The non-GAAP beat and affirmed guidance support the stock, but the GAAP decline and weak retail volumes weigh. Watch upcoming MPSC/SDPUC hearings on merger in Q2—positive outcomes could lift the stock further. The data center development pipeline (up to 1,500 MW) offers longer-term upside.
Price Chart
Executive Summary
NorthWestern Energy reported Q1 2026 GAAP EPS of $1.03 (down 17.6% YoY) but adjusted non-GAAP EPS of $1.31 beat the $1.28 consensus by 2.3%, driven by base rate increases and transmission revenues. Total revenue rose 6.6% YoY to $497.6M. The company affirmed its 2026 non-GAAP EPS guidance range of $3.68–$3.83 and its 4-6% long-term growth rate, with merger approvals progressing. The GAAP decline reflects unfavorable weather, merger costs, and higher Colstrip operating expenses, but the underlying non-GAAP trend is positive.
Key Financial Metrics
Key Facts
- Q1 2026 diluted GAAP EPS $1.03 vs $1.25 YoY; adjusted non-GAAP EPS $1.31 vs $1.22 YoY
- Total revenues $497.6M, up 6.6% YoY; utility margin $352.0M, up 7.2%
- Affirmed 2026 non-GAAP EPS guidance $3.68–$3.83 and long-term 4-6% EPS/rate base growth
- Merger with Black Hills (Bright Horizon Energy) received shareholder approval; settlements reached in MT, NE, SD; closing targeted H2 2026
- Quarterly dividend $0.67 per share declared (payable June 30, 2026)
Financial Impact
Non-GAAP EPS of $1.31 modestly beat consensus of $1.28; GAAP EPS missed due to $0.28/share in weather and merger/Costrip costs
Risk Factors
- Merger regulatory hurdles in MT and SD; FERC rehearing motion by MPSC commissioners
- Inability to recover Colstrip Avista interest costs if power prices remain low
- Higher operating expenses from wildfire mitigation and insurance premiums
- Equity dilution from planned issuances beginning in 2027
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001993004-26-000031 |
| Exhibit: exh993earnpres26q1.htm | 0001993004-26-000031 |
| Exhibit: exh992annmtgpres26.htm | 0001993004-26-000031 |
| Document: nwe-20260429.htm | 0001993004-26-000031 |
| Document: 0001993004-26-000031-index-headers.html | 0001993004-26-000031 |
| Document: 0001993004-26-000031-index.html | 0001993004-26-000031 |
| Document: 0001993004-26-000031.txt | 0001993004-26-000031 |
| 8-K Data (Synthetic) | 0001993004-26-000031 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 12w ago | 8-K | $69.73 $77.59 | ▲ +11.27% | ▲ +8.81% | $79.18 (+13.55%) |
Jun 2, 2026 21w ago | 8-K | $69.80 $71.48 | ▲ +2.41% | ▲ +1.29% | $79.18 (+13.44%) |
Jun 2, 2026 21w ago | 8-K | $69.80 $71.48 | ▲ +2.41% | ▲ +1.29% | $79.18 (+13.44%) |
May 18, 2026 23w ago | 8-K | $71.48 $70.56 | ▼ −1.29% | ▼ −6.14% | $79.18 (+10.77%) |
Apr 30, 2026 25w ago | 8-K | $72.34 $72.20 | ▼ −0.19% | ▼ −3.30% | $79.18 (+9.46%) |
Apr 3, 2026 29w ago | 8-K | $68.11 $71.45 | ▲ +4.90% | ▼ −8.57% | $79.18 (+16.25%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers