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Northern States Power cash flow, quarter by quarter

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

Free cash flow$5.0M in Q3 2026 · −$1.2B over twelve months

Operating cash flow$965M
Capital spending−$960M
Free cash flow+$5.0M
Cash / net income3.0×

Analysis

In Q3 2026, Northern States Power generated $965M of operating cash flow and spent $960M on capital projects, leaving free cash flow of $5.0M. That is $162M more than in Q3 2025 (−$157M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.2B; the largest uses were capital spending ($3.5B), dividends ($475M), other investing ($1.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.2B), other financing ($698M); the cash balance rose by $184M.

Operating cash flow was $965M against net income of $322M — 3.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$301M, deferred taxes +$250M, other liabilities +$116M.

Free cash flow

Northern States Power: free cash flow by quarterNorthern States Power: free cash flow by quarter−$334MQ4 2024−$152MQ1 2025−$247MQ2 2025−$157MQ3 2025−$639MQ4 2025−$183MQ1 2026−$400MQ2 2026$5.0MQ3 2026
Operating cash flow less capital spending.
Northern States Power: operating cash flow against capital spendingNorthern States Power: operating cash flow against capital spendingOperating cash flowCapital spending$426M$760MQ4 2024$429M$581MQ1 2025$539M$786MQ2 2025$767M$924MQ3 2025$353M$992MQ4 2025$509M$692MQ1 2026$409M$809MQ2 2026$965M$960MQ3 2026
Latest (Q3 2026): Operating cash flow $965M, Capital spending $960M.

Capital allocation, year by year

Northern States Power: where the cash came from (up) and went (down), by fiscal yearNorthern States Power: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing $657MFY2021: Capital spending −$1.9BFY2021: Dividends −$431M$1.8BFY2021FY2022: Operating cash flow $1.9BFY2022: Net borrowing $396MFY2022: Capital spending −$1.9BFY2022: Dividends −$560M$2.3BFY2022FY2023: Operating cash flow $2.3BFY2023: Net borrowing $341MFY2023: Capital spending −$2.3BFY2023: Dividends −$647M$2.6BFY2023FY2024: Operating cash flow $1.9BFY2024: Net borrowing $717MFY2024: Capital spending −$2.8BFY2024: Dividends −$494M$2.6BFY2024FY2025: Operating cash flow $2.1BFY2025: Net borrowing $857MFY2025: Capital spending −$3.3BFY2025: Dividends −$419M$2.9BFY2025
Over these 5 years operating cash flow totalled $9.3B; the largest uses were capital spending ($12.1B) and dividends ($2.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$320M
Debt$7.9B
Net debt$7.6B

Northern States Power's operations bring cash in ($2.2B over twelve months), and it spends more than that on capital projects: a gap of $1.2B funded from its $320M of cash and investments and from borrowing ($7.9B of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Northern States Power: sources (+) and uses (−) of cash, Q3 2026Northern States Power: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$965MCapital spending−$960MDividends−$126MOther financing$95.0MCash drawn (+) / kept (−)$27.0MOther investing−$1.0M
Northern States Power: sources (+) and uses (−) of cash, TTM to Q3 2026Northern States Power: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$3.5BOperating cash flow$2.2BNet borrowing (+) / repaid (−)$1.2BOther financing$698MDividends−$475MCash drawn (+) / kept (−)−$184MOther investing−$1.0M

From profit to cash

Northern States Power: net income to operating cash flow, Q3 2026Northern States Power: net income to operating cash flow, Q3 2026Net income$322MDepreciation & amortization$301MDeferred taxes$250MReceivables−$77.0MInventory−$38.0MPayables$43.0MPrepaid and other assets−$12.0MOther liabilities$116MOperating cash flow$965M
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$965M−$960M−$126M—$27.0M$5.0M
Q2 2026$409M−$809M−$125M—$517M−$400M
Q1 2026$509M−$692M−$103M$960M−$784M−$183M
Q4 2025$353M−$992M−$121M$219M$56.0M−$639M
Q3 2025$767M−$924M−$108M—$517M−$157M
Q2 2025$539M−$786M−$109M$1.0B−$615M−$247M
Q1 2025$429M−$581M−$81.0M−$130M$33.0M−$152M
Q4 2024$426M−$760M−$169M$195M$239M−$334M

Northern States Power: income statement and cash flow

Northern States Power, Q3 2026: revenue $1.8B (+5% year over year), operating margin 24.3%. The chart follows the revenue to costs, profit and cash.

Northern States 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.