NorthWestern Energy Group (NASDAQ:NWE) revealed a sweeping $3.2 billion five-year capital investment strategy alongside its 2025 year-end results, as the utility prepares for a transformational merger with Black Hills expected to close in the second half of 2026.
The company reported 2025 GAAP net income of $181.1 million, or $2.94 per share, down from $224.1 million in 2024.
The decline was largely driven by one-time regulatory headwinds, including a non-cash charge for disallowed capital costs at the Yellowstone County Generating Station (YCGS) and mounting costs associated with the pending merger.
On an adjusted non-GAAP basis, however, the utility showed resilience, with earnings rising to $3.58 per share compared to $3.40 in the prior year.
Looking ahead, NorthWestern is accelerating its infrastructure spending, increasing its 2026-2030 capital plan by 17% to address aging grids and rising demand.
To signal confidence in its standalone and future combined cash flows, the board approved a 1.5% dividend increase to $0.67 per share.
Management also initiated 2026 guidance with an EPS range of $3.68 to $3.83, affirming a long-term growth target of 4% to 6% as the company transitions toward its new identity as part of the "Bright Horizon Energy" group.