10-Q · May 7, 2026
XPLR Infrastructure, LP reported Q1 2026 figures showing a substantial net loss of $48 million, missing consensus EPS estimates of $0.74, posting only $0.35. Revenues also fell short at $275 million against expectations…
Earnings analysis · 10-Q
XIFR earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Q2 revenue increased 6% year over year to $363 million on better wind conditions, but operating income declined 33% to $60 million as O&M expense rose 41% to $144 million and operating margin compressed by roughly 9.8…
Read full summary
Q2 revenue increased 6% year over year to $363 million on better wind conditions, but operating income declined 33% to $60 million as O&M expense rose 41% to $144 million and operating margin compressed by roughly 9.8 percentage points to 16.5%. Cash generation weakened materially: first-half operating cash flow fell to $228 million and calculated free cash flow was negative $38 million after $266 million of capex. Liquidity was $1.633 billion, while management expects funding needs, including repowering, storage investments and refinancing, to depend on continued access to capital on acceptable terms.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.4
- Operating margin
- 16.5%
What stood out
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Revenue grew 6% on stronger wind resource
Q2 operating revenue rose $21 million year over year to $363 million from $342 million, driven primarily by wind resource of 102% of the long-term average versus 97% in the prior-year quarter.
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XPLR remained profitable in Q2
Net income attributable to XPLR was $38 million in Q2, and reported EPS was $0.40. The filing also shows income from continuing operations of $13 million, versus $50 million a year earlier.
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First-half operating result recovered
Six-month operating income improved to $43 million from a $143 million operating loss a year earlier, principally because the prior period included a $253 million goodwill impairment charge.
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Substantial reported liquidity
Liquidity totaled approximately $1.633 billion at June 30, 2026, consisting of $500 million of cash, $2 million due under the CSCS agreement, and $1.250 billion of revolver capacity less $119 million in letters of credit.
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Debt maturity addressed with new financing
The company borrowed approximately $523 million under a limited-recourse term-loan facility during the first six months and repaid $500 million of 2022 convertible notes at maturity in June 2026.
What to watch
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O&M increase drove steep margin compression
Operating income fell $30 million year over year to $60 million, and operating margin compressed to 16.5% from 26.3%, as O&M expense increased $42 million to $144 million. Management attributes much of the increase to roughly $45 million more vendor-credit benefit recorded in 2025.
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Cash conversion weakened; FCF turned negative
Six-month operating cash flow declined $94 million to $228 million, while capital expenditures increased $96 million to $266 million. Calculated free cash flow was negative $38 million, versus positive $152 million a year earlier, and capex equaled about 42% of operating cash flow.
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Large debt balance and financing exposure
Long-term debt had a $6.0 billion carrying value at June 30, 2026. Although approximately 97% was fixed-rate or financially hedged, management cited higher average debt outstanding and higher rates as partly offsetting $45 million of favorable Q2 mark-to-market activity.
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Policy and tariff uncertainty remains
No material risk-factor changes were reported from the 2025 Form 10-K. However, the filing notes pending rulemaking, possible additional tariffs and permitting-policy changes; it states there has been no material operational or financial impact to date.
Management's outlook
The 10-Q provides no explicit revenue or EPS guidance. Management expects approximately $315 million of capital expenditures for four battery-storage joint ventures, with projects expected to be completed in 2027; estimates remain subject to review and actual spending may vary significantly.
Earlier filings 4
10-K · February 17, 2026
XPLR controls a large contracted U.S. clean-energy portfolio (~10.061 GW across 28 states) and is positioning as a capital-allocation vehicle that will reinvest cashflows into repowering, co-located storage and…
10-Q · May 8, 2025
XPLR reported Q1 operating revenues of $282 million, up from $257 million a year ago, but recorded a net loss of $328 million and a loss per common unit of $(1.05) driven primarily by a $253 million goodwill impairment…
10-K · February 21, 2025
XPLR (filed 10-K for year ended Dec 31, 2024) presents a ~10 GW net contracted clean‑energy portfolio across 31 states with year‑over‑year generation growth (wind 27.0M MWh vs 25.8M MWh; solar 4.0M MWh vs 3.8M MWh).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.