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Old Dominion Electric Cooperative earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026
Q2 2026 Revenue up 29% year over year to $387M · 3¢ of every $1 of revenue kept as net profit · operating margin 4.6%
Old Dominion Electric Cooperative made $387M in Q2 2026 (+29% Y/Y). Operating margin 4.6%, net earnings $9.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
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What changed this quarter
Revenue was $387.5M in Q2 2026, up 29% year over year and down 6% from the previous quarter.
Operating profit was $17.9M, a 4.6% margin (down 1.7 points year over year). Operating profit fell $1.0M even though revenue rose $86.5M versus Q2 2025, so costs grew faster than sales. Total costs grew 31% against revenue growth of 29%. The fastest-growing cost line was Other operating costs (+32%). Net earnings were $9.8M, up 4% year over year. The effective tax rate was 0.1%.
Operating cash flow was $24.4M, 247% of net earnings. Working capital and other items added $14.5M. Capital expenditures of $27.6M exceeded it, leaving free cash flow of −$3.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $387M | +29% | 4.6% | $9.9M | $24.4M |
| Q1 2026 | 10-Q | May 12, 2026 | $411M | +27% | 4.8% | $9.8M | −$75.7M |
| Q4 2025 | 10-K | Mar 17, 2026 | $361M | +33% | 8.0% | $20.4M | −$6.8M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $348M | +14% | 9.3% | $9.5M | $49.9M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $301M | +15% | 6.3% | $9.5M | −$9.6M |
| Q1 2025 | 10-Q | May 13, 2025 | $324M | +19% | 5.9% | $9.6M | $51.8M |
| Q4 2024 | 10-K | Mar 18, 2025 | $272M | +6% | 3.8% | $2.8M | $8.1M |
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About Old Dominion Electric Cooperative
Old Dominion Electric Cooperative was incorporated under the laws of the Commonwealth of Virginia in 1948 as a not-for-profit wholesale power supply cooperative. We are organized for the purpose of supplying the power our member distribution cooperatives require to serve their customers on a cost-effective basis. We serve their power requirements pursuant to long-term, all-requirements wholesale power contracts, with limited exceptions. Through our member distribution cooperatives, we served approximately 650,000 retail electric customers (meters), representing a total population of approximately 1.5 million people in 2025.
In its own words, from its 10-K, filed Mar 17, 2026.
Old Dominion Electric Cooperative against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +29% against the peers' median +14%. Operating margin: 4.6% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Old Dominion Electric Cooperative | Q2 2026 | $387M | +29% | 4.6% |
| 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: Old Dominion Electric Cooperative 10-Q on SEC EDGAR · CIK 885568 · Electric Services