Filing Flows › Xcel Energy (XEL) › Q2 2026
Xcel Energy (XEL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Xcel Energy (XEL) reported revenue of $3.1B for the second quarter 2026 (Q2 2026), -5% from a year earlier and -22% from the quarter before. Operating margin was 22.6%, net earnings $586M (18.8% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | -22% | -5% |
| Operating profit | $706M | -6% | +22% |
| Net earnings | $586M | +5% | +32% |
| Operating cash flow | $1.1B | -35% | +2% |
What changed
Revenue was $3.1B in Q2 2026, down 5% year over year and down 22% from the previous quarter. Total revenue from contracts with customers was the largest line at 90% of revenue. Total revenue from contracts with customers lost $0.32B year over year (down 10%), 192% of the total change.
Operating profit was $0.71B, a 22.6% margin (up 5.1 points year over year). Total costs fell 11% while revenue fell 5%. Net earnings were $0.59B, up 32% year over year. The effective tax rate was -11.4%.
Operating cash flow was $1.1B (up 2% year over year), 188% of net earnings. Non-cash charges added back $0.66B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.15B. Capital expenditures of $2.9B exceeded it, leaving free cash flow of −$1.8B.
Questions
What was Xcel Energy's revenue in the second quarter 2026?
Xcel Energy (XEL) reported revenue of $3.1B for the second quarter 2026 (Q2 2026), -5% from a year earlier and -22% from the quarter before.
Was Xcel Energy profitable in the second quarter 2026?
Operating profit was $706M (22.6% of revenue) and net earnings $586M.
Source: Xcel Energy 10-Q on SEC EDGAR.