Filing Flows › Xcel Energy (XEL) › Q2 2026 › vs Q2 2025
Xcel Energy (XEL) Q2 2026 vs Q2 2025 (year over year)
Xcel Energy's revenue fell $168M (-5%) from $3.3B in Q2 2025 to $3.1B in Q2 2026. The biggest changes: Total revenue from contracts with customers −$322M (-10%); Wholesale −$56.0M (-39%); Transmission +$21.0M (+12%). Operating margin 22.6% against 17.6% (+5.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 22.6% | 17.6% | +5.1 pts |
| Net margin | 18.8% | 13.5% | +5.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Total revenue from contracts with customers | $2.8B | $3.1B | −$322M | -10% |
| Transmission | $190M | $169M | $21.0M | +12% |
| Wholesale | $89.0M | $145M | −$56.0M | -39% |
| Other | $57.0M | $67.0M | −$10.0M | -15% |
| Revenue | $3.1B | $3.3B | −$168M | -5% |
| Operating profit | $706M | $577M | $129M | +22% |
| Costs & expenses | $2.4B | $2.7B | −$297M | -11% |
| Pre-tax earnings | $526M | $384M | $142M | +37% |
| Other expense, net | $180M | $193M | −$13.0M | -7% |
| Income tax benefit | $60.0M | $60.0M | $0 | 0% |
| Net earnings | $586M | $444M | $142M | +32% |
| Depreciation & amortization | $657M | $727M | −$70.0M | -10% |
| Share-based compensation | $12.0M | $12.0M | $0 | 0% |
| Working capital & other | $155M | $102M | $53.0M | +52% |
| Operating cash flow | $1.1B | $1.1B | $19.0M | +2% |
| Capital expenditures | $2.9B | $2.4B | $521M | +21% |
| Negative free cash flow (OCF − capex) | $1.8B | $1.3B | $502M | +37% |
Questions
How much did Xcel Energy's revenue grow year over year in Q2 2026?
Xcel Energy's revenue fell $168M (-5%) from $3.3B in Q2 2025 to $3.1B in Q2 2026.
What drove Xcel Energy's revenue change in Q2 2026?
Total revenue from contracts with customers −$322M (-10%); Wholesale −$56.0M (-39%); Transmission +$21.0M (+12%).