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Southwestern Public Service earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026
Q3 2026 Revenue up 13% year over year to $738M · 29¢ of every $1 of revenue kept as net profit · operating margin 35.2%
Southwestern Public Service made $738M in Q3 2026 (+13% Y/Y). Operating margin 35.2%, net earnings $216M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
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What changed this quarter
Revenue was $738.0M in Q3 2026, up 13% year over year and up 90% from the previous quarter.
Operating profit was $260.0M, a 35.2% margin (up 2.9 points year over year). Of the extra revenue versus Q3 2025, 58% reached operating profit, above the 32% margin then. Total costs grew 8% against revenue growth of 13%. Net earnings were $216.0M, up 35% year over year. The effective tax rate was 4.0%.
Operating cash flow was $335.0M (up 54% year over year), 155% of net earnings. Non-cash charges added back $129.0M of depreciation and amortization. Capital expenditures of $587.0M exceeded it, leaving free cash flow of −$252.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $738M | +13% | 35.2% | $216M | $335M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $389M | -23% | 32.4% | $123M | $451M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $530M | +2% | 18.1% | $84.0M | $119M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $655M | +10% | 32.4% | $160M | $217M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $508M | +11% | 23.8% | $101M | $269M |
| Q1 2025 | 10-Q | Apr 24, 2025 | $521M | +22% | 14.4% | $59.0M | $29.0M |
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Southwestern Public Service 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: 35.2% against the peers' median 22.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Southwestern Public Service | Q3 2026 | $738M | +13% | 35.2% |
| DUK Duke Energy | Q3 2026 | $9.1B | +7% | 30.2% |
| Pepco Holdings LLC | Q3 2026 | $7.3B | +9% | 18.8% |
| EXC Exelon | Q1 2026 | $7.2B | +8% | 22.2% |
| PCG PG&E | Q3 2026 | $6.2B | -1% | 20.2% |
| ED Consolidated Edison | Q3 2026 | $4.9B | +8% | 23.8% |
| XEL Xcel Energy | Q3 2026 | $4.2B | +7% | 28.5% |
| Consolidated Edison Co of New York | Q2 2026 | $4.1B | +13% | 13.6% |
| PEG Public Service Enterprise Group | Q3 2026 | $3.0B | -6% | 20.6% |
Source: Southwestern Public Service 10-Q on SEC EDGAR · CIK 92521 · Electric & Other Services Combined