Filing Flows › Xcel Energy (XEL) › Q2 2026 › vs Q1 2026
Xcel Energy (XEL) Q2 2026 vs Q1 2026 (quarter over quarter)
Xcel Energy's revenue fell $902M (-22%) from $4.0B in Q1 2026 to $3.1B in Q2 2026. Operating margin 22.6% against 18.8% (+3.9 pts).
Xcel Energy, Q2 2026: revenue $3.1B (-5% year over year), operating margin 22.6%, net earnings $586M, operating cash flow $1.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 22.6% | 18.8% | +3.9 pts |
| Net margin | 18.8% | 13.8% | +5.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $3.1B | $4.0B | −$902M | -22% |
| Operating profit | $706M | $754M | −$48.0M | -6% |
| Costs & expenses | $2.4B | $3.3B | −$854M | -26% |
| Pre-tax earnings | $526M | $509M | $17.0M | +3% |
| Other expense, net | $180M | $245M | −$65.0M | -27% |
| Income tax benefit | $60.0M | $47.0M | $13.0M | +28% |
| Net earnings | $586M | $556M | $30.0M | +5% |
| Depreciation & amortization | $657M | $767M | −$110M | -14% |
| Share-based compensation | $12.0M | $11.0M | $1.0M | +9% |
| Working capital & other | $155M | −$363M | $518M | — |
| Operating cash flow | $1.1B | $1.7B | −$597M | -35% |
| Capital expenditures | $2.9B | $3.0B | −$74.0M | -2% |
| Negative free cash flow (OCF − capex) | $1.8B | $1.3B | $523M | +39% |
Questions
How much did Xcel Energy's revenue grow quarter over quarter in Q2 2026?
Xcel Energy's revenue fell $902M (-22%) from $4.0B in Q1 2026 to $3.1B in Q2 2026. Operating margin 22.6% against 18.8% (+3.9 pts).