NORTHWESTERN CORPORATION
(A direct, wholly-owned subsidiary of NorthWestern Energy Group, Inc.) Financial Statements For the Period Ending June 30, 2026Table of Contents
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Condensed Consolidated Statements of Income for the Six Months Ended June 30, 2026 and 2025 3
Condensed Consolidated Statements of Comprehensive Income for the Six Months Ended June 30, 2026 and 2025 4
Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 5
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 6
Condensed Consolidated Statements of Common Shareholders' Equity for the Six Months Ended June 30, 2026 and 2025
7
Notes to Condensed Consolidated Financial Statements 8
NORTHWESTERN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands)Six Months Ended June 30,
2026 | 2025 | |
Revenues | ||
Electric | $ 554,818 | $ 518,650 |
Gas | 136,556 | 133,014 |
Total Revenues | 691,374 | 651,664 |
Operating expenses | ||
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) | 144,493 | 147,338 |
Operating, administrative and general | 184,320 | 159,883 |
Property and other taxes | 93,762 | 87,349 |
Depreciation and depletion | 107,454 | 99,344 |
Total Operating Expenses | 530,029 | 493,914 |
Operating income | 161,345 | 157,750 |
Interest expense, net | (62,752) | (57,008) |
Other income, net | 4,972 | 3,198 |
Income before income taxes | 103,565 | 103,940 |
Income tax expense | (16,480) | (17,660) |
Net Income | 87,085 | 86,280 |
See Notes to Condensed Consolidated Financial Statements
NORTHWESTERN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)Six Months Ended June 30,
2026 | 2025 | |||
Net Income | $ | 87,085 | $ | 86,280 |
Other comprehensive income (loss), net of tax: | ||||
Reclassification of net losses on derivative instruments | 226 | 226 | ||
Foreign currency translation | (3) | 5 | ||
Total Other Comprehensive Income | 223 | 231 |
Comprehensive Income $ 87,308 $ 86,511
See Notes to Condensed Consolidated Financial Statements
NORTHWESTERN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)As of June 30, | As of December 31, | |
2026 | 2025 | |
ASSETS | ||
Current Assets: | ||
Cash and cash equivalents | $ 1,608 | $ 4,201 |
Restricted cash | 9,545 | 10,787 |
Accounts receivable, net | 134,278 | 165,506 |
Accounts receivable from related parties | 2 | 473 |
Inventories | 107,653 | 98,430 |
Regulatory assets | 97,645 | 83,773 |
Prepaid expenses and other | 14,772 | 27,528 |
Total current assets | 365,503 | 390,698 |
Property, plant, and equipment, net | 5,717,554 | 5,583,528 |
Goodwill | 273,856 | 273,856 |
Regulatory assets | 682,834 | 675,159 |
Other noncurrent assets | 66,487 | 37,964 |
Total Assets | $ 7,106,234 | $ 6,961,205 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Current Liabilities: | ||
Current maturities of finance leases | $ 1,708 | $ 1,865 |
Accounts payable | 90,173 | 96,333 |
Accounts payable to related parties | 1,690 | 600 |
Accrued expenses | 254,259 | 238,473 |
Regulatory liabilities | 15,131 | 21,147 |
Total current liabilities | 362,961 | 358,418 |
Long-term finance leases | 7,728 | - |
Long-term debt | 2,813,627 | 2,690,083 |
Deferred income taxes | 722,137 | 695,700 |
Noncurrent regulatory liabilities | 574,138 | 562,961 |
Other noncurrent liabilities | 262,979 | 245,106 |
Total Liabilities | 4,743,570 | 4,552,268 |
Commitments and Contingencies (Note 5) | ||
Shareholders' Equity: | ||
Common stock, par value $0.01 | 0 | 0 |
Paid-in capital | 2,054,241 | 2,050,822 |
Retained earnings | 315,263 | 365,178 |
Accumulated other comprehensive loss | (6,840) | (7,063) |
Total Shareholders' Equity | 2,362,664 | 2,408,937 |
Total Liabilities and Shareholders' Equity | $ 7,106,234 | $ 6,961,205 |
See Notes to Condensed Consolidated Financial Statements