Northwest Natural Holding Company (NWN) Cash Flow: Operating & Free Cash Flow

Northwest Natural Holding Company Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Northwest Natural Holding Company (NWN) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	113.32	78.87	93.87	86.30	78.67	76.78	61.74	64.57	-55.62
Depreciation & Amortization	204.37	158.06	143.22	132.58	113.53	103.68	91.50	85.16	81.05
Deferred Income Tax	35.47	11.37	8.97	17.41	14.62	18.67	6.32	14.36	-52.41
Stock Based Compensation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.49	2.35
Change in Working Capital	-54.51	-17.99	51.40	-58.37	-70.65	-31.85	-20.32	-10.04	30.54
Change in Accounts Receivable	8.17	-15.30	50.98	-76.45	-44.13	-16.80	5.84	0.18	3.28
Change in Inventory	-29.20	-2.74	-24.11	-29.27	-14.57	1.26	-5.97	3.21	5.60
Change in Accounts Payable	10.12	-14.14	-39.96	24.51	12.12	-15.91	-16.49	16.79	1.09
Change in Other Working Capital	-43.60	13.38	65.73	15.93	-24.07	-0.41	-3.71	-30.22	20.57
Other Operating Activities	-29.53	-18.66	-8.54	-12.84	24.18	-21.96	46.78	7.27	0.60
Net Cash from Operating Activities	269.12	200.28	279.95	147.67	160.35	145.32	186.01	168.77	206.70
Investing Activities
Capital Expenditures	-466.89	-394.40	-327.35	-338.60	-293.89	-280.89	-242.28	-214.64	-213.33
Acquisitions	-338.13	-29.82	-7.53	-94.28	-8.74	-31.26	-56.79	-0.87	0.00
Purchases of Investments	-1.00	-1.00	-1.00	-1.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	-2.88	-3.77	0.38	-1.58	-290.02	-255.14	-228.18	-2.82	-0.85
Net Cash from Investing Activities	-808.90	-428.99	-335.50	-435.46	-300.12	-294.28	-303.78	-217.45	-214.17
Financing Activities
Debt Repayment	573.75	-150.00	-90.00	-131.30	174.98	230.43	76.48	116.27	60.90
Common Stock Issued	47.42	90.37	66.50	208.56	17.50	0.00	92.96	0.00	0.00
Common Stock Repurchased	0.00	-1.32	-1.31	-1.14	0.00	0.00	0.00	-7.95	-2.03
Dividends Paid	-77.31	-72.85	-67.34	-62.77	-55.92	-55.42	-53.34	-51.31	-53.96
Other Financing Activities	-10.99	-4.47	-5.09	-1.72	-5.12	-3.23	-0.60	0.83	0.48
Net Cash from Financing Activities	532.87	227.06	64.21	301.63	131.44	171.78	115.50	57.84	7.42
Summary
Effect of Forex Changes on Cash	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	-6.88	-1.64	8.66	13.84	-8.33	22.82	-2.27	9.16	-0.05
Cash at Beginning of Period	47.96	49.62	40.96	27.12	35.45	12.64	14.91	3.47	3.52
Cash at End of Period	41.08	47.98	49.62	40.96	27.12	35.45	12.64	12.63	3.47
Free Cash Flow	-197.77	-194.12	-47.40	-190.93	-133.54	-135.58	-56.27	-45.87	-6.62
Supplemental Disclosures
Interest Paid	-	71.23	80.20	50.82	43.72	42.65	-	-	-
Income Taxes Paid	-	19.39	24.26	2.78	10.56	13.64	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Northwest Natural Holding Company Cash Flow

What is Northwest Natural Holding Company's free cash flow?

Northwest Natural Holding Company had negative free cash flow of $197.77M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $269.12M minus $466.89M of capital expenditures.

How much does Northwest Natural Holding Company spend on capital expenditures?

Northwest Natural Holding Company spent $466.89M on capital expenditures in fiscal 2025, compared with $394.40M a year earlier. That equals 173.5% of operating cash flow.

Does Northwest Natural Holding Company pay dividends or buy back shares?

Yes. In fiscal 2025 Northwest Natural Holding Company returned $77.31M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition