Filing Flows › Xcel Energy (XEL) › Q3 2026 › vs Q2 2026
Xcel Energy (XEL) Q3 2026 vs Q2 2026 (quarter over quarter)
Xcel Energy's revenue rose $1.1B (+34%) from $3.1B in Q2 2026 to $4.2B in Q3 2026. The biggest changes: Total revenue from contracts with customers +$1.1B (+39%); Transmission +$31.0M (+16%); Other +$4.0M (+7%). Operating margin 28.5% against 22.6% (+5.9 pts).
Xcel Energy, Q3 2026: revenue $4.2B (+7% year over year), operating margin 28.5%, net earnings $960M, operating cash flow $2.1B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 28.5% | 22.6% | +5.9 pts |
| Net margin | 23.0% | 18.8% | +4.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Total revenue from contracts with customers | $3.9B | $2.8B | $1.1B | +39% |
| Transmission | $221M | $190M | $31.0M | +16% |
| Other | $61.0M | $57.0M | $4.0M | +7% |
| Revenue | $4.2B | $3.1B | $1.1B | +34% |
| Operating profit | $1.2B | $706M | $485M | +69% |
| Costs & expenses | $3.0B | $2.4B | $568M | +24% |
| Pre-tax earnings | $1.0B | $526M | $503M | +96% |
| Other expense, net | $162M | $180M | −$18.0M | -10% |
| Net earnings | $960M | $586M | $374M | +64% |
| Income tax | $69.0M | −$60.0M | $129M | — |
| Depreciation & amortization | $822M | $657M | $165M | +25% |
| Share-based compensation | $15.0M | $12.0M | $3.0M | +25% |
| Working capital & other | $274M | −$155M | $429M | — |
| Operating cash flow | $2.1B | $1.1B | $971M | +88% |
| Capital expenditures | $3.3B | $2.9B | $337M | +11% |
| Negative free cash flow (OCF − capex) | $1.2B | $1.8B | −$634M | -34% |
Questions
How much did Xcel Energy's revenue grow quarter over quarter in Q3 2026?
Xcel Energy's revenue rose $1.1B (+34%) from $3.1B in Q2 2026 to $4.2B in Q3 2026.
What drove Xcel Energy's revenue change in Q3 2026?
Total revenue from contracts with customers +$1.1B (+39%); Transmission +$31.0M (+16%); Other +$4.0M (+7%).