Northwestern Stock Earnings Reports

Northwestern Energy reported Q1 2026 GAAP diluted EPS of $1.03 and adjusted EPS of $1.31 (up 7.4% YoY), and reaffirmed 2026 guidance of $3.68–$3.83 and long-term EPS/rate base growth target of 4%–6%. Results were negatively affected by an unusually warm winter (~$0.17 EPS headwind), merger-related costs, and incremental operating costs from expanded Colstrip ownership (about $48M annual run-rate; roughly $12M per quarter). The company received strong shareholder approval for the pending Black Hills merger and reached settlements with key intervenors in Montana, Nebraska and South Dakota; state and FERC approvals remain required but management expects approvals in 2026. South Dakota enacted favorable wildfire legislation protecting utilities from strict liability; the company will file a wildfire mitigation plan in 2026. Data center opportunity activity increased: Northwestern signed a third development agreement with Quantica (now an aggregate development pipeline of ~1.1 GW tied to Quantica, ramping beginning in early 2029 and reaching full ramp ~2031). Management filed a Montana large-new-load tariff to protect customers and enable serving large loads; an Energy Service Agreement (ESA) with a customer remains a gating item for some regulatory elements. Capital plan remains $3.2B for 2026–2030 (transmission, distribution, supply); management expects no common equity issuance in 2026 but flagged potential equity needs beginning in 2027 tied to incremental generation in South Dakota and other large-build opportunities. A quarter dividend of $0.67 was declared. Key risks: timing of state regulatory approvals for the merger, resolution of the Montana rate cases, outcomes of the large-new-load tariff, and execution/timelines for data-center developers.