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Spruce Power Holding (SPRU) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Spruce Power Holding (SPRU) Q2 2026 earnings results →
Q2 2026 Revenue down 9% year over year to $30.3M · 11¢ of every $1 of revenue kept as net profit · operating margin 32.2%
Spruce Power Holding made $30.3M in Q2 2026 (-9% Y/Y): PPA revenues $12.2M, SLA revenues $10.3M, Solar renewable energy credit revenues $6.1M. Operating margin 32.2%, net earnings $3.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
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What changed this quarter
Revenue was $30.3M in Q2 2026, down 9% year over year and up 30% from the previous quarter. PPA revenues was the largest line at 40% of revenue. Performance-based incentives lost $1.4M year over year (down 87%), 49% of the total change.
Operating profit was $9.8M, a 32.2% margin (up 5.5 points year over year). Total costs fell 16% while revenue fell 9%. Net earnings were $3.3M. The effective tax rate was 0.0%.
Operating cash flow was −$3.2M. Non-cash charges added back $7.7M of depreciation and amortization and $163K of share-based compensation. Working capital and other items used $14.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $30.3M | -9% | 32.2% | $3.3M | −$3.2M |
| Q1 2026 | 10-Q | May 14, 2026 | $23.4M | -2% | 16.4% | −$2.9M | −$2.7M |
| Q4 2025 | 10-K | Mar 31, 2026 | $24.0M | +19% | 9.4% | −$6.8M | −$3.3M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $30.7M | +44% | 27.6% | −$714K | $11.2M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $33.3M | +48% | 26.7% | −$2.9M | −$2.3M |
| Q1 2025 | 10-Q | May 14, 2025 | $23.8M | +30% | -7.1% | −$15.3M | −$9.1M |
| Q4 2024 | 10-K | Mar 31, 2025 | $20.2M | +29% | -31.8% | −$5.5M | −$13.5M |
Charts
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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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⚖️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 Spruce Power Holding
Spruce Power Holding Corporation and its subsidiaries (“Spruce Power”) is a leading owner and operator of distributed solar energy assets across the United States (the “U.S.”), offering subscription-based services to approximately 84,000 home solar assets and customer contracts, making renewable energy more accessible to everyone. We are engaged in the ownership and maintenance of home solar energy systems for homeowners in the U.S. Our primary customers are homeowners and our core solar service offerings to these customers generate revenues primarily through (i) the lease of, and the sale of electricity generated by, our home solar energy systems to homeowners pursuant to long-term Customer Agreements (as defined below) which require the homeowners to make recurring monthly payments, (ii) third party contracts to sell solar renewable energy credits (“SRECs”) generated by our home solar…
In its own words, from its 10-K, filed Mar 31, 2026.
Spruce Power Holding against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -9% against the peers' median +13%. Operating margin: 32.2% against the peers' median 29.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SPRU Spruce Power Holding | Q2 2026 | $30.3M | -9% | 32.2% |
| 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: Spruce Power Holding 10-Q on SEC EDGAR · CIK 1772720 · Electric Services
13F: who owns SPRU and who is buying
More on SPRU
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results