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Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
The following tables present disaggregated revenue of NW Holdings:
Three Months Ended June 30,
In thousandsNW NaturalSiEnergyNWN Water UtilityOtherNW Holdings
2026
Natural gas sales$167,487 $13,292 $— $533 $181,312 
Gas storage revenue, net4,839 — — — 4,839 
Asset management revenue, net1,045 — — — 1,045 
Water and wastewater revenue— — 17,077 — 17,077 
Gas appliance retail revenue825 — — — 825 
Renewable natural gas sales— — — 7,594 7,594 
Other revenue873 — — — 873 
    Revenue from contracts with customers175,069 13,292 17,077 8,127 213,565 
Alternative revenue25,283 254 — — 25,537 
Leasing revenue4,450 — — — 4,450 
    Total operating revenues$204,802 $13,546 $17,077 $8,127 $243,552 
2025
Natural gas sales$166,923 $11,502 $— $701 $179,126 
Gas storage revenue, net4,082 — — — 4,082 
Asset management revenue, net1,545 — — — 1,545 
Water and wastewater revenue— — 16,294 — 16,294 
Gas appliance retail revenue891 — — — 891 
Renewable natural gas sales— — — 6,890 6,890 
Other revenue961 — — — 961 
    Revenue from contracts with customers174,402 11,502 16,294 7,591 209,789 
Alternative revenue22,102 — — — 22,102 
Leasing revenue4,303 — — — 4,303 
    Total operating revenues$200,807 $11,502 $16,294 $7,591 $236,194 
Six Months Ended June 30,
In thousandsNW Natural
SiEnergy(1)
NWN WaterOtherNW Holdings
2026
Natural gas sales$566,606 $41,668 $— $1,911 $610,185 
Gas storage revenue, net9,204 — — — 9,204 
Asset management revenue, net2,792 — — — 2,792 
Water and wastewater revenue— — 32,046 — 32,046 
Gas appliance retail revenue2,134 — — — 2,134 
Renewable natural gas sales— — — 16,059 16,059 
Other revenue1,749 — — — 1,749 
    Revenue from contracts with customers582,485 41,668 32,046 17,970 674,169 
Alternative revenue47,310 3,573 — — 50,883 
Leasing revenue8,903 — — — 8,903 
    Total operating revenues$638,698 $45,241 $32,046 $17,970 $733,955 
2025
Natural gas sales$597,172 $34,168 $— $1,871 $633,211 
Gas storage revenue, net8,698 — — — 8,698 
Asset management revenue, net3,294 — — — 3,294 
Water and wastewater revenue— — 30,203 — 30,203 
Gas appliance retail revenue2,263 — — — 2,263 
Renewable natural gas sales— — — 14,616 14,616 
Other revenue1,913 — — — 1,913 
    Revenue from contracts with customers613,340 34,168 30,203 16,487 694,198 
Alternative revenue27,671 — — — 27,671 
Leasing revenue8,609 — — — 8,609 
    Total operating revenues$649,620 $34,168 $30,203 $16,487 $730,478 
(1)    SiEnergy was acquired by NW Holdings on January 7, 2025. Results for the period from January 7, 2025 to June 30, 2025 are presented in the table above. Prior to January 7, 2025, NW Holdings did not operate any assets that fall within its SiEnergy segment.
Natural gas sales represent the majority of NW Holdings' revenue and is recognized when the obligation to customers is satisfied and in the amount expected to be received in exchange for transferring goods or providing services. Revenue from contracts with customers contains one performance obligation that is generally satisfied over time as the customer receives the natural gas. The transaction price is determined by a set price agreed upon in the contract or dependent on regulatory tariffs. Customer accounts are settled on a monthly basis or paid at time of sale. Based on historical experience, it is probable that we will collect substantially all of the consideration to which we are entitled. We evaluated the probability of collection in accordance with the current expected credit losses standard.

NW Holdings and NW Natural do not have any material contract assets, as net accounts receivable and accrued unbilled revenue balances are unconditional and only involve the passage of time until such balances are billed and collected. NW Holdings and NW Natural do not have any material contract liabilities.

Revenue taxes are included in operating revenues with an equal and offsetting expense recognized in operating expenses in the consolidated statements of comprehensive income. Revenue-based taxes are primarily franchise taxes, which are collected from utility customers and remitted to taxing authorities.

Components of Revenue
The components of NW Holdings' revenue, by reportable business segment, are explained below.

NW Natural
Natural Gas Sales
NW Natural's primary source of revenue is providing natural gas to customers in the NW Natural service territory, which includes residential, commercial, industrial and transportation customers. NW Natural revenue is generally recognized over time upon delivery of the gas commodity or service to the customer, and the amount of consideration received and recognized as revenue is dependent on the Oregon and Washington tariffs. There is no right of return or warranty for services provided. Revenues include firm and interruptible sales and transportation services, franchise taxes recovered from the customer, late payment fees, service fees, and accruals for gas delivered but not yet billed (accrued unbilled revenue). The accrued unbilled revenue balance
is based on estimates of deliveries during the period from the last meter reading and management judgment is required for a number of factors used in this calculation, including customer use and weather factors.

Customer accounts are to be paid in full each month and there is no significant financing component for this source of revenue. Due to the election of the right to invoice practical expedient, we do not disclose the value of unsatisfied performance obligations.

Gas Storage Revenue
NW Natural's gas storage revenue includes gas storage activity, which includes Interstate Storage Services used to store natural gas for customers. Gas storage revenue is generally recognized over time as the gas storage service is provided to the customer and the amount of consideration received and recognized as revenue is dependent on set rates defined per the storage agreements. Noncash consideration in the form of dekatherms of natural gas is received as consideration for providing gas injection services to gas storage customers. This noncash consideration is measured at fair value using the average spot rate. Customer accounts are generally paid in full each month, and there is no right of return or warranty for services provided. Revenues include firm and interruptible storage services, net of the profit sharing amount refunded to NW Natural customers.

Asset Management Revenue
Revenues include the optimization of storage assets and pipeline capacity by a third-party and are provided net of the profit sharing amount refunded to NW Natural customers. Certain asset management revenues received are recognized over time using a straight-line approach over the term of each contract, and the amount of consideration received and recognized as revenue is dependent on a variable pricing model. Variable revenues earned above guaranteed amounts are estimated and recognized at the end of each period using the most likely amount approach. Additionally, other asset management revenues may be based on a fixed rate. Generally, asset management accounts are settled on a monthly basis.

As of June 30, 2026, unrecognized revenue for the fixed component of the transaction price related to gas storage and asset management revenue was approximately $119.2 million. Of this amount, approximately $15.3 million will be recognized during the remainder of 2026, $25.4 million in 2027, $21.6 million in 2028, $21.6 million in 2029, $17.5 million in 2030 and $17.8 million thereafter. The amounts presented here are calculated using current contracted rates.

Gas Appliance Retail Revenue
NW Natural owns and operates an appliance store that is open to the public, where customers can purchase natural gas home appliances. Revenue from the sale of appliances is recognized at the point in time in which the appliance is transferred to the third party responsible for delivery and installation services and when the customer has legal title to the appliance. It is required that the sale be paid for in full prior to transfer of legal title. The amount of consideration received and recognized as revenue varies with changes in marketing incentives and discounts offered to customers.

Alternative Revenue
Weather normalization (WARM) and decoupling mechanisms are considered to be alternative revenue programs. Alternative revenue programs are considered to be contracts between NW Natural and its regulator and are excluded from revenue from contracts with customers.

Leasing Revenue
Leasing revenue primarily consists of revenues from NW Natural's North Mist Storage contract with PGE (Portland General Electric) in support of PGE's gas-fired electric power generation facilities under an initial 30-year contract with options to extend, totaling up to an additional 50 years upon mutual agreement of the parties. The facility is accounted for as a sales-type lease and qualifies for regulatory accounting deferral treatment. The investment is included in rate base under an established cost-of-service tariff schedule, with revenues recognized according to the tariff schedule and profit upon commencement was deferred and will be amortized over the lease term.

Billing rates under the cost-of-service tariff will be updated annually to reflect current information including depreciable asset levels, forecasted operating expenses, and the results of regulatory proceedings, as applicable, and revenue received under this agreement is recognized as operating revenue on the consolidated statements of comprehensive income. There are no variable payments or residual value guarantees. The lease does not contain an option to purchase the underlying assets. NW Natural maintains other immaterial sales type leases that are subject to an OPUC approved rate schedule. None of these other leases have variable payments or residual value guarantees and no significant selling profit upon lease commencement.

NW Natural also maintains a sales-type lease for specialized compressor facilities to provide high pressure compressed natural gas (CNG) services. Lease payments are outlined in an OPUC-approved rate schedule over a 10-year term. There are no variable payments or residual value guarantees. The selling profit computed upon lease commencement was not significant.

Leasing revenue also contains rental revenue from small leases of property owned by NW Natural to third parties. The majority of these transactions are accounted for as operating leases and the revenue is recognized over the term of the lease agreement. Lease revenue is excluded from revenue from contracts with customers.

The components of lease revenue at NW Holdings and NW Natural were as follows:
In thousandsThree Months Ended June 30,Six Months Ended June 30,
2026202520262025
NW Natural:
Lease revenue
Operating leases$19 $21 $38 $42 
Sales-type leases4,431 4,282 8,865 8,567 
Total lease revenue$4,450 $4,303 $8,903 $8,609 

SiEnergy
Natural Gas Sales
SiEnergy's primary source of revenue is providing natural gas to customers in the SiEnergy service territory, which includes residential and commercial customers. SiEnergy revenue is generally recognized over time upon delivery of the gas commodity or service to the customer, and the amount of consideration received and recognized as revenue is dependent on the Texas tariff. There is no right of return or warranty for services provided. The accrued unbilled revenue balance is based on estimates of deliveries during the period from the last meter reading and management judgment is required for a number of factors used in this calculation, including customer use and weather factors.

Customer accounts are to be paid in full each month and there is no significant financing component for this source of revenue. Due to the election of the right to invoice practical expedient, we do not disclose the value of unsatisfied performance obligations.

Alternative Revenue
Weather normalization (WNA) is considered to be an alternative revenue program. An alternative revenue program is considered to be a contract between SiEnergy and its regulators and is excluded from revenue from contracts with customers.

NWN Water
NWN Water provides water and wastewater services to customers. Water and wastewater service revenue is generally recognized over time upon delivery of the water commodity or service to the customer, and the amount of consideration received and recognized as revenue is dependent on the tariffs established in the states we operate. There is no right of return or warranty for services provided.

Customer accounts are to be paid in full each month, bi-monthly, or quarterly and as such, there is no significant financing component for this source of revenue. Due to the election of the right to invoice practical expedient, we do not disclose the value of unsatisfied performance obligations.

Other
Renewable Natural Gas Sales
NWN Renewables is an unregulated subsidiary of NW Holdings established to pursue investments in renewable natural gas (RNG) activities. NWN Renewables' primary source of revenue is from the sale of RNG under long-term contracts. RNG revenue is generally recognized over time upon delivery of the gas commodity to the customer at the designated delivery point and the amount of consideration received and recognized as revenue is dependent on a variable pricing model defined per the contract. Customer accounts are to be paid in full each month and as such, there is no significant financing component for this source of revenue. Due to the election of the right to invoice practical expedient, we do not disclose the value of unsatisfied performance obligations.