Equity Profile

NWN

Northwest Natural Holding Company

UtilitiesGas Utilities$2.1B

Aug5Wed

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Northwest Natural Holding Company (NWN) operates in the utilities sector, focusing on gas distribution. The company plays a crucial role in providing natural gas to homes and businesses, which is essential for heating and cooking, especially in the Pacific Northwest.

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing costs and generating income.

-$0.07

Revenue

Revenue figures will provide insight into the company's sales performance and demand for natural gas services.

$272M

Wall Street expectations, options signals, track record, and call prep available with Pro.

NWN Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+59.62%

Avg Stock Reaction

-1.12%

Last Quarter Recap

In Q1-2026, Northwest Natural reported an EPS of $2.33, slightly beating estimates. However, the stock fell by 7.67% the following day, indicating market concerns despite the earnings beat.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts are anticipating a challenging quarter for Northwest Natural, with a consensus EPS estimate indicating a potential loss. Revenue expectations are modest, reflecting cautious sentiment in the utilities sector.

Bull Case

If the company manages to exceed EPS expectations and show strong revenue growth, it could signal effective cost management and increased demand for natural gas, leading to a positive market reaction.

Bear Case

Conversely, if the company reports a larger-than-expected loss or revenue falls short, it could raise concerns about operational efficiency and demand, resulting in a negative impact on the stock.

Key Metrics to Watch

EPS

-$0.07

Earnings per share is a key indicator of profitability and will show how well the company is managing costs and generating income.

Revenue

$272M

Revenue figures will provide insight into the company's sales performance and demand for natural gas services.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will EPS come in better than the consensus estimate of -$0.07?

A better-than-expected EPS could indicate improved operational efficiency and boost investor confidence.

How does management view revenue growth in the current economic climate?

Management's insights on revenue trends will be critical in assessing future performance and demand for natural gas.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may be underestimating the company's ability to manage costs effectively, especially given recent operational improvements.

Supporting Evidence

The company's historical EPS beat rate of 88% suggests a strong track record of exceeding expectations.

Despite the consensus loss, recent operational efficiencies could lead to better-than-expected results.

The options market is pricing a significant move, indicating that traders are anticipating a surprise.

Key Risk

If revenue comes in above $289M, it could challenge the bearish consensus and shift market sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Northwest Natural can maintain profitability amid rising costs and fluctuating demand.

Bull Confirmed If

An EPS of $0.01 or better would confirm a strong recovery in profitability.

Bear Confirmed If

An EPS of -$0.21 or worse would indicate significant operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±4.7%

Historical Avg

±2.7%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±4.7% while NWN has averaged ±2.7% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

30.7%

Calls (100)P/C Ratio: 4.00Puts (100)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If NWN beats expectations, history suggests a modest positive reaction, potentially around a 1.3% increase in stock price.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

A miss could lead to a decline, with historical patterns suggesting an average drop of about 0.63%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cost management strategies and their impact on profitability.
2Insights on customer demand trends for natural gas in the current economic environment.
3Management's outlook on future revenue growth and market conditions.
4Details on any regulatory changes affecting the gas utilities sector.
5Comments on the competitive landscape and how NWN plans to differentiate itself.

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Company Snapshot

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing costs and generating income.

-$0.07

Revenue

Revenue figures will provide insight into the company's sales performance and demand for natural gas services.

$272M

Wall Street expectations, options signals, track record, and call prep available with Pro.

NWN Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+59.62%

Avg Stock Reaction

-1.12%

Last Quarter Recap

In Q1-2026, Northwest Natural reported an EPS of $2.33, slightly beating estimates. However, the stock fell by 7.67% the following day, indicating market concerns despite the earnings beat.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

Bear Case

Conversely, if the company reports a larger-than-expected loss or revenue falls short, it could raise concerns about operational efficiency and demand, resulting in a negative impact on the stock.

Key Metrics to Watch

EPS

-$0.07

Earnings per share is a key indicator of profitability and will show how well the company is managing costs and generating income.

Revenue

$272M

Revenue figures will provide insight into the company's sales performance and demand for natural gas services.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will EPS come in better than the consensus estimate of -$0.07?

A better-than-expected EPS could indicate improved operational efficiency and boost investor confidence.

How does management view revenue growth in the current economic climate?

Management's insights on revenue trends will be critical in assessing future performance and demand for natural gas.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may be underestimating the company's ability to manage costs effectively, especially given recent operational improvements.

Supporting Evidence

The company's historical EPS beat rate of 88% suggests a strong track record of exceeding expectations.

Despite the consensus loss, recent operational efficiencies could lead to better-than-expected results.

The options market is pricing a significant move, indicating that traders are anticipating a surprise.

Key Risk

If revenue comes in above $289M, it could challenge the bearish consensus and shift market sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Northwest Natural can maintain profitability amid rising costs and fluctuating demand.

Bull Confirmed If

An EPS of $0.01 or better would confirm a strong recovery in profitability.

Bear Confirmed If

An EPS of -$0.21 or worse would indicate significant operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±4.7%

Historical Avg

±2.7%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±4.7% while NWN has averaged ±2.7% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

30.7%

Calls (100)P/C Ratio: 4.00Puts (100)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If NWN beats expectations, history suggests a modest positive reaction, potentially around a 1.3% increase in stock price.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

A miss could lead to a decline, with historical patterns suggesting an average drop of about 0.63%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cost management strategies and their impact on profitability.
2Insights on customer demand trends for natural gas in the current economic environment.
3Management's outlook on future revenue growth and market conditions.
4Details on any regulatory changes affecting the gas utilities sector.
5Comments on the competitive landscape and how NWN plans to differentiate itself.