NWE
NorthWestern Corporation
NASDAQ: NWE · UTILITIES · UTILITIES - REGULATED ELECTRIC
$71.34
-1.44% today
Updated 2026-04-29
Market cap
$4.45B
P/E ratio
24.62
P/S ratio
2.76x
EPS (TTM)
$2.94
Dividend yield
3.64%
52W range
$49 – $75
Volume
0.5M
NorthWestern Corporation (NWE) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.13B | $1.20B | $1.26B | $1.14B | $1.11B | $1.12B | $1.07B | $1.15B | $1.20B | $1.21B | $1.26B | $1.31B | $1.19B | $1.26B | $1.20B | $1.37B | $1.48B | $1.42B | $1.51B | $1.61B |
| Revenue growth (YoY) | — | +6.0% | +5.1% | -9.4% | -2.7% | +0.6% | -4.2% | +7.9% | +4.4% | +0.8% | +3.5% | +3.9% | -8.7% | +5.5% | -4.7% | +14.5% | +7.7% | -3.8% | +6.5% | +6.4% |
| Cost of revenue | $1.23B | $668.40M | $698.74M | $573.69M | $531.09M | $494.56M | $395.43M | $479.55M | $482.59M | $372.86M | $400.97M | $410.35M | $272.88M | $527.07M | $306.19M | $425.55M | $713.44M | $640.79M | $227.84M | $284.92M |
| Gross profit | $-94.51M | $531.65M | $562.05M | $568.22M | $579.63M | $622.76M | $674.91M | $674.97M | $722.27M | $841.43M | $856.27M | $895.30M | $919.13M | $730.84M | $892.48M | $946.77M | $764.40M | $781.36M | $1.29B | $1.33B |
| Gross margin | -8.3% | 44.3% | 44.6% | 49.8% | 52.2% | 55.7% | 63.1% | 58.5% | 59.9% | 69.3% | 68.1% | 68.6% | 77.1% | 58.1% | 74.5% | 69.0% | 51.7% | 54.9% | 85.0% | 82.3% |
| R&D | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $240.22M | $221.57M | $226.16M | $245.62M | $237.05M | $267.16M | $269.97M | $285.57M | $305.89M | $297.48M | $302.89M | $305.14M | $307.12M | $109.18M | $297.12M | $101.87M | $113.78M | $117.36M | $137.44M | $158.24M |
| Operating income | $110.36M | $140.09M | $170.22M | $153.99M | $162.62M | $165.55M | $177.19M | $171.03M | $178.02M | $265.82M | $245.95M | $261.42M | $266.27M | $276.85M | $236.20M | $275.68M | $263.08M | $300.45M | $323.32M | $325.82M |
| Operating margin | 9.7% | 11.7% | 13.5% | 13.5% | 14.6% | 14.8% | 16.6% | 14.8% | 14.8% | 21.9% | 19.6% | 20.0% | 22.3% | 22.0% | 19.7% | 20.1% | 17.8% | 21.1% | 21.4% | 20.2% |
| EBITDA | $182.32M | $224.94M | $256.85M | $246.71M | $260.73M | $270.41M | $288.79M | $288.26M | $301.79M | $418.10M | $414.31M | $434.47M | $440.96M | $442.17M | $420.70M | $471.40M | $477.53M | $526.15M | $574.43M | $587.44M |
| EBITDA margin | 16.1% | 18.7% | 20.4% | 21.6% | 23.5% | 24.2% | 27.0% | 25.0% | 25.0% | 34.4% | 33.0% | 33.3% | 37.0% | 35.2% | 35.1% | 34.4% | 32.3% | 37.0% | 37.9% | 36.5% |
| EBIT | $101.30M | $142.52M | $171.77M | $157.67M | $168.96M | $169.48M | $182.75M | $175.43M | $178.02M | $273.40M | $254.98M | $268.33M | $266.49M | $269.25M | $241.06M | $283.93M | $282.51M | $315.68M | $346.80M | $337.92M |
| Interest expense | $56.02M | $56.94M | $63.95M | $67.76M | $65.83M | $66.86M | $65.06M | $70.49M | $77.80M | $92.15M | $94.97M | $92.26M | $91.99M | $95.07M | $96.81M | $93.67M | $100.11M | $114.62M | $131.67M | $150.35M |
| Income tax | $25.93M | $32.39M | $40.22M | $15.30M | $25.76M | $10.06M | $18.09M | $14.30M | $-10.27M | $30.04M | $-7.65M | $13.37M | $-18.71M | $-19.93M | $-10.97M | $3.42M | $-605000.00 | $7.54M | $-9.44M | $6.47M |
| Effective tax rate | 40.6% | 37.8% | 37.3% | 17.2% | 25.0% | 9.8% | 15.5% | 13.2% | -9.3% | 16.6% | -4.9% | 7.6% | -10.5% | -10.9% | -7.6% | 1.8% | -0.3% | 3.7% | -4.4% | 3.5% |
| Net income | $37.90M | $53.19M | $67.60M | $73.42M | $77.38M | $92.56M | $98.41M | $93.98M | $120.69M | $151.21M | $164.17M | $162.70M | $196.96M | $202.12M | $155.22M | $186.84M | $183.01M | $194.13M | $224.11M | $181.09M |
| Net income growth (YoY) | — | +40.3% | +27.1% | +8.6% | +5.4% | +19.6% | +6.3% | -4.5% | +28.4% | +25.3% | +8.6% | -0.9% | +21.1% | +2.6% | -23.2% | +20.4% | -2.1% | +6.1% | +15.4% | -19.2% |
| Profit margin | 3.3% | 4.4% | 5.4% | 6.4% | 7.0% | 8.3% | 9.2% | 8.1% | 10.0% | 12.5% | 13.1% | 12.5% | 16.5% | 16.1% | 12.9% | 13.6% | 12.4% | 13.7% | 14.8% | 11.2% |