Northwest Natural Gas (NWN) stock surged 5.04% intraday on Friday, following the release of its fourth-quarter and full-year 2025 financial results.

The utility company reported adjusted earnings per share of $1.39 for Q4 2025, beating the consensus estimate of $1.36. For the full year, adjusted EPS rose to $2.93, a significant increase from $2.33 in 2024. The company also issued strong 2026 EPS guidance of $2.95 to $3.15 and reaffirmed its long-term EPS growth target of 4% to 6%.

Key drivers behind the positive results include record customer growth, with approximately 98,000 new utility connections added over the past 12 months, and a major capital investment program. The company also announced the MX3 gas storage expansion project, which is expected to provide stable returns and support long-term growth.