Northwest Natural Holding Co

Listed Company

NWNCIK 0001733998NYSELarge AcceleratedNatural Gas DistributionOregonFY ends Dec 31

Period

FY 2025

Revenue

$1.29B

Net Income

$113.32M

Total Assets

$6.17B

Equity

$1.48B

Shares Out

41.56M

Op. Cash Flow

$269.12M

Business

Northwest Natural Holding Co provides regulated natural gas distribution services through its subsidiary NW Natural. It supplies natural gas commodity and delivery services, gas storage and LNG facilities, asset management, renewable natural gas procurement and attributes, and appliance retail operations. The company reports a primary Natural Gas Distribution (NGD) segment operated by NW Natural and aggregates other activities including Mist storage services, NW Natural Water, and unregulated renewables under holding company reporting. It serves customers across Oregon and southwest Washington through pipeline transportation, storage, LNG, and contracted supply arrangements.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenues	1,289	1,153	1,197	1,037	860
Cost of gas	396	412	500	430	292
Operations and maintenance	327	295	274	225	204
Environmental remediation	15	14	13	12	10
General taxes	52	49	46	41	39
Revenue taxes	48	48	49	42	35
Depreciation	166	138	126	117	114
Other operating expenses	5	6	6	4	4
Total operating expenses	1,008	962	1,013	870	697
Income from operations	281	191	185	167	163
Other income (expense), net	−4	−1	18	1	−13
Interest expense, net	123	80	77	53	44
Income before income taxes	155	110	126	115	106
Income tax expense	41	31	32	29	27
Net income	113	79	94	86	79
Change in employee benefit plan liability, net of taxes of $(241) for 2025, $40 for 2024, and $443 for 2023	670,000	−399,000	−1	4	593,000
Amortization of non-qualified employee benefit plan liability, net of taxes of $(526) for 2025, $(210) for 2024, and $(148) for 2023	2	584,000	410,000	795,000	905,000
Unrealized (loss) gain on interest rate swaps, net of taxes of $65 for 2025, $13 for 2024, and $(21) for 2023	−194,000	−36,000	59,000	129,000	0
Comprehensive income	115	79	93	91	80
Basic (in shares)	41	39	36	34	31
Diluted (in shares)	41	39	36	34	31
Basic (in dollars per share)	2.77	2.03	2.59	2.54	2.56
Diluted (in dollars per share)	2.77	2.03	2.59	2.54	2.56

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	37	38	33	29	19
Accounts receivable	122	124	121	169	101
Accrued unbilled revenue	97	94	83	89	82
Allowance for uncollectible accounts	−4	−3	−3	−3	−2
Regulatory assets	144	130	178	117	72
Derivative instruments	4	7	11	194	48
Inventories	128	107	113	87	57
Other current assets	76	60	65	61	59
Total current assets	603	558	601	744	437
Property, plant, and equipment	5,640	4,919	4,557	4,262	3,997
Less: Accumulated depreciation	1,288	1,247	1,199	1,147	1,126
Total property, plant, and equipment, net	4,352	3,672	3,358	3,114	2,871
Regulatory assets	424	382	333	340	315
Derivative instruments	366,000	535,000	431,000	5	11
Other investments	81	82	103	96	89
Operating lease right of use asset, net	68	69	71	73	75
Assets under sales-type leases	121	126	130	134	139
Goodwill	371	184	163	149	71
Other non-current assets	146	161	106	92	57
Total non-current assets	5,564	4,677	4,266	4,004	3,627
Total assets	6,167	5,234	4,867	4,748	4,065
Short-term debt	172	170	90	258	390
Current maturities of long-term debt	161	31	151	91	345,000
Accounts payable	176	133	145	181	133
Taxes accrued	18	16	15	16	16
Interest accrued	26	18	16	10	8
Regulatory liability, current	138	116	85	249	112
Derivative instruments	64	75	99	29	10
Operating lease liabilities	3	2	2	2	1
Other current liabilities	79	87	94	65	54
Total current liabilities	836	649	697	899	725
Long-term debt	2,272	1,679	1,425	1,246	1,045
Deferred tax liabilities	437	397	383	366	340
Regulatory liabilities	758	730	696	690	658
Pension and other postretirement benefit liabilities	112	130	158	149	167
Derivative instruments	14	13	28	21	412,000
Operating lease liabilities	75	76	77	79	79
Other non-current liabilities	186	174	119	123	115
Total deferred credits and other non-current liabilities	1,583	1,521	1,461	1,428	1,360
Commitments and contingencies (see Note 16 and Note 17)	—	—	—	—	—
Common stock - no par value; authorized 100,000,000 shares; issued and outstanding 41,563,577 and 40,222,305 at December 31, 2025 and 2024, respectively	1,044	989	891	805	591
Retained earnings	436	403	400	376	356
Accumulated other comprehensive loss	−5	−7	−7	−6	−11
Total equity	1,475	1,385	1,284	1,175	935
Total liabilities and equity	6,167	5,234	4,867	4,748	4,065

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization	24	20	18	16	14
Deferred income taxes	35	11	9	17	15
Qualified defined benefit pension plan expense (benefit)	10	4	−2	5	17
Contributions to qualified defined benefit pension plans	−11	−20	0	0	−10
Deferred environmental expenditures, net	−26	−23	−26	−18	−18
Asset optimization revenue sharing bill credits	−16	−29	−10	−41	−9
Regulatory disallowance of line extension allowances	0	14	0	0	—
Other	13	11	9	11	21
Receivables, net	8	−15	51	−76	−44
Inventories	−29	−3	−24	−29	−15
Income and other taxes	−6	809,000	−1	7	3
Accounts payable	10	−14	−40	25	12
Deferred gas costs	−34	38	52	12	−41
Asset optimization revenue sharing	24	15	23	29	—
Decoupling mechanism	−27	5	−11	11	−5
Cloud-based software	−10	−22	−16	−24	−7
Regulatory accounts	7	12	5	−6	44
RNG facility prepayment	0	−51	0	0	—
Other, net	3	17	14	−7	−19
Cash provided by operating activities	269	200	280	148	160
Capital expenditures	−467	−394	−327	−339	−294
Acquisitions, net of cash acquired	−338	−30	−8	−94	−1
Purchase of equity method investment	−1	−1	−1	−1	−14
Other	−3	−4	383,000	−2	3
Cash used in investing activities	−809	−429	−335	−435	−300
Proceeds from common stock issued, net	47	90	66	209	18
Long-term debt issued	760	285	330	290	185
Long-term debt retired	−183	−150	−90	0	−95
Changes in other short-term debt, net	−3	80	−169	−131	280
Cash dividend payments on common stock	−77	−73	−67	−63	−56
Payment of financing fees	−9	−3	−2	912,000	4
Shares withheld for tax purposes	−2	−1	−1	−1	—
Other	−197,000	−1	−3	−805,000	−1
Cash provided by financing activities	533	227	64	302	131
(Decrease) increase in cash, cash equivalents and restricted cash	−7	−2	9	14	−8
Interest paid, net of capitalization	111	71	80	51	44
Income Tax Paid, Federal, after Refund Received	6	10	14	—	—
Debt assumed in connection with business combinations	156	0	3	0	0

Filings

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