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Northern States Power earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026
Q3 2026 Revenue up 13% year over year to $350M · 15¢ of every $1 of revenue kept as net profit · operating margin 23.4%
Northern States Power made $350M in Q3 2026 (+13% Y/Y). Operating margin 23.4%, net earnings $53.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
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What changed this quarter
Revenue was $350.0M in Q3 2026, up 13% year over year and up 24% from the previous quarter.
Operating profit was $82.0M, a 23.4% margin (up 2.1 points year over year). Of the extra revenue versus Q3 2025, 40% reached operating profit, above the 21% margin then. Total costs grew 10% against revenue growth of 13%. Net earnings were $53.0M, up 23% year over year. The effective tax rate was 23.2%.
Operating cash flow was $151.0M (up 24% year over year), 285% of net earnings. Non-cash charges added back $56.0M of depreciation and amortization. Working capital and other items added $42.0M. Capital expenditures of $223.0M exceeded it, leaving free cash flow of −$72.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $350M | +13% | 23.4% | $53.0M | $151M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $282M | +2% | 23.4% | $39.0M | $94.0M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $381M | +16% | 26.0% | $65.0M | $144M |
| Q4 2025 | 10-K | Feb 25, 2026 | $310M | +20% | 22.9% | $47.0M | $13.0M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $310M | +5% | 21.3% | $43.0M | $122M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $277M | +4% | 15.5% | $26.0M | $77.0M |
| Q1 2025 | 10-Q | Apr 24, 2025 | $327M | +6% | 19.9% | $42.0M | $124M |
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Northern States Power against its Electric & Other Services Combined peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +8%. Operating margin: 23.4% against the peers' median 22.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Northern States Power | Q3 2026 | $350M | +13% | 23.4% |
| DUK Duke Energy | Q3 2026 | $9.1B | +7% | 30.2% |
| Pepco Holdings LLC | Q3 2026 | $7.3B | +9% | 18.8% |
| EXC Exelon | Q1 2026 | $7.2B | +8% | 22.2% |
| PCG PG&E | Q3 2026 | $6.2B | -1% | 20.2% |
| ED Consolidated Edison | Q3 2026 | $4.9B | +8% | 23.8% |
| XEL Xcel Energy | Q3 2026 | $4.2B | +7% | 28.5% |
| Consolidated Edison Co of New York | Q2 2026 | $4.1B | +13% | 13.6% |
| PEG Public Service Enterprise Group | Q3 2026 | $3.0B | -6% | 20.6% |
Source: Northern States Power 10-Q on SEC EDGAR · CIK 72909 · Electric & Other Services Combined