NASDAQ : XEL
Xcel Energy Inc. — Financial statements
Utilities · Utilities - Regulated Electric · United States
Last price 79.04 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 49.37B
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Financial statements
Xcel Energy Inc. (XEL) reported revenue of 14.87B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 14.82B | 14.61B | 13.38B | 14.09B | 15.20B | 13.34B |
| Other Revenue | 56.00M | 57.00M | 64.00M | 115.00M | 107.00M | 94.00M |
| Revenue | 14.87B | 14.67B | 13.44B | 14.21B | 15.31B | 13.43B |
| Fuel & Purchased Power | 3.56B | 3.77B | 3.56B | 4.04B | 4.76B | 4.48B |
| Operations & Maintenance | 2.76B | 2.69B | 2.51B | 2.42B | 2.47B | 2.30B |
| Selling, General & Admin | 125.00M | 192.00M | 228.00M | 241.00M | 241.00M | 251.00M |
| Depreciation & Amortization | 2.97B | 2.95B | 2.74B | 2.45B | 2.41B | 2.12B |
| Other Operating Expenses | 2.23B | 2.17B | 2.00B | 2.45B | 2.96B | 2.08B |
| Total Operating Expenses | 11.65B | 11.77B | 11.03B | 11.59B | 12.85B | 11.23B |
| Operating Income | 3.22B | 2.90B | 2.41B | 2.61B | 2.46B | 2.21B |
| Interest Expense | -1.74B | -1.47B | -1.25B | -1.05B | -953.00M | -842.00M |
| Net Interest Expense | -1.74B | -1.47B | -1.25B | -1.05B | -953.00M | -842.00M |
| Income (Loss) on Equity Investments | 186.00M | 17.00M | 19.00M | 35.00M | 36.00M | 62.00M |
| Allowance for Equity Funds for Construction | 413.00M | 281.00M | 168.00M | 91.00M | 75.00M | 73.00M |
| Allowance for Borrowed Funds for Construction | 176.00M | 125.00M | 73.00M | 51.00M | 28.00M | 26.00M |
| Other Non-Operating Income (Expenses) | 236.00M | 216.00M | 189.00M | -3.00M | 27.00M | 62.00M |
| EBT Excluding Unusual Items | 2.49B | 2.07B | 1.60B | 1.73B | 1.67B | 1.59B |
| Restructuring Charges | -72.00M | |||||
| Legal Settlements | 9.00M | -296.00M | -35.00M | |||
| Other Unusual Items | -67.00M | -71.00M | -59.00M | |||
| Pretax Income | 2.50B | 1.77B | 1.53B | 1.62B | 1.60B | 1.53B |
| Income Tax Expense | -170.00M | -245.00M | -402.00M | -146.00M | -135.00M | -70.00M |
| Net Income | 2.67B | 2.02B | 1.94B | 1.77B | 1.74B | 1.60B |
| Net Income to Common | 2.67B | 2.02B | 1.94B | 1.77B | 1.74B | 1.60B |
| Shares Outstanding (Basic) | 618.50M | 587.00M | 563.00M | 552.00M | 547.00M | 539.00M |
| Shares Outstanding (Diluted) | 620.50M | 589.00M | 563.00M | 552.00M | 547.00M | 540.00M |
| EPS (Basic) | 4.32 | 3.44 | 3.44 | 3.21 | 3.17 | 2.96 |
| EPS (Diluted) | 4.30 | 3.42 | 3.44 | 3.21 | 3.17 | 2.96 |
| Free Cash Flow | -7.62B | -6.83B | -2.72B | -527.00M | -706.00M | -2.06B |
| Free Cash Flow Per Share | -12.27 | -11.59 | -4.84 | -0.95 | -1.29 | -3.81 |
| Dividend Per Share | 2.35 | 2.28 | 2.19 | 2.08 | 1.95 | 1.83 |
| Profit Margin | 17.95% | 13.76% | 14.40% | 12.47% | 11.34% | 11.89% |
| Free Cash Flow Margin | -51.21% | -46.53% | -20.26% | -3.71% | -4.61% | -15.30% |
| EBITDA | 6.33B | 5.98B | 5.28B | 5.18B | 5.01B | 4.46B |
| EBITDA Margin | 42.59% | 40.77% | 39.30% | 36.46% | 32.74% | 33.22% |
| D&A For EBITDA | 3.11B | 3.08B | 2.88B | 2.57B | 2.55B | 2.26B |
| EBIT | 3.22B | 2.90B | 2.41B | 2.61B | 2.46B | 2.21B |
| EBIT Margin | 21.66% | 19.76% | 17.91% | 18.39% | 16.06% | 16.42% |
| Revenue as Reported | 14.87B | 14.67B | 13.44B | 14.21B | 15.31B | 13.43B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.48B | 274.00M | 179.00M | 129.00M | 111.00M | 166.00M |
| Trading Asset Securities | 17.00M | 7.00M | 11.00M | 32.00M | 82.00M | 46.00M |
| Accounts Receivable | 2.14B | 2.21B | 2.08B | 2.17B | 2.48B | 1.88B |
| Other Receivables | 96.00M | 195.00M | 210.00M | |||
| Inventory | 827.00M | 761.00M | 666.00M | 711.00M | 803.00M | 631.00M |
| Prepaid Expenses | 480.00M | 880.00M | 514.00M | 346.00M | 414.00M | 333.00M |
| Other Current Assets | 697.00M | 687.00M | 664.00M | 683.00M | 1.26B | 1.18B |
| Total Current Assets | 6.74B | 5.01B | 4.33B | 4.07B | 5.14B | 4.24B |
| Property, Plant & Equipment | 73.98B | 67.41B | 57.97B | 52.51B | 49.17B | 46.44B |
| Net Nuclear Fuel | 449.00M | 470.00M | 397.00M | 349.00M | 291.00M | 308.00M |
| Regulatory Assets | 3.25B | 3.00B | 2.85B | 2.80B | 2.87B | 2.74B |
| Long-Term Investments | 397.00M | 339.00M | 318.00M | 376.00M | 362.00M | 324.00M |
| Other Long-Term Assets | 5.89B | 5.14B | 4.17B | 3.98B | 3.35B | 3.80B |
| Total Assets | 90.72B | 81.37B | 70.03B | 64.08B | 61.19B | 57.85B |
| Accounts Payable | 2.67B | 2.31B | 1.78B | 1.67B | 1.80B | 1.41B |
| Accrued Expenses | 501.00M | 337.00M | 280.00M | 251.00M | 217.00M | 209.00M |
| Short-Term Debt | 3.06B | 1.55B | 695.00M | 785.00M | 813.00M | 1.00B |
| Current Portion of Long-Term Debt | 999.00M | 501.00M | 1.10B | 569.00M | 1.15B | 601.00M |
| Current Unearned Revenue | 9.00M | |||||
| Current Portion of Leases | 140.00M | 149.00M | 227.00M | 226.00M | 217.00M | 205.00M |
| Current Income Taxes Payable | 591.00M | 579.00M | 535.00M | 557.00M | 569.00M | 569.00M |
| Other Current Liabilities | 1.78B | 1.66B | 1.83B | 1.59B | 1.30B | 1.01B |
| Total Current Liabilities | 9.74B | 7.09B | 6.46B | 5.65B | 6.08B | 5.05B |
| Long-Term Debt | 36.54B | 31.83B | 27.32B | 24.91B | 22.81B | 21.78B |
| Long-Term Leases | 2.02B | 2.05B | 927.00M | 1.04B | 1.04B | 1.15B |
| Long-Term Unearned Revenue | 41.00M | |||||
| Pension & Post-Retirement Benefits | 305.00M | 626.00M | 736.00M | 722.00M | 637.00M | 541.00M |
| Long-Term Deferred Tax Liabilities | 6.50B | 8.83B | 8.28B | 8.02B | 7.97B | 8.23B |
| Other Long-Term Liabilities | 10.12B | 7.34B | 6.80B | 6.12B | 5.97B | 5.46B |
| Total Liabilities | 65.22B | 57.76B | 50.51B | 46.46B | 44.51B | 42.24B |
| Common Stock | 1.59B | 1.56B | 1.44B | 1.39B | 1.37B | 1.36B |
| Additional Paid-In Capital | 13.77B | 12.91B | 9.60B | 8.46B | 8.15B | 7.80B |
| Retained Earnings | 10.19B | 9.21B | 8.55B | 7.86B | 7.24B | 6.57B |
| Comprehensive Income & Other | -50.00M | -63.00M | -68.00M | -94.00M | -93.00M | -123.00M |
| Shareholders' Equity | 25.50B | 23.61B | 19.52B | 17.62B | 16.68B | 15.61B |
| Total Liabilities & Equity | 90.72B | 81.37B | 70.03B | 64.08B | 61.19B | 57.85B |
| Total Debt | 42.75B | 36.08B | 30.27B | 27.53B | 26.03B | 24.74B |
| Net Cash (Debt) | -40.25B | -35.80B | -30.08B | -27.37B | -25.84B | -24.52B |
| Net Cash Per Share | -64.87 | -60.78 | -53.42 | -49.58 | -47.24 | -45.41 |
| Filing Date Shares Outstanding | 641.87M | 623.88M | 574.55M | 555.16M | 549.85M | 544.21M |
| Total Common Shares Outstanding | 635.11M | 623.60M | 574.37M | 554.94M | 549.58M | 544.03M |
| Working Capital | -2.99B | -2.08B | -2.13B | -1.58B | -934.00M | -807.00M |
| Book Value Per Share | 40.15 | 37.86 | 33.99 | 31.74 | 30.34 | 28.70 |
| Tangible Book Value | 25.50B | 23.61B | 19.52B | 17.62B | 16.68B | 15.61B |
| Tangible Book Value Per Share | 40.15 | 37.86 | 33.99 | 31.74 | 30.34 | 28.70 |
| Machinery | 77.99B | 74.00B | 68.42B | 63.63B | 60.37B | 57.64B |
| Construction In Progress | 11.94B | 8.09B | 4.72B | 2.87B | 2.12B | 1.97B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.67B | 2.02B | 1.94B | 1.77B | 1.74B | 1.60B |
| Depreciation & Amortization | 3.11B | 3.08B | 2.88B | 2.57B | 2.55B | 2.26B |
| Loss (Gain) on Equity Investments | -186.00M | -17.00M | -19.00M | -35.00M | -36.00M | -62.00M |
| Stock-Based Compensation | 46.00M | 46.00M | 33.00M | 25.00M | 20.00M | 31.00M |
| Change in Accounts Receivable | -197.00M | -177.00M | 40.00M | 225.00M | -672.00M | -313.00M |
| Change in Inventory | -315.00M | -300.00M | -140.00M | -98.00M | -203.00M | -126.00M |
| Change in Accounts Payable | -23.00M | -50.00M | 37.00M | -149.00M | 195.00M | 138.00M |
| Change in Other Net Operating Assets | -17.00M | -585.00M | -109.00M | 1.21B | 565.00M | -1.14B |
| Other Operating Activities | -80.00M | 5.00M | -59.00M | -272.00M | -300.00M | -250.00M |
| Operating Cash Flow | 5.08B | 4.08B | 4.64B | 5.33B | 3.93B | 2.19B |
| Capital Expenditures | -12.69B | -10.91B | -7.36B | -5.85B | -4.64B | -4.24B |
| Contributions to Nuclear Demissioning Trust | -1.75B | -1.20B | -998.00M | -994.00M | -1.33B | -757.00M |
| Other Investing Activities | 1.74B | 1.14B | 934.00M | 922.00M | 1.32B | 714.00M |
| Investing Cash Flow | -12.70B | -10.97B | -7.43B | -5.93B | -4.65B | -4.29B |
| Short-Term Debt Issued | 855.00M | 421.00M | ||||
| Long-Term Debt Issued | 5.76B | 3.65B | 2.63B | 2.16B | 2.71B | |
| Total Debt Issued | 8.09B | 6.62B | 3.65B | 2.63B | 2.16B | 3.13B |
| Short-Term Debt Repaid | -90.00M | -28.00M | -192.00M | |||
| Long-Term Debt Repaid | -1.71B | -656.00M | -1.15B | -601.00M | -417.00M | |
| Total Debt Repaid | -706.00M | -1.71B | -746.00M | -1.18B | -793.00M | -417.00M |
| Net Debt Issued (Repaid) | 7.39B | 4.91B | 2.90B | 1.45B | 1.37B | 2.71B |
| Issuance of Common Stock | 3.04B | 3.35B | 1.12B | 270.00M | 322.00M | 366.00M |
| Common Dividends Paid | -1.40B | -1.28B | -1.18B | -1.09B | -1.01B | -935.00M |
| Other Financing Activities | 32.00M | 9.00M | -6.00M | -12.00M | -15.00M | -10.00M |
| Financing Cash Flow | 9.06B | 6.98B | 2.84B | 617.00M | 666.00M | 2.13B |
| Net Cash Flow | 1.43B | 95.00M | 50.00M | 18.00M | -55.00M | 37.00M |
| Free Cash Flow | -7.62B | -6.83B | -2.72B | -527.00M | -706.00M | -2.06B |
| Free Cash Flow Margin | -51.21% | -46.53% | -20.26% | -3.71% | -4.61% | -15.30% |
| Free Cash Flow Per Share | -12.27 | -11.59 | -4.84 | -0.95 | -1.29 | -3.81 |
| Levered Free Cash Flow | -8.35B | -7.02B | -3.60B | -1.07B | -1.39B | -1.79B |
| Unlevered Free Cash Flow | -7.26B | -6.10B | -2.82B | -407.88M | -790.12M | -1.27B |
| Cash Interest Paid | 1.44B | 1.26B | 1.13B | 945.00M | 887.00M | 788.00M |
| Cash Income Tax Paid | -641.00M | -588.00M | -92.00M | 15.00M | 4.00M | |
| Change in Working Capital | -552.00M | -1.11B | -172.00M | 1.19B | -115.00M | -1.44B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 51.12B | 43.69B | 38.77B | 34.16B | 38.37B | 36.47B |
| Enterprise Value | 91.37B | 78.19B | 67.08B | 60.71B | 63.57B | 60.60B |
| PE Ratio | 18.54 | 21.65 | 20.03 | 19.29 | 22.10 | 22.84 |
| PS Ratio | 3.40 | 2.98 | 2.88 | 2.40 | 2.51 | 2.71 |
| PB Ratio | 1.99 | 1.85 | 1.99 | 1.94 | 2.30 | 2.34 |
| P/OCF Ratio | 9.97 | 10.70 | 8.35 | 6.41 | 9.76 | 16.66 |
| EV/Sales Ratio | 6.11 | 5.33 | 4.99 | 4.27 | 4.15 | 4.51 |
| EV/EBITDA Ratio | 14.34 | 13.07 | 12.70 | 11.72 | 12.68 | 13.58 |
| EV/EBIT Ratio | 28.21 | 26.98 | 27.87 | 23.23 | 25.85 | 27.48 |
| Debt / Equity Ratio | 1.68 | 1.53 | 1.55 | 1.56 | 1.56 | 1.58 |
| Debt / EBITDA Ratio | 6.57 | 5.81 | 5.45 | 5.04 | 4.92 | 5.21 |
| Net Debt / Equity Ratio | 1.58 | 1.52 | 1.54 | 1.55 | 1.55 | 1.57 |
| Net Debt / EBITDA Ratio | 6.35 | 5.99 | 5.69 | 5.28 | 5.16 | 5.50 |
| Net Debt / FCF Ratio | -5.29 | -5.25 | -11.05 | -51.94 | -36.60 | -11.93 |
| Quick Ratio | 0.49 | 0.38 | 0.38 | 0.41 | 0.44 | 0.41 |
| Current Ratio | 0.69 | 0.71 | 0.67 | 0.72 | 0.85 | 0.84 |
| Asset Turnover | 0.17 | 0.19 | 0.20 | 0.23 | 0.26 | 0.24 |
| Return on Equity (ROE) | 11.43% | 9.36% | 10.43% | 10.33% | 10.75% | 10.58% |
| Return on Assets (ROA) | 2.37% | 2.39% | 2.24% | 2.61% | 2.58% | 2.46% |
| Return on Capital Employed (ROCE) | 4.00% | 3.90% | 3.80% | 4.50% | 4.50% | 4.20% |
| Earnings Yield | 5.39% | 4.62% | 4.99% | 5.18% | 4.52% | 4.38% |
| FCF Yield | -15.05% | -15.62% | -7.02% | -1.54% | -1.84% | -5.63% |
| Dividend Yield | 2.98% | 3.25% | 3.24% | 3.38% | 2.79% | 2.73% |
| Payout Ratio | 55.17% | 63.53% | 60.69% | 61.66% | 58.29% | 58.55% |
| Buyback Yield / Dilution | -6.66% | -4.62% | -1.99% | -0.91% | -1.30% | -2.27% |
| Total Shareholder Return | -3.62% | -1.36% | 1.25% | 2.46% | 1.50% | 0.46% |