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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.

Revenue$350M
Year over year+13%
Operating margin23.4%
Net earnings$53.0M
Operating cash flow$151M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

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

Northern States Power revenue by quarterNorthern States Power revenue by quarter$327MQ1 2025$277MQ2 2025$310MQ3 2025$310MQ4 2025$381MQ1 2026$282MQ2 2026$350MQ3 2026
Northern States Power net earnings by quarterNorthern States Power net earnings by quarter$42.0MQ1 2025$26.0MQ2 2025$43.0MQ3 2025$47.0MQ4 2025$65.0MQ1 2026$39.0MQ2 2026$53.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$350M+13%23.4%$53.0M$151M
Q2 202610-QJul 30, 2026$282M+2%23.4%$39.0M$94.0M
Q1 202610-QApr 30, 2026$381M+16%26.0%$65.0M$144M
Q4 202510-KFeb 25, 2026$310M+20%22.9%$47.0M$13.0M
Q3 202510-QOct 30, 2025$310M+5%21.3%$43.0M$122M
Q2 202510-QJul 31, 2025$277M+4%15.5%$26.0M$77.0M
Q1 202510-QApr 24, 2025$327M+6%19.9%$42.0M$124M

Charts

Northern States Power: revenue growth, year over year and quarter over quarterNorthern States Power: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q1 2025+4%-15%Q2 2025+5%+12%Q3 2025+20%+0%Q4 2025+16%+23%Q1 2026+2%-26%Q2 2026+13%+24%Q3 2026
Latest (Q3 2026): Y/Y +13%, Q/Q +24%.
Northern States Power: where the cash came from (+) and went (−), TTM to Q3 2026Northern States Power: where the cash came from (+) and went (−), TTM to Q3 2026Capital spending−$802MOperating cash flow$402MOther financing$388MCash drawn (+) / kept (−)$99.0MDividends−$87.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Northern States Power: profit against cash, quarter by quarterNorthern States Power: profit against cash, quarter by quarterNet incomeOperating cash flow$27.0M$7.0MQ4 2024$42.0M$124MQ1 2025$26.0M$77.0MQ2 2025$43.0M$122MQ3 2025$47.0M$13.0MQ4 2025$65.0M$144MQ1 2026$39.0M$94.0MQ2 2026$53.0M$151MQ3 2026
Latest (Q3 2026): Net income $53.0M, Operating cash flow $151M.
Northern States Power in its industry: growth against margin (29 companies, SIC 4931)Northern States Power in its industry: growth against margin (29 companies, SIC 4931)revenue growth, year over year →↑ operating marginmedian +7%median 22%DUKPepco Holdings LLCEXCPCGEDXELConsolidated Edison Co of New York IncPEGAEEWECCMSEVRGNorthern States Power CoEvergy Kansas Central, Inc.Public Service Co of ColoradoArizona Public Service CoNILNTSouthwestern Public Service CoWisconsin Public Service CorpNWEAVADPL LLCDayton Power & Light CoMadison Gas & Electric CoGNEUTLCPWRNorthern States Power (+13%, 23%)
Electric & Other Services Combined; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🏭Its industry’s money flow (input-output)interactive

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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%.

CompanyQuarterRevenueY/YOp. margin
Northern States PowerQ3 2026$350M+13%23.4%
DUK Duke EnergyQ3 2026$9.1B+7%30.2%
Pepco Holdings LLCQ3 2026$7.3B+9%18.8%
EXC ExelonQ1 2026$7.2B+8%22.2%
PCG PG&EQ3 2026$6.2B-1%20.2%
ED Consolidated EdisonQ3 2026$4.9B+8%23.8%
XEL Xcel EnergyQ3 2026$4.2B+7%28.5%
Consolidated Edison Co of New YorkQ2 2026$4.1B+13%13.6%
PEG Public Service Enterprise GroupQ3 2026$3.0B-6%20.6%

Source: Northern States Power 10-Q on SEC EDGAR · CIK 72909 · Electric & Other Services Combined