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Tucson Electric Power cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$127M in Q3 2026 · $93.1M over twelve months

Operating cash flow$267M
Capital spending−$140M
Free cash flow+$127M
Cash / net income1.8×

Analysis

In Q3 2026, Tucson Electric Power generated $267M of operating cash flow and spent $140M on capital projects, leaving free cash flow of $127M. That is $144M more than in Q3 2025 (−$17.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $683M; the largest uses were capital spending ($590M), dividends ($150M), net borrowing (+) / repaid (−) ($70.0M); besides operations, cash came from other financing ($160M), other investing ($1.4M); the cash balance rose by $34.8M.

Operating cash flow was $267M against net income of $150M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$67.3M, receivables −$38.0M, payables +$27.9M.

Free cash flow

Tucson Electric Power: free cash flow by quarterTucson Electric Power: free cash flow by quarter−$141MQ4 2024−$44.4MQ1 2025−$176MQ2 2025−$17.3MQ3 2025−$244KQ4 2025−$25.3MQ1 2026−$7.9MQ2 2026$127MQ3 2026
Operating cash flow less capital spending.
Tucson Electric Power: operating cash flow against capital spendingTucson Electric Power: operating cash flow against capital spendingOperating cash flowCapital spending$133M$273MQ4 2024$128M$173MQ1 2025$92.1M$268MQ2 2025$233M$251MQ3 2025$136M$137MQ4 2025$131M$156MQ1 2026$149M$157MQ2 2026$267M$140MQ3 2026
Latest (Q3 2026): Operating cash flow $267M, Capital spending $140M.

Capital allocation, year by year

Tucson Electric Power: where the cash came from (up) and went (down), by fiscal yearTucson Electric Power: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingDividendsFY2021: Operating cash flow $428MFY2021: Net borrowing $122MFY2021: Capital spending −$499MFY2021: Dividends −$62.5M$550MFY2021FY2022: Operating cash flow $509MFY2022: Net borrowing $135MFY2022: Capital spending −$458MFY2022: Dividends −$100M$645MFY2022FY2023: Operating cash flow $560MFY2023: Net borrowing $133MFY2023: Capital spending −$578MFY2023: Dividends −$64.1M$693MFY2023FY2024: Operating cash flow $663MFY2024: Net borrowing $169MFY2024: Capital spending −$733MFY2024: Dividends −$85.0M$833MFY2024FY2025: Operating cash flow $590MFY2025: Net borrowing $229MFY2025: Capital spending −$828M$819MFY2025
Over these 5 years operating cash flow totalled $2.8B; the largest uses were capital spending ($3.1B) and dividends ($312M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$81.3M
Debt$2.8B
Net debt$2.7B

Tucson Electric Power funds itself: free cash flow was $93.1M over the last twelve months, and $81.3M of cash and investments stands against $2.8B of debt.

Tucson Electric Power: debt maturities by year (FY2025)Tucson Electric Power: debt maturities by year (FY2025)$300MYear 5$2.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $81.3M of cash and investments now.

Where the cash came from and went

Tucson Electric Power: sources (+) and uses (−) of cash, Q3 2026Tucson Electric Power: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$267MCapital spending−$140MNet borrowing (+) / repaid (−)−$125MCash drawn (+) / kept (−)−$20.8MOther investing$18.8MOther financing$400K
Tucson Electric Power: sources (+) and uses (−) of cash, TTM to Q3 2026Tucson Electric Power: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$683MCapital spending−$590MOther financing$160MDividends−$150MNet borrowing (+) / repaid (−)−$70.0MCash drawn (+) / kept (−)−$34.8MOther investing$1.4M

From profit to cash

Tucson Electric Power: net income to operating cash flow, Q3 2026Tucson Electric Power: net income to operating cash flow, Q3 2026Net income$150MDepreciation & amortization$67.3MDeferred taxes$12.6MReceivables−$38.0MInventory−$570KPayables$27.9MPrepaid and other assets−$12.7MOperating cash flow$267M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$267M−$140M—−$125M−$20.8M$127M
Q2 2026$149M−$157M—$50.0M−$45.1M−$7.9M
Q1 2026$131M−$156M−$150M$75.0M$17.4M−$25.3M
Q4 2025$136M−$137M—−$70.0M$13.8M−$244K
Q3 2025$233M−$251M—$55.0M−$26.8M−$17.3M
Q2 2025$92.1M−$268M—$15.0M$177M−$176M
Q1 2025$128M−$173M—$229M−$171M−$44.4M
Q4 2024$133M−$273M—−$230M$332M−$141M

Tucson Electric Power: income statement and cash flow

Tucson Electric Power, Q3 2026: revenue $566M (+4% year over year), operating margin 32.0%. The chart follows the revenue to costs, profit and cash.

Tucson Electric Power: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.