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Talen Energy (TLN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Talen Energy (TLN) Q3 2026 earnings results →
Q3 2026 Revenue up 63% year over year to $1.3B · 10¢ of every $1 of revenue kept as net profit · operating margin 19.2%
Talen Energy made $1.3B in Q3 2026 (+63% Y/Y). Operating margin 19.2%, net earnings $138M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 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 $1.3B in Q3 2026, up 63% year over year and up 78% from the previous quarter. Electricity sales and ancillary services, ISO/RTO was the largest line at 97% of revenue. Electricity sales and ancillary services, ISO/RTO added $0.79B year over year (up 159%), 153% of the total change.
Operating profit was $0.26B, a 19.2% margin (down 13.2 points year over year). Operating profit fell $0.01B even though revenue rose $0.52B versus Q3 2025, so costs grew faster than sales. Total costs grew 95% against revenue growth of 63%. The fastest-growing cost line was General & admin (+100%). Net earnings were $0.14B, down 33% year over year. The effective tax rate was 29.2%.
Operating cash flow was $0.46B (down 5% year over year), 336% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.15B. Capital expenditures of $0.17B left free cash flow of $0.30B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $1.3B | +63% | 19.2% | $138M | $463M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $747M | +19% | -9.6% | −$92.0M | −$434M |
| Q1 2026 | 10-Q | May 5, 2026 | $1.1B | +190% | 18.6% | $63.0M | $461M |
| Q4 2025 | 10-K | Feb 26, 2026 | $749M | +60% | -41.8% | −$363M | $280M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $812M | +25% | 32.4% | $207M | $489M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $630M | +29% | 10.5% | $72.0M | −$184M |
| Q1 2025 | 10-Q | May 8, 2025 | $390M | -23% | -27.2% | −$135M | $119M |
Charts
In supply chains and themes
AI hosting: neoclouds, miners turned data centers, power · Power producers
Nuclear & uranium · Reactor fleetsInteractive views
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About Talen Energy
Talen is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 13.1 GW of power infrastructure in the United States, including 2.2 GW of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic, Ohio, and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to serve this growing industry, as artificial intelligence data centers increasingly demand more reliable power.
In its own words, from its 10-K, filed Feb 26, 2026.
Talen Energy against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +63% against the peers' median +14%. Operating margin: 19.2% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TLN Talen Energy | Q3 2026 | $1.3B | +63% | 19.2% |
| 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: Talen Energy 10-Q on SEC EDGAR · CIK 1622536 · Electric Services
Guidance and outlook
13F: who owns TLN and who is buying
More on TLN
- How Talen Energy makes money: revenue by segment
- Talen Energy next earnings date and what analysts expect
- Talen Energy stock forecast, price target and fair value
- Who owns Talen Energy stock: holders, funds and Congress trades
- Talen Energy guidance and outlook
- Is Talen Energy a takeover target? LBO and rumors
- Talen 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