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How Xcel Energy (XEL) makes money
Xcel Energy (XEL) made $4.2B of revenue in the third quarter 2026 (Q3 2026), +4% from a year earlier. Total revenue from contracts with customers brought in $3.9B (93%); Transmission brought in $221M (5%); Other brought in $61.0M (1%). Of every dollar of revenue, 29¢ was left as operating profit, 23¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Total revenue from contracts with customers | $3.9B | 93.2% | +39% | +4% |
| Transmission | $221M | 5.3% | +16% | +10% |
| Other | $61.0M | 1.5% | +7% | +11% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $4.2B | 100.0% |
| Operating profit | $1.2B | 28.6% |
| Income tax | $69.0M | 1.7% |
| Net earnings | $960M | 23.0% |
| Operating cash flow | $2.1B | 49.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $4.2B | +7% |
| Q2 2026 | $3.1B | -5% |
| Q1 2026 | $4.0B | +3% |
| Q4 2025 | $3.6B | +14% |
| Q3 2025 | $3.9B | +7% |
| Q2 2025 | $3.3B | +9% |
| Q1 2025 | $3.9B | +7% |
From Xcel Energy's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Xcel Energy make money?
Xcel Energy (XEL) made $4.2B of revenue in the third quarter 2026 (Q3 2026), +4% from a year earlier. Total revenue from contracts with customers brought in $3.9B (93%); Transmission brought in $221M (5%); Other brought in $61.0M (1%). Of every dollar of revenue, 29¢ was left as operating profit, 23¢ was left as net earnings.
What is Xcel Energy's biggest business?
Total revenue from contracts with customers: $3.9B in the third quarter 2026, 93% of revenue, +4% from a year earlier.
What is Xcel Energy's profit margin?
Net earnings were $960M, 23.0% of revenue, in the third quarter 2026; the operating margin was 28.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.