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Excelerate Energy (EE) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Excelerate Energy (EE) Q3 2026 earnings results →
Q3 2026 Revenue down 24% year over year to $297M · 5¢ of every $1 of revenue kept as net profit · operating margin 31.8%
Excelerate Energy made $297M in Q3 2026 (-24% Y/Y): Terminal Services $166M, LNG Gas and Power $132M. Operating margin 31.8%, net earnings $14.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $297.2M in Q3 2026, down 24% year over year and down 10% from the previous quarter. Terminal Services was the largest line at 56% of revenue. LNG Gas and Power lost $113.6M year over year (down 46%), 121% of the total change.
Operating profit was $94.6M, a 31.8% margin (up 9.5 points year over year). Total costs fell 33% while revenue fell 24%. The fastest-growing cost line was General & admin (+23%). Net earnings were $14.2M, up 2% year over year. The effective tax rate was 14.0%.
Operating cash flow was $80.3M (down 30% year over year), 134% of net income including minority interests. Non-cash charges added back $32.5M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $15.5M. Capital expenditures of $29.8M left free cash flow of $50.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $297M | -24% | 31.8% | $14.2M | $80.3M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $329M | +61% | 24.6% | $12.1M | $114M |
| Q1 2026 | 10-Q | May 7, 2026 | $433M | +38% | 18.9% | $12.3M | $60.0M |
| Q4 2025 | 10-K | Feb 27, 2026 | $318M | +16% | 22.2% | $9.1M | $104M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $391M | +102% | 22.3% | $14.0M | $115M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $205M | +12% | 21.2% | $4.7M | $87.1M |
| Q1 2025 | 10-Q | May 8, 2025 | $315M | +58% | 20.9% | $11.4M | $155M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Excelerate Energy
Excelerate, a Delaware corporation incorporated in 2021, was formed as a holding company to own, as its sole material asset, a controlling equity interest in Excelerate Energy Limited Partnership (“EELP”), a Delaware limited partnership formed in 2003 by George B. Kaiser (together with his affiliates other than the Company, “Kaiser”). Since April 2022 and in conjunction with its initial public offering (the “IPO”), Excelerate operates and controls all of EELP’s business and affairs. As a result, we consolidate the financial results of EELP and report non-controlling interests related to the interests held by the other partners of EELP in our consolidated financial statements. The approximately 28.1% of EELP partnership interests owned by us are classified as Class A interests.
In its own words, from its 10-K, filed Feb 27, 2026.
Excelerate Energy against its Natural Gas Distribution peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -24% against the peers' median +7%. Operating margin: 31.8% against the peers' median 31.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| EE Excelerate Energy | Q3 2026 | $297M | -24% | 31.8% |
| LNG Cheniere Energy | Q3 2026 | $6.2B | +39% | 31.0% |
| VG Venture Global | Q2 2026 | $4.6B | +48% | 47.8% |
| Cheniere Corpus Christi Holdings, LLC | Q3 2026 | $2.7B | +84% | 21.2% |
| CQP Cheniere Energy Partners, L.P. | Q3 2026 | $2.6B | +7% | 31.7% |
| Sabine Pass Liquefaction, LLC | Q3 2026 | $2.5B | +7% | 29.4% |
| ATO Atmos Energy | Q3 FY26 | $879M | +5% | 36.4% |
| NFG National Fuel Gas | Q3 FY26 | $537M | +1% | 38.9% |
| SR Spire | Q3 FY26 | $420M | -0.4% | 5.6% |
Source: Excelerate Energy 10-Q on SEC EDGAR · CIK 1888447 · Natural Gas Distribution
13F: who owns EE and who is buying
More on EE
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- Excelerate Energy next earnings date and what analysts expect
- Excelerate Energy stock forecast, price target and fair value
- Who owns Excelerate Energy stock: holders, funds and Congress trades
- Excelerate Energy guidance and outlook
- Is Excelerate Energy a takeover target? LBO and rumors
- Excelerate Energy recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Excelerate Energy guidance history: guided vs reported
- Excelerate Energy operating margin by quarter
- Excelerate Energy net income by quarter
- Excelerate Energy free cash flow by quarter
- Excelerate Energy capital expenditures by quarter
- Excelerate Energy Terminal Services revenue by quarter
- Excelerate Energy LNG Gas and Power revenue by quarter
Compare EE with
- Excelerate Energy vs New Jersey Resources (EE vs NJR)
- Excelerate Energy vs MDU Resources Group (EE vs MDU)
- Excelerate Energy vs New Fortress Energy (EE vs NFE)
- Excelerate Energy vs Northwest Natural Holding (EE vs NWN)
- Excelerate Energy vs Stabilis Solutions (EE vs SLNG)
- Excelerate Energy vs Clean Energy Technologies (EE vs CETY)