, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Northwestern Corp's Piotroski F-Score?

Northwestern Corp (NWE) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Northwestern Corp's earnings high quality?

Northwestern Corp (NWE) has an earnings quality ratio of 2.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Northwestern Corp cover its interest payments?

Northwestern Corp (NWE) has an interest coverage ratio of 2.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Northwestern Corp?

Northwestern Corp (NWE) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.