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Xcel Energy Inc (XEL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

UTILITIES · Multi-Utilities · DATA UPDATED 2026-07-14

Xcel Energy Inc (XEL) operates in the Multi-Utilities industry and is headquartered in Minneapolis, United States with about 11,534 employees. Its market capitalization is roughly $51 billion. In the fiscal year ended 2025-12-31, XEL reported $14.7B in revenue and $2.0B in net income.

Xcel Energy Inc., through its subsidiaries, operates as an electric and natural gas delivery company in the United States. It operates through Regulated Electric Utility and Regulated Natural Gas Utility segments.

Interactive charts & full statements → Open the XEL valuation workbench →

XEL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$14.8B	$14.7B	$13.4B	$14.2B	$15.3B	$13.4B	$11.5B	$11.5B	$11.5B	$11.4B	$11.1B	$11.0B	$11.7B	$10.9B	$10.1B	$10.7B	$10.3B	$9.6B	$11.2B	$10.0B	$9.8B
Gross Profit	$2.8B	$3.6B	$6.1B	$6.0B	$5.9B	$5.3B	$5.0B	$4.7B	$4.5B	$4.5B	$4.3B	$4.0B	$3.7B	$3.5B	$3.4B	$3.3B	$3.1B	$4.7B	$4.4B	$4.3B	$5.7B
Gross Margin %	18.9%	24.3%	45.7%	42.1%	38.3%	39.1%	43.1%	41.0%	38.6%	39.6%	38.9%	36.2%	32.0%	32.1%	33.8%	31.2%	29.6%	48.6%	39.3%	43.4%	58.3%
Operating Income (EBIT)	$2.9B	$2.9B	$2.4B	$2.5B	$2.4B	$2.2B	$2.1B	$2.1B	$2.0B	$2.2B	$2.2B	$2.0B	$1.9B	$1.8B	$1.8B	$1.8B	$1.6B	$1.5B	$1.4B	$1.4B	$1.2B
Operating Margin %	19.9%	19.6%	17.8%	17.5%	15.9%	16.4%	18.4%	18.2%	17.0%	19.2%	19.9%	18.1%	16.7%	16.9%	18.0%	16.7%	15.7%	15.2%	12.4%	13.5%	12.0%
Net Income	$2.1B	$2.0B	$1.9B	$1.8B	$1.7B	$1.6B	$1.5B	$1.4B	$1.3B	$1.1B	$1.1B	$984M	$1.0B	$948M	$905M	$841M	$756M	$681M	$646M	$577M	$572M
Net Margin %	14.1%	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%
EBITDA	$6.2B	$6.1B	$5.6B	$5.2B	$5.1B	$4.6B	$4.3B	$4.1B	$3.9B	$3.9B	$3.7B	$3.3B	$3.2B	$3.0B	$2.9B	$2.9B	$2.7B	$2.5B	$2.4B	$2.3B	$2.1B
Earnings Per Share (EPS)	$3.50	$3.43	$3.44	$3.21	$3.17	$2.96	$2.79	$2.64	$2.47	$2.26	$2.21	$1.94	$2.03	$1.91	$1.85	$1.73	$1.63	$1.49	$1.46	$1.33	$1.33
Shares Outstanding (M)	626M	589M	563M	552M	547M	540M	528M	520M	511M	509M	509M	508M	504M	497M	488M	486M	463M	457M	442M	433M	430M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

XEL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$4.0B	$3.6B	$3.9B	$3.3B	$3.9B	$3.1B	$3.6B	$3.0B
Gross Profit	$915M	($1.7B)	$2.1B	$1.6B	$1.7B	$1.3B	$1.9B	$1.4B
Gross Margin %	22.8%	-48.8%	52.6%	47.4%	43.1%	41.3%	51.1%	46.0%
Operating Income (EBIT)	$732M	$876M	$749M	$577M	$677M	$347M	$911M	$449M
Operating Margin %	18.2%	24.6%	19.1%	17.5%	17.3%	11.1%	25.0%	14.8%
Net Income	$556M	$567M	$524M	$444M	$483M	$464M	$682M	$302M
Net Margin %	13.8%	15.9%	13.4%	13.5%	12.4%	14.9%	18.7%	10.0%
EBITDA	$1.6B	$1.4B	$1.7B	$1.5B	$1.5B	$1.2B	$1.7B	$1.3B
Earnings Per Share (EPS)	$0.89	$0.95	$0.90	$0.76	$0.84	$0.81	$1.21	$0.54
Shares Outstanding (M)	626M	597M	582M	582M	577M	576M	565M	557M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

XEL Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$669M	$4.1B	$4.6B	$5.3B	$3.9B	$2.2B	$2.8B	$3.3B	$3.1B	$3.1B	$3.1B	$3.0B	$2.6B	$2.6B	$2.0B	$2.4B	$1.9B	$1.9B	$1.7B	$1.6B	$1.9B
Capital Expenditures (CapEx)	$13.1B	$1.2B	$7.4B	$5.9B	$4.6B	$4.2B	$5.4B	$4.2B	$4.0B	$3.3B	$3.3B	$3.7B	$3.2B	$3.4B	$2.6B	$2.2B	$3.0B	$1.8B	$2.1B	$2.1B	$1.6B
Free Cash Flow (FCF)	($12.4B)	$2.9B	($2.7B)	($527M)	($706M)	($2.1B)	($2.5B)	($962M)	($835M)	($193M)	($203M)	($658M)	($552M)	($811M)	($565M)	$200M	($1.1B)	$132M	($434M)	($544M)	$309M
FCF Margin %	-84.0%	19.9%	-20.3%	-3.7%	-4.6%	-15.3%	-21.9%	-8.3%	-7.2%	-1.7%	-1.8%	-6.0%	-4.7%	-7.4%	-5.6%	1.9%	-10.2%	1.4%	-3.9%	-5.4%	3.1%
Dividends Paid	$1.9B	$1.3B	$1.2B	$1.1B	$1.0B	$935M	$856M	$791M	$730M	$721M	$681M	$607M	$561M	$514M	$487M	$475M	$432M	$415M	$382M	$379M	$359M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

XEL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$1.7B	($3.9B)	$1.8B	$1.1B	$1.0B	$664M	$1.7B	$1.2B
Capital Expenditures (CapEx)	$3.0B	$4.6B	$3.1B	$2.4B	$891M	$2.2B	$1.8B	$1.8B
Free Cash Flow (FCF)	($1.3B)	($8.5B)	($1.3B)	($1.3B)	$137M	($1.6B)	($42M)	($641M)
FCF Margin %	-33.0%	-237.7%	-33.0%	-40.9%	3.5%	-49.8%	-1.1%	-21.2%
Dividends Paid	$347M	$954M	$329M	$319M	$306M	$304M	$296M	$295M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

XEL Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$84.8B	$81.4B	$70.0B	$64.1B	$61.2B	$57.9B	$54.0B	$50.4B	$46.0B	$43.0B	$41.2B	$39.1B	$37.0B	$33.9B	$31.1B	$29.5B	$27.4B	$25.5B	$25.0B	$23.2B	$22.0B
Cash & Cash Equivalents	$1.8B	$274M	$179M	$129M	$111M	$166M	$129M	$248M	$147M	$83M	$84M	$85M	$80M	$107M	$82M	$61M	$108M	$108M	$249M	$51M	$37M
Total Liabilities	$61.0B	$57.8B	$50.5B	$46.5B	$44.5B	$42.2B	$39.4B	$37.2B	$33.8B	$31.6B	$30.1B	$28.5B	$26.7B	$24.3B	$22.3B	$21.0B	$19.2B	$18.1B	$17.9B	$16.8B	$16.0B
Total Debt (Short + Long-Term)	$37.1B	$34.0B	$29.3B	$26.5B	$25.0B	$23.6B	$20.9B	$18.9B	$17.2B	$15.8B	$14.8B	$13.9B	$12.8B	$12.0B	$11.0B	$10.1B	$9.8B	$8.9B	$8.7B	$8.1B	$7.4B
Total Shareholders' Equity	$23.8B	$23.6B	$19.5B	$17.6B	$16.7B	$15.6B	$14.6B	$13.2B	$12.2B	$11.5B	$11.0B	$10.6B	$10.2B	$9.6B	$8.9B	$8.5B	$8.2B	$7.4B	$7.1B	$6.4B	$5.9B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive XEL viewer.

Other Companies in Multi-Utilities

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SRE · Sempra — $61 billion
PCG · PG&E Corporation — $48 billion
ED · Consolidated Edison — $42 billion
AEE · Ameren — $31 billion
DTE · DTE Energy — $31 billion
CNP · CenterPoint Energy — $29 billion

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