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Northern States Power earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026
Q3 2026 Revenue up 5% year over year to $1.8B · 18¢ of every $1 of revenue kept as net profit · operating margin 24.3%
Northern States Power made $1.8B in Q3 2026 (+5% Y/Y). Operating margin 24.3%, net earnings $322M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
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What changed this quarter
Revenue was $1.8B in Q3 2026, up 5% year over year and up 31% from the previous quarter.
Operating profit was $0.44B, a 24.3% margin (unchanged year over year). Of the extra revenue versus Q3 2025, 25% reached operating profit, above the 24% margin then. Total costs grew 5% against revenue growth of 5%. Net earnings were $0.32B, up 3% year over year. The effective tax rate was 5.6%.
Operating cash flow was $1.0B (up 26% year over year), 300% of net earnings. Non-cash charges added back $0.30B of depreciation and amortization. Working capital and other items added $0.34B. Capital expenditures of $1.0B left free cash flow of $0.01B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $1.8B | +5% | 24.3% | $322M | $965M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $1.4B | -4% | 20.7% | $234M | $409M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $1.8B | +8% | 13.4% | $189M | $509M |
| Q4 2025 | 10-K | Feb 25, 2026 | $1.5B | +15% | 12.3% | $218M | $353M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $1.7B | +7% | 24.3% | $313M | $767M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $1.4B | +9% | 14.8% | $189M | $539M |
| Q1 2025 | 10-Q | Apr 24, 2025 | $1.7B | +8% | 11.9% | $184M | $429M |
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Northern States Power against its Electric & Other Services Combined peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +7%. Operating margin: 24.3% against the peers' median 22.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Northern States Power | Q3 2026 | $1.8B | +5% | 24.3% |
| DUK Duke Energy | Q3 2026 | $9.1B | +7% | 30.2% |
| Pepco Holdings LLC | Q3 2026 | $7.3B | +9% | 18.8% |
| EXC Exelon | Q1 2026 | $7.2B | +8% | 22.2% |
| PCG PG&E | Q3 2026 | $6.2B | -1% | 20.2% |
| ED Consolidated Edison | Q3 2026 | $4.9B | +8% | 23.8% |
| XEL Xcel Energy | Q3 2026 | $4.2B | +7% | 28.5% |
| Consolidated Edison Co of New York | Q2 2026 | $4.1B | +13% | 13.6% |
| PEG Public Service Enterprise Group | Q3 2026 | $3.0B | -6% | 20.6% |
Source: Northern States Power 10-Q on SEC EDGAR · CIK 1123852 · Electric & Other Services Combined