XPLR Reports $471 Million in Third-Quarter Adjusted EBITDA, Lowers Full-Year Outlook
Key Facts
XPLR Infrastructure reported net income attributable to the company of $51 million in the third quarter on November 3, 2026, compared with a net loss of $37 million a year earlier. Adjusted EBITDA was $471 million, while free cash flow before growth reached $164 million. Alongside the results, the company updated its 2026 outlook to the lower half of its previous adjusted EBITDA range and to the low end or near the low end of its free cash flow before growth range. This puts its full-year expectations at a lower level within the ranges it previously announced. XPLR also completed the sale of additional assets and interconnection rights with capacity of nearly 400 megawatts to NextEra Energy Resources.
Third-quarter operating revenue rose to $332 million from $315 million in the year-earlier period, and adjusted EBITDA increased to $471 million from $455 million. In contrast, free cash flow before growth fell to $164 million from $179 million. Basic and diluted earnings per share attributable to XPLR were $0.54, compared with a loss of $0.40 per share a year earlier. These figures show improvement in revenue, adjusted EBITDA and profitability, alongside a decline in free cash flow before growth. The company said the latter measure was $179 million in the third quarter of 2025, down 5% from the year-earlier period, attributing the decline mainly to higher holding-company interest related to refinancing.
Chief Executive Alan Liu said the company had completed about 85% of the generation facility repowering planned for 2026. He said the asset and interconnection-rights sale allows the company to capitalize on its portfolio's flexibility, unlock additional value and redeploy capital across it. The company added that it repaid the remaining balance of its senior unsecured notes due in 2026. These steps place the asset sale and debt repayment within the financial and operational update announced alongside the results. The disclosed facts did not specify the sale proceeds or the amount of notes repaid.
The company set its 2026 adjusted EBITDA range at $1.75 billion to $1.95 billion and said it expects to finish the year in the lower half. It also expects free cash flow before growth to come in at or near the low end of a range of $600 million to $700 million. XPLR announced these two ranges for its 2026 outlook in November 2025, explaining at the time that the absence of a contribution from its Meade pipeline investment following its sale was the primary reason for the decline in adjusted EBITDA expectations between 2025 and 2026. The current outlook assumes normal weather and operating conditions, positive economic conditions in the United States, and public policy support for wind, solar and storage projects. The assumptions also include market demand and transmission expansion to support those projects, and access to capital at reasonable costs and terms.
XPLR issued 2027 guidance of $1.56 billion to $1.70 billion for adjusted EBITDA and $525 million to $600 million for free cash flow before growth. It said free cash flow before growth in 2028 is expected to be at 2027 levels, based on the current outlook. Management uses adjusted EBITDA and free cash flow before growth for financial planning, performance analysis, and reporting results and outlook. The company said the two measures are not compliant with generally accepted accounting principles and that the closest comparable measure is net income or loss. The third-quarter earnings call was scheduled for 9 a.m. Eastern time on November 3, with a replay available for 90 days.