NorthWestern Energy Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	181.09	224.11	194.13	183.01	186.84
Depreciation & Amortization	249.53	227.64	210.47	195.02	187.47
Other Amortization	4.42	4.65	5.14	5.32	5.25
Loss (Gain) on Sale of Assets	-0.08	-0.06	0.32	0.48	-0.05
Loss (Gain) on Sale of Investments	-	4.16	-	-	-
Stock-Based Compensation	6.99	4.72	5.18	5.49	5.35
Change in Accounts Receivable	-20.48	24.49	32.7	-46.28	-30.44
Change in Inventory	-6.19	-8.4	-7.18	-26.74	-19.6
Change in Accounts Payable	-4.35	7.4	-54.72	50.54	7.49
Change in Other Net Operating Assets	-44.6	-54.36	114.23	-36.41	-111.76
Other Operating Activities	28.14	-27.6	-11.03	-23.18	-10.57
Operating Cash Flow	394.46	406.74	489.23	307.24	219.98
Operating Cash Flow Growth	-3.02%	-16.86%	59.23%	39.67%	-37.53%
Capital Expenditures	-524.46	-549.24	-566.89	-515.14	-434.33
Cash Acquisitions	-35.94	-	-	-	-
Investment in Securities	-10.24	-4.72	-3.92	-1.72	-1.51
Other Investing Activities	-	-0.5	-	-	-
Investing Cash Flow	-570.63	-554.46	-570.81	-516.86	-435.83
Short-Term Debt Issued	50	100	-	-	-
Long-Term Debt Issued	602.08	310	300	77	250.92
Total Debt Issued	652.08	410	300	77	250.92
Short-Term Debt Repaid	-	-	-	-	-100
Long-Term Debt Repaid	-309	-100	-132	-	-0.96
Total Debt Repaid	-309	-100	-132	-	-100.96
Net Debt Issued (Repaid)	343.08	310	168	77	149.96
Issuance of Common Stock	0.71	1.19	74.68	277.57	196.95
Common Dividends Paid	-161.39	-158.59	-154.05	-140.06	-128.48
Other Financing Activities	-4.5	-1.05	-4.33	-1.19	-0.91
Financing Cash Flow	177.9	151.55	84.31	213.32	217.52
Net Cash Flow	1.72	3.83	2.72	3.7	1.67
Free Cash Flow	-130	-142.5	-77.66	-207.9	-214.35
Free Cash Flow Margin	-8.07%	-9.41%	-5.46%	-14.07%	-15.62%
Free Cash Flow Per Share	-2.11	-2.32	-1.29	-3.69	-4.13
Cash Interest Paid	136.98	128.33	105.24	95.4	87.22
Cash Income Tax Paid	0.23	-4.28	-0.83	4.71	4.33
Levered Free Cash Flow	-188.03	-239.51	-141.3	-201.06	-245.48
Unlevered Free Cash Flow	-98.48	-161.86	-74.8	-143.81	-192.18
Change in Working Capital	-75.63	-30.87	85.02	-58.89	-154.32

Source: S&P Global Market Intelligence. Utility template. Financial Sources.