Welcome to our dedicated page for NorthWestern Energy Group SEC filings (Ticker: NWE), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
NorthWestern Energy Group, Inc.'s SEC filings document the formal disclosures of a regulated electric and natural gas utility with operations in Montana, South Dakota, Nebraska, and Yellowstone National Park. The record includes 8-K reports on operating results, Regulation FD presentations, material agreements, capital-structure actions, and annual meeting voting results.
Proxy and governance filings cover director elections, auditor ratification, executive compensation votes, board matters, and shareholder voting mechanics. Debt-related disclosures include NorthWestern Corporation financing arrangements, including Montana First Mortgage Bonds, indenture terms, secured-debt ranking, and intended uses of proceeds. The filings also address utility business risks, financial condition, and corporate governance for the public parent company.
NorthWestern Energy Group reported mixed 2025 results, with diluted GAAP EPS falling to $2.94 from $3.65 as net income declined to $181.1 million from $224.1 million, mainly from higher expenses, including a $30.9 million non-cash regulatory disallowance and merger-related costs.
On an adjusted basis, diluted non-GAAP EPS rose to $3.58 from $3.40, helped by higher base rates, electric transmission revenue, and natural gas transportation and retail volumes, as total revenues increased to $1,610.6 million from $1,513.9 million. Consolidated operating income edged up to $325.8 million from $323.3 million.
The company initiated 2026 non-GAAP EPS guidance of $3.68–$3.83 per diluted share, affirmed a long-term 4%–6% EPS growth target, approved a 1.5% dividend increase to $0.67 per quarter, and outlined a $3.2 billion 2026–2030 capital plan. It also advanced its all-stock merger of equals with Black Hills Corporation and completed acquisitions of additional Colstrip generation interests to support resource adequacy and future large-load and data center growth.
NorthWestern Energy Group files its annual report describing a regulated electric and gas utility serving about 850,300 customers in Montana, South Dakota, Nebraska and Yellowstone National Park. The company operates integrated generation, transmission and distribution systems, including hydro, coal and natural gas plants plus wind resources.
A pending all-stock merger of equals with Black Hills Corporation would convert each NorthWestern share into 0.98 Black Hills shares, creating a larger combined utility to be renamed Bright Horizon Energy. NorthWestern emphasizes regulatory oversight, rate-base driven earnings and extensive environmental and safety compliance obligations.
The company targets Net-Zero Scope 1 and 2 emissions by 2050 and reports that roughly 52% of its 2025 electric portfolio from owned and long-term resources was carbon-free. Recent projects include the 175 MW Yellowstone County Generating Station, additional Colstrip ownership and planned new natural gas units to support capacity needs and reliability.
NorthWestern Energy Group and Black Hills Corporation plan an all-stock merger that will combine two regulated electric and gas utilities into a single company referred to as “Newco.” River Merger Sub, a Black Hills subsidiary, will merge into NorthWestern, which will then become a wholly owned subsidiary of Black Hills.
NorthWestern shareholders will receive 0.98 share of Black Hills common stock for each NorthWestern share, with no appraisal rights. Both companies will hold virtual special meetings on April 2, 2026 to approve the Merger Agreement and related charter changes, including a large increase in Black Hills’ authorized shares and indebtedness limits. The boards of both companies unanimously recommend voting in favor of the merger proposals, which are also conditioned on multiple federal and state regulatory approvals and on the merger qualifying as a tax-free reorganization under Section 368(a) of the Internal Revenue Code.
Black Hills Corporation reviewed a strong 2025 and outlined its outlook while updating progress on its planned merger with NorthWestern Energy. The company delivered GAAP EPS of $3.98, or $4.10 adjusted, up 5% from $3.91 in 2024, driven by $0.95 per share of new rates and rider recovery plus customer growth, which offset higher O&M, interest and depreciation.
Management introduced 2026 adjusted EPS guidance of $4.25–$4.45, implying 6% growth at the midpoint, and reaffirmed a long-term 4%–6% EPS growth target with confidence in the upper half. The company highlighted a $4.7 billion capital plan focused on safety, reliability and growth, including the 260‑mile Ready Wyoming transmission project and the 99‑MW Lange II gas plant, plus a 50‑MW Colorado battery project for 2027.
Black Hills emphasized a data center pipeline of more than 3 gigawatts, with Microsoft and Meta expected to reach about 600 MW of load by 2030, which management expects to contribute more than 10% of consolidated EPS starting in 2028. The company also noted 56 consecutive years of dividend increases and said it aims to close the NorthWestern Energy merger in the second half of the year, following joint regulatory applications and an S‑4 filing with shareholder votes planned for early April.
NorthWestern Energy Group, Inc. director Jan Robert Horsfall reported receiving a grant of 581 shares of common stock on February 3, 2026, coded as an acquisition. The grant represents his first quarter 2026 stock award under the company’s compensation schedule for non-employee directors.
The shares carried a grant price of $64.54 as of December 31, 2025 and were issued as deferred share units on February 2, 2026. After this grant, Horsfall beneficially owned 10,505 shares, including deferred share units and shares acquired through dividend reinvestment, all reported as held directly.
NorthWestern Energy Group, Inc. director Jeffrey W. Yingling reported receiving a first quarter 2026 stock grant under the company’s compensation schedule for non-employee directors. The award covered 581 shares of common stock at a grant price of $64.54 per share, determined as of December 31, 2025.
Following this grant, Yingling beneficially owned 22,821 shares of NorthWestern common stock, including deferred share units that will be issued after his service ends and shares accumulated through dividend reinvestment.
Black Hills Corporation has called a special virtual shareholder meeting for 10:00 a.m. Mountain Time on April 2, 2026. Shareholders of record on January 28, 2026 can vote.
They will vote on issuing Black Hills common stock for a planned merger with NorthWestern Energy, tripling authorized shares from 100 million to 300 million, changing the company name, and increasing authorized indebtedness from $8 billion to $20 billion. Shareholders will also vote on an advisory proposal covering merger-related executive compensation and a possible adjournment of the meeting. Black Hills plans to file a Form S-4 registration statement and joint proxy statement/prospectus for the transaction.
NorthWestern Energy Group, Inc. insider transaction: Controller Jeffrey B. Berzina reported a disposition of 124 shares of NorthWestern Energy Group common stock on 01/22/2026 at a price of $64.54 per share under transaction code F. Following this transaction, he directly beneficially owned 3,999 shares of common stock.
NorthWestern Energy Group, Inc. executive activity: Vice President of Transmission Michael R. Cashell reported a disposition of 381 shares of NorthWestern Energy Group, Inc. common stock on January 22, 2026 at a price of $64.54 per share, coded as an "F" transaction, which typically reflects share withholding to cover taxes on equity compensation.
After this transaction, Cashell directly beneficially owned 24,354 shares of the company’s common stock. The filing shows no derivative securities transactions and lists his ownership as direct rather than through an intermediary entity.
NorthWestern Energy Group, Inc. officer files insider transaction report. Company executive LaFave Bleau, who serves as VP - Business Development & Asset Management, reported a disposition of 89 shares of NorthWestern Energy Group, Inc. common stock on January 22, 2026, coded as transaction type "F" at a price of $64.54 per share. Following this transaction, the reporting person directly beneficially owns 2,722 shares of the company’s common stock.