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Puget Energy cash flow, quarter by quarter

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

Free cash flow$239M in Q3 2026 · $1.2B over twelve months

Operating cash flow$239M
Free cash flow+$239M
Cash / net income111.2×

Analysis

In Q3 2026, Puget Energy generated $239M of operating cash flow. That is $46.8M less than in Q3 2025 ($286M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were other investing ($2.0B), dividends ($50.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($518M), other financing ($20.2M); the cash balance fell by $240M.

Operating cash flow was $239M against net income of $2.1M — 111.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$215M, payables +$73.6M, other non-cash −$64.2M.

Free cash flow

Puget Energy: free cash flow by quarterPuget Energy: free cash flow by quarter$143MQ4 2024$397MQ1 2025$179MQ2 2025$286MQ3 2025$199MQ4 2025$398MQ1 2026$393MQ2 2026$239MQ3 2026
Operating cash flow less capital spending.
Puget Energy: operating cash flow against capital spendingPuget Energy: operating cash flow against capital spendingOperating cash flowCapital spending$143M$0Q4 2024$397M$0Q1 2025$179M$0Q2 2025$286M$0Q3 2025$199M$0Q4 2025$398M$0Q1 2026$393M$0Q2 2026$239M$0Q3 2026
Latest (Q3 2026): Operating cash flow $239M, Capital spending $0.

Capital allocation, year by year

Puget Energy: where the cash came from (up) and went (down), by fiscal yearPuget Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingDividendsFY2021: Operating cash flow $827MFY2021: Net borrowing $224MFY2021: Dividends −$106M$1.1BFY2021FY2022: Operating cash flow $770MFY2022: Net borrowing $299MFY2022: Dividends −$16.2M$1.1BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing $519MFY2023: Dividends −$99.8M$1.6BFY2023FY2024: Operating cash flow $823MFY2024: Net borrowing $570MFY2024: Dividends −$176M$1.4BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing $781MFY2025: Dividends −$62.9M$1.8BFY2025
Over these 5 years operating cash flow totalled $4.5B; the largest uses were dividends ($461M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$236M
Debt$9.5B
Net debt$9.2B
Due within a year$55.0M

Puget Energy funds itself: free cash flow was $1.2B over the last twelve months, and $236M of cash and investments stands against $9.5B of debt ($55.0M due within a year, 4.3× covered by cash).

Puget Energy: debt maturities by year (FY2025)Puget Energy: debt maturities by year (FY2025)$300MYear 2$500MYear 3$100MYear 4$650MYear 5$7.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $236M of cash and investments now.

Where the cash came from and went

Puget Energy: sources (+) and uses (−) of cash, Q3 2026Puget Energy: sources (+) and uses (−) of cash, Q3 2026Other investing−$489MCash drawn (+) / kept (−)$413MOperating cash flow$239MNet borrowing (+) / repaid (−)−$165MOther financing$9.6MDividends−$8.0M
Puget Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Puget Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$2.0BOperating cash flow$1.2BNet borrowing (+) / repaid (−)$518MCash drawn (+) / kept (−)$240MDividends−$50.8MOther financing$20.2M

From profit to cash

Puget Energy: net income to operating cash flow, Q3 2026Puget Energy: net income to operating cash flow, Q3 2026Net income$2.1MDepreciation & amortization$215MDeferred taxes$17.0MOther non-cash−$64.2MReceivables$2.7MPayables$73.6MPrepaid and other assets$40.2MIncome taxes payable−$6.9MOperating cash flow$239M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$239M−$8.0M−$165M$413M$239M
Q2 2026$393M−$20K$80.0M−$31.7M$393M
Q1 2026$398M−$20.9M$544M−$516M$398M
Q4 2025$199M−$21.8M$60.0M$374M$199M
Q3 2025$286M−$17.7M$543M−$374M$286M
Q2 2025$179M−$3.4M$173M$419M$179M
Q1 2025$397M−$20.0M$408M−$436M$397M
Q4 2024$143M−$23.1M$7.3M$338M$143M

Puget Energy: income statement and cash flow

Puget Energy, Q3 2026: revenue $1.3B (+14% year over year), operating margin 8.1%. The chart follows the revenue to costs, profit and cash.

Puget Energy: 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.