v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting The following table presents summary financial information concerning the reportable segments and other:
Three Months Ended June 30,
In thousandsNW NaturalSiEnergyNWN WaterOtherNW Holdings
2026
Operating revenues$204,802 $13,546 $17,077 $8,127 $243,552 
Depreciation39,592 1,768 2,852 — 44,212 
Income from operations(1)
22,939 4,897 3,419 1,902 33,157 
Interest expense, net17,426 2,607 821 12,498 33,352 
Income tax expense (benefit)2,231 565 750 (2,936)610 
Capital expenditures86,988 20,938 13,331 37 121,294 
2025
Operating revenues$200,807 $11,502 $16,294 $7,591 $236,194 
Depreciation36,564 2,396 2,575 — 41,535 
Income (loss) from operations(1)
22,388 3,589 4,296 (3,062)27,211 
Interest expense, net15,128 2,321 744 12,298 30,491 
Income tax expense (benefit)1,638 360 1,053 (3,991)(940)
Capital expenditures93,514 15,920 10,939 107 120,480 
(1)     Income (loss) from operations is not a financial measure used by the CODM for NW Natural or SiEnergy, but is included in the table above to enable the reconciliation of NW Natural and SiEnergy margin to consolidated income before taxes in accordance with ASU 2023-07.
Six Months Ended June 30,
In thousandsNW Natural
SiEnergy (2)
NWN WaterOtherNW Holdings
2026
Operating revenues$638,698 $45,241 $32,046 $17,970 $733,955 
Depreciation79,036 3,565 5,745 — 88,346 
Income from operations(1)
166,625 18,731 5,818 4,851 196,025 
Interest expense, net35,104 5,150 1,509 24,941 66,704 
Income tax expense (benefit)34,386 3,102 1,304 (5,643)33,149 
Capital expenditures166,603 45,882 22,428 37 234,950 
2025
Operating revenues$649,620 $34,168 $30,203 $16,487 $730,478 
Depreciation72,600 4,466 4,969 — 82,035 
Income (loss) from operations(1)
167,420 13,202 7,339 (6,396)181,565 
Interest expense, net30,708 4,578 1,536 23,064 59,886 
Income tax expense (benefit)37,302 2,304 1,684 (7,703)33,587 
Capital expenditures177,122 26,445 18,990 107 222,664 
(1)     Income from operations is not a financial measure used by the CODM for NW Natural or SiEnergy, but is included in the table above to enable the reconciliation of NW Natural and SiEnergy margin to consolidated income before taxes in accordance with ASU 2023-07.
(2)    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.
Schedule of NWN Gas Utility Margin
The following table presents additional segment information concerning NW Natural margin:
Three Months Ended June 30,Six Months Ended June 30,
In thousands2026202520262025
NW Natural margin calculation:
Distribution revenues$192,851 $189,120 $614,085 $625,028 
Regulated gas storage10,081 9,251 19,687 19,035 
Other revenue1,870 2,436 4,926 5,557 
Total operating revenues204,802 200,807 638,698 649,620 
Less: Cost of gas53,326 56,939 193,470 216,375 
          Environmental remediation2,431 2,296 8,756 8,549 
 Revenue taxes7,906 7,832 24,943 26,397 
NW Natural margin141,139 133,740 411,529 398,299 
Operations and maintenance66,515 63,039 137,045 130,805 
General taxes11,641 11,234 27,678 26,213 
Depreciation39,592 36,564 79,036 72,600 
Other operating expenses452 515 1,145 1,261 
NW Natural income from operations$22,939 $22,388 $166,625 $167,420 
Schedule of SiEnergy Gas Utility Margin
The following table presents additional segment information concerning SiEnergy margin:
Three Months Ended June 30,Six Months Ended June 30,
In thousands2026202520262025
SiEnergy margin calculation:
Distribution revenues$13,546 $11,502 $45,241 $34,168 
Total operating revenues13,546 11,502 45,241 34,168 
Less: Cost of gas3,382 2,977 15,661 11,280 
 Revenue taxes377 364 1,338 1,143 
SiEnergy margin9,787 8,161 28,242 21,745 
Operations and maintenance2,818 1,912 5,632 3,594 
General taxes304 264 314 483 
Depreciation1,768 2,396 3,565 4,466 
SiEnergy income from operations$4,897 $3,589 $18,731 $13,202 
Significant Segment Expenses
Public entities are required to disclose significant segment expenses for each reportable segment if they are regularly provided to the CODM and included in the reported measure of segment profit/loss. This requirement does not necessitate additional disclosure for the NW Natural and SiEnergy segments, as all expense categories are presented above in the NW Natural margin table and SiEnergy margin table, respectively. Significant segment expenses for NWN Water are presented below.
Three Months Ended June 30,Six Months Ended June 30,
In thousands2026202520262025
Operating revenues$17,077 $16,294 $32,046 $30,203 
Operating expenses:
Operations and maintenance9,843 8,068 18,450 15,333 
Depreciation2,852 2,575 5,745 4,969 
Other operating expenses(1)
963 1,355 2,033 2,562 
Income from operations$3,419 $4,296 $5,818 $7,339 
(1) Other operating expenses include general and revenue taxes and other expenses.