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XPLR, through its ownership in XPLR OpCo, has a partial ownership interest in a clean energy infrastructure portfolio in the U.S. with approximately 10 gigawatts of net generating capacity in 28 states as of December 31, 2025 and is one of the largest generators of energy from the wind and sun in the U.S. based on 2025 MWh produced on a net generation basis. XPLR's portfolio is diversified acro…
The business is unprofitable at the operating level (-15.66% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.4% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 139% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$219M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.18B
▼ -3.4% YoY
Net Income (TTM)
$103M
▼ -21.7% YoY
Op. Margin
2.54%
▲ +21.7pp YoY
ROIC
0.14%
▲ +1.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$250M
▼ -139.2% YoY
Op. Cash Flow (TTM)
$644M
▼ -7.6% YoY
Net Debt
$5.38B
Cash & Equiv.
$943M
5Y CAGR: +5.3%
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