Filing Flows › Xcel Energy (XEL) › Q3 2026
Xcel Energy (XEL) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 29, 2026
Xcel Energy (XEL) reported revenue of $4.2B for the third quarter 2026 (Q3 2026), +7% from a year earlier and +34% from the quarter before. Operating margin was 28.5%, net earnings $960M (23.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +34% | +7% |
| Operating profit | $1.2B | +69% | +59% |
| Net earnings | $960M | +64% | +83% |
| Operating cash flow | $2.1B | +88% | +17% |
What changed
Revenue was $4.2B in Q3 2026, up 7% year over year and up 34% from the previous quarter. Total revenue from contracts with customers was the largest line at 93% of revenue. Total revenue from contracts with customers added $0.15B year over year (up 4%), 59% of the total change.
Operating profit was $1.2B, a 28.5% margin (up 9.4 points year over year). Of the extra revenue versus Q3 2025, 172% reached operating profit, above the 19% margin then. Total costs fell 6% while revenue rose 7%. Net earnings were $1.0B, up 83% year over year. The effective tax rate was 6.7%.
Operating cash flow was $2.1B (up 17% year over year), 216% of net earnings. Non-cash charges added back $0.82B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.27B. Capital expenditures of $3.3B exceeded it, leaving free cash flow of −$1.2B.
Questions
What was Xcel Energy's revenue in the third quarter 2026?
Xcel Energy (XEL) reported revenue of $4.2B for the third quarter 2026 (Q3 2026), +7% from a year earlier and +34% from the quarter before.
Was Xcel Energy profitable in the third quarter 2026?
Operating profit was $1.2B (28.5% of revenue) and net earnings $960M.
Source: Xcel Energy 10-Q on SEC EDGAR.