Earnings Releases·Nov 5, 2026, 9:58 AM ET

NorthWestern Energy — Q3 2026 Earnings Summary

Q3 2026 diluted GAAP EPS fell to $0.50 from $0.62 in 2025, and adjusted non-GAAP EPS dropped to $0.58 from $0.79, driven by a $6.1 million net loss on Colstrip Units 3 and 4 ownership and higher interest expenses, despite total revenues rising 9.5% to $423.8 million.
The company affirmed its 2026 non-GAAP earnings guidance range of $3.68 to $3.83 per share and long-term EPS growth guidance of 4% to 6%, while maintaining a $3.2 billion capital investment plan for 2026-2030.
Strategic progress includes the anticipated completion of the all-stock merger with Black Hills by year-end 2026 to form Bright Horizon Energy Corporation, alongside new data center supply agreements totaling up to 1,250 MW by 2030 and a filed rate plan rider requesting $11.8 million in revenue.
Liquidity remains robust at approximately $349.5 million, supported by expanded revolving credit facilities totaling $750 million, while the company declared a $0.67 quarterly dividend with conversion terms established for the upcoming merger.
Key risks include ongoing regulatory proceedings regarding the PCCAM cost-sharing mechanism, a FERC appeal on Puget Interests rates, and the final approval of the merger by the Montana Public Service Commission.