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Tri-State Generation & Transmission Association earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026
Q3 2026 Revenue up 4% year over year to $476M · 5¢ of every $1 of revenue kept as net profit · operating margin 13.3%
Tri-State Generation & Transmission Association made $476M in Q3 2026 (+4% Y/Y): Utility Member electric sales $330M, Non-member electric sales $92.6M, Transmission revenue $51.6M. Operating margin 13.3%, net earnings $23.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $476.2M in Q3 2026, up 4% year over year and up 20% from the previous quarter. Utility Member electric sales was the largest line at 69% of revenue. Non-member electric sales added $38.1M year over year (up 70%), 213% of the total change.
Operating profit was $63.5M, a 13.3% margin (down 1.5 points year over year). Operating profit fell $4.4M even though revenue rose $17.9M versus Q3 2025, so costs grew faster than sales. Total costs grew 6% against revenue growth of 4%. Net earnings were $23.1M, roughly flat year over year. The effective tax rate was 0.0%.
Operating cash flow was $128.0M (up 194% year over year), 553% of net earnings. Working capital and other items added $104.9M. Capital expenditures of $49.3M left free cash flow of $78.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $476M | +4% | 13.3% | $23.1M | $128M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $396M | +2% | 11.9% | $4.7M | $207M |
| Q1 2026 | 10-Q | May 8, 2026 | $375M | -0.1% | 8.5% | −$4.2M | −$1.6M |
| Q4 2025 | 10-K | Mar 6, 2026 | $378M | -4% | 7.7% | −$4.0M | −$62.5M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $458M | -13% | 14.8% | $23.2M | $43.6M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $390M | +16% | 9.5% | −$2.3M | −$13.7M |
| Q1 2025 | 10-Q | May 9, 2025 | $375M | +7% | 9.8% | $3.3M | $121M |
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Customers and suppliers named in filings
Sells to
- United Power, Inc — 24% of its revenue · Stated in 10-K (XBRL) · source
About Tri-State Generation & Transmission Association
Tri–State Generation and Transmission Association, Inc. is a taxable wholesale electric power generation and transmission cooperative operating on a not–for–profit basis. Tri-State was incorporated under the laws of the State of Colorado in 1952 as a cooperative corporation. Tri-State was formed by its Utility Members for the purpose of providing wholesale power and transmission services to its Utility Members for their resale of the power to their retail consumers. The Utility Members serve large portions of Colorado, Nebraska, New Mexico and Wyoming.
In its own words, from its 10-K, filed Mar 6, 2026.
Tri-State Generation & Transmission Association against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +13%. Operating margin: 13.3% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Tri-State Generation & Transmission Association | Q3 2026 | $476M | +4% | 13.3% |
| 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: Tri-State Generation & Transmission Association 10-Q on SEC EDGAR · CIK 1637880 · Electric Services