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Tri-State Generation & Transmission Association cash flow, quarter by quarter

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

Free cash flow$78.7M in Q3 2026 · $12.8M over twelve months

Operating cash flow$128M
Capital spending−$49.3M
Free cash flow+$78.7M
Cash / net income5.5×

Analysis

In Q3 2026, Tri-State Generation & Transmission Association generated $128M of operating cash flow and spent $49.3M on capital projects, leaving free cash flow of $78.7M. That is $138M more than in Q3 2025 (−$59.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $271M; the largest uses were capital spending ($258M), other financing ($38.6M), partners ($932K); besides operations, cash came from other investing ($26.6M), net borrowing (+) / repaid (−) ($16.5M); the cash balance rose by $16.3M.

Operating cash flow was $128M against net income of $23.1M — 5.5× profit, cash ran ahead of reported earnings. The largest differences: receivables +$21.9M, payables −$13.0M.

Free cash flow

Tri-State Generation & Transmission Association: free cash flow by quarterTri-State Generation & Transmission Association: free cash flow by quarter−$153MQ4 2024$29.7MQ1 2025−$101MQ2 2025−$59.5MQ3 2025−$133MQ4 2025−$54.3MQ1 2026$121MQ2 2026$78.7MQ3 2026
Operating cash flow less capital spending.
Tri-State Generation & Transmission Association: operating cash flow against capital spendingTri-State Generation & Transmission Association: operating cash flow against capital spendingOperating cash flowCapital spending−$23.3M$130MQ4 2024$121M$91.1MQ1 2025−$13.7M$87.6MQ2 2025$43.6M$103MQ3 2025−$62.5M$70.4MQ4 2025−$1.6M$52.7MQ1 2026$207M$85.7MQ2 2026$128M$49.3MQ3 2026
Latest (Q3 2026): Operating cash flow $128M, Capital spending $49.3M.

Capital allocation, year by year

Tri-State Generation & Transmission Association: where the cash came from (up) and went (down), by fiscal yearTri-State Generation & Transmission Association: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingFY2021: Operating cash flow $170MFY2021: Net borrowing −$44.3MFY2021: Capital spending −$118M$170MFY2021FY2022: Operating cash flow $153MFY2022: Net borrowing −$8.8MFY2022: Capital spending −$122M$153MFY2022FY2023: Operating cash flow $124MFY2023: Net borrowing $66.3MFY2023: Capital spending −$179M$191MFY2023FY2024: Operating cash flow $842MFY2024: Net borrowing −$360MFY2024: Capital spending −$329M$842MFY2024FY2025: Operating cash flow $88.2MFY2025: Net borrowing $227MFY2025: Capital spending −$352M$315MFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were capital spending ($1.1B) and net borrowing ($413M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$219M
Debt$3.1B
Net debt$2.9B
Due within a year$80.1M

Tri-State Generation & Transmission Association funds itself: free cash flow was $12.8M over the last twelve months, and $219M of cash and investments stands against $3.1B of debt ($80.1M due within a year, 2.7× covered by cash).

Tri-State Generation & Transmission Association: debt maturities by year (FY2025)Tri-State Generation & Transmission Association: debt maturities by year (FY2025)$80.1MYear 1$442MYear 2$89.0MYear 3$74.5MYear 4$279MYear 5$2.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $219M of cash and investments now.

Where the cash came from and went

Tri-State Generation & Transmission Association: sources (+) and uses (−) of cash, Q3 2026Tri-State Generation & Transmission Association: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$128MCash drawn (+) / kept (−)−$52.7MCapital spending−$49.3MNet borrowing (+) / repaid (−)−$29.9MOther investing$4.4MPartners−$561KOther financing−$18K
Tri-State Generation & Transmission Association: sources (+) and uses (−) of cash, TTM to Q3 2026Tri-State Generation & Transmission Association: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$271MCapital spending−$258MOther financing−$38.6MOther investing$26.6MNet borrowing (+) / repaid (−)$16.5MCash drawn (+) / kept (−)−$16.3MPartners−$932K

From profit to cash

Tri-State Generation & Transmission Association: net income to operating cash flow, Q3 2026Tri-State Generation & Transmission Association: net income to operating cash flow, Q3 2026Net income$23.1MReceivables$21.9MPayables−$13.0MOperating cash flow$128M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$128M−$49.3M−$29.9M−$52.7M$78.7M
Q2 2026$207M−$85.7M−$71.2M−$21.3M$121M
Q1 2026−$1.6M−$52.7M$42.1M$16.7M−$54.3M
Q4 2025−$62.5M−$70.4M$86.2M$41.0M−$133M
Q3 2025$43.6M−$103M$92.6M−$36.7M−$59.5M
Q2 2025−$13.7M−$87.6M$6.7M$102M−$101M
Q1 2025$121M−$91.1M$41.2M−$53.4M$29.7M
Q4 2024−$23.3M−$130M−$17.7M$79.9M−$153M

Tri-State Generation & Transmission Association: income statement and cash flow

Tri-State Generation & Transmission Association, Q3 2026: revenue $476M (+4% year over year), operating margin 13.3%. The chart follows the revenue to costs, profit and cash.

Tri-State Generation & Transmission Association: 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.