NW Natural Holdings Posts Strong Q1 2026, Reaffirms Growth Targets — Northwest Natural Holding Company (NW Natural)

Event summary

NW Natural Holdings reported Q1 2026 EPS of $2.33, up from $2.18 in Q1 2025.
Added 26,000 gas and water utility connections over the past year, a 2.8% growth rate.
Invested $114 million in gas and water systems during the quarter.
Reaffirmed 2026 EPS guidance of $2.95–$3.15 and long-term EPS growth target of 4–6%.
MX3 gas storage expansion project remains on track for completion by late 2029.

The big picture

NW Natural Holdings' strong Q1 2026 results reflect its disciplined execution and strategic investments in infrastructure. The company's focus on regulatory initiatives and customer growth aligns with broader industry trends toward reliability and resiliency in utility services. With planned capital expenditures of $2.6–$2.9 billion through 2030, NW Natural is positioning itself for sustained long-term growth in the regulated utility sector.

What we're watching

Regulatory Approvals: Whether the Washington Utilities and Transportation Commission will approve the multi-party settlement in NW Natural's Washington General Rate Case, which includes a $20.1 million revenue increase in the first year.
Project Execution: The pace at which NW Natural advances the MX3 gas storage expansion project, with Notice to Proceed expected by late 2027 and completion by the end of 2029.
Customer Growth: How NW Natural sustains its 2.8% customer growth rate, driven by both acquisitions and organic growth, particularly in its SiEnergy and NWN Water segments.