Filing Flows › Xcel Energy (XEL) › Q3 2026 › vs Q3 2025
Xcel Energy (XEL) Q3 2026 vs Q3 2025 (year over year)
Xcel Energy's revenue rose $257M (+7%) from $3.9B in Q3 2025 to $4.2B in Q3 2026. The biggest changes: Total revenue from contracts with customers +$152M (+4%); Transmission +$21.0M (+10%); Other +$6.0M (+11%). Operating margin 28.5% against 19.1% (+9.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 28.5% | 19.1% | +9.4 pts |
| Net margin | 23.0% | 13.4% | +9.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Total revenue from contracts with customers | $3.9B | $3.7B | $152M | +4% |
| Transmission | $221M | $200M | $21.0M | +10% |
| Other | $61.0M | $55.0M | $6.0M | +11% |
| Revenue | $4.2B | $3.9B | $257M | +7% |
| Operating profit | $1.2B | $749M | $442M | +59% |
| Costs & expenses | $3.0B | $3.2B | −$185M | -6% |
| Pre-tax earnings | $1.0B | $532M | $497M | +93% |
| Other expense, net | $162M | $217M | −$55.0M | -25% |
| Net earnings | $960M | $524M | $436M | +83% |
| Income tax | $69.0M | $8.0M | $61.0M | +762% |
| Depreciation & amortization | $822M | $755M | $67.0M | +9% |
| Share-based compensation | $15.0M | $17.0M | −$2.0M | -12% |
| Working capital & other | $274M | $469M | −$195M | -42% |
| Operating cash flow | $2.1B | $1.8B | $306M | +17% |
| Capital expenditures | $3.3B | $3.1B | $230M | +8% |
| Negative free cash flow (OCF − capex) | $1.2B | $1.3B | −$76.0M | -6% |
Questions
How much did Xcel Energy's revenue grow year over year in Q3 2026?
Xcel Energy's revenue rose $257M (+7%) from $3.9B in Q3 2025 to $4.2B in Q3 2026.
What drove Xcel Energy's revenue change in Q3 2026?
Total revenue from contracts with customers +$152M (+4%); Transmission +$21.0M (+10%); Other +$6.0M (+11%).