Xcel Energy Inc.

XEL · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$43,691	$38,773	$34,163	$38,368	$36,468	$35,914	$34,201	$26,541	$25,916	$21,924	$19,344	$18,098	$13,860	$13,032	$13,406	$10,881	$9,686	$8,107	$9,392	$9,355	$7,427	$7,270	$6,771	$4,200	$9,513	$9,817	$6,473	$4,173	$4,093	$3,151	$3,301	$2,939	$2,796	$2,689	$2,684	$2,123	$2,534	$2,042	$1,846	$2,152	$1,642
Enterprise value	$78,198	$68,802	$61,548	$64,289	$61,038	$57,993	$54,400	$43,641	$41,624	$36,681	$33,161	$30,795	$25,704	$23,954	$23,473	$20,558	$18,461	$16,593	$17,403	$16,732	$14,838	$14,273	$12,910	$9,714	$24,360	$19,540	$14,108	$6,590	$6,342	$5,322	$5,198	$4,757	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	21.65×	20.03×	19.29×	22.10×	22.84×	24.38×	24.93×	21.05×	22.57×	19.52×	19.66×	17.72×	14.62×	14.40×	16.07×	14.48×	14.31×	12.64×	16.39×	16.36×	14.48×	20.42×	10.88×	–	11.97×	18.63×	28.86×	14.78×	17.25×	11.48×	11.97×	12.07×	13.21×	13.03×	11.98×	10.86×	11.41×	9.51×	9.01×	10.40×	8.31×
P/S (TTM) at period end	2.98×	2.88×	2.40×	2.51×	2.72×	3.12×	2.97×	2.30×	2.27×	1.97×	1.75×	1.55×	1.27×	1.29×	1.26×	1.06×	1.00×	0.72×	0.94×	0.95×	0.77×	0.88×	0.88×	0.60×	1.09×	0.86×	0.84×	0.63×	1.50×	1.19×	1.28×	1.18×	1.16×	1.25×	1.22×	1.03×	1.27×	1.02×	1.04×	1.21×	0.92×
P/B at period end	1.85×	1.99×	1.94×	2.30×	2.34×	2.46×	2.58×	2.17×	2.26×	1.99×	1.82×	1.77×	1.45×	1.47×	1.58×	1.33×	1.31×	1.15×	1.47×	1.58×	1.35×	1.37×	1.28×	0.88×	1.51×	1.73×	2.43×	1.61×	1.59×	1.33×	1.46×	1.37×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	14.09×	13.35×	12.43×	13.22×	14.04×	14.23×	13.99×	12.04×	11.20×	10.31×	10.55×	10.32×	9.02×	8.66×	8.72×	8.25×	8.01×	7.48×	8.07×	8.08×	7.91×	7.74×	6.79×	–	9.12×	8.64×	11.66×	7.06×	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	5.33×	5.12×	4.33×	4.20×	4.54×	5.03×	4.72×	3.78×	3.65×	3.30×	3.01×	2.64×	2.35×	2.37×	2.20×	1.99×	1.91×	1.48×	1.73×	1.70×	1.54×	1.74×	1.67×	1.39×	2.79×	1.71×	1.83×	1.00×	2.32×	2.01×	2.02×	1.91×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	8.5%	9.9%	10.1%	10.4%	10.2%	10.1%	10.4%	10.3%	10.0%	10.2%	9.3%	10.0%	9.9%	10.2%	9.8%	9.2%	9.2%	9.1%	8.9%	9.7%	9.3%	6.7%	11.8%	(46.5%)	12.6%	9.3%	8.4%	10.9%	9.2%	11.6%	12.2%	11.4%	–	–	–	–	–	–	–	–	–
Return on invested capital	4.4%	4.8%	5.5%	5.7%	5.5%	5.8%	5.8%	5.9%	5.6%	5.7%	5.3%	5.6%	5.7%	6.1%	6.2%	5.8%	5.9%	5.9%	6.2%	6.7%	6.3%	6.7%	7.3%	(10.1%)	5.7%	5.8%	2.8%	7.4%	7.0%	7.6%	7.6%	7.2%	–	–	–	–	–	–	–	–	–
Dividend yield	2.9%	3.0%	3.2%	2.6%	2.6%	2.4%	2.3%	2.8%	2.8%	3.1%	3.1%	3.1%	3.7%	3.7%	3.5%	4.0%	4.3%	4.7%	4.0%	3.8%	4.6%	4.4%	4.5%	11.8%	5.5%	5.0%	3.5%	5.3%	5.1%	6.3%	5.8%	6.3%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.71×	0.67×	0.72×	0.85×	0.84×	0.77×	0.68×	0.69×	0.73×	0.88×	0.68×	0.83×	0.88×	0.89×	0.83×	1.08×	0.96×	0.99×	0.77×	0.92×	0.86×	1.10×	1.17×	0.30×	0.61×	0.67×	0.30×	0.61×	0.78×	0.64×	0.71×	0.69×	–	–	–	–	–	–	–	–	–
Debt / equity	1.44×	1.43×	1.46×	1.42×	1.46×	1.39×	1.36×	1.38×	1.34×	1.32×	1.25×	1.23×	1.22×	1.21×	1.07×	1.19×	1.13×	1.16×	1.26×	1.25×	1.36×	1.32×	1.27×	1.34×	2.31×	1.70×	2.89×	0.95×	0.90×	0.94×	0.85×	0.87×	–	–	–	–	–	–	–	–	–
Effective tax rate	(13.8%)	(26.2%)	(9.0%)	(8.4%)	(4.6%)	(0.4%)	8.5%	12.6%	32.1%	34.1%	35.6%	33.9%	33.8%	33.2%	35.8%	36.7%	35.1%	34.4%	33.8%	24.2%	25.8%	23.2%	23.7%	27.4%	30.0%	35.8%	36.2%	27.1%	29.0%	34.8%	35.6%	34.7%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	589	563	552	547	540	528	520	511	509	509	508	504	497	488	486	463	457	442	433	430	426	423	419	385	344	338	332	150	140	137	134	134	131	124	125	125	125	125	125	125	124

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$14,616	$14,669	$13,441	$14,206	$15,310	$13,431	$11,526	$11,529	$11,537	$11,404	$11,107	$11,024	$11,686	$10,915	$10,128	$10,655	$10,311	$9,644	$11,203	$10,034	$9,840	$9,625	$8,216	$7,731	$6,974	$8,724	$11,409	$7,725	$6,612	$2,734	$2,654	$2,569	$2,486	$2,404	$2,160	$2,201	$2,064	$1,990	$2,006	$1,770	$1,782	$1,789
Cost of revenue	($7,477)	($7,745)	($7,293)	($8,227)	($9,450)	($8,173)	($6,562)	($6,806)	($3,854)	($3,757)	($3,718)	($7,034)	($7,951)	($7,408)	($6,710)	($7,326)	($7,260)	($4,961)	($6,802)	($5,685)	($4,103)	($3,922)	($3,041)	($2,706)	($2,198)	($3,171)	($6,556)	($3,907)	($2,970)	($928)	($877)	($827)	($835)	–	–	–	–	–	–	–	–	–
Gross profit	$7,139	$6,924	$6,148	$5,979	$5,860	$5,258	$4,964	$4,723	$7,683	$7,647	$7,389	$3,990	$3,735	$3,507	$3,418	$3,328	$3,051	$4,683	$4,401	$4,350	$5,737	$5,703	$5,175	$5,025	$4,776	$5,553	$4,853	$3,818	$3,642	$1,806	$1,778	$1,742	$1,652	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($436)	($406)	($394)	($286)	($331)	–	–	–	–	($3)	($245)	($225)	($302)	($261)	($261)	($281)	($240)	($182)	($118)	–	–	–	–	–	–	–	–	($127)	($150)	($142)	($149)	($186)	($188)	–	–	–	–	–	–	–	–	–
Total operating expenses	($4,350)	($4,341)	($3,762)	($3,498)	($3,432)	($3,055)	($2,848)	($2,619)	($5,718)	($5,424)	($5,149)	($1,990)	($1,787)	($1,659)	($1,596)	($1,547)	($1,431)	($3,215)	($3,011)	($2,998)	($4,560)	($4,611)	($4,102)	($3,940)	($6,209)	($3,827)	($3,465)	($3,361)	($3,133)	($1,329)	($1,250)	($1,248)	($1,214)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($11,827)	($12,086)	($11,055)	($11,725)	($12,882)	($11,228)	($9,410)	($9,425)	($9,572)	($9,181)	($8,867)	($9,024)	($9,738)	($9,067)	($8,306)	($8,873)	($8,691)	($8,176)	($9,812)	($8,683)	($8,663)	($8,533)	($7,142)	($6,646)	($8,407)	($6,998)	($10,021)	($7,269)	($6,103)	($2,256)	($2,127)	($2,076)	($2,049)	–	–	–	–	–	–	–	–	–
Operating income	$2,789	$2,583	$2,386	$2,481	$2,428	$2,203	$2,116	$2,104	$1,965	$2,223	$2,240	$2,000	$1,948	$1,848	$1,823	$1,782	$1,620	$1,469	$1,391	$1,351	$1,177	$1,093	$1,073	$1,085	($1,432)	$1,726	$1,388	$457	$510	$478	$527	$493	$438	$2,404	$2,160	$2,201	$2,064	$1,990	$2,006	$1,770	$1,782	$1,789
Earnings
EBITDA	$5,720	$5,551	$5,155	$4,952	$4,864	$4,346	$4,075	$3,889	$3,624	$3,718	$3,559	$3,143	$2,985	$2,849	$2,766	$2,690	$2,492	$2,304	$2,219	$2,157	$2,072	$1,875	$1,843	$1,903	($604)	$2,671	$2,262	$1,210	$933	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	$19	$8	$6	$7	$8	$10	$11	$11	$15	$30	–	–	–	–	–	$45,863	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,642)	($1,468)	($1,255)	($1,055)	($953)	($842)	($840)	($773)	($700)	($663)	($647)	($595)	($567)	($575)	($602)	($591)	($577)	($562)	($553)	($520)	($486,967)	($1)	($15)	($36)	($879,736)	($72,161)	($657,305)	($220,459)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,002	$1,773	$1,534	$1,625	$1,601	$1,527	$1,467	$1,500	$1,442	$1,690	$1,704	$1,527	$1,545	$1,432	$1,355	$1,309	$1,189	$1,057	$984	$870	$750	$673	$687	$669	($2,289)	$1,121	$851	$352	$387	$334	$421	$428	$373	–	–	–	–	–	–	–	–	–
Income tax expense	$231	$245	$402	$146	$135	$70	$6	($128)	($181)	($542)	($581)	($543)	($524)	($484)	($450)	($468)	($437)	($371)	($339)	($294)	($181)	($174)	($160)	($159)	$628	($337)	($305)	($127)	($105)	($97)	($147)	($152)	($129)	$212	$206	$224	$196	$222	$215	$205	$207	$198
Net income	$2,233	$2,018	$1,936	$1,771	$1,736	$1,597	$1,473	$1,372	$1,261	$1,148	$1,123	$984	$1,021	$948	$905	$841	$756	$681	$646	$577	$572	$513	$356	$622	($2,218)	$795	$527	$224	$282	$237	$274	$276	$244	$212	$206	$224	$196	$222	$215	$205	$207	$198
Per share
Diluted EPS (GAAP)	$3.65	$3.42	$3.44	$3.21	$3.17	$2.96	$2.79	$2.64	$2.47	$2.25	$2.21	$1.94	$2.03	$1.91	$1.85	$1.72	$1.62	$1.48	$1.46	$1.35	$1.36	$1.23	$0.87	$1.50	($5.76)	$2.30	$1.54	$1.70	$1.88	$1.61	$1.91	$1.96	$1.73	$1.51	$1.53	$1.65	$1.42	$1.62	$1.56	$1.51	$1.55	$1.49
Basic EPS (GAAP)	$3.66	$3.44	$3.44	$3.21	$3.18	$2.96	$2.79	$2.64	$2.47	$2.26	$2.21	$1.94	$2.03	$1.91	$1.86	$1.72	$1.63	$1.48	$1.47	$1.38	$1.40	$1.26	$0.88	$1.55	($5.81)	$2.31	$1.54	$1.70	$1.88	$1.61	$1.91	$1.96	$1.73	$1.52	$1.53	$1.65	$1.42	$1.62	$1.56	$1.51	$1.55	$1.49
Basic shares outstanding	609	587	563	552	547	539	527	519	511	509	509	508	504	496	488	485	462	456	437	416	406	402	399	399	382	343	338	332	150	140	137	134	134	130	124	125	125	125	125	125	125	124
Margins
Gross margin	48.8%	47.2%	45.7%	42.1%	38.3%	39.1%	43.1%	41.0%	66.6%	67.1%	66.5%	36.2%	32.0%	32.1%	33.7%	31.2%	29.6%	48.6%	39.3%	43.3%	58.3%	59.3%	63.0%	65.0%	68.5%	63.6%	42.5%	49.4%	55.1%	66.1%	67.0%	67.8%	66.4%	–	–	–	–	–	–	–	–	–
Operating margin	19.1%	17.6%	17.8%	17.5%	15.9%	16.4%	18.4%	18.2%	17.0%	19.5%	20.2%	18.1%	16.7%	16.9%	18.0%	16.7%	15.7%	15.2%	12.4%	13.5%	12.0%	11.4%	13.1%	14.0%	(20.5%)	19.8%	12.2%	5.9%	7.7%	17.5%	19.9%	19.2%	17.6%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	15.3%	13.8%	14.4%	12.5%	11.3%	11.9%	12.8%	11.9%	10.9%	10.1%	10.1%	8.9%	8.7%	8.7%	8.9%	7.9%	7.3%	7.1%	5.8%	5.8%	5.8%	5.3%	4.3%	8.1%	(31.8%)	9.1%	4.6%	2.9%	4.3%	8.7%	10.3%	10.7%	9.8%	8.8%	9.6%	10.2%	9.5%	11.2%	10.7%	11.6%	11.6%	11.1%

Analyst consensus

Buy27 analysts

Bearish · 2 · Hold · 8 · Bullish · 17

Earnings history

	EPS	Estimate
Q3 2024	$1.25	$1.26	Miss
Q4 2024	$0.81	$0.88	Miss
Q1 2025	$0.84	$0.92	Miss
Q2 2025	$0.75	$0.65	Beat
Q3 2025	$1.24	$1.32	Miss
Q4 2025	$0.96	$0.96	Match
Q1 2026	$0.91	$0.91	Match
Q2 2026	$0.93	$0.79	Beat

Peers

Company overview

IPO dateMar 13, 2001

CEORobert C. Frenzel

Employees11,534

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNASDAQ Global Select

Websitemy.xcelenergy.com/s

Xcel Energy Inc., through its various operating units, functions as a multifaceted energy company involved in the complete cycle of electricity – from its production and procurement to its transmission, delivery, and eventual sale. Its business is organized into three main divisions: Regulated Electric Utility, Regulated Natural Gas Utility, and a final "All Other" segment. The company employs a diverse range of energy sources for electricity generation, including traditional options like coal, nuclear power, natural gas, and oil, as well as a strong focus on renewables such as hydroelectric, solar, biomass, wood/refuse, and wind. In addition to its electric services, Xcel Energy is active in the natural gas sector, managing the acquisition, pipeline transport, distribution, and retail sales of natural gas. It also offers transportation services for natural gas owned by its customers. The firm's operations also encompass the creation and leasing of critical natural gas infrastructure, including pipelines, storage depots, and compression facilities. Furthermore, Xcel Energy diversifies its investments into rental housing ventures and is responsible for sourcing necessary equipment for the construction of new renewable power facilities. Serving a broad customer base that includes residential households, commercial enterprises, and industrial clients, the company's service area covers specific geographic regions in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. Xcel Energy provides electricity to approximately 3.7 million customers and supplies natural gas to around 2.1 million consumers. The company, founded in 1909, maintains its headquarters in Minneapolis, Minnesota.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.