Xcel Energy Inc. (XEL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.79	$0.93	+17.7%	—	—	—
Q4 26	$0.91	$0.91	0.0%	—	—	—
Q3 26	$0.96	$0.96	0.0%	—	—	—
Q2 26	$1.32	$1.24	-6.1%	—	—	—
Q1 26	$0.64	$0.75	+17.2%	—	—	—
Q4 25	$0.92	$0.84	-8.7%	—	—	—
Q3 25	$0.88	$0.81	-8.0%	—	—	—
Q2 25	$1.26	$1.25	-0.8%	—	—	—
Q1 25	$0.57	$0.54	-5.3%	—	—	—
Q4 24	$0.77	$0.88	+14.3%	—	—	—
Q3 24	$0.83	$0.83	0.0%	—	—	—
Q2 24	$1.26	$1.23	-2.4%	—	—	—
Q1 24	$0.57	$0.52	-8.8%	—	—	—
Q4 23	$0.74	$0.76	+2.7%	—	—	—
Q3 23	$0.67	$0.69	+3.0%	—	—	—
Q2 23	$1.22	$1.18	-3.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.44	—	—	$14.7B	—
FY24	—	$3.44	—	—	$13.4B	—
FY23	—	$3.21	—	—	$14.2B	—
FY22	—	$3.18	—	—	$15.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$11.1B	$11.4B	$11.5B	$11.5B	$11.5B	$13.4B	$15.3B	$14.2B	$13.4B	$14.7B
YoY change	+0.75%	+2.67%	+1.17%	-0.07%	-0.03%	+16.5%	+14%	-7.21%	-5.39%	+9.14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	11.1B	11.4B	11.5B	11.5B	11.5B	13.4B	15.3B	14.2B	13.4B	14.7B
Cost of revenue	6.8B	6.9B	7.1B	6.8B	6.6B	8.2B	9.4B	8.2B	7.3B	7.7B
Gross profit	4.3B	4.5B	4.5B	4.7B	5B	5.3B	5.9B	6B	6.1B	6.9B
Gross margin	38.9%	39.6%	38.6%	41%	43.1%	39.1%	38.3%	42.1%	45.7%	47.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.4M	3M	—	—	—	—	—	—	—	—
Operating expenses	248.4M	276M	290M	285M	288M	304M	331M	286M	394M	406M
Operating income	2.2B	2.2B	2B	2.1B	2.1B	2.2B	2.4B	2.6B	2.4B	2.9B
Operating margin	20.2%	19.5%	17%	18.2%	18.4%	16.4%	15.9%	18.2%	17.8%	19.6%
Non-operating income, net	84M	95M	129M	132M	149M	140M	98M	41M	330M	237M
Pretax income	1.7B	1.7B	1.4B	1.5B	1.5B	1.5B	1.6B	1.6B	1.5B	1.8B
Income tax	581M	542M	181M	128M	-6M	-70M	-135M	-146M	-402M	-245M
Net income	1.1B	1.1B	1.3B	1.4B	1.5B	1.6B	1.7B	1.8B	1.9B	2B
Net margin	10.1%	10.1%	10.9%	11.9%	12.8%	11.9%	11.3%	12.5%	14.4%	13.8%
EBITDA	3.7B	3.8B	3.8B	4B	4.2B	4.5B	5B	5.2B	5.4B	6.2B
EPS	2.21	2.26	2.47	2.64	2.79	2.96	3.18	3.21	3.44	3.44
Diluted EPS	2.21	2.25	2.47	2.64	2.79	2.96	3.17	3.21	3.44	3.42

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.7B	3.4B	3.6B	3B	3.6B	3.1B	3.9B	3.3B	3.9B	3.6B	4B	3.1B
Cost of revenue	1.9B	1.9B	2B	1.6B	1.8B	1.8B	2.2B	1.7B	1.9B	1.9B	2.2B	1.5B
Gross profit	1.8B	1.5B	1.6B	1.4B	1.9B	1.3B	1.7B	1.6B	2.1B	1.6B	1.8B	1.7B
Gross margin	49.5%	44.4%	44%	46%	51.1%	41.3%	43.1%	47.4%	52.6%	45.5%	44.9%	53.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	76M	71M	97M	86M	112M	99M	110M	88M	101M	107M	121M	107M
Operating income	949M	648M	679M	449M	911M	347M	677M	577M	1B	589M	732M	709M
Operating margin	25.9%	18.8%	18.6%	14.8%	25%	11.1%	17.3%	17.6%	26.5%	16.5%	18.2%	22.7%
Non-operating income, net	2M	-34M	59M	68M	86M	117M	54M	129M	-156M	210M	149M	215M
Pretax income	696M	364M	461M	214M	692M	167M	422M	384M	532M	435M	509M	526M
Income tax	40M	-45M	-27M	-88M	10M	-297M	-61M	-60M	8M	-132M	-47M	-60M
Net income	656M	409M	488M	302M	682M	464M	483M	444M	524M	567M	556M	586M
Net margin	17.9%	11.9%	13.4%	9.97%	18.7%	14.9%	12.4%	13.5%	13.4%	15.9%	13.8%	18.8%
EBITDA	1.6B	1.3B	1.4B	1.2B	1.7B	1.1B	1.4B	1.4B	1.9B	1.5B	1.6B	1.5B
EPS	1.19	0.74	0.88	0.54	1.21	0.81	0.84	0.76	0.88	0.95	0.89	0.94
Diluted EPS	1.19	0.74	0.88	0.54	1.21	0.81	0.84	0.75	0.88	0.95	0.89	0.93

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	20.7B	24.5B	25.2B	33B	35.1B	36.5B	38.4B	34.2B	38B	43.4B	43.3B
Enterprise value	35.5B	40.2B	42.3B	53.2B	57.2B	61.1B	64.3B	61.6B	68B	77.9B	83.2B
Shares outstanding	508.8M	509M	511M	519M	527M	539M	547M	552M	563M	587M	587M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.4	21.3	20	24	23.9	22.8	22.1	19.3	19.6	21.5	19
P/S	1.86	2.15	2.18	2.86	3.05	2.72	2.5	2.41	2.83	2.96	2.97
P/B	1.88	2.14	2.06	2.49	2.41	2.34	2.3	1.94	1.95	1.84	1.8
EV/EBITDA	9.65	10.5	11.2	13.2	13.6	13.5	12.8	11.8	12.5	12.5	13.6
EV/Sales	3.19	3.52	3.66	4.61	4.96	4.55	4.2	4.33	5.06	5.31	5.7
Earnings yield	5.42%	4.69%	5.01%	4.16%	4.19%	4.38%	4.53%	5.18%	5.09%	4.65%	5.26%
FCF yield	-0.69%	-0.48%	-3.32%	-2.92%	-7.18%	-5.63%	-1.84%	-1.54%	-7.16%	-15.7%	-18.2%
PEG	—	—	—	—	—	—	—	—	—	—	0.8

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.9%	39.6%	38.6%	41%	43.1%	39.1%	38.3%	42.1%	45.7%	47.2%	53.1%
Operating margin	20.2%	19.5%	17%	18.2%	18.4%	16.4%	15.9%	18.2%	17.8%	19.6%	22.7%
Net margin	10.1%	10.1%	10.9%	11.9%	12.8%	11.9%	11.3%	12.5%	14.4%	13.8%	15.3%
ROE	10.2%	10%	10.3%	10.4%	10.1%	10.2%	10.4%	10.1%	9.92%	8.55%	9.92%
ROA	2.73%	2.67%	2.74%	2.72%	2.73%	2.76%	2.84%	2.76%	2.76%	2.48%	2.37%
ROIC	5.73%	5.56%	5.86%	5.76%	5.77%	5.48%	5.7%	5.75%	4.82%	4.95%	4.92%
Return on tangible assets	2.73%	2.67%	2.74%	2.72%	2.73%	2.76%	2.84%	2.76%	2.76%	2.48%	2.56%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.88	0.73	0.69	0.68	0.77	0.84	0.85	0.72	0.67	0.71	0.7
Quick ratio	0.69	0.58	0.57	0.56	0.65	0.72	0.71	0.59	0.57	0.6	0.62
Debt / equity	1.35	1.38	1.41	1.54	1.52	1.58	1.56	1.56	1.55	1.47	1.73
Debt / assets	0.36	0.37	0.38	0.41	0.41	0.43	0.43	0.43	0.43	0.43	0.46
Net debt / EBITDA	4.02	4.1	4.54	5	5.25	5.43	5.18	5.25	5.54	5.55	5.94
Interest coverage	3.86	3.8	3.21	3.11	2.91	2.87	2.73	2.62	2.3	2.32	2.35
Effective tax rate	34.1%	32.1%	12.6%	8.53%	0%	0%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	21.8	22.4	22.6	22.2	21.9	24.9	28	25.7	23.9	25	24
EPS (basic)	2.21	2.26	2.47	2.64	2.79	2.96	3.18	3.21	3.44	3.44	3.44
EPS (diluted)	2.21	2.25	2.47	2.64	2.79	2.96	3.17	3.21	3.44	3.42	3.65
Book value per share	21.7	22.5	23.9	25.5	27.7	29	30.5	31.9	34.7	40.2	38.5
FCF per share	-0.28	-0.23	-1.63	-1.85	-4.78	-3.81	-1.29	-0.95	-4.84	-11.6	-12.3
Cash per share	0.17	0.16	0.29	0.48	0.24	0.31	0.2	0.23	0.32	0.47	3.23
Capex per share	—	—	—	—	—	—	—	—	—	18.6	19.9

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	74.4%	85.3%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	267.2%	261.2%
Payout ratio	60.6%	62.8%	57.9%	57.7%	58.1%	58.5%	58.3%	61.7%	60.7%	63.5%	63.7%
Dividend yield	3.29%	2.94%	2.9%	2.4%	2.44%	2.56%	2.64%	3.2%	3.09%	2.96%	3.41%

Yield

3.41%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.5925

ex-dividend Sep 15, 2026

Payout ratio

64%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.5925
Jun 15, 2026	$0.5925
Mar 13, 2026	$0.5925

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.7B	$3.4B	$3.6B	$3B	$3.6B	$3.1B	$3.9B	$3.3B	$3.9B	$3.6B	$4B	$3.1B
YoY change	-10.3%	-15.1%	-10.6%	+0.2%	-0.49%	-9.36%	+7.04%	+8.55%	+7.44%	+14.1%	+2.94%	-5.11%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	85M	83M	147M	248M	129M	166M	111M	129M	179M	274M
Receivables	776M	797M	860M	837M	916M	1B	1.4B	1.3B	1.2B	1.3B
Inventory	604M	610M	548M	544M	535M	631M	803M	711M	666M	761M
Total current assets	2.8B	3B	3.1B	3.1B	3.3B	4.2B	5.1B	4.1B	4.3B	5B
Property, plant & equipment	-15.2B	-15.2B	-15.7B	-15B	-15.3B	-15.4B	-14.8B	-15.2B	-15.4B	-13.4B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	41.2B	43B	46B	50.4B	54B	57.9B	61.2B	64.1B	70B	81.4B
Accounts payable	1B	1.2B	1.2B	1.3B	1.2B	1.4B	1.8B	1.7B	1.8B	2.3B
Short-term debt	647M	1.3B	1.4B	1.5B	1.2B	1.8B	2.2B	1.6B	2B	2.2B
Total current liabilities	3.2B	4.1B	4.5B	4.6B	4.2B	5B	6.1B	5.7B	6.5B	7.1B
Long-term debt	14.2B	14.5B	15.8B	19B	21B	22.9B	23.9B	26B	28.2B	32.6B
Total liabilities	30.1B	31.6B	33.8B	37.2B	39.4B	42.2B	44.5B	46.5B	50.5B	57.8B
Shareholders' equity	11B	11.5B	12.2B	13.2B	14.6B	15.6B	16.7B	17.6B	19.5B	23.6B
Total debt	14.8B	15.8B	17.2B	20.4B	22.2B	24.7B	26B	27.5B	30.2B	34.8B
Net debt	14.8B	15.7B	17.1B	20.2B	22.1B	24.6B	25.9B	27.4B	30B	34.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	1.1B	274M	1.8B	2B
Receivables	—	—	—	—	—	—	—	—	1.2B	1.3B	1.3B	1.3B
Inventory	—	—	—	—	—	—	—	—	723M	761M	709M	745M
Total current assets	—	—	—	—	—	—	—	—	5.7B	5B	5.9B	6.1B
Property, plant & equipment	—	—	—	—	—	—	—	—	-12.2B	-13.4B	-11.2B	-11.3B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	—	—	—	—	—	—	—	—	79.2B	81.4B	84.8B	87.2B
Accounts payable	—	—	—	—	—	—	—	—	2.3B	2.3B	2.3B	2.3B
Short-term debt	—	—	—	—	—	—	—	—	1.4B	2.2B	2.6B	3.6B
Total current liabilities	—	—	—	—	—	—	—	—	7.1B	7.1B	7.6B	8.7B
Long-term debt	—	—	—	—	—	—	—	—	34.1B	32.6B	36.6B	36.7B
Total liabilities	40.5B	40.8B	42.5B	44.1B	44.1B	44.1B	46.2B	48.5B	58B	57.8B	61B	63.1B
Shareholders' equity	—	—	—	—	—	—	—	—	21.2B	23.6B	23.8B	24.1B
Total debt	—	—	—	—	—	—	—	—	35.5B	34.8B	39.2B	40.3B
Net debt	—	—	—	—	—	—	—	—	34.5B	34.5B	37.4B	38.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.1B	1.1B	1.3B	1.4B	1.5B	1.6B	1.7B	1.8B	1.9B	2B
Depreciation & amortization	1.4B	1.6B	1.8B	1.9B	2.1B	2.3B	2.6B	2.6B	2.9B	3.1B
Stock-based compensation	41M	57M	45M	58M	73M	31M	20M	25M	33M	46M
Change in working capital	-68M	-232M	-70M	-265M	-555M	-1.4B	-115M	1.2B	-172M	-1.1B
Operating cash flow	3B	3.1B	3.1B	3.2B	2.8B	2.1B	3.9B	5.2B	4.6B	4.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	-10.9B
Investing cash flow	-70M	-69M	-29M	-118M	629M	-43M	-15M	-72M	-64M	-11B
Dividends paid	-681M	-721M	-730M	-791M	-856M	-935M	-1B	-1.1B	-1.2B	-1.3B
Share repurchases	-32M	-3M	-1M	—	—	—	—	—	—	—
Financing cash flow	209M	165M	927M	1.2B	1.8B	2.1B	666M	617M	2.7B	7B
Net change in cash	3.1B	3.2B	4B	4.2B	5.2B	4.2B	4.5B	5.8B	7.3B	95M
Free cash flow	-143M	-118M	-835M	-962M	-2.5B	-2.1B	-706M	-527M	-2.7B	-6.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	656M	409M	488M	302M	682M	464M	483M	444M	524M	567M	556M	586M
Depreciation & amortization	653M	659M	684M	739M	717M	735M	763M	753M	787M	779M	794M	689M
Stock-based compensation	5M	8M	6M	11M	10M	6M	9M	12M	17M	8M	11M	12M
Change in working capital	597M	-148M	-180M	-104M	277M	-165M	-192M	-330M	398M	-988M	450M	-10M
Operating cash flow	1.9B	952M	1B	1.2B	1.7B	656M	1B	1.1B	1.8B	209M	1.7B	1.1B
Capital expenditure	—	—	—	—	—	—	—	-2.4B	-3.1B	-3.4B	-3B	-2.9B
Investing cash flow	-12M	-20M	-19M	-16M	-15M	-14M	-3M	-2.4B	-3.1B	-3.5B	-3B	-2.9B
Dividends paid	-278M	-278M	-280M	-295M	-296M	-304M	-306M	-319M	-329M	-328M	-347M	-361M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-739M	1B	556M	2.1B	-686M	801M	1.9B	2.6B	895M	2.5B	2.8B	2.2B
Net change in cash	1.1B	1.9B	1.6B	3.2B	1B	1.4B	2.9B	1.3B	-402M	-778M	1.5B	316M
Free cash flow	257M	-640M	-487M	-641M	-42M	-1.6B	-960M	-1.3B	-1.3B	-3.2B	-1.3B	-1.8B

Date	Ratio
Jun 2, 1998	2:1
Jun 16, 1986	2:1

Xcel Energy Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history