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Oglethorpe Power earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026
Q2 2026 Revenue down 7% year over year to $589M · 3¢ of every $1 of revenue kept as net profit · operating margin 22.8%
Oglethorpe Power made $589M in Q2 2026 (-7% Y/Y). Operating margin 22.8%, net earnings $16.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
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What changed this quarter
Revenue was $589.5M in Q2 2026, down 7% year over year and down 20% from the previous quarter.
Operating profit was $134.6M, a 22.8% margin (unchanged year over year). Total costs fell 7% while revenue fell 7%. Net earnings were $16.2M, down 20% year over year. The effective tax rate was 0.0%.
Operating cash flow was $66.9M (down 62% year over year), 412% of net earnings. Working capital and other items added $50.7M. Capital expenditures of $284.3M exceeded it, leaving free cash flow of −$217.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $589M | -7% | 22.8% | $16.2M | $66.9M |
| Q1 2026 | 10-Q | May 13, 2026 | $737M | +9% | 22.2% | $48.1M | $94.7M |
| Q4 2025 | 10-K | Mar 27, 2026 | $598M | +11% | 17.8% | −$9.8M | $75.6M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $631M | +17% | 19.5% | $1.9M | $212M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $634M | +12% | 22.9% | $20.3M | $178M |
| Q1 2025 | 10-Q | May 14, 2025 | $678M | +26% | 23.9% | $43.0M | $36.9M |
| Q4 2024 | 10-K | Mar 31, 2025 | $541M | +17% | 20.8% | −$6.3M | $124M |
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About Oglethorpe Power
We are a Georgia electric membership corporation (an EMC) incorporated in 1974 and headquartered in metropolitan Atlanta. We are owned by our 38 retail electric distribution cooperative members. Our principal business is providing wholesale electric power to our members. As with cooperatives generally, we operate on a not-for-profit basis. We are one of the largest electric cooperatives in the United States in terms of revenues, assets, kilowatt-hour sales to members and, through our members, consumers served. We are also the second largest power supplier in the state of Georgia. As of December 31, 2025, we had 401 employees.
In its own words, from its 10-K, filed Mar 27, 2026.
Oglethorpe Power against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -7% against the peers' median +13%. Operating margin: 22.8% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Oglethorpe Power | Q2 2026 | $589M | -7% | 22.8% |
| 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: Oglethorpe Power 10-Q on SEC EDGAR · CIK 788816 · Electric Services