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Northern States Power cash flow, quarter by quarter

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

Free cash flow−$72.0M in Q3 2026 · −$400M over twelve months

Operating cash flow$151M
Capital spending−$223M
Free cash flow−$72.0M
Cash / net income2.8×

Analysis

In Q3 2026, Northern States Power generated $151M of operating cash flow and spent $223M on capital projects, leaving free cash flow of −$72.0M. That is $48.0M less than in Q3 2025 (−$24.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $402M; the largest uses were capital spending ($802M), dividends ($87.0M); besides operations, cash came from other financing ($388M); the cash balance fell by $99.0M.

Operating cash flow was $151M against net income of $53.0M — 2.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$56.0M, payables +$37.0M, deferred taxes +$16.0M.

Free cash flow

Northern States Power: free cash flow by quarterNorthern States Power: free cash flow by quarter−$149MQ4 2024$4.0MQ1 2025−$75.0MQ2 2025−$24.0MQ3 2025−$216MQ4 2025−$21.0MQ1 2026−$91.0MQ2 2026−$72.0MQ3 2026
Operating cash flow less capital spending.
Northern States Power: operating cash flow against capital spendingNorthern States Power: operating cash flow against capital spendingOperating cash flowCapital spending$7.0M$156MQ4 2024$124M$120MQ1 2025$77.0M$152MQ2 2025$122M$146MQ3 2025$13.0M$229MQ4 2025$144M$165MQ1 2026$94.0M$185MQ2 2026$151M$223MQ3 2026
Latest (Q3 2026): Operating cash flow $151M, Capital spending $223M.

Capital allocation, year by year

Northern States Power: where the cash came from (up) and went (down), by fiscal yearNorthern States Power: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingDividendsFY2021: Operating cash flow $186MFY2021: Net borrowing −$294MFY2021: Capital spending −$264MFY2021: Dividends −$103M$186MFY2021FY2022: Operating cash flow $257MFY2022: Net borrowing −$626MFY2022: Capital spending −$353MFY2022: Dividends −$91.0M$257MFY2022FY2023: Operating cash flow $357MFY2023: Net borrowing −$150MFY2023: Capital spending −$456MFY2023: Dividends −$109M$357MFY2023FY2024: Operating cash flow $285MFY2024: Net borrowing −$195MFY2024: Capital spending −$550MFY2024: Dividends −$98.0M$285MFY2024FY2025: Operating cash flow $336MFY2025: Net borrowing −$206MFY2025: Capital spending −$647MFY2025: Dividends −$72.0M$336MFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were capital spending ($2.3B) and net borrowing ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$133M
Debt$1.9B
Net debt$1.8B

Northern States Power's operations bring cash in ($402M over twelve months), and it spends more than that on capital projects: a gap of $400M funded from its $133M of cash and investments and from borrowing ($1.9B of debt). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Northern States Power: sources (+) and uses (−) of cash, Q3 2026Northern States Power: sources (+) and uses (−) of cash, Q3 2026Capital spending−$223MOperating cash flow$151MCash drawn (+) / kept (−)$59.0MOther financing$40.0MDividends−$27.0M
Northern States Power: sources (+) and uses (−) of cash, TTM to Q3 2026Northern States Power: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$802MOperating cash flow$402MOther financing$388MCash drawn (+) / kept (−)$99.0MDividends−$87.0M

From profit to cash

Northern States Power: net income to operating cash flow, Q3 2026Northern States Power: net income to operating cash flow, Q3 2026Net income$53.0MDepreciation & amortization$56.0MDeferred taxes$16.0MReceivables−$9.0MInventory−$15.0MPayables$37.0MPrepaid and other assets$8.0MOther liabilities$10.0MOther operating capital−$1.0MOperating cash flow$151M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$151M−$223M−$27.0M—$59.0M−$72.0M
Q2 2026$94.0M−$185M−$25.0M—−$187M−$91.0M
Q1 2026$144M−$165M−$17.0M—$3.0M−$21.0M
Q4 2025$13.0M−$229M−$18.0M−$171M$224M−$216M
Q3 2025$122M−$146M−$23.0M—$2.0M−$24.0M
Q2 2025$77.0M−$152M−$18.0M—−$222M−$75.0M
Q1 2025$124M−$120M−$13.0M−$35.0M−$4.0M$4.0M
Q4 2024$7.0M−$156M−$26.0M$65.0M$135M−$149M

Northern States Power: income statement and cash flow

Northern States Power, Q3 2026: revenue $350M (+13% year over year), operating margin 23.4%. The chart follows the revenue to costs, profit and cash.

Northern States Power: 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.