NorthWestern Corporation, which conducts business under the name NorthWestern Energy, supplies electricity and natural gas to residential, commercial, and diverse industrial clients. ...
NorthWestern Energy Group, Inc., operating as NorthWestern Energy, is a public utility holding company that supplies electricity and natural gas across Montana, South Dakota, Nebraska, and Yellowstone National Park. The company was founded in 1923 as Northwestern Public Service Company and is headquartered in Sioux Falls, South Dakota. With over ...NorthWestern Energy Group, Inc., operating as NorthWestern Energy, is a public utility holding company that supplies electricity and natural gas across Montana, South Dakota, Nebraska, and Yellowstone National Park. The company was founded in 1923 as Northwestern Public Service Company and is headquartered in Sioux Falls, South Dakota. With over 1,600 employees, NorthWestern Energy is a significant player in the regulated electric and natural gas utility sector, listed on NASDAQ under the ticker NWE. The company's operations are divided into two primary segments: Electric and Natural Gas. The Electric segment is responsible for generating, procuring, transmitting, and distributing electrical power, with infrastructure including 6,819 miles of electric transmission lines, 18,177 miles of distribution lines, and approximately 400 substations in Montana, plus additional lines in South Dakota. The Natural Gas segment handles production, purchase, storage, transmission, and delivery of natural gas, with 2,166 miles of transmission lines and 4,945 miles of distribution lines in Montana, along with city gate stations, and similar facilities in South Dakota and Nebraska. Financially, the company has a market capitalization of approximately $4.43 billion and generates revenue per share of about $27.50. Its financial metrics show a price-to-earnings ratio of ~25.8, a price-to-book ratio of ~1.53, and a dividend yield of 3.7%. The company's enterprise value is around $8.03 billion, with a debt-to-equity ratio of 1.24. Key financial ratios indicate a net profit margin of 10.1%, return on equity of 5.9%, and return on assets of 2.0%. The company has an operating cash flow per share of $6.77 but a negative free cash flow per share of -$3.12, largely due to significant capital expenditures for infrastructure maintenance and expansion. NorthWestern Energy is led by President and CEO Brian Bird, who has been instrumental in advancing clean energy initiatives and modernizing the grid. The company serves approximately 753,600 customers, focusing on reliable and sustainable energy solutions. Recent developments include a proposed all-stock merger with Black Hills Corp. to create a premier regional regulated utility, though the deal is subject to approvals. NorthWestern Energy is committed to community involvement and environmental stewardship, investing in renewable energy sources and grid resilience.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$1.6B
+6.4%
-21.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$181.1M
-19.2%
-60.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+82.3%
-3.1%
+39.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+20.2%
-5.3%
-28.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+11.2%
-24.0%
-50.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-130.0M
+8.8%
-365.1%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-8.1%
+14.2%
-436.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
119.1%
+9.8%
+10.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.72x
+38.6%
+17.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello everyone. Thank you for joining us and welcome to the NorthWestern Energy Second Quarter 2026 Financial Results Webinar. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press one. To raise your hand. To withdraw your question, press one again. I will now hand the conference over to Travis Meyer, Director of Corporate Development and Investor Relations Officer. Travis? Please go ahead.
Travis Meyer: Thank you, Kendra. Good afternoon, and thank you for joining NorthWestern Energy Group's financial results webcast for the quarter ended June 30, 2026. Joining us on the call today are Brian Bird, President and Chief Executive Officer and Crystal Dawn Lail, chief financial officer. Brian and Crystal will walk us through the results, and provide an overall update on the great progress we have made this quarter. Before handing the call over, however, a few reminders regarding today's call. NorthWestern's results have been released, and the release is available on our website at northwesternenergy.com. We also released our 10-Q premarket this morning. Please note that the company's press release, this presentation, comments by presenters and responses to your questions may contain forward-looking statements. As such, I will direct you to the disclosures contained within our SEC filings in the Safe Harbor provisions included on the second slide of this presentation. Also note that this presentation includes non-GAAP financial measures and information regarding the pending merger transaction. See the non-GAAP disclosure, definitions, and reconciliations in the merger-related disclosures in the appendix of today's materials. The webcast is being recorded. An archived replay will be available shortly after the event and will remain active for one year. Please visit the financial results section of our website to access the replay. With those details behind us, I will hand the presentation over to Brian Bird for his opening remarks.
Brian Bird: Thank you, Travis, for recent highlights for the quarter. We reported GAAP diluted EPS of $0.40 and a non-GAAP diluted EPS of $0.50. We are also affirming our 2026 earnings guidance range of $3.68 to $3.83. And also affirming our long-term rate base and EPS growth rate targets of 4% to 6%. Regarding the merger, during the quarter, we received approvals from the Nebraska PSC, the South Dakota PUC, and FERC, We also had our Montana hearing, and the final briefing is now completed, and we are awaiting the final word. Lastly, in terms of dividend, we declared $0.67 per share payable September 1, 2026. You might note there is a change in the payment date and August 17 record date to make sure we align with Black Hills Corporation's dividend dates which was intended to simplify the closing mechanics in the merger. And with that, I am going to hand it over to Crystal to cover the second quarter financial review.
Crystal Dawn Lail: Thank …