Every 10-Q that NorthWestern Energy Group, Inc. (NWE) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NWE and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NWE filings page.
NorthWestern Energy Group reported solid top-line growth but mixed profitability for the period ended June 30, 2026. For the quarter, total revenues rose to $392,599 (in thousands) from $342,713, while net income increased to $24,994 (in thousands), or $0.40 diluted EPS, from $21,228 and $0.35. For the first six months, revenues were $890,169 (in thousands) versus $809,343, but net income declined to $88,450 (in thousands) from $98,168 as higher operating, depreciation and interest costs, including $6.7 million of merger-related expenses and additional Colstrip costs, outweighed margin gains.
Utility margin, a non‑GAAP measure, increased to $302.8 million in the quarter and $654.8 million year‑to‑date, driven mainly by new rates, higher electric and gas volumes, and transmission revenue, partly offset by weather‑driven volume pressures and Montana property tax tracker effects. The company added 592 megawatts of Colstrip capacity from Puget and Avista at no purchase price, but Avista‑related operating costs are not yet in base rates; Puget capacity is largely sold under FERC‑approved cost‑based contracts.
The pending all‑stock merger with Black Hills, under which each NorthWestern share will convert into 0.98 Black Hills share, has received key federal, state and shareholder approvals, with Montana approval and other closing conditions outstanding and closing anticipated by year‑end 2026. Cash from operations was $233,232 (in thousands) in the first half against $304,772 (in thousands) of capital expenditures, funded in part by new long‑term debt, including $150.0 million of 5.51% South Dakota first mortgage bonds and a $225.0 million secured term loan.
NorthWestern Energy Group reported first-quarter 2026 net income of $63.5 million, down from $76.9 million a year earlier, as higher operating, merger-related, Colstrip and depreciation costs and warmer weather more than offset new rates and stronger transmission revenue.
Total revenues rose to $497.6 million from $466.6 million, and non‑GAAP utility margin increased to $352.0 million from $328.4 million, driven mainly by higher electric base rates and margin from the acquired Puget Colstrip interests. However, electric and natural gas retail volumes fell on milder winter conditions, pressuring earnings.
The company continued to advance its all‑stock merger of equals with Black Hills Corporation, under which each NorthWestern share is expected to convert into 0.98 shares of Black Hills common stock. Key shareholder approvals and antitrust clearance have been obtained, while FERC and state commission approvals remain pending. NorthWestern ended the quarter with $27.6 million in cash and $225.0 million of revolver availability.
NorthWestern Energy Group (NWE) reported third-quarter results and regulatory updates. Q3 2025 revenue was $386.95 million, up from $345.16 million a year ago, while net income was $38.23 million versus $46.82 million, reflecting higher administrative costs and interest expense. Diluted EPS was $0.62 compared to $0.76. For the first nine months, operating cash flow was $338.27 million.
The company advanced key initiatives. It entered an all-stock merger of equals agreement with Black Hills, with each NWE share to receive 0.98 Black Hills shares, subject to shareholder and regulatory approvals. NWE incurred $7.6 million of merger-related costs in Q3. In Montana, interim electric and gas rate structures remain in effect pending a final order expected in Q4 2025; Nebraska approved final gas rates effective July 1, 2025. NWE closed the $35.9 million cash acquisition of Energy West operations on July 1, 2025. It also plans to acquire additional interests in Colstrip Units 3 and 4 effective January 1, 2026, with filings aimed at cost recovery.
Capital activities included issuing $400 million Montana first mortgage bonds due 2030 and $100 million South Dakota first mortgage bonds due 2035, and expanding a term loan to $150 million. Shares outstanding were 61,407,029 as of October 24, 2025.