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Southwestern Public Service cash flow, quarter by quarter

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

Free cash flow−$252M in Q3 2026 · −$867M over twelve months

Operating cash flow$335M
Capital spending−$587M
Free cash flow−$252M
Cash / net income1.6×

Analysis

In Q3 2026, Southwestern Public Service generated $335M of operating cash flow and spent $587M on capital projects, leaving free cash flow of −$252M. That is $16.0M less than in Q3 2025 (−$236M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were capital spending ($2.0B), dividends ($274M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.2B), other financing ($803M); the cash balance rose by $848M.

Operating cash flow was $335M against net income of $216M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$129M, deferred taxes +$99.0M, payables +$77.0M.

Free cash flow

Southwestern Public Service: free cash flow by quarterSouthwestern Public Service: free cash flow by quarter−$248MQ4 2024−$251MQ1 2025−$104MQ2 2025−$236MQ3 2025−$234MQ4 2025−$241MQ1 2026−$140MQ2 2026−$252MQ3 2026
Operating cash flow less capital spending.
Southwestern Public Service: operating cash flow against capital spendingSouthwestern Public Service: operating cash flow against capital spendingOperating cash flowCapital spending$102M$350MQ4 2024$29.0M$280MQ1 2025$269M$373MQ2 2025$217M$453MQ3 2025$184M$418MQ4 2025$119M$360MQ1 2026$451M$591MQ2 2026$335M$587MQ3 2026
Latest (Q3 2026): Operating cash flow $335M, Capital spending $587M.

Capital allocation, year by year

Southwestern Public Service: where the cash came from (up) and went (down), by fiscal yearSouthwestern Public Service: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingDividendsFY2021: Operating cash flow $359MFY2021: Net borrowing $134MFY2021: Capital spending −$580MFY2021: Dividends −$310M$493MFY2021FY2022: Operating cash flow $676MFY2022: Net borrowing $93.0MFY2022: Capital spending −$578MFY2022: Dividends −$319M$769MFY2022FY2023: Operating cash flow $810MFY2023: Net borrowing $139MFY2023: Capital spending −$714MFY2023: Dividends −$309M$949MFY2023FY2024: Operating cash flow $886MFY2024: Net borrowing $308MFY2024: Capital spending −$1.0BFY2024: Dividends −$427M$1.2BFY2024FY2025: Operating cash flow $699MFY2025: Net borrowing $568MFY2025: Capital spending −$1.5BFY2025: Dividends −$369M$1.3BFY2025
Over these 5 years operating cash flow totalled $3.4B; the largest uses were capital spending ($4.4B) and dividends ($1.7B). Cash-flow statements as filed.

Where the cash came from and went

Southwestern Public Service: sources (+) and uses (−) of cash, Q3 2026Southwestern Public Service: sources (+) and uses (−) of cash, Q3 2026Capital spending−$587MOperating cash flow$335MOther financing$183MCash drawn (+) / kept (−)$176MDividends−$62.0MNet borrowing (+) / repaid (−)−$45.0M
Southwestern Public Service: sources (+) and uses (−) of cash, TTM to Q3 2026Southwestern Public Service: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$2.0BNet borrowing (+) / repaid (−)$1.2BOperating cash flow$1.1BCash drawn (+) / kept (−)−$848MOther financing$803MDividends−$274M

From profit to cash

Southwestern Public Service: net income to operating cash flow, Q3 2026Southwestern Public Service: net income to operating cash flow, Q3 2026Net income$216MDepreciation & amortization$129MDeferred taxes$99.0MReceivables−$24.0MInventory−$32.0MPayables$77.0MPrepaid and other assets−$3.0MOther liabilities$54.0MOperating cash flow$335M
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$335M−$587M−$62.0M−$45.0M$176M−$252M
Q2 2026$451M−$591M−$67.0M−$10.0M−$1.1B−$140M
Q1 2026$119M−$360M−$47.0M−$165M−$3.0M−$241M
Q4 2025$184M−$418M−$98.0M$220M$47.0M−$234M
Q3 2025$217M−$453M−$168M−$1.0M$401M−$236M
Q2 2025$269M−$373M−$52.0M−$209M−$454M−$104M
Q1 2025$29.0M−$280M−$51.0M$64.0M$11.0M−$251M
Q4 2024$102M−$350M−$107M$145M$196M−$248M

Southwestern Public Service: income statement and cash flow

Southwestern Public Service, Q3 2026: revenue $738M (+13% year over year), operating margin 35.2%. The chart follows the revenue to costs, profit and cash.

Southwestern Public Service: 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.