Private company

NorthWestern Energy

Logo: NorthWestern Energy, Public domain, via Wikimedia Commons5

American utility company

NorthWestern Energy Group, Inc. is a utility company that serves South Dakota, Nebraska, and Montana that is based in Sioux Falls, South Dakota. As of 2019, the company serves approximately 718,000 customers. The company's corporate headquarters are located in Sioux Falls while the headquarters for the South Dakota operations (and which was the headquarters for the old NorthWestern Public Service Company) are in Huron, South Dakota.3 Wikipedia text CC BY-SA 4.0

Last updated Oct 20, 2026.

Overview

1923Founded1
  • Industrypublic utility1
  • HeadquartersSioux Falls1
  • Websitewww.northwesternenergy.com
  • Legal formDelaware corporation1
  • Listed onNew York Stock Exchange1
  • Incorporated inDE6
  • Business address3010 W 69Th Street, Sioux Falls, Sd 571086
  • Filer categoryLarge accelerated filer6
  • LEI3BPWMBHR1R9SHUN7J7954
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 1612084

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NorthWestern Energy Group, Inc. is a utility company that serves South Dakota, Nebraska, and Montana that is based in Sioux Falls, South Dakota. As of 2019, the company serves approximately 718,000 customers. The company's corporate headquarters are located in Sioux Falls while the headquarters for the South Dakota operations (and which was the headquarters for the old NorthWestern Public Service Company) are in Huron, South Dakota.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

17.8%Operating margin8
12.4%Net margin8
7.7%Revenue growth, 20228
6.9%Return on equity8
0.93×Debt to equity8
-$207.9MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2022

  • Other costs88¢$1.3B
  • Income tax0¢$605.0K
  • Profit12¢$183.0M

Out of $1.5B in revenue.8

Where each dollar of operating cash went, fiscal 2022

  • Capital spending79¢$515.1M
  • Dividends paid21¢$140.1M

Out of $307.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue91011128$1.5B in 2022+18% since 2016
0$500.0M$1.0B$1.5B2016: $1.3B$1.3B20162017: $1.3B$1.3B2017+4%2018: $1.2B$1.2B2018−9%2019: $1.3B$1.3B2019+6%2020: $1.2B$1.2B2020−5%2021: $1.4B$1.4B2021+14%2022: $1.5B$1.5B2022+8%
Gross profit91011$892.5M in 2020+4% since 2016
0$250.0M$500.0M$750.0M$1.0B2016: $856.3M$856.3M20162017: $895.3M$895.3M2017+5%2018: $919.1M$919.1M2018+3%2019: $939.9M$939.9M2019+2%2020: $892.5M$892.5M2020−5%
Operating income91011128$263.1M in 2022+3% since 2016
0$100.0M$200.0M$300.0M2016: $255.0M$255.0M20162017: $271.7M$271.7M2017+7%2018: $266.3M$266.3M2018−2%2019: $276.9M$276.9M2019+4%2020: $236.2M$236.2M2020−15%2021: $275.7M$275.7M2021+17%2022: $263.1M$263.1M2022−5%
Net income91011128$183.0M in 2022+11% since 2016
0$100.0M$200.0M$300.0M2016: $164.2M$164.2M20162017: $162.7M$162.7M2017−1%2018: $197.0M$197.0M2018+21%2019: $202.1M$202.1M2019+3%2020: $155.2M$155.2M2020−23%2021: $186.8M$186.8M2021+20%2022: $183.0M$183.0M2022−2%
Fiscal year2016201720182019202020212022
Revenue$1.3B9$1.3B10$1.2B11$1.3B12$1.2B8$1.4B8$1.5B8
Cost of revenue$401.0M9$410.3M10$272.9M11$318.0M11$306.2M11
Gross profit$856.3M9$895.3M10$919.1M11$939.9M11$892.5M11
Operating expenses$1.1B8$1.2B8
Operating income$255.0M9$271.7M10$266.3M11$276.9M12$236.2M8$275.7M8$263.1M8
Income before tax$190.3M8$182.4M8
Income tax-$7.6M9$13.4M10-$18.7M11-$19.9M12-$11.0M8$3.4M8-$605.0K8
Net income$164.2M9$162.7M10$197.0M11$202.1M12$155.2M8$186.8M8$183.0M8
Earnings per share$3.409$3.3510$3.9411$4.0112$3.078$3.618$3.288
Earnings per share (diluted)$3.399$3.3410$3.9211$3.9812$3.068$3.608$3.258
Shares (weighted, basic)51.7M shares855.8M shares8
Shares (weighted, diluted)51.9M shares856.3M shares8

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Corporate structure

NorthWestern Energy sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NorthWestern Energy

  • VANGUARD GROUP INC Filed SC 13G/A on NorthWestern Energy, latest Feb 13, 2024 (3 filings since Feb 9, 2022)
  • LAZARD ASSET MANAGEMENT LLC Filed SC 13G/A on NorthWestern Energy, latest Mar 8, 2023 (2 filings since Feb 10, 2022)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on NorthWestern Energy, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • AMERICAN CENTURY INVESTMENT MANAGEMENT INC Filed SC 13G/A on NorthWestern Energy, latest Feb 8, 2023 (2 filings since Feb 4, 2022)
  • JPMorgan Chase Filed SC 13G/A on NorthWestern Energy, latest Dec 7, 2021
  • NorthWestern Energy Wilmington, Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NorthWestern Energy reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land and buildings$161.6M12 Dec 31, 2021$157.4M12 Dec 31, 2020+2.7%
Buildings and improvements$297.0M12 Dec 31, 2021$303.1M12 Dec 31, 2020−2.0%
Property and equipment, before depreciation$7.8B8 Dec 31, 2022$7.3B8 Dec 31, 2021+7.2%
Property and equipment, net$5.7B8 Dec 31, 2022$5.2B8 Dec 31, 2021+7.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.5M8 Dec 31, 2022$2.8M8 Dec 31, 2021+201.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$357.6M8 Dec 31, 2022$357.6M8 Dec 31, 20210%

Inventory

ItemLatestA year beforeChange
Inventory, total$107.4M8 Dec 31, 2022$80.6M8 Dec 31, 2021+33.2%

The story

The Montana operations (formerly known as the Montana Power Company) were acquired around 2000 after that state passed legislation allowing the electric utility industry to be 'unbundled'. Out of state investors (led by PP&L Resources) then immediately acquired the generation assets of Montana Power, leaving that part of the territory vulnerable to high "spot" prices on the energy market (creating some chronic discontent that led the Montana Public Service Commission to submit the one "no" vote that effectively nullified a potential sale of NorthWestern to Babcock & Brown of Australia). In 2014, NorthWestern purchased the dams that were originally part of Montana Power for $900 Million from PPL Corporation.

In August 2025, NorthWestern and Black Hills Corporation agreed to a merger in an all-stock deal valuing the combined entity at $15.4 billion. Once completed, NorthWestern shareholders will own about 46% of the combined company and will be run by NorthWestern's CEO, Brian Bird.

From Wikipedia’s article on NorthWestern Energy, shared under CC BY-SA 4.0.7

Leadership

Who has led NorthWestern Energy, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael J. Hanson2006–2007
  2. Robert C. Rowe2008–2022
  3. Brian B. Bird2023

President

  1. Michael J. Hanson2006–2007
  2. Robert C. Rowe2008–2020
  3. Brian B. Bird2021–2023

Chief financial officer

  1. Brian B. Bird2006–2020
  2. Crystal Dawn Lail2021–2023

Chief operating officer

  1. Brian B. Bird2021–2022
197019801990200020102020
Board members and other officers (37)

Former names

  • NORTHWESTERN PUBLIC SERVICE COAug 24, 1994 to Apr 20, 19986

Timeline

  1. Dec 6, 20238-K Regulation FD disclosure58
  2. Dec 5, 20238-K Entered a material agreement; New debt or obligation59
  3. Nov 13, 20238-K Regulation FD disclosure60
  4. Oct 27, 20238-K Results of operations; Regulation FD disclosure61
  5. Oct 2, 20238-K Entered a material agreement; Listing notice or transfer; Change to shareholders' rights62
  6. Sep 13, 20238-K Regulation FD disclosure63
  7. Jul 25, 20238-K Results of operations; Regulation FD disclosure64
  8. Jul 6, 20238-K New debt or obligation65
  9. Jun 15, 20238-K Entered a material agreement66
  10. Jun 9, 20238-K Entered a material agreement67
  11. Jun 8, 20238-K Regulation FD disclosure68
  12. Jun 7, 20238-K Executive or director change69
  13. Mar 7, 2023New chief executive Brian B. Bird becomes CEO17
  14. Aug 22, 2008New chief executive Robert C. Rowe becomes CEO18
  15. Nov 3, 2006New chief executive Michael J. Hanson becomes CEO19
  16. 1923Founded Founded1

Calendar

When it reported results

  1. Oct 27, 2023Reported quarterly or annual results61
  2. Jul 25, 2023Reported quarterly or annual results64
  3. Apr 28, 2023Reported quarterly or annual results70
  4. Feb 17, 2023Reported quarterly or annual results71
  5. Oct 25, 2022Reported quarterly or annual results72
  6. Jul 28, 2022Reported quarterly or annual results73
  7. Apr 29, 2022Reported quarterly or annual results74
  8. Feb 14, 2022Reported quarterly or annual results75

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

183 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 52 major events, 82 insider forms, 14 large holders, 26 other. The latest 20:

  1. Feb 13, 2024SC 13G/A SCHEDULE 13G/A EDGAR
  2. Jan 22, 2024SC 13G/A EDGAR
  3. Dec 7, 202315-12G EDGAR
  4. Dec 6, 20238-K EDGAR
  5. Dec 5, 20238-K EDGAR
  6. Nov 13, 20238-K EDGAR
  7. Oct 27, 20238-K EDGAR
  8. Oct 27, 202310-Q EDGAR
  9. Oct 2, 2023POSASR EDGAR
  10. Oct 2, 2023POSASR EDGAR
  11. Oct 2, 2023S-8 POS EDGAR
  12. Oct 2, 2023S-8 POS EDGAR
  13. Oct 2, 2023S-8 POS EDGAR
  14. Oct 2, 2023S-8 POS EDGAR
  15. Oct 2, 2023S-8 POS EDGAR
  16. Oct 2, 2023S-8 POS EDGAR
  17. Oct 2, 2023S-8 POS EDGAR
  18. Oct 2, 2023S-8 POS EDGAR
  19. Oct 2, 2023S-8 POS EDGAR
  20. Oct 2, 20238-K EDGAR

The 183 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 0 buys and 13 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 16, 2023Ide Britt EDirectorSale1,200$58.65$70.4KForm 4
Mar 6, 2023HORSFALL JAN ROBERTDirectorSale2,800$57.26$160.3KForm 4
Feb 23, 2023Ide Britt EDirectorSale1,500$57.67$86.5KForm 4
Nov 14, 2022Schroeppel Bobbi LVP HR, CC & CommSale900$53.31$48.0KForm 4
Nov 3, 2022BIRD BRIAN BPresident and CEOSale6,800$52.51$357.1KForm 4
Oct 28, 2022Cashell Michael RVice President - TransmissionSale1,702$53.19$90.5KForm 4
Sep 15, 2022Rowe Robert CCEOSale4,000$54.01$216.0KForm 4
Jun 15, 2022Rowe Robert CCEOSale4,000$55.82$223.3KForm 4
Mar 7, 2022Rowe Robert CCEOSale2,000$61.64$123.3KForm 4
Feb 25, 2022Ide Britt EDirectorSale2,700$59.85$161.6KForm 4
Feb 23, 2022HORSFALL JAN ROBERTDirectorSale2,430$58.48$142.1KForm 4
Feb 15, 2022Rowe Robert CCEOSale3,000$57.59$172.8KForm 4
Dec 15, 2021Rowe Robert CCEOSale3,000$55.23$165.7KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How NorthWestern Energy is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNORTHWESTERN CORP2
  • CIK0000073088
  • Employer ID (EIN)46-01722802
  • Filer statusLarge accelerated filer2
  • Incorporated inDelaware2
  • Fiscal year endsDecember 312
  • Industry code (SIC)4931 Electric & Other Services Combined2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address3010 W 69Th Street, Sioux Falls, SD 571082
  • Phone60597829082
  • Shares outstanding61,242,238 as of Oct 20, 202315
  • Public float$3.3B as of Jun 30, 20228
  • On EDGAR sinceFeb 14, 19942
  • Filings3,022 in all: 4 (1,811), 8-K (488), 5 (110), 10-Q (90), SC 13G/A (75), DEFA14A (44), 3 (43), SC 13G (35)2
    All 58 form types

    10-K (28), DEF 14A (28), SC 13D/A (22), 424B5 (19), UPLOAD (18), 11-K (14), 144 (13), S-8 (12), 424B2 (10), ARS (10), CORRESP (10), 10-Q/A (9), 424B3 (9), S-3 (9), S-8 POS (9), 4/A (8), S-3ASR (8), 8-K/A (7), S-3/A (7), S-4/A (7), 8-A12B (6), PRE 14A (6), SC 13D (6), 10-K/A (5), 425 (5), S-4 (4), 3/A (3), NT 11-K (3), 10-K405 (2), 15-12G (2), 25 (2), 25-NSE (2), 8-A12G (2), EFFECT (2), FWP (2), POSASR (2), RW (2), 424A (1), 424B1 (1), 8-A12G/A (1), CERT (1), DEFM14A (1), DFAN14A (1), NO ACT (1), NT 10-K (1), PREM14A (1), REGDEX (1), S-2 (1), U-1 (1), U-1/A (1)

  • Latest filingsAnnual report (10-K) Feb 17, 2023
    Quarterly report (10-Q) Oct 27, 2023
    Proxy statement (DEF 14A) Mar 14, 2023
    Latest 8-K (8-K) Dec 6, 2023

Sources

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