Northwestern Corp Financials
This page shows Northwestern Corp (NWE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Northwestern Corp has an operating margin of 20.2%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 67/100, reflecting efficient cost management and pricing power. This is down from 21.4% the prior year.
Northwestern Corp's revenue grew 6.4% year-over-year to $1.6B, a solid pace of expansion. This earns a growth score of 44/100.
Northwestern Corp carries a low D/E ratio of 1.10, meaning only $1.10 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.
Northwestern Corp's current ratio of 0.72 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 9/100, which could limit financial flexibility.
While Northwestern Corp generated $394.5M in operating cash flow, capex of $524.5M consumed most of it, leaving -$130.0M in free cash flow. This results in a low score of 5/100, reflecting heavy capital investment rather than weak cash generation.
Northwestern Corp generates a 6.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is down from 7.8% the prior year.
Northwestern Corp scores 0.89, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.2B) relative to total liabilities ($5.6B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Northwestern Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Northwestern Corp generates $2.18 in operating cash flow ($394.5M OCF vs $181.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Northwestern Corp earns $2.2 in operating income for every $1 of interest expense ($325.8M vs $150.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Northwestern Corp generated $1.6B in revenue in fiscal year 2025. This represents an increase of 6.4% from the prior year.
Northwestern Corp's EBITDA was $575.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.4% from the prior year.
Northwestern Corp reported $181.1M in net income in fiscal year 2025. This represents a decrease of 19.2% from the prior year.
Northwestern Corp earned $2.94 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 19.5% from the prior year.
Cash & Balance Sheet
Northwestern Corp generated -$130.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 8.8% from the prior year.
Northwestern Corp held $8.8M in cash against $3.2B in long-term debt as of fiscal year 2025.
Northwestern Corp paid $2.64 per share in dividends in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Northwestern Corp had 61M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.
Margins & Returns
Northwestern Corp's operating margin was 20.2% in fiscal year 2025, reflecting core business profitability. This is down 1.1 percentage points from the prior year.
Northwestern Corp's net profit margin was 11.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.6 percentage points from the prior year.
Northwestern Corp's ROE was 6.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.6 percentage points from the prior year.
Capital Allocation
Northwestern Corp invested $524.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 4.5% from the prior year.
NWE Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $414.3M+7.1% | $387.0M+12.9% | $342.7M-26.6% | $466.6M+24.9% | $373.5M+8.2% | $345.2M+7.9% | $319.9M-32.7% | $475.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $46.7M+38.3% | $33.8M-18.3% | $41.4M | N/A | $34.9M+11.6% | $31.3M-22.7% | $40.4M |
| Operating Income | $60.0M-25.2% | $80.3M+32.1% | $60.8M-51.3% | $124.7M+36.0% | $91.7M+35.0% | $67.9M+10.3% | $61.6M-39.6% | $102.1M |
| Interest Expense | N/A | $38.4M+5.8% | $36.3M-0.7% | $36.5M | N/A | $33.4M+4.8% | $31.9M+2.9% | $31.0M |
| Income Tax | N/A | $8.8M+159.9% | $3.4M-77.8% | $15.2M | N/A | -$3.2M-174.6% | $4.2M-58.9% | $10.3M |
| Net Income | $44.7M+16.9% | $38.2M+80.1% | $21.2M-72.4% | $76.9M-4.5% | $80.6M+72.0% | $46.8M+47.9% | $31.7M-51.4% | $65.1M |
| EPS (Diluted) | $0.72+16.1% | $0.62+77.1% | $0.35-72.0% | $1.25-4.6% | $1.31+72.4% | $0.76+46.2% | $0.52-50.9% | $1.06 |
NWE Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.5B+1.9% | $8.3B+2.0% | $8.1B+0.4% | $8.1B+1.3% | $8.0B+1.8% | $7.9B+1.8% | $7.7B+1.1% | $7.6B |
| Current Assets | $503.9M+13.5% | $443.9M+10.1% | $403.1M-14.8% | $472.8M+13.1% | $418.2M+13.5% | $368.4M+1.2% | $364.0M-8.3% | $396.8M |
| Cash & Equivalents | $8.8M+41.6% | $6.2M+111.3% | $2.9M-94.8% | $56.0M+1208.1% | $4.3M+69.5% | $2.5M-60.5% | $6.4M+54.2% | $4.2M |
| Inventory | $132.5M-1.8% | $135.0M+7.7% | $125.4M+4.8% | $119.6M-2.7% | $122.9M+1.1% | $121.6M+5.8% | $115.0M+10.7% | $103.8M |
| Accounts Receivable | $209.8M+31.9% | $159.1M+2.7% | $154.9M-17.4% | $187.5M-0.1% | $187.8M+30.2% | $144.2M-3.6% | $149.5M-20.0% | $186.9M |
| Goodwill | $367.6M-0.1% | $367.9M+2.9% | $357.6M0.0% | $357.6M0.0% | $357.6M0.0% | $357.6M0.0% | $357.6M0.0% | $357.6M |
| Total Liabilities | $5.6B+2.9% | $5.4B+3.1% | $5.3B+1.0% | $5.2B+1.3% | $5.1B+2.0% | $5.0B+2.7% | $4.9B+1.8% | $4.8B |
| Current Liabilities | $697.5M+1.9% | $684.6M+27.4% | $537.4M+35.2% | $397.6M-50.4% | $802.2M-1.4% | $813.3M+16.2% | $699.8M+57.4% | $444.7M |
| Long-Term Debt | $3.2B+4.5% | $3.0B+0.5% | $3.0B-3.2% | $3.1B+16.1% | $2.7B+5.0% | $2.6B-0.1% | $2.6B-7.1% | $2.8B |
| Total Equity | $2.9B+0.2% | $2.9B0.0% | $2.9B-0.6% | $2.9B+1.4% | $2.9B+1.5% | $2.8B+0.3% | $2.8B-0.2% | $2.8B |
| Retained Earnings | $896.7M+0.5% | $892.4M-0.2% | $894.5M-2.1% | $913.6M+4.2% | $877.0M+4.9% | $836.1M+0.9% | $829.0M-1.0% | $837.0M |
NWE Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $56.2M-55.6% | $126.7M+117.6% | $58.2M-62.1% | $153.4M+144.1% | $62.8M-47.6% | $120.0M+92.7% | $62.3M-61.5% | $161.7M |
| Capital Expenditures | $149.9M-2.4% | $153.6M+19.2% | $128.9M+39.9% | $92.1M-38.1% | $148.7M-2.9% | $153.2M+10.5% | $138.6M+27.5% | $108.8M |
| Free Cash Flow | -$93.7M-248.7% | -$26.9M+61.9% | -$70.6M-215.3% | $61.3M+171.3% | -$85.9M-158.8% | -$33.2M+56.5% | -$76.3M-244.2% | $52.9M |
| Investing Cash Flow | -$152.1M+20.7% | -$191.8M-47.5% | -$130.0M-34.5% | -$96.7M+35.2% | -$149.4M+4.8% | -$156.8M-12.6% | -$139.3M-27.8% | -$109.0M |
| Financing Cash Flow | $96.2M+39.2% | $69.1M+276.9% | $18.3M+425.1% | -$5.6M-106.4% | $87.6M+159.9% | $33.7M-61.5% | $87.7M+252.5% | -$57.5M |
| Dividends Paid | $40.4M0.0% | $40.4M0.0% | $40.3M+0.1% | $40.3M+1.6% | $39.7M0.0% | $39.6M0.0% | $39.6M0.0% | $39.6M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NWE Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 14.5%-6.3pp | 20.8%+3.0pp | 17.7%-9.0pp | 26.7%+2.2pp | 24.6%+4.9pp | 19.7%+0.4pp | 19.3%-2.2pp | 21.5% |
| Net Margin | 10.8%+0.9pp | 9.9%+3.7pp | 6.2%-10.3pp | 16.5%-5.1pp | 21.6%+8.0pp | 13.6%+3.7pp | 9.9%-3.8pp | 13.7% |
| Return on Equity | 1.6%+0.2pp | 1.3%+0.6pp | 0.7%-1.9pp | 2.7%-0.2pp | 2.8%+1.2pp | 1.7%+0.5pp | 1.1%-1.2pp | 2.3% |
| Return on Assets | 0.5%+0.1pp | 0.5%+0.2pp | 0.3%-0.7pp | 0.9%-0.1pp | 1.0%+0.4pp | 0.6%+0.2pp | 0.4%-0.4pp | 0.9% |
| Current Ratio | 0.72+0.1 | 0.65-0.1 | 0.75-0.4 | 1.19+0.7 | 0.52+0.1 | 0.45-0.1 | 0.52-0.4 | 0.89 |
| Debt-to-Equity | 1.10+0.0 | 1.060.0 | 1.05-0.0 | 1.08+0.1 | 0.94+0.0 | 0.910.0 | 0.92-0.1 | 0.98 |
| FCF Margin | -22.6%-15.7pp | -7.0%+13.7pp | -20.6%-33.7pp | 13.1%+36.1pp | -23.0%-13.4pp | -9.6%+14.2pp | -23.9%-35.0pp | 11.1% |
Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Northwestern Corp's annual revenue?
Northwestern Corp (NWE) reported $1.6B in total revenue for fiscal year 2025. This represents a 6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Northwestern Corp's revenue growing?
Northwestern Corp (NWE) revenue grew by 6.4% year-over-year, from $1.5B to $1.6B in fiscal year 2025.
Is Northwestern Corp profitable?
Yes, Northwestern Corp (NWE) reported a net income of $181.1M in fiscal year 2025, with a net profit margin of 11.2%.
What is Northwestern Corp's EBITDA?
Northwestern Corp (NWE) had EBITDA of $575.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Northwestern Corp have?
As of fiscal year 2025, Northwestern Corp (NWE) had $8.8M in cash and equivalents against $3.2B in long-term debt.
What is Northwestern Corp's operating margin?
Northwestern Corp (NWE) had an operating margin of 20.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Northwestern Corp's net profit margin?
Northwestern Corp (NWE) had a net profit margin of 11.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Northwestern Corp pay dividends?
Yes, Northwestern Corp (NWE) paid $2.64 per share in dividends during fiscal year 2025.
What is Northwestern Corp's return on equity (ROE)?
Northwestern Corp (NWE) has a return on equity of 6.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Northwestern Corp's free cash flow?
Northwestern Corp (NWE) generated -$130.0M in free cash flow during fiscal year 2025. This represents a 8.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Northwestern Corp's operating cash flow?
Northwestern Corp (NWE) generated $394.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Northwestern Corp's total assets?
Northwestern Corp (NWE) had $8.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Northwestern Corp's capital expenditures?
Northwestern Corp (NWE) invested $524.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Northwestern Corp's current ratio?
Northwestern Corp (NWE) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Northwestern Corp's debt-to-equity ratio?
Northwestern Corp (NWE) had a debt-to-equity ratio of 1.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Northwestern Corp's return on assets (ROA)?
Northwestern Corp (NWE) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Northwestern Corp's Altman Z-Score?
Northwestern Corp (NWE) has an Altman Z-Score of 0.89, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Northwestern Corp's Piotroski F-Score?
Northwestern Corp (NWE) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Northwestern Corp's earnings high quality?
Northwestern Corp (NWE) has an earnings quality ratio of 2.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Northwestern Corp cover its interest payments?
Northwestern Corp (NWE) has an interest coverage ratio of 2.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Northwestern Corp?
Northwestern Corp (NWE) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.