Filing Flows › Utilities › Xcel Energy (XEL)

Xcel Energy (XEL) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Xcel Energy (XEL) Q3 2026 earnings results →

Q3 2026 Revenue up 7% year over year to $4.2B · 23¢ of every $1 of revenue kept as net profit · operating margin 28.5%

Xcel Energy made $4.2B in Q3 2026 (+7% Y/Y): Total revenue from contracts with customers $3.9B, Transmission $221M, Other $61.0M. Operating margin 28.5%, net earnings $960M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$4.2B

Year over year+7%

Operating margin28.5%

Net earnings$960M

Operating cash flow$2.1B

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 $4.2B in Q3 2026, up 7% year over year and up 34% from the previous quarter. Total revenue from contracts with customers was the largest line at 93% of revenue. Total revenue from contracts with customers added $0.15B year over year (up 4%), 59% of the total change.

Operating profit was $1.2B, a 28.5% margin (up 9.4 points year over year). Of the extra revenue versus Q3 2025, 172% reached operating profit, above the 19% margin then. Total costs fell 6% while revenue rose 7%. Net earnings were $1.0B, up 83% year over year. The effective tax rate was 6.7%.

Operating cash flow was $2.1B (up 17% year over year), 216% of net earnings. Non-cash charges added back $0.82B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.27B. Capital expenditures of $3.3B exceeded it, leaving free cash flow of −$1.2B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 29, 2026	$4.2B	+7%	28.5%	$960M	$2.1B
Q2 2026	10-Q	Jul 30, 2026	$3.1B	-5%	22.6%	$586M	$1.1B
Q1 2026	10-Q	Apr 30, 2026	$4.0B	+3%	18.8%	$556M	$1.7B
Q4 2025	10-K	Feb 25, 2026	$3.6B	+14%	16.3%	$567M	$209M
Q3 2025	10-Q	Oct 30, 2025	$3.9B	+7%	19.1%	$524M	$1.8B
Q2 2025	10-Q	Jul 31, 2025	$3.3B	+9%	17.6%	$444M	$1.1B
Q1 2025	10-Q	Apr 24, 2025	$3.9B	+7%	17.3%	$483M	$1.0B

Charts

Latest (Q3 2026): Y/Y +7%, Q/Q +34%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $960M, Operating cash flow $2.1B.

+11.6% since FY2020: more shares outstanding (issuance, stock pay).

Cash $274M, short-term investments —, long-term debt $32.3B at 2025-12-31.

Electric & Other Services Combined; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Power grid & electrification · buyer