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Ipalco Enterprises earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026
Q3 2026 Revenue up 10% year over year to $582M · 16¢ of every $1 of revenue kept as net profit · operating margin 25.8%
Ipalco Enterprises made $582M in Q3 2026 (+10% Y/Y): Retail Revenue $543M, Wholesale Revenue $27.9M, Other revenues $7.2M. Operating margin 25.8%, net earnings $94.2M. 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 $582.1M in Q3 2026, up 10% year over year and up 32% from the previous quarter. Retail Revenue was the largest line at 93% of revenue. Retail Revenue added $63.7M year over year (up 13%), 121% of the total change. Wholesale Revenue declined 32%.
Operating profit was $149.9M, a 25.8% margin (up 3.4 points year over year). Of the extra revenue versus Q3 2025, 60% reached operating profit, above the 22% margin then. Total costs grew 5% against revenue growth of 10%. Net earnings were $94.2M, up 48% year over year ($62.7M including minority interests, which bore $31.5M of losses). The effective tax rate was 39.0%.
Operating cash flow was $264.9M (down 24% year over year), 423% of net income including minority interests. Non-cash charges added back $95.5M of depreciation and amortization. Working capital and other items added $106.8M. Capital expenditures of $241.6M left free cash flow of $23.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $582M | +10% | 25.8% | $94.2M | $265M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $442M | +0.7% | 16.6% | $48.4M | $263M |
| Q1 2026 | 10-Q | May 5, 2026 | $522M | +9% | 24.4% | $110M | $222M |
| Q4 2025 | 10-K | Mar 2, 2026 | $487M | +25% | 16.5% | −$3.2M | $77.3M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $529M | +18% | 22.3% | $63.7M | $349M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $439M | +10% | 15.6% | $28.7M | $175M |
| Q1 2025 | 10-Q | May 1, 2025 | $478M | +17% | 20.6% | $101M | $122M |
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About Ipalco Enterprises
IPALCO is a holding company incorporated under the laws of the state of Indiana whose principal subsidiary is AES Indiana. AES Indiana is a regulated electric utility operating in the state of Indiana. Substantially all of our business consists of the generation, transmission, distribution and sale of electric energy conducted through AES Indiana. Our business segments are “utility” and “other.” All of our operations are conducted within the U.S. and principally within the state of Indiana. Please see Note 13, “Business Segments” to the Financial Statements of this Annual Report on Form 10-K.
In its own words, from its 10-K, filed Mar 2, 2026.
Ipalco Enterprises against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +13%. Operating margin: 25.8% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Ipalco Enterprises | Q3 2026 | $582M | +10% | 25.8% |
| 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: Ipalco Enterprises 10-Q on SEC EDGAR · CIK 728391 · Electric Services