Earnings summaries and quarterly performance for NorthWestern Energy Group.
Executive leadership at NorthWestern Energy Group.
Brian Bird
Detailed
President and Chief Executive Officer
CEO
BS
Bobbi Schroeppel
Detailed
Vice President – Customer Care, Communications and Human Resources
CL
Crystal Lail
Detailed
Vice President and Chief Financial Officer
JH
John Hines
Detailed
Vice President – Supply / Montana Government Affairs
SH
Shannon Heim
Detailed
General Counsel and Vice President, Federal Government Affairs
Board of directors at NorthWestern Energy Group.
Research analysts who have asked questions during NorthWestern Energy Group earnings calls.
Nicholas Campanella
Barclays
7 questions for NWE
Also covers: AEE, AEP, AES +33 more
Aidan Kelly
JPMorgan Chase & Co.
5 questions for NWE
Also covers: EIX, PCG, SRE
Ross Fowler
Bank of America
3 questions for NWE
Also covers: AEP, BKH, D +11 more
BR
Brian Russo
Jefferies
2 questions for NWE
Also covers: AEE, ALE, AVA +10 more
CE
Christopher Ellinghaus
Siebert Williams Shank & Co., LLC
2 questions for NWE
Also covers: BKH, CPK, CTRI +12 more
PF
Paul Fremont
Ladenburg Thalmann
2 questions for NWE
Also covers: AEE, CNP, CPK +18 more
RS
Rex Savage
Clear Street LLC
2 questions for NWE
W
Whitney
Wells Fargo & Company
2 questions for NWE
AM
Alex Motel
Scotiabank
1 question for NWE
AC
Anthony Crowdell
Mizuho Financial Group
1 question for NWE
Also covers: AEE, AEP, AES +30 more
DL
Dylan Line
Ladenburg Thalmann
1 question for NWE
JR
Jonathan Reeder
Wells Fargo Securities
1 question for NWE
Also covers: AWK, AWR, CWT +4 more
Matthew Davis
Millennium Management
1 question for NWE
SP
Shahriar Pourreza
Guggenheim Partners
1 question for NWE
Also covers: AEE, AEP, AVA +29 more
Recent press releases and 8-K filings for NWE.
NWE Reports Q4 2025 Results, Issues 2026 Guidance, and Updates Capital Plan
NWE
Earnings
Guidance Update
M&A
- NWE reported full year 2025 GAAP diluted EPS of $2.94 and non-GAAP diluted EPS of $3.58, representing a 5.3% increase over 2024 on a non-GAAP basis.
- The company initiated its 2026 earnings guidance range of $3.68-$3.83 per share and increased its quarterly dividend by 1.5% to $0.67 per share.
- NWE updated its five-year capital plan to $3.21 billion, a 17% increase over the prior plan, which includes a $300 million or 131-megawatt South Dakota natural gas project.
- The merger with Black Hills Corporation is anticipated to close in the second half of 2026, with joint requests for approval filed in Montana, Nebraska, South Dakota, and with FERC.
- NWE closed the acquisition of Avista and Puget Colstrip interests as of January 1, 2026, increasing its ownership from 15% to 55%.
Feb 12, 2026, 8:30 PM
NorthWestern Energy Reports Q4 and Full-Year 2025 Results, Issues 2026 Guidance, and Updates Capital Plan
NWE
Earnings
Guidance Update
M&A
- NorthWestern Energy reported GAAP diluted EPS of $2.94 and non-GAAP diluted EPS of $3.58 for the full year 2025.
- The company initiated 2026 earnings guidance in the range of $3.68-$3.83 per share and increased its quarterly dividend by 1.5% to $0.67 per share.
- NWE updated its five-year capital plan to $3.21 billion, a 17% increase over the prior plan, driven by the inclusion of a 131-megawatt South Dakota natural gas project and incremental Colstrip ownership.
- The all-stock merger of equals with Black Hills Corporation is anticipated to close in the second half of 2026, with joint requests for approval filed in Montana, Nebraska, South Dakota, and FERC.
- In 2025, NWE achieved favorable legislative outcomes in Montana, including Senate Bill 301 for transmission investment and House Bill 490 clarifying wildfire risks, and completed Montana Electric and Natural Gas general rate reviews.
Feb 12, 2026, 8:30 PM
NorthWestern Energy Reports Q4 2025 Results, Updates Capital Plan, and Provides 2026 Guidance
NWE
Earnings
Guidance Update
M&A
- NorthWestern Energy reported non-GAAP diluted EPS of $3.58 for the full-year 2025, representing a 5.3% increase over 2024, and initiated 2026 earnings guidance in the range of $3.68-$3.83 per share.
- The company updated its five-year capital plan to $3.21 billion, a 17% increase over its prior plan, and increased its quarterly dividend by 1.5% to $0.67 per share. Equity issuance for incremental capital is anticipated beyond 2026.
- The all-stock merger of equals with Black Hills Corporation is expected to close in the second half of 2026, with shareholder votes scheduled for April 2. Joint requests for merger approval have been filed with state commissions and FERC.
- NorthWestern Energy completed the acquisition of Avista and Puget Colstrip interests as of January 1, 2026, increasing its ownership from 15% to 55%. A temporary PCCAM tariff waiver for the Avista portion was granted in January 2026 to largely offset $18 million in annual operating costs, and a contract signed in October 2025 to sell Puget electricity is expected to largely offset $30 million in annual operating costs.
- The company submitted a $300 million or 131 MW South Dakota natural gas project for study, with completion expected in 2030. It also advanced several data center agreements, including a third letter of intent with Moneta for a 500+ MW data center.
Feb 12, 2026, 8:30 PM
NorthWestern Energy Reports 2025 Financial Results, Initiates 2026 Guidance, and Provides Merger Update
NWE
Earnings
Guidance Update
M&A
- NorthWestern Energy reported 2025 Diluted GAAP EPS of $2.94 and Adjusted Diluted Non-GAAP EPS of $3.58, compared to $3.65 and $3.40 respectively in 2024.
- The company initiated 2026 non-GAAP earnings guidance in the range of $3.68 to $3.83 per diluted share and affirmed a 4% to 6% long-term EPS growth rate.
- A 1.5% increase in the quarterly dividend was announced, raising it to $0.67 per share, payable March 31, 2026.
- NorthWestern Energy announced a $3.2 billion 5-year capital plan, representing a 17% increase over the prior plan.
- The merger with Black Hills Corporation is anticipated to close in the second half of 2026, and the acquisition of Avista and Puget Colstrip interests was completed on January 1, 2026.
Feb 12, 2026, 4:47 PM
NorthWestern Energy Reports 2025 Financial Results and Provides 2026 Guidance
NWE
Earnings
Guidance Update
M&A
- NorthWestern Energy reported 2025 Diluted GAAP EPS of $2.94 and Adjusted Diluted Non-GAAP EPS of $3.58, compared to $3.65 and $3.40 respectively in 2024.
- The company provided 2026 non-GAAP earnings guidance of $3.68 to $3.83 per diluted share and affirmed a 4% to 6% long-term EPS growth rate.
- A merger agreement with Black Hills Corporation was announced in August 2025, with shareholder votes scheduled for April 2, 2026, and a target closing in the second half of 2026.
- NorthWestern Energy increased its quarterly dividend by 1.5% to $0.67 per share and announced a $3.2 billion 5-year capital plan.
- A $30.9 million non-cash charge was recorded in Q4 2025 due to the regulatory disallowance of certain Yellowstone County Generating Station capital costs.
Feb 12, 2026, 1:00 AM
Halper Sadeh LLC Investigates NorthWestern Energy Group's Sale to Black Hills Corp.
NWE
M&A
Legal Proceedings
Takeover Bid
- Halper Sadeh LLC is investigating NorthWestern Energy Group (NWE) for potential violations of federal securities laws and/or breaches of fiduciary duties to shareholders.
- The investigation focuses on NWE's proposed sale to Black Hills Corp., where NWE shareholders are set to receive 0.98 shares of Black Hills for each share of NorthWestern.
- Upon completion of the proposed transaction, NorthWestern shareholders are expected to own approximately 44% of the combined company.
- Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits on behalf of shareholders.
Feb 9, 2026, 5:38 PM
NorthWest Copper Reports Positive Metallurgical Test Results for Kwanika Project
NWE
New Projects/Investments
- NorthWest Copper Corp. announced successful results from its 2025 metallurgical program at its Kwanika project on January 21, 2026.
- The program demonstrated material improvements in recoveries of 34% for gold and 37% for silver.
- Achievable recoveries include 94.6%-96.3% for gold, 96.3% for silver, and 88.9%-90.2% for copper using a refined flow sheet with leaching.
- These positive results will lead to an updated mineral resource at Kwanika in Q1 2026, followed by a new Preliminary Economic Assessment (PEA) targeted for mid-2026.
Jan 21, 2026, 11:30 AM
NorthWest Copper Reports Positive Drill Results and Subsidiary Amalgamation
NWE
New Projects/Investments
M&A
- NorthWest Copper Corp. reported drill results from its 2025 exploration program at the Kwanika project, highlighted by a near-surface intercept of 25.9 metres grading 0.91% Cu and 1.29g/t Au (2.09% copper equivalent) from 179.9 metres in hole K-25-287.
- The 2025 program demonstrated the continuity of higher-grade zones, with Pit Zone results expected to support higher-grade open pit mineral resources and Central Zone results supporting underground mining methods.
- The company expects to deliver a mineral resource update in the first quarter of 2026 and an updated preliminary economic assessment (PEA) in mid-2026 to improve upon the 2023 PEA.
- Effective January 1, 2026, NorthWest Copper Corp. completed an amalgamation of two wholly-owned subsidiaries to streamline financial and regulatory reporting and reduce administrative costs.
Jan 5, 2026, 11:30 AM
NorthWest Copper Reports High-Grade Drill Results at Kwanika Project
NWE
New Projects/Investments
Guidance Update
- NorthWest Copper Corp. announced high-grade drill results from its 2025 program at the Kwanika project, highlighted by an intercept in hole K-25-283 within the Central Zone of 43 metres grading 1.83% Cu and 1.28g/t Au (3.01% copper equivalent) and a significant near-surface intercept in K-25-273 of 123 metres grading 1.31% Cu and 0.83g/t Au (2.09% CuEq).
- These results are expected to support a more capital-efficient and economically robust open pit and underground development plan in an updated preliminary economic assessment (PEA), improving on the 2023 PEA.
- The 2025 exploration program is designed to confirm, define, and expand the Company's understanding of higher-grade copper-gold mineralization within the near-surface and underground portions of the current mineral resources.
Dec 18, 2025, 11:30 AM
NorthWest Copper Reports Strong Drill Results from Kwanika Project
NWE
New Projects/Investments
- NorthWest Copper Corp. reported excellent near-surface drill results from two holes (K-25-265 and K-25-266) completed as part of its 2025 program at the Kwanika project in British Columbia.
- Hole K-25-266 delivered a highlight intercept of 59.8 metres grading 0.70% Cu and 0.95 g/t Au (1.57% copper equivalent) from 40.8 metres.
- These results successfully expanded Pit Zone 10 down-dip and defined a newly recognized Pit Zone 12, indicating that these zones remain open for further expansion along strike and down-dip.
- The company expects this work to support a higher-quality mineral resource estimate and lead to a more capital-efficient and economically robust development plan, improving on the 2023 Preliminary Economic Assessment (PEA).
Dec 17, 2025, 11:00 AM
Quarterly earnings call transcripts for NorthWestern Energy Group.
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