Northwest Natural Posts Record Q4 EPS, Launches MX3 Storage Expansion
Northwest Natural reported record adjusted earnings per share in Q4 2025, hitting the high end of guidance and driving its strongest customer growth in nearly 20 years. The company unveiled the MX3 storage expansion to bolster regional reliability and projected 2026 EPS of $2.95–$3.15.
1. Q4 2025 Financial Results
Northwest Natural delivered record adjusted earnings per share in Q4 2025, landing at the top of its guidance range and demonstrating strong operational execution.
2. Customer Growth and Capital Investment
The company deployed its highest-ever level of capital during the quarter, which fueled customer growth to its strongest rate in nearly 20 years and bolstered revenue stability across its service territories.
3. MX3 Storage Expansion Project
The newly announced MX3 storage expansion project in the Pacific Northwest is designed to enhance system reliability and increase capacity, positioning the company to support its long-term earnings growth target of 5% to 7%.
4. Regulatory Developments and Guidance
Northwest Natural secured new rates in Oregon effective October 31, resolved Washington revenue requirements with a settlement in principle, and issued 2026 EPS guidance of $2.95 to $3.15 while reaffirming a 4% to 6% compound annual growth rate through 2030.