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ITC Holdings earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026
Q3 2026 Revenue up 5% year over year to $476M · 31¢ of every $1 of revenue kept as net profit · operating margin 57.6%
ITC Holdings made $476M in Q3 2026 (+5% Y/Y). Operating margin 57.6%, net earnings $149M. 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 $476.0M in Q3 2026, up 5% year over year and roughly flat from the previous quarter.
Operating profit was $274.0M, a 57.6% margin (up 2.7 points year over year). Of the extra revenue versus Q3 2025, 114% reached operating profit, above the 55% margin then. Total costs fell 1% while revenue rose 5%. Net earnings were $149.0M, up 12% year over year. The effective tax rate was 23.2%.
Operating cash flow was $350.0M (up 9% year over year), 235% of net earnings. Non-cash charges added back $94.0M of depreciation and amortization. Working capital and other items added $107.0M. Capital expenditures of $414.0M exceeded it, leaving free cash flow of −$64.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $476M | +5% | 57.6% | $149M | $350M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $475M | +7% | 53.7% | $135M | $241M |
| Q1 2026 | 10-Q | May 6, 2026 | $473M | +8% | 53.9% | $137M | $183M |
| Q4 2025 | 10-K | Feb 12, 2026 | $448M | +11% | 55.6% | $132M | $229M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $454M | +11% | 54.8% | $133M | $321M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $444M | +10% | 55.6% | $127M | $200M |
| Q1 2025 | 10-Q | May 7, 2025 | $440M | +8% | 55.0% | $127M | $146M |
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Customers and suppliers named in filings
Sells to
- CMS-PB — 22% of its revenue · Stated in 10-K (sentence) · source
About ITC Holdings
ITC Holdings and our Regulated Operating Subsidiaries provide safe and reliable electric transmission service to connect consumers to cost-effective energy resources. Our Regulated Operating Subsidiaries continue to make investments in a modernized grid to maintain reliability and accommodate future demands as lifestyles and the economy become increasingly dependent on electricity. Our business consists primarily of the electric transmission operations of our Regulated Operating Subsidiaries. Through our Regulated Operating Subsidiaries, we own, operate, maintain and invest in high-voltage transmission systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma and Wisconsin that transmit electricity from generating stations to local distribution facilities connected to our transmission systems.
In its own words, from its 10-K, filed Feb 12, 2026.
ITC Holdings against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +13%. Operating margin: 57.6% against the peers' median 29.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ITC Holdings | Q3 2026 | $476M | +5% | 57.6% |
| 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: ITC Holdings 10-Q on SEC EDGAR · CIK 1317630 · Electric Services