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Tucson Electric Power earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026
Q3 2026 Revenue up 4% year over year to $566M · 26¢ of every $1 of revenue kept as net profit · operating margin 32.0%
Tucson Electric Power made $566M in Q3 2026 (+4% Y/Y): Retail $433M, Wholesale $75.0M, Other Services $30.0M. Operating margin 32.0%, net earnings $150M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
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What changed this quarter
Revenue was $565.8M in Q3 2026, up 4% year over year and up 31% from the previous quarter. Retail was the largest line at 77% of revenue. Wholesale added $14.0M year over year (up 23%), 66% of the total change.
Operating profit was $181.1M, a 32.0% margin (down 1.4 points year over year). Operating profit fell $534K even though revenue rose $21.3M versus Q3 2025, so costs grew faster than sales. Total costs grew 6% against revenue growth of 4%. Net earnings were $149.6M, up 4% year over year. The effective tax rate was 8.4%.
Operating cash flow was $266.9M (up 14% year over year), 178% of net earnings. Non-cash charges added back $67.3M of depreciation. Working capital and other items added $49.9M. Capital expenditures of $140.3M left free cash flow of $126.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $566M | +4% | 32.0% | $150M | $267M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $433M | +6% | 21.8% | $78.1M | $149M |
| Q1 2026 | 10-Q | May 6, 2026 | $338M | -8% | 12.7% | $26.9M | $131M |
| Q4 2025 | 10-K | Feb 12, 2026 | $371M | +0.1% | 11.1% | $22.9M | $136M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $545M | -1% | 33.4% | $144M | $233M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $407M | -5% | 23.3% | $71.7M | $92.1M |
| Q1 2025 | 10-Q | May 7, 2025 | $366M | -19% | 18.3% | $44.4M | $128M |
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About Tucson Electric Power
TEP and its predecessor companies have served the greater Tucson metropolitan area for 133 years. TEP was incorporated in the State of Arizona in 1963. TEP is a regulated electric utility company serving approximately 457,000 retail customers. TEP’s service territory covers 1,155 square miles and includes a population of over one million people in Pima County, as well as parts of Cochise County. TEP's principal business operations include generating, transmitting, and distributing electricity to its retail customers. In addition to retail sales, TEP sells electricity, transmission, and ancillary services to other utilities, municipalities, and energy marketing companies on a wholesale basis. TEP is subject to comprehensive state and federal regulation. The regulated electric utility operation is TEP's only segment.
In its own words, from its 10-K, filed Feb 12, 2026.
Tucson Electric Power against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +13%. Operating margin: 32.0% against the peers' median 29.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Tucson Electric Power | Q3 2026 | $566M | +4% | 32.0% |
| Southern Power | Q3 2026 | $8.8B | +13% | 33.9% |
| NEE NextEra Energy | Q3 2026 | $8.1B | +2% | 32.4% |
| Florida Power & Light | Q2 2026 | $7.5B | +12% | 29.7% |
| CEG Constellation Energy | Q2 2026 | $7.5B | +23% | 7.7% |
| NRG NRG Energy | Q2 2026 | $7.5B | +11% | 13.0% |
| AEP Texas | Q3 2026 | $6.8B | +14% | 26.5% |
| VST Vistra | Q3 2026 | $6.3B | +28% | 26.9% |
| D Dominion Energy | Q3 2026 | $5.6B | +24% | 32.8% |
Source: Tucson Electric Power 10-Q on SEC EDGAR · CIK 100122 · Electric Services