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Oglethorpe Power cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$217M in Q2 2026 · −$677M over twelve months

Operating cash flow$66.9M
Capital spending−$284M
Free cash flow−$217M
Cash / net income4.1×

Analysis

In Q2 2026, Oglethorpe Power generated $66.9M of operating cash flow and spent $284M on capital projects, leaving free cash flow of −$217M. That is $203M less than in Q2 2025 (−$14.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $449M; the largest uses were capital spending ($1.1B), net borrowing (+) / repaid (−) ($369M); besides operations, cash came from other financing ($902M), other investing ($2.0M); the cash balance fell by $143M.

Operating cash flow was $66.9M against net income of $16.2M — 4.1× profit, cash ran ahead of reported earnings. The largest differences: payables +$70.5M, receivables −$54.9M, inventory −$20.6M.

Free cash flow

Oglethorpe Power: free cash flow by quarterOglethorpe Power: free cash flow by quarter$9.3MQ3 2024−$98.1MQ4 2024−$159MQ1 2025−$14.7MQ2 2025$30.0MQ3 2025−$245MQ4 2025−$245MQ1 2026−$217MQ2 2026
Operating cash flow less capital spending.
Oglethorpe Power: operating cash flow against capital spendingOglethorpe Power: operating cash flow against capital spendingOperating cash flowCapital spending$121M$112MQ3 2024$124M$222MQ4 2024$36.9M$195MQ1 2025$178M$193MQ2 2025$212M$182MQ3 2025$75.6M$321MQ4 2025$94.7M$339MQ1 2026$66.9M$284MQ2 2026
Latest (Q2 2026): Operating cash flow $66.9M, Capital spending $284M.

Capital allocation, year by year

Oglethorpe Power: where the cash came from (up) and went (down), by fiscal yearOglethorpe Power: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsFY2021: Operating cash flow $561MFY2021: Net borrowing $1.0BFY2021: Capital spending −$1.2BFY2021: Acquisitions −$233M$1.6BFY2021FY2022: Operating cash flow $546MFY2022: Net borrowing $577MFY2022: Capital spending −$1.2BFY2022: Acquisitions −$86.8M$1.1BFY2022FY2023: Operating cash flow $195MFY2023: Net borrowing $100MFY2023: Capital spending −$475MFY2023: Acquisitions −$16.7M$295MFY2023FY2024: Operating cash flow $429MFY2024: Net borrowing $74.9MFY2024: Capital spending −$662MFY2024: Acquisitions −$75.2M$504MFY2024FY2025: Operating cash flow $502MFY2025: Net borrowing $226MFY2025: Capital spending −$890M$729MFY2025
Over these 5 years operating cash flow totalled $2.2B; the largest uses were capital spending ($4.4B) and acquisitions ($412M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$188M
Debt$13.3B
Net debt$13.1B
Due within a year$1.1B

Oglethorpe Power's operations bring cash in ($449M over twelve months), and it spends more than that on capital projects: a gap of $677M funded from its $188M of cash and investments and from borrowing ($13.3B of debt, $1.1B due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Oglethorpe Power: sources (+) and uses (−) of cash, Q2 2026Oglethorpe Power: sources (+) and uses (−) of cash, Q2 2026Other financing$512MCapital spending−$284MNet borrowing (+) / repaid (−)−$247MOperating cash flow$66.9MCash drawn (+) / kept (−)−$31.0MOther investing−$16.4M
Oglethorpe Power: sources (+) and uses (−) of cash, TTM to Q2 2026Oglethorpe Power: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$1.1BOther financing$902MOperating cash flow$449MNet borrowing (+) / repaid (−)−$369MCash drawn (+) / kept (−)$143MOther investing$2.0M

From profit to cash

Oglethorpe Power: net income to operating cash flow, Q2 2026Oglethorpe Power: net income to operating cash flow, Q2 2026Net income$16.2MGains on investments$1.5MOther non-cash−$1.7MReceivables−$54.9MInventory−$20.6MPayables$70.5MDeferred revenue−$13.9MPrepaid and other assets−$10.0MOther liabilities$249KOperating cash flow$66.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$66.9M−$284M—−$247M−$31.0M−$217M
Q1 2026$94.7M−$339M—$34.3M$161M−$245M
Q4 2025$75.6M−$321M—$182M$59.6M−$245M
Q3 2025$212M−$182M—$9.2M−$46.5M$30.0M
Q2 2025$178M−$193M—−$11.2M−$15.2M−$14.7M
Q1 2025$36.9M−$195M—$46.2M$88.8M−$159M
Q4 2024$124M−$222M—$163M−$94.7M−$98.1M
Q3 2024$121M−$112M−$2.1M−$109M$70.2M$9.3M

Oglethorpe Power: income statement and cash flow

Oglethorpe Power, Q2 2026: revenue $589M (-7% year over year), operating margin 22.8%. The chart follows the revenue to costs, profit and cash.

Oglethorpe 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.