NorthWestern Energy Group, Inc. (NWE) · Nov 5, 2026 · Earnings

NorthWestern earnings miss as Colstrip costs swamp utility growth

Miss — Non-GAAP EPS $0.58 vs ~$0.73 published consensus

NorthWestern’s third-quarter earnings fell short as Colstrip ownership costs and higher expenses outweighed utility-margin growth. Guidance stayed intact.

NorthWestern is a regulated electric-and-gas utility trying to fund a large capital build, capture future data-center demand, and close its merger with Black Hills; the quarter shows the core utility engine holding up, but the newly enlarged Colstrip footprint is still absorbing earnings.

The quarter missed the market’s earnings bar. Non-GAAP diluted EPS was $0.58 versus roughly $0.73 in published consensus, while revenue was $423.8 million versus approximately $428.2 million expected. The company reported GAAP diluted EPS of $0.50, down from $0.62 a year earlier, and non-GAAP EPS of $0.58, down from $0.79.

	Q3 2026	Q3 2025	Consensus
Revenue (Financial Results)	$423.8M	$387.0M	~$428.2M
GAAP diluted EPS (Financial Results)	$0.50	$0.62
Adjusted diluted EPS (Adjusted Non-GAAP Earnings)	$0.58	$0.79	~$0.73
Utility margin (Utility Margin)	$316.5M (+5.5%)	$300.0M
Operating income (Financial Results)	$74.6M (-7.1%)	$80.3M

Core utility demand and rate recovery were not the problem. Utility margin rose 5.5% year over year to $316.5 million, helped by Puget Colstrip margin, retail volumes, transmission revenue, and lower non-recoverable Montana supply costs. But that improvement was more than consumed by higher generation maintenance, depreciation, property taxes, interest expense, and the ongoing cost burden from Colstrip.

Colstrip remains the central earnings drag, not a one-quarter accounting wrinkle. The additional ownership interests created a $6.1 million net loss in the quarter; the Avista interests alone contributed a $0.05 EPS adjustment because power prices were insufficient to recover associated operating costs, while the combined Colstrip impact was a $0.10 GAAP EPS headwind versus the prior-year quarter. This was largely known before the filing, but the reported damage confirms that the promised cost recovery has not yet arrived. 〔0〕

Guidance was preserved, but it does not erase the weaker current earnings trend. NorthWestern reaffirmed standalone 2026 adjusted EPS guidance of $3.68-$3.83 and its 4%-6% long-term EPS and rate-base growth targets. That is stabilizing relative to a potential cut, but the guide depends on normal weather, regulatory approval of cost recovery, and a standalone framework that will no longer apply after the Black Hills merger closes.

The merger is close but still has one material approval left. Nebraska, South Dakota, and FERC approvals are complete, while the Montana PSC’s final order is expected by November 12, 2026; management still targets year-end closing. This is mainly a timing update rather than a new strategic development, but it is the key event that can replace NorthWestern’s standalone earnings framework with the combined company’s outlook. 〔1〕

Bottom line: The underlying regulated utility business is growing, but the quarter still missed because Colstrip costs and higher financing and operating expenses are arriving before their recovery mechanisms. Reaffirmed guidance keeps the longer-term story intact, but this filing modestly weakens near-term execution against expectations.

What to watch next

Montana PSC merger order expected by November 12

Original filing on SEC EDGAR

More NorthWestern Energy Group, Inc. news

NorthWestern reaffirms EPS outlook as Black Hills merger hits final approval hurdle

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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NorthWestern earnings miss as Colstrip costs swamp utility growth

What to watch next

More NorthWestern Energy Group, Inc. news

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