Xcel Energy (XEL) Financials

$80.62 +1.23 (+1.55%)

As of 03:30 PM Eastern

Annual Income Statements for Xcel Energy

This table shows Xcel Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	984	1,123	1,148	1,261	1,372	1,473	1,597	1,736	1,771	1,936	2,018
Consolidated Net Income / (Loss)	984	1,123	1,148	1,261	1,372	1,473	1,597	1,736	1,771	1,936	2,018
Net Income / (Loss) Continuing Operations	984	1,123	1,148	1,261	1,372	1,473	1,597	1,736	1,771	1,936	2,018
Total Pre-Tax Income	1,527	1,704	1,690	1,442	1,500	1,467	1,527	1,601	1,625	1,534	1,773
Total Operating Income	2,000	2,240	2,223	1,965	2,104	2,116	2,203	2,428	2,481	2,386	2,583
Total Gross Profit	3,990	4,320	4,520	4,453	4,723	4,964	5,258	5,860	5,979	6,148	6,628
Total Revenue	11,024	11,107	11,404	11,537	11,529	11,526	13,431	15,310	14,206	13,441	14,669
Operating Revenue	10,948	11,107	11,404	11,537	11,529	11,526	13,431	15,310	14,206	13,441	14,669
Total Cost of Revenue	7,034	6,787	6,884	7,084	6,806	6,562	8,173	9,450	8,227	7,293	8,041
Operating Cost of Revenue	7,034	6,787	6,884	7,084	6,806	6,562	8,173	9,450	8,227	7,293	8,041
Total Operating Expenses	1,990	2,080	2,297	2,488	2,619	2,848	3,055	3,432	3,498	3,762	4,045
Depreciation Expense	1,124	1,303	1,479	1,642	1,765	1,948	2,121	2,413	2,448	2,744	2,953
Other Operating Expenses / (Income)	866	777	818	846	854	900	934	1,019	1,015	1,018	1,092
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	0.00	35	0.00	0.00
Total Other Income / (Expense), net	-473	-536	-533	-523	-604	-649	-676	-827	-856	-852	-810
Interest Expense	569	620	628	652	736	798	816	925	1,004	1,182	1,343
Interest & Investment Income	90	102	105	143	116	155	135	111	126	187	298
Other Income / (Expense), net	6.00	-18	-10	-14	16	-6.00	5.00	-13	22	143	235
Income Tax Expense	543	581	542	181	128	-6.00	-70	-135	-146	-402	-245
Basic Earnings per Share	$1.94	$2.21	$2.26	$2.47	$2.64	$2.79	$2.96	$3.18	$3.21	$3.44	$3.44
Weighted Average Basic Shares Outstanding	507.80M	509M	509M	511M	519M	527M	539M	547M	552M	563M	587M
Diluted Earnings per Share	$1.94	$2.21	$2.25	$2.47	$2.64	$2.79	$2.96	$3.17	$3.21	$3.44	$3.42
Weighted Average Diluted Shares Outstanding	508.20M	509M	509M	511M	520M	528M	540M	547M	552M	563M	589M
Weighted Average Basic & Diluted Shares Outstanding	507.50M	508.10M	508M	510.50M	524.67M	537.65M	544.21M	549.85M	555.16M	574.55M	623.88M
Cash Dividends to Common per Share	$1.28	$1.36	$1.44	$1.52	$1.62	$1.72	$1.72	$1.95	$2.08	$2.19	$2.28

This table shows Xcel Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	656	409	488	302	682	464	483	444	524	567	556
Consolidated Net Income / (Loss)	656	409	488	302	682	464	483	444	524	567	556
Net Income / (Loss) Continuing Operations	656	409	488	302	682	464	483	444	524	567	556
Total Pre-Tax Income	696	364	461	214	692	167	422	384	532	435	509
Total Operating Income	915	575	679	449	911	347	677	577	749	580	754
Total Gross Profit	1,811	1,528	1,605	1,392	1,863	1,288	1,685	1,559	2,059	1,325	1,804
Total Revenue	3,662	3,442	3,649	3,028	3,644	3,120	3,906	3,287	3,915	3,561	4,021
Operating Revenue	3,662	3,442	3,649	3,028	3,644	3,120	3,906	3,287	3,915	3,561	4,021
Total Cost of Revenue	1,851	1,914	2,044	1,636	1,781	1,832	2,221	1,728	1,856	2,236	2,217
Operating Cost of Revenue	1,851	1,914	2,044	1,636	1,781	1,832	2,221	1,728	1,856	2,236	2,217
Total Operating Expenses	896	953	926	943	952	941	1,008	982	1,310	745	1,050
Depreciation Expense	618	641	658	703	681	702	728	722	750	753	768
Other Operating Expenses / (Income)	244	311	268	240	271	239	280	260	273	279	304
Other Special Charges / (Income)	34	-	-	-	0.00	-	0.00	-	287	-	-22
Total Other Income / (Expense), net	-219	-211	-218	-235	-219	-180	-255	-193	-217	-145	-245
Interest Expense	255	250	277	303	305	297	309	322	348	364	372
Interest & Investment Income	33	36	45	46	47	49	47	61	85	105	105
Other Income / (Expense), net	3.00	3.00	14	22	39	68	7.00	68	46	114	22
Income Tax Expense	40	-45	-27	-88	10	-297	-61	-60	8.00	-132	-47
Basic Earnings per Share	$1.19	$0.74	$0.88	$0.54	$1.21	$0.81	$0.84	$0.76	$0.88	$0.96	$0.89
Weighted Average Basic Shares Outstanding	552M	552M	556M	557M	564M	563M	575M	586M	592M	587M	624M
Diluted Earnings per Share	$1.19	$0.74	$0.88	$0.54	$1.21	$0.81	$0.84	$0.75	$0.88	$0.95	$0.89
Weighted Average Diluted Shares Outstanding	552M	552M	556M	557M	565M	563M	577M	588M	595M	589M	626M
Weighted Average Basic & Diluted Shares Outstanding	551.82M	555.16M	555.64M	557.50M	574.24M	574.55M	576.76M	591.43M	591.54M	623.88M	624.27M
Cash Dividends to Common per Share	$0.52	-	$0.55	$0.55	-	-	$0.57	$0.57	-	-	$0.59

This table details how cash moves in and out of Xcel Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	5.00	0.00	-2.00	64	101	-119	37	-55	18	50	95
Net Cash From Operating Activities	3,038	3,052	3,126	3,122	3,263	2,848	2,189	3,932	5,327	4,641	4,083
Net Cash From Continuing Operating Activities	3,038	3,052	3,126	3,122	3,263	2,848	2,189	3,932	5,327	4,641	4,083
Net Income / (Loss) Continuing Operations	984	1,123	1,148	1,261	1,372	1,473	1,597	1,736	1,771	1,936	2,018
Consolidated Net Income / (Loss)	984	1,123	1,148	1,261	1,372	1,473	1,597	1,736	1,771	1,936	2,018
Depreciation Expense	1,143	1,319	1,495	1,659	1,785	1,959	2,143	2,436	2,471	2,769	2,968
Amortization Expense	106	117	114	122	119	123	114	118	96	106	114
Non-Cash Adjustments To Reconcile Net Income	182	32	34	12	254	9.00	-2.00	-224	206	-52	-207
Changes in Operating Assets and Liabilities, net	623	461	335	68	-267	-716	-1,663	-134	783	-118	-810
Net Cash From Investing Activities	-3,623	-3,261	-3,296	-3,986	-4,343	-4,740	-4,287	-4,653	-5,926	-7,428	-10,969
Net Cash From Continuing Investing Activities	-3,679	-3,261	-3,296	-3,986	-4,343	-4,740	-4,287	-4,653	-5,926	-7,428	-10,969
Purchase of Property, Plant & Equipment	-3,683	-3,195	-3,244	-3,957	-4,225	-5,369	-4,244	-4,638	-5,854	-7,364	-10,908
Purchase of Investments	-1,258	-547	-1,697	-853	-995	-1,398	-757	-1,332	-994	-998	-1,200
Divestitures	-	-	-	0.00	0.00	684	0.00	0.00	0.00	0.00	0.00
Sale and/or Maturity of Investments	1,237	479	1,669	833	975	1,378	743	1,297	959	961	1,197
Other Investing Activities, net	27	2.00	-24	-9.00	-98	-35	-29	20	-37	-27	-58
Net Cash From Financing Activities	590	209	168	928	1,181	1,773	2,135	666	617	2,837	6,981
Net Cash From Continuing Financing Activities	590	209	168	928	1,181	1,773	2,135	666	617	2,837	6,981
Repayment of Debt	-262	-1,502	-1,051	-472	-963	-1,027	-6.00	-616	-1,191	-752	-849
Payment of Dividends	-607	-681	-721	-730	-791	-856	-935	-1,012	-1,092	-1,175	-1,282
Issuance of Debt	1,452	2,424	1,940	1,900	2,477	2,929	2,710	1,972	2,630	3,647	5,763
Issuance of Common Equity	7.00	0.00	0.00	230	458	727	366	322	270	1,117	3,349
Cash Interest Paid	543	592	616	633	698	758	788	887	945	1,131	1,262
Cash Income Taxes Paid	-58	-62	-44	-27	-53	-12	4.00	15	92	588	641

This table details how cash moves in and out of Xcel Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	319	-465	372	1,097	-53	-1,366	944	331	-402	-778	1,486
Net Cash From Operating Activities	1,898	974	1,050	1,190	1,737	664	1,028	1,081	1,765	209	1,697
Net Cash From Continuing Operating Activities	1,898	974	1,050	1,190	1,737	664	1,028	1,081	1,765	209	1,697
Net Income / (Loss) Continuing Operations	656	409	488	302	682	464	483	444	524	567	556
Consolidated Net Income / (Loss)	656	409	488	302	682	464	483	444	524	567	556
Depreciation Expense	622	647	664	706	685	714	734	727	755	752	767
Amortization Expense	31	12	20	33	32	21	29	26	32	27	27
Non-Cash Adjustments To Reconcile Net Income	377	-373	-13	276	-301	-35	-11	-29	-52	-115	-74
Changes in Operating Assets and Liabilities, net	212	279	-109	-127	639	-500	-207	-87	506	-1,022	421
Net Cash From Investing Activities	-1,653	-1,634	-1,556	-1,847	-1,794	-2,231	-1,991	-2,439	-3,062	-3,477	-3,019
Net Cash From Continuing Investing Activities	-1,653	-1,634	-1,556	-1,847	-1,794	-2,231	-1,991	-2,439	-3,062	-3,477	-3,019
Purchase of Property, Plant & Equipment	-1,641	-1,614	-1,537	-1,831	-1,779	-2,217	-1,988	-2,427	-3,055	-3,438	-3,022
Purchase of Investments	-288	-290	-189	-280	-224	-305	-241	-330	-283	-346	-763
Sale and/or Maturity of Investments	279	281	179	271	216	295	240	330	281	346	763
Other Investing Activities, net	-3.00	-11	-9.00	-7.00	-7.00	-4.00	-2.00	-12	-5.00	-39	3.00
Net Cash From Financing Activities	74	195	878	1,754	4.00	201	1,907	1,689	895	2,490	2,808
Net Cash From Continuing Financing Activities	74	195	878	1,754	4.00	201	1,907	1,689	895	2,490	2,808
Repayment of Debt	-546	287	-328	-210	-707	493	14	-954	351	-260	-105
Payment of Dividends	-278	-278	-280	-295	-296	-304	-306	-319	-329	-328	-347
Issuance of Debt	890	-1.00	1,478	2,166	-1.00	4.00	2,077	1,941	865	880	3,259
Issuance of Common Equity	8.00	187	8.00	93	1,008	8.00	122	1,021	8.00	2,198	1.00
Cash Interest Paid	191	293	230	287	276	338	252	331	249	430	283

This table presents Xcel Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	38,821	41,155	43,030	45,987	50,448	53,957	57,851	61,188	64,079	70,035	81,371
Total Current Assets	2,770	2,842	2,973	3,094	3,113	3,275	4,239	5,144	4,069	4,325	5,014
Cash & Equivalents	85	85	83	147	0.00	129	166	111	129	179	274
Short-Term Investments	34	38	44	87	55	49	123	279	104	114	165
Accounts Receivable	1,379	1,506	1,561	1,615	1,550	1,630	1,880	2,478	2,168	2,081	2,210
Inventories, net	609	604	610	548	544	535	631	803	711	666	761
Prepaid Expenses	156	138	183	154	185	250	289	360	294	724	1,075
Other Current Assets	345	364	424	464	488	640	1,106	1,059	611	561	529
Plant, Property, & Equipment, net	31,206	32,842	34,329	36,944	39,483	42,950	45,457	48,253	51,642	57,198	65,639
Total Noncurrent Assets	4,845	5,471	5,728	5,949	7,852	7,732	8,155	7,791	8,368	8,512	10,718
Long-Term Investments	1,903	2,092	2,397	2,317	2,731	3,096	3,628	3,234	3,599	3,896	4,389
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	111	1,348
Other Noncurrent Operating Assets	2,942	3,379	3,331	3,632	5,121	4,636	4,527	4,557	4,769	4,505	4,981
Total Liabilities & Shareholders' Equity	38,821	41,155	43,030	45,987	50,448	53,957	57,851	61,188	64,079	70,035	81,371
Total Liabilities	28,221	30,134	31,575	33,765	37,209	39,382	42,239	44,513	46,463	50,513	57,762
Total Current Liabilities	4,058	3,247	4,088	4,460	4,568	4,239	5,046	6,078	5,652	6,459	7,089
Short-Term Debt	1,503	647	1,271	1,444	1,297	1,005	1,606	1,964	1,337	1,798	2,051
Accounts Payable	961	1,045	1,243	1,237	1,294	1,237	1,409	1,804	1,668	1,781	2,307
Dividends Payable	162	172	183	195	212	231	249	268	289	314	355
Current Deferred & Payable Income Tax Liabilities	438	457	448	450	466	578	569	569	557	535	579
Other Current Liabilities	827	753	769	960	1,107	985	1,004	1,256	1,550	1,751	1,460
Other Current Nonoperating Liabilities	167	173	174	174	192	203	209	217	251	280	337
Total Noncurrent Liabilities	24,162	26,887	27,487	29,305	32,641	35,143	37,193	38,435	40,811	44,054	50,673
Long-Term Debt	12,399	14,195	14,520	15,803	17,407	19,645	21,779	22,813	24,913	27,316	31,832
Capital Lease Obligations	-	-	-	0.00	1,549	1,344	1,146	1,038	1,038	927	2,050
Asset Retirement Reserve & Litigation Obligation	3,941	4,165	7,558	7,755	7,778	8,186	8,556	8,949	9,045	9,723	10,165
Noncurrent Deferred Revenue	229	195	193	199	203	197	196	181	167	146	129
Noncurrent Deferred & Payable Income Tax Liabilities	6,222	6,847	3,903	4,219	4,558	4,791	4,947	4,804	4,945	5,319	6,004
Noncurrent Employee Benefit Liabilities	941	1,112	1,042	994	785	666	306	390	469	477	365
Other Noncurrent Operating Liabilities	430	373	271	335	361	314	263	260	234	146	128
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,601	11,021	11,455	12,222	13,239	14,575	15,612	16,675	17,616	19,522	23,609
Total Preferred & Common Equity	10,601	11,021	11,455	12,222	13,239	14,575	15,612	16,675	17,616	19,522	23,609
Total Common Equity	10,601	11,021	11,455	12,222	13,239	14,575	15,612	16,675	17,616	19,522	23,609
Common Stock	7,158	7,149	7,167	7,453	7,967	8,748	9,163	9,529	9,852	11,037	14,465
Retained Earnings	3,553	3,982	4,413	4,893	5,413	5,968	6,572	7,239	7,858	8,553	9,207
Accumulated Other Comprehensive Income / (Loss)	-110	-110	-125	-124	-141	-141	-123	-93	-94	-68	-63

This table presents Xcel Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	61,658	62,870	64,079	65,585	67,927	69,286	70,035	72,749	75,337	79,154	84,828
Total Current Assets	4,201	4,402	4,069	4,489	5,699	5,469	4,325	5,368	5,667	5,681	5,882
Cash & Equivalents	275	594	129	501	1,598	1,545	179	1,123	1,454	1,052	1,760
Short-Term Investments	233	146	104	86	234	179	114	113	255	216	138
Accounts Receivable	1,852	1,951	2,168	1,999	1,985	1,977	2,081	2,056	1,955	2,012	2,092
Inventories, net	625	688	711	623	622	638	666	625	668	723	709
Prepaid Expenses	322	257	294	548	541	504	652	749	652	1,142	701
Other Current Assets	828	695	611	647	630	562	561	627	621	536	482
Plant, Property, & Equipment, net	49,664	50,613	51,642	52,765	53,890	55,321	57,198	58,807	60,751	63,131	67,808
Total Noncurrent Assets	7,793	7,855	8,368	8,331	8,338	8,496	8,512	8,574	8,919	10,342	11,138
Long-Term Investments	3,456	3,393	3,599	3,746	3,791	3,947	3,896	3,888	4,087	4,273	4,336
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	1,358	1,431
Other Noncurrent Operating Assets	4,337	4,462	4,769	4,585	4,547	4,549	4,616	4,686	4,832	4,711	5,371
Total Liabilities & Shareholders' Equity	61,658	62,870	64,079	65,585	67,927	69,286	70,035	72,749	75,337	79,154	84,828
Total Liabilities	44,744	45,561	46,463	47,744	49,973	49,934	50,513	52,945	54,376	57,973	61,022
Total Current Liabilities	5,231	5,073	5,652	5,210	5,900	5,858	6,459	6,741	5,886	7,148	7,636
Short-Term Debt	1,595	1,051	1,337	1,015	1,656	1,199	1,798	1,822	1,071	1,331	2,481
Accounts Payable	1,307	1,445	1,668	1,461	1,546	1,713	1,781	1,942	2,096	2,328	2,261
Dividends Payable	287	287	289	304	305	312	314	328	337	337	370
Current Deferred & Payable Income Tax Liabilities	407	541	557	638	360	488	535	631	360	531	697
Other Current Liabilities	1,402	1,461	1,550	1,501	1,734	1,817	1,751	1,688	1,703	2,211	1,408
Other Current Nonoperating Liabilities	233	288	251	291	299	329	280	330	319	410	419
Total Noncurrent Liabilities	39,513	40,488	40,811	42,534	44,073	44,076	44,054	46,204	48,490	50,825	53,386
Long-Term Debt	24,015	24,910	24,913	26,396	27,716	27,471	27,316	29,396	31,099	32,034	34,552
Capital Lease Obligations	966	930	1,038	980	961	908	867	889	945	2,043	2,059
Asset Retirement Reserve & Litigation Obligation	9,047	9,141	9,045	9,245	9,349	9,487	9,723	9,856	10,020	10,185	10,324
Noncurrent Deferred Revenue	174	173	167	159	154	154	146	139	132	130	128
Noncurrent Deferred & Payable Income Tax Liabilities	4,703	4,747	4,945	5,166	5,336	5,521	5,359	5,368	5,739	5,927	5,918
Noncurrent Employee Benefit Liabilities	353	355	469	364	371	374	477	352	360	372	289
Other Noncurrent Operating Liabilities	255	232	234	224	186	161	166	204	195	134	116
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	16,914	17,309	17,616	17,841	17,954	19,352	19,522	19,804	20,961	21,181	23,806
Total Preferred & Common Equity	16,914	17,309	17,616	17,841	17,954	19,352	19,522	19,804	20,961	21,181	23,806
Total Common Equity	16,914	17,309	17,616	17,841	17,954	19,352	19,522	19,804	20,961	21,181	23,806
Common Stock	9,625	9,648	9,852	9,870	9,982	11,012	11,037	11,170	12,214	12,251	14,474
Retained Earnings	7,371	7,739	7,858	8,042	8,039	8,406	8,553	8,706	8,813	8,995	9,391
Accumulated Other Comprehensive Income / (Loss)	-82	-78	-94	-71	-67	-66	-68	-72	-66	-65	-59

This table displays calculated financial ratios and metrics derived from Xcel Energy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.67%	0.75%	2.67%	1.17%	-0.07%	-0.03%	16.53%	13.99%	-7.21%	-5.39%	9.14%
EBITDA Growth	4.85%	12.38%	4.48%	-2.35%	7.82%	4.18%	6.51%	11.29%	2.03%	6.59%	9.18%
EBIT Growth	2.69%	10.77%	-0.41%	-11.84%	8.66%	-0.47%	4.64%	9.38%	3.64%	1.04%	11.43%
NOPAT Growth	0.09%	14.54%	2.29%	13.79%	11.99%	10.40%	8.44%	14.27%	2.70%	11.37%	-2.37%
Net Income Growth	-3.65%	14.13%	2.23%	9.84%	8.80%	7.36%	8.42%	8.70%	2.02%	9.32%	4.24%
EPS Growth	-4.43%	13.92%	1.81%	9.78%	6.88%	5.68%	6.09%	7.09%	1.26%	7.17%	-0.58%
Operating Cash Flow Growth	14.23%	0.46%	2.42%	-0.13%	4.52%	-12.72%	-23.14%	79.63%	35.48%	-12.88%	-12.02%
Free Cash Flow Firm Growth	-40.09%	234.74%	44.47%	-215.47%	-237.09%	55.02%	12.30%	94.74%	1,392.58%	-390.07%	-383.23%
Invested Capital Growth	7.07%	5.19%	4.53%	8.80%	13.10%	9.29%	8.76%	7.27%	5.75%	10.32%	20.53%
Revenue Q/Q Growth	-2.51%	1.36%	0.01%	0.73%	-0.71%	1.31%	3.13%	4.78%	-4.12%	-2.34%	3.10%
EBITDA Q/Q Growth	2.69%	1.81%	0.32%	-0.90%	3.23%	0.46%	1.20%	3.48%	1.26%	-1.58%	5.79%
EBIT Q/Q Growth	2.50%	1.20%	-1.43%	-4.97%	5.95%	-1.26%	0.36%	4.27%	1.87%	-6.06%	10.99%
NOPAT Q/Q Growth	1.44%	2.98%	-3.68%	3.56%	5.22%	1.37%	1.78%	3.74%	1.26%	6.01%	-1.68%
Net Income Q/Q Growth	1.26%	1.68%	-3.13%	1.94%	6.03%	-0.27%	1.72%	3.83%	1.72%	2.92%	5.38%
EPS Q/Q Growth	1.04%	1.84%	-3.85%	2.49%	5.60%	-0.36%	1.02%	3.59%	1.58%	2.08%	4.27%
Operating Cash Flow Q/Q Growth	-3.40%	2.64%	4.42%	-4.00%	2.42%	-1.11%	-2.84%	4.10%	4.08%	-6.26%	-10.03%
Free Cash Flow Firm Q/Q Growth	-175.82%	359.26%	42.77%	-2,228.10%	21.89%	-173.43%	41.78%	97.02%	15.86%	-207.73%	-32.48%
Invested Capital Q/Q Growth	4.62%	2.76%	1.87%	3.93%	2.20%	7.82%	5.82%	2.60%	2.39%	4.57%	6.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.19%	38.89%	39.64%	38.60%	40.97%	43.07%	39.15%	38.28%	42.09%	45.74%	45.18%
EBITDA Margin	29.53%	32.93%	33.51%	32.35%	34.90%	36.37%	33.24%	32.46%	35.69%	40.21%	40.22%
Operating Margin	18.14%	20.17%	19.49%	17.03%	18.25%	18.36%	16.40%	15.86%	17.46%	17.75%	17.61%
EBIT Margin	18.20%	20.01%	19.41%	16.91%	18.39%	18.31%	16.44%	15.77%	17.62%	18.82%	19.21%
Profit (Net Income) Margin	8.93%	10.11%	10.07%	10.93%	11.90%	12.78%	11.89%	11.34%	12.47%	14.40%	13.76%
Tax Burden Percent	64.44%	65.90%	67.93%	87.45%	91.47%	100.41%	104.58%	108.43%	108.98%	126.21%	113.82%
Interest Burden Percent	76.12%	76.69%	76.37%	73.91%	70.75%	69.53%	69.16%	66.29%	64.92%	60.66%	62.92%
Effective Tax Rate	35.56%	34.10%	32.07%	12.55%	8.53%	-0.41%	-4.58%	-8.43%	-8.98%	-26.21%	-13.82%
Return on Invested Capital (ROIC)	5.84%	6.31%	6.15%	6.56%	6.62%	6.58%	6.54%	6.93%	6.68%	6.88%	5.80%
ROIC Less NNEP Spread (ROIC-NNEP)	3.23%	3.50%	3.43%	3.37%	3.24%	3.04%	3.03%	2.83%	2.68%	2.61%	2.63%
Return on Net Nonoperating Assets (RNNOA)	3.61%	4.08%	4.06%	4.09%	4.16%	4.01%	4.04%	3.83%	3.65%	3.54%	3.56%
Return on Equity (ROE)	9.45%	10.39%	10.22%	10.65%	10.78%	10.59%	10.58%	10.75%	10.33%	10.43%	9.36%
Cash Return on Invested Capital (CROIC)	-0.99%	1.25%	1.73%	-1.87%	-5.68%	-2.30%	-1.85%	-0.09%	1.09%	-2.94%	-12.82%
Operating Return on Assets (OROA)	5.29%	5.56%	5.26%	4.38%	4.40%	4.04%	3.95%	4.06%	4.00%	3.77%	3.72%
Return on Assets (ROA)	2.60%	2.81%	2.73%	2.83%	2.85%	2.82%	2.86%	2.92%	2.83%	2.89%	2.67%
Return on Common Equity (ROCE)	9.45%	10.39%	10.22%	10.65%	10.78%	10.59%	10.58%	10.75%	10.33%	10.43%	9.36%
Return on Equity Simple (ROE_SIMPLE)	9.28%	10.19%	10.02%	10.32%	10.36%	10.11%	10.23%	10.41%	10.05%	9.92%	0.00%
Net Operating Profit after Tax (NOPAT)	1,289	1,476	1,510	1,718	1,924	2,125	2,304	2,633	2,704	3,011	2,940
NOPAT Margin	11.69%	13.29%	13.24%	14.89%	16.69%	18.43%	17.15%	17.20%	19.03%	22.40%	20.04%
Net Nonoperating Expense Percent (NNEP)	2.62%	2.81%	2.72%	3.19%	3.38%	3.54%	3.52%	4.10%	4.00%	4.27%	3.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.20%	6.02%	6.08%	4.94%
Cost of Revenue to Revenue	63.81%	61.11%	60.36%	61.40%	59.03%	56.93%	60.85%	61.72%	57.91%	54.26%	54.82%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.05%	18.73%	20.14%	21.57%	22.72%	24.71%	22.75%	22.42%	24.62%	27.99%	27.58%
Earnings before Interest and Taxes (EBIT)	2,006	2,222	2,213	1,951	2,120	2,110	2,208	2,415	2,503	2,529	2,818
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,255	3,658	3,822	3,732	4,024	4,192	4,465	4,969	5,070	5,404	5,900
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.33	1.50	1.75	1.76	2.20	2.15	2.15	2.14	1.87	1.97	1.85
Price to Tangible Book Value (P/TBV)	1.33	1.50	1.75	1.76	2.20	2.15	2.15	2.14	1.87	1.97	1.85
Price to Revenue (P/Rev)	1.28	1.48	1.76	1.87	2.52	2.72	2.50	2.33	2.32	2.86	2.98
Price to Earnings (P/E)	14.29	14.68	17.50	17.07	21.19	21.31	21.04	20.58	18.58	19.86	21.65
Dividend Yield	4.62%	4.19%	3.64%	3.63%	2.92%	2.88%	2.93%	2.99%	3.49%	3.23%	3.83%
Earnings Yield	7.00%	6.81%	5.72%	5.86%	4.72%	4.69%	4.75%	4.86%	5.38%	5.03%	4.62%
Enterprise Value to Invested Capital (EV/IC)	1.14	1.21	1.33	1.33	1.51	1.49	1.48	1.47	1.35	1.40	1.35
Enterprise Value to Revenue (EV/Rev)	2.35	2.62	2.92	3.14	4.04	4.35	4.04	3.78	3.97	4.78	5.10
Enterprise Value to EBITDA (EV/EBITDA)	7.97	7.96	8.73	9.70	11.57	11.95	12.14	11.66	11.12	11.89	12.68
Enterprise Value to EBIT (EV/EBIT)	12.93	13.10	15.07	18.56	21.95	23.75	24.55	23.98	22.52	25.40	26.54
Enterprise Value to NOPAT (EV/NOPAT)	20.13	19.72	22.09	21.08	24.18	23.59	23.53	22.00	20.84	21.34	25.44
Enterprise Value to Operating Cash Flow (EV/OCF)	8.54	9.54	10.67	11.60	14.26	17.60	24.77	14.73	10.58	13.84	18.32
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	99.17	78.65	0.00	0.00	0.00	0.00	0.00	127.24	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.31	1.35	1.38	1.41	1.53	1.51	1.57	1.55	1.55	1.54	1.52
Long-Term Debt to Equity	1.17	1.29	1.27	1.29	1.43	1.44	1.47	1.43	1.47	1.44	1.44
Financial Leverage	1.12	1.16	1.18	1.21	1.28	1.32	1.33	1.36	1.36	1.36	1.35
Leverage Ratio	3.64	3.70	3.75	3.76	3.79	3.75	3.70	3.69	3.65	3.61	3.51
Compound Leverage Factor	2.77	2.84	2.86	2.78	2.68	2.61	2.56	2.44	2.37	2.19	2.21
Debt to Total Capital	56.74%	57.39%	57.96%	58.53%	60.47%	60.14%	61.11%	60.76%	60.77%	60.56%	60.35%
Short-Term Debt to Total Capital	6.13%	2.50%	4.66%	4.90%	3.87%	2.75%	4.00%	4.62%	2.98%	3.63%	3.44%
Long-Term Debt to Total Capital	50.60%	54.89%	53.29%	53.63%	56.60%	57.40%	57.11%	56.13%	57.79%	56.93%	56.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	43.26%	42.61%	42.04%	41.47%	39.53%	39.86%	38.89%	39.24%	39.23%	39.44%	39.65%
Debt to EBITDA	4.27	4.06	4.13	4.62	5.03	5.25	5.49	5.20	5.38	5.55	6.09
Net Debt to EBITDA	3.65	3.45	3.47	3.94	4.34	4.47	4.62	4.47	4.63	4.77	5.27
Long-Term Debt to EBITDA	3.81	3.88	3.80	4.23	4.71	5.01	5.13	4.80	5.12	5.22	5.74
Debt to NOPAT	10.79	10.05	10.46	10.04	10.52	10.35	10.65	9.81	10.09	9.96	12.22
Net Debt to NOPAT	9.22	8.55	8.79	8.55	9.08	8.81	8.95	8.43	8.67	8.57	10.58
Long-Term Debt to NOPAT	9.62	9.62	9.62	9.20	9.85	9.88	9.95	9.06	9.60	9.36	11.52
Altman Z-Score	0.84	0.90	0.93	0.89	0.95	0.95	0.98	1.01	0.92	0.90	0.88
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.68	0.88	0.73	0.69	0.68	0.77	0.84	0.85	0.72	0.67	0.71
Quick Ratio	0.37	0.50	0.41	0.41	0.35	0.43	0.43	0.47	0.42	0.37	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-218	294	424	-490	-1,651	-742	-651	-34	443	-1,285	-6,498
Operating Cash Flow to CapEx	82.49%	95.52%	96.36%	78.90%	77.23%	53.05%	51.58%	84.78%	91.00%	63.02%	37.43%
Free Cash Flow to Firm to Interest Expense	-0.38	0.47	0.68	-0.75	-2.24	-0.93	-0.80	-0.04	0.44	-1.09	-4.84
Operating Cash Flow to Interest Expense	5.34	4.92	4.98	4.79	4.43	3.57	2.68	4.25	5.31	3.93	3.04
Operating Cash Flow Less CapEx to Interest Expense	-1.13	-0.23	-0.19	-1.28	-1.31	-3.16	-2.52	-0.76	-0.52	-2.30	-5.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.28	0.27	0.26	0.24	0.22	0.24	0.26	0.23	0.20	0.19
Accounts Receivable Turnover	7.51	7.70	7.44	7.27	7.29	7.25	7.65	7.03	6.12	6.33	6.84
Inventory Turnover	11.67	11.19	11.34	12.23	12.47	12.16	14.02	13.18	10.87	10.59	11.27
Fixed Asset Turnover	0.37	0.35	0.34	0.32	0.30	0.28	0.30	0.33	0.28	0.25	0.24
Accounts Payable Turnover	6.59	6.77	6.02	5.71	5.38	5.19	6.18	5.88	4.74	4.23	3.93
Days Sales Outstanding (DSO)	48.58	47.41	49.08	50.24	50.10	50.35	47.69	51.95	59.69	57.69	53.39
Days Inventory Outstanding (DIO)	31.28	32.61	32.18	29.83	29.28	30.01	26.04	27.69	33.59	34.46	32.39
Days Payable Outstanding (DPO)	55.37	53.94	60.66	63.89	67.87	70.39	59.08	62.05	77.02	86.31	92.78
Cash Conversion Cycle (CCC)	24.50	26.08	20.61	16.18	11.51	9.97	14.65	17.59	16.25	5.84	-7.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,810	23,993	25,079	27,287	30,862	33,729	36,684	39,351	41,612	45,908	55,406
Invested Capital Turnover	0.50	0.47	0.46	0.44	0.40	0.36	0.38	0.40	0.35	0.31	0.29
Increase / (Decrease) in Invested Capital	1,507	1,183	1,086	2,208	3,575	2,867	2,955	2,667	2,261	4,296	9,438
Enterprise Value (EV)	25,938	29,109	33,353	36,217	46,540	50,115	54,214	57,918	56,356	64,247	74,796
Market Capitalization	14,058	16,482	20,086	21,521	29,073	31,395	33,600	35,727	32,900	38,455	43,691
Book Value per Share	$20.89	$21.70	$22.56	$23.79	$25.25	$27.74	$28.98	$30.47	$31.92	$34.00	$39.91
Tangible Book Value per Share	$20.89	$21.70	$22.56	$23.79	$25.25	$27.74	$28.98	$30.47	$31.92	$34.00	$39.91
Total Capital	24,503	25,863	27,246	29,469	33,492	36,569	40,143	42,490	44,904	49,503	59,542
Total Debt	13,902	14,842	15,791	17,247	20,253	21,994	24,531	25,815	27,288	29,981	35,933
Total Long-Term Debt	12,399	14,195	14,520	15,803	18,956	20,989	22,925	23,851	25,951	28,183	33,882
Net Debt	11,880	12,627	13,267	14,696	17,467	18,720	20,614	22,191	23,456	25,792	31,105
Capital Expenditures (CapEx)	3,683	3,195	3,244	3,957	4,225	5,369	4,244	4,638	5,854	7,364	10,908
Debt-free, Cash-free Net Working Capital (DFCFNWC)	96	119	29	-156	-213	-137	510	640	-479	-629	-463
Debt-free Net Working Capital (DFNWC)	215	242	156	78	-158	41	799	1,030	-246	-336	-24
Net Working Capital (NWC)	-1,288	-405	-1,115	-1,366	-1,455	-964	-807	-934	-1,583	-2,134	-2,075
Net Nonoperating Expense (NNE)	305	353	362	457	552	652	707	897	933	1,075	922
Net Nonoperating Obligations (NNO)	12,209	12,972	13,624	15,065	17,623	19,154	21,072	22,676	23,996	26,386	31,797
Total Depreciation and Amortization (D&A)	1,249	1,436	1,609	1,781	1,904	2,082	2,257	2,554	2,567	2,875	3,082
Debt-free, Cash-free Net Working Capital to Revenue	0.87%	1.07%	0.25%	-1.35%	-1.85%	-1.19%	3.80%	4.18%	-3.37%	-4.68%	-3.16%
Debt-free Net Working Capital to Revenue	1.95%	2.18%	1.37%	0.68%	-1.37%	0.36%	5.95%	6.73%	-1.73%	-2.50%	-0.16%
Net Working Capital to Revenue	-11.68%	-3.65%	-9.78%	-11.84%	-12.62%	-8.36%	-6.01%	-6.10%	-11.14%	-15.88%	-14.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.94	$2.21	$2.26	$2.47	$2.64	$2.79	$2.96	$3.18	$3.21	$3.44	$3.44
Adjusted Weighted Average Basic Shares Outstanding	507.77M	508.79M	509M	511M	519M	527M	539M	547M	552M	563M	587M
Adjusted Diluted Earnings per Share	$1.94	$2.21	$2.25	$2.47	$2.64	$2.79	$2.96	$3.17	$3.21	$3.44	$3.42
Adjusted Weighted Average Diluted Shares Outstanding	508.17M	509.47M	509.10M	511M	520M	528M	540M	547M	552M	563M	589M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	507.55M	507.22M	508.06M	514.21M	524.67M	537.65M	544.21M	549.85M	555.16M	574.55M	623.88M
Normalized Net Operating Profit after Tax (NOPAT)	1,289	1,476	1,510	1,718	1,924	1,481	1,542	1,700	1,761	1,670	1,808
Normalized NOPAT Margin	11.69%	13.29%	13.24%	14.89%	16.69%	12.85%	11.48%	11.10%	12.40%	12.43%	12.33%
Pre Tax Income Margin	13.85%	15.34%	14.82%	12.50%	13.01%	12.73%	11.37%	10.46%	11.44%	11.41%	12.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.53	3.58	3.52	2.99	2.88	2.64	2.71	2.61	2.49	2.14	2.10
NOPAT to Interest Expense	2.27	2.38	2.40	2.64	2.61	2.66	2.82	2.85	2.69	2.55	2.19
EBIT Less CapEx to Interest Expense	-2.95	-1.57	-1.64	-3.08	-2.86	-4.08	-2.50	-2.40	-3.34	-4.09	-6.02
NOPAT Less CapEx to Interest Expense	-4.21	-2.77	-2.76	-3.43	-3.13	-4.07	-2.38	-2.17	-3.14	-3.68	-5.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	61.69%	60.64%	62.80%	57.89%	57.65%	58.11%	58.55%	58.29%	61.66%	60.69%	63.53%
Augmented Payout Ratio	61.69%	63.49%	62.80%	57.89%	57.65%	58.11%	58.55%	58.29%	61.66%	60.69%	63.53%

This table displays calculated financial ratios and metrics derived from Xcel Energy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	623,876,813.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	623,876,813.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.89
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.29%	-15.08%	-10.56%	0.20%	-0.49%	-9.36%	7.04%	8.55%	7.44%	14.13%	2.94%
EBITDA Growth	1.35%	5.37%	11.23%	18.16%	6.11%	-7.03%	5.08%	15.54%	-5.10%	28.09%	8.50%
EBIT Growth	0.99%	8.65%	19.90%	9.79%	3.49%	-28.20%	-1.30%	36.94%	-16.32%	67.23%	13.45%
NOPAT Growth	-0.34%	5.21%	9.53%	5.27%	4.11%	49.22%	7.80%	5.29%	-17.83%	-21.59%	6.29%
Net Income Growth	1.08%	7.92%	16.75%	4.86%	3.96%	13.45%	-1.02%	47.02%	-23.17%	22.20%	15.11%
EPS Growth	0.85%	7.25%	15.79%	3.85%	1.68%	9.46%	-4.55%	38.89%	-27.27%	17.28%	5.95%
Operating Cash Flow Growth	60.98%	27.32%	-31.69%	29.63%	-8.48%	-31.83%	-2.10%	-9.16%	1.61%	-68.52%	65.08%
Free Cash Flow Firm Growth	49.51%	21.33%	-12.59%	-26.44%	-65.56%	-106.32%	-90.24%	-93.20%	-203.25%	-155.96%	-119.93%
Invested Capital Growth	5.97%	5.75%	7.36%	8.05%	8.02%	10.32%	11.65%	13.10%	17.98%	20.53%	21.09%
Revenue Q/Q Growth	21.18%	-6.01%	6.01%	-17.02%	20.34%	-14.38%	25.19%	-15.85%	19.11%	-9.04%	12.92%
EBITDA Q/Q Growth	53.42%	-21.26%	11.32%	-12.13%	37.77%	-31.01%	25.83%	-3.39%	13.16%	-6.89%	6.59%
EBIT Q/Q Growth	113.99%	-37.04%	19.90%	-32.03%	101.70%	-56.32%	64.82%	-5.70%	23.26%	-12.70%	11.82%
NOPAT Q/Q Growth	43.28%	-25.08%	11.25%	-11.84%	41.70%	7.38%	-19.63%	-13.90%	10.58%	2.48%	8.94%
Net Income Q/Q Growth	127.78%	-37.65%	19.32%	-38.11%	125.83%	-31.96%	4.09%	-8.07%	18.02%	8.21%	-1.94%
EPS Q/Q Growth	128.85%	-37.82%	18.92%	-38.64%	124.07%	-33.06%	3.70%	-10.71%	17.33%	7.95%	-6.32%
Operating Cash Flow Q/Q Growth	106.75%	-48.68%	7.80%	13.33%	45.97%	-61.77%	54.82%	5.16%	63.27%	-88.16%	711.96%
Free Cash Flow Firm Q/Q Growth	30.36%	-13.28%	-35.93%	-17.91%	8.82%	-41.17%	-25.34%	-19.75%	-43.12%	-21.30%	-5.79%
Invested Capital Q/Q Growth	1.49%	2.39%	2.12%	1.82%	1.46%	4.57%	3.35%	3.14%	5.84%	6.97%	3.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.45%	44.39%	43.98%	45.97%	51.13%	41.28%	43.14%	47.43%	52.59%	37.21%	44.86%
EBITDA Margin	42.90%	35.94%	37.74%	39.96%	45.75%	36.86%	37.05%	42.53%	40.41%	41.36%	39.05%
Operating Margin	24.99%	16.71%	18.61%	14.83%	25.00%	11.12%	17.33%	17.55%	19.13%	16.29%	18.75%
EBIT Margin	25.07%	16.79%	18.99%	15.55%	26.07%	13.30%	17.51%	19.62%	20.31%	19.49%	19.30%
Profit (Net Income) Margin	17.91%	11.88%	13.37%	9.97%	18.72%	14.87%	12.37%	13.51%	13.38%	15.92%	13.83%
Tax Burden Percent	94.25%	112.36%	105.86%	141.12%	98.55%	277.84%	114.46%	115.63%	98.50%	130.34%	109.23%
Interest Burden Percent	75.82%	62.98%	66.52%	45.44%	72.84%	40.24%	61.70%	59.53%	66.92%	62.68%	65.59%
Effective Tax Rate	5.75%	-12.36%	-5.86%	-41.12%	1.45%	-177.84%	-14.46%	-15.63%	1.50%	-30.34%	-9.23%
Return on Invested Capital (ROIC)	8.83%	6.59%	6.61%	6.92%	8.02%	9.49%	6.04%	6.14%	5.60%	6.14%	5.77%
ROIC Less NNEP Spread (ROIC-NNEP)	7.92%	5.57%	5.64%	5.55%	7.12%	7.51%	4.93%	5.31%	4.83%	5.50%	4.90%
Return on Net Nonoperating Assets (RNNOA)	10.65%	7.58%	7.71%	7.72%	9.30%	10.18%	6.84%	7.27%	6.57%	7.42%	6.89%
Return on Equity (ROE)	19.49%	14.17%	14.33%	14.64%	17.32%	19.67%	12.89%	13.41%	12.17%	13.56%	12.66%
Cash Return on Invested Capital (CROIC)	0.97%	1.09%	-0.36%	-1.02%	-0.99%	-2.94%	-4.16%	-5.51%	-10.25%	-12.82%	-13.38%
Operating Return on Assets (OROA)	6.05%	3.81%	4.14%	3.31%	5.43%	2.67%	3.47%	3.82%	3.89%	3.78%	3.62%
Return on Assets (ROA)	4.32%	2.70%	2.91%	2.12%	3.90%	2.98%	2.45%	2.63%	2.57%	3.09%	2.59%
Return on Common Equity (ROCE)	19.49%	14.17%	14.33%	14.64%	17.32%	19.67%	12.89%	13.41%	12.17%	13.56%	12.66%
Return on Equity Simple (ROE_SIMPLE)	10.06%	0.00%	10.32%	10.33%	9.72%	0.00%	9.75%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	862	646	719	634	898	964	775	667	738	756	824
NOPAT Margin	23.55%	18.77%	19.70%	20.93%	24.64%	30.90%	19.84%	20.30%	18.84%	21.23%	20.48%
Net Nonoperating Expense Percent (NNEP)	0.91%	1.02%	0.97%	1.37%	0.90%	1.99%	1.12%	0.84%	0.77%	0.65%	0.87%
Return On Investment Capital (ROIC_SIMPLE)	-	1.44%	-	-	-	1.95%	1.49%	1.23%	1.30%	1.27%	1.31%
Cost of Revenue to Revenue	50.55%	55.61%	56.02%	54.03%	48.87%	58.72%	56.86%	52.57%	47.41%	62.79%	55.14%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.47%	27.69%	25.38%	31.14%	26.13%	30.16%	25.81%	29.88%	33.46%	20.92%	26.11%
Earnings before Interest and Taxes (EBIT)	918	578	693	471	950	415	684	645	795	694	776
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,571	1,237	1,377	1,210	1,667	1,150	1,447	1,398	1,582	1,473	1,570
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.76	1.87	1.65	1.65	1.88	1.97	2.05	1.87	2.25	1.85	2.08
Price to Tangible Book Value (P/TBV)	1.76	1.87	1.65	1.65	1.88	1.97	2.05	1.87	2.25	1.85	2.08
Price to Revenue (P/Rev)	2.05	2.32	2.13	2.15	2.65	2.86	2.97	2.81	3.35	2.98	3.35
Price to Earnings (P/E)	17.45	18.58	15.95	16.00	19.35	19.86	21.06	18.95	24.91	21.65	23.70
Dividend Yield	3.72%	3.49%	3.96%	4.00%	3.31%	3.23%	3.13%	3.28%	2.80%	3.83%	2.90%
Earnings Yield	5.73%	5.38%	6.27%	6.25%	5.17%	5.03%	4.75%	5.28%	4.01%	4.62%	4.22%
Enterprise Value to Invested Capital (EV/IC)	1.31	1.35	1.26	1.26	1.37	1.40	1.43	1.36	1.50	1.35	1.43
Enterprise Value to Revenue (EV/Rev)	3.59	3.97	3.88	3.95	4.38	4.78	4.94	4.77	5.45	5.10	5.57
Enterprise Value to EBITDA (EV/EBITDA)	10.61	11.12	10.26	10.08	10.98	11.89	12.36	11.76	13.91	12.68	13.68
Enterprise Value to EBIT (EV/EBIT)	21.63	22.52	20.40	20.45	22.40	25.40	26.85	24.72	30.55	26.54	28.32
Enterprise Value to NOPAT (EV/NOPAT)	19.90	20.84	19.30	19.43	21.23	21.34	21.97	21.29	25.94	25.44	27.56
Enterprise Value to Operating Cash Flow (EV/OCF)	10.38	10.58	11.04	10.64	12.18	13.84	14.65	14.77	17.09	18.32	17.34
Enterprise Value to Free Cash Flow (EV/FCFF)	139.03	127.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.55	1.55	1.59	1.69	1.53	1.54	1.62	1.58	1.67	1.52	1.64
Long-Term Debt to Equity	1.49	1.47	1.53	1.60	1.47	1.44	1.53	1.53	1.61	1.44	1.54
Financial Leverage	1.34	1.36	1.37	1.39	1.31	1.36	1.39	1.37	1.36	1.35	1.41
Leverage Ratio	3.65	3.65	3.65	3.72	3.60	3.61	3.67	3.68	3.66	3.51	3.61
Compound Leverage Factor	2.76	2.30	2.43	1.69	2.63	1.45	2.27	2.19	2.45	2.20	2.37
Debt to Total Capital	60.84%	60.77%	61.41%	62.82%	60.45%	60.56%	61.85%	61.24%	62.57%	60.35%	62.15%
Short-Term Debt to Total Capital	2.38%	2.98%	2.20%	3.43%	2.45%	3.63%	3.51%	1.98%	2.35%	3.44%	3.94%
Long-Term Debt to Total Capital	58.46%	57.79%	59.21%	59.39%	58.00%	56.93%	58.34%	59.26%	60.22%	56.90%	58.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	39.16%	39.23%	38.59%	37.18%	39.55%	39.44%	38.15%	38.76%	37.43%	39.65%	37.85%
Debt to EBITDA	5.37	5.38	5.45	5.62	5.39	5.55	5.87	5.85	6.35	6.09	6.49
Net Debt to EBITDA	4.55	4.63	4.62	4.58	4.35	4.77	4.93	4.83	5.36	5.27	5.46
Long-Term Debt to EBITDA	5.16	5.12	5.26	5.32	5.17	5.22	5.53	5.66	6.11	5.74	6.08
Debt to NOPAT	10.07	10.09	10.26	10.84	10.41	9.96	10.43	10.59	11.84	12.22	13.07
Net Debt to NOPAT	8.52	8.67	8.69	8.83	8.42	8.57	8.76	8.73	9.99	10.58	10.99
Long-Term Debt to NOPAT	9.68	9.60	9.89	10.25	9.99	9.36	9.84	10.25	11.40	11.52	12.24
Altman Z-Score	0.84	0.82	0.77	0.74	0.84	0.80	0.83	0.81	0.84	0.79	0.82
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.87	0.72	0.86	0.97	0.93	0.67	0.80	0.96	0.79	0.71	0.77
Quick Ratio	0.53	0.42	0.50	0.65	0.63	0.37	0.49	0.62	0.46	0.37	0.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,426	-1,615	-2,195	-2,588	-2,360	-3,332	-4,176	-5,001	-7,157	-8,682	-9,184
Operating Cash Flow to CapEx	115.66%	60.35%	68.31%	64.99%	97.64%	29.95%	51.71%	44.54%	57.77%	6.08%	56.15%
Free Cash Flow to Firm to Interest Expense	-5.59	-6.46	-7.93	-8.54	-7.74	-11.22	-13.52	-15.53	-20.57	-23.85	-24.69
Operating Cash Flow to Interest Expense	7.44	3.90	3.79	3.93	5.70	2.24	3.33	3.36	5.07	0.57	4.56
Operating Cash Flow Less CapEx to Interest Expense	1.01	-2.56	-1.76	-2.12	-0.14	-5.23	-3.11	-4.18	-3.71	-8.87	-3.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.23	0.22	0.21	0.21	0.20	0.20	0.19	0.19	0.19	0.19
Accounts Receivable Turnover	7.52	6.12	6.76	7.18	7.01	6.33	6.76	7.08	7.13	6.84	7.13
Inventory Turnover	11.55	10.87	12.71	11.94	11.12	10.59	11.97	11.72	11.22	11.27	12.05
Fixed Asset Turnover	0.30	0.28	0.27	0.27	0.26	0.25	0.25	0.24	0.24	0.24	0.23
Accounts Payable Turnover	5.94	4.74	5.46	5.22	4.67	4.23	4.39	4.15	3.78	3.93	3.82
Days Sales Outstanding (DSO)	48.53	59.69	54.00	50.81	52.09	57.69	54.03	51.52	51.17	53.39	51.20
Days Inventory Outstanding (DIO)	31.60	33.59	28.71	30.57	32.81	34.46	30.49	31.13	32.52	32.39	30.29
Days Payable Outstanding (DPO)	61.48	77.02	66.79	69.94	78.15	86.31	83.14	87.90	96.57	92.78	95.44
Cash Conversion Cycle (CCC)	18.65	16.25	15.92	11.44	6.75	5.84	1.38	-5.24	-12.88	-7.01	-13.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	40,642	41,612	42,494	43,268	43,900	45,908	47,445	48,936	51,795	55,406	57,453
Invested Capital Turnover	0.38	0.35	0.34	0.33	0.33	0.31	0.30	0.30	0.30	0.29	0.28
Increase / (Decrease) in Invested Capital	2,288	2,261	2,914	3,222	3,258	4,296	4,951	5,668	7,895	9,438	10,008
Enterprise Value (EV)	53,146	56,356	53,419	54,387	60,312	64,247	67,656	66,596	77,566	74,796	82,419
Market Capitalization	30,388	32,900	29,361	29,677	36,405	38,455	40,673	39,277	47,699	43,691	49,561
Book Value per Share	$31.38	$31.92	$32.09	$32.31	$34.71	$34.00	$34.47	$36.34	$35.81	$39.91	$38.16
Tangible Book Value per Share	$31.38	$31.92	$32.09	$32.31	$34.71	$34.00	$34.47	$36.34	$35.81	$39.91	$38.16
Total Capital	44,200	44,904	46,232	48,287	48,930	49,503	51,911	54,076	56,589	59,542	62,898
Total Debt	26,891	27,288	28,391	30,333	29,578	29,981	32,107	33,115	35,408	35,933	39,092
Total Long-Term Debt	25,840	25,951	27,376	28,677	28,379	28,183	30,285	32,044	34,077	33,882	36,611
Net Debt	22,758	23,456	24,058	24,710	23,907	25,792	26,983	27,319	29,867	31,105	32,858
Capital Expenditures (CapEx)	1,641	1,614	1,537	1,831	1,779	2,217	1,988	2,427	3,055	3,438	3,022
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-360	-479	-293	-377	-914	-629	-787	-857	-1,404	-463	-1,171
Debt-free Net Working Capital (DFNWC)	380	-246	294	1,455	810	-336	449	852	-136	-24	727
Net Working Capital (NWC)	-671	-1,583	-721	-201	-389	-2,134	-1,373	-219	-1,467	-2,075	-1,754
Net Nonoperating Expense (NNE)	206	237	231	332	216	500	292	223	214	189	268
Net Nonoperating Obligations (NNO)	23,333	23,996	24,653	25,314	24,548	26,386	27,641	27,975	30,614	31,797	33,647
Total Depreciation and Amortization (D&A)	653	659	684	739	717	735	763	753	787	779	794
Debt-free, Cash-free Net Working Capital to Revenue	-2.43%	-3.37%	-2.13%	-2.74%	-6.64%	-4.68%	-5.75%	-6.14%	-9.87%	-3.16%	-7.92%
Debt-free Net Working Capital to Revenue	2.56%	-1.73%	2.13%	10.56%	5.89%	-2.50%	3.28%	6.10%	-0.96%	-0.16%	4.92%
Net Working Capital to Revenue	-4.53%	-11.14%	-5.23%	-1.46%	-2.83%	-15.88%	-10.02%	-1.57%	-10.31%	-14.15%	-11.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.19	$0.74	$0.88	$0.54	$1.21	$0.81	$0.84	$0.76	$0.88	$0.96	$0.89
Adjusted Weighted Average Basic Shares Outstanding	552M	552M	556M	557M	564M	563M	575M	586M	592M	587M	624M
Adjusted Diluted Earnings per Share	$1.19	$0.74	$0.88	$0.54	$1.21	$0.81	$0.84	$0.75	$0.88	$0.95	$0.89
Adjusted Weighted Average Diluted Shares Outstanding	552M	552M	556M	557M	565M	563M	577M	588M	595M	589M	626M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	551.82M	555.16M	555.64M	557.50M	574.24M	574.55M	576.76M	591.43M	591.54M	623.88M	624.27M
Normalized Net Operating Profit after Tax (NOPAT)	894	403	475	314	898	243	474	404	1,020	406	512
Normalized NOPAT Margin	24.43%	11.69%	13.03%	10.38%	24.64%	7.79%	12.13%	12.29%	26.06%	11.40%	12.74%
Pre Tax Income Margin	19.01%	10.58%	12.63%	7.07%	18.99%	5.35%	10.80%	11.68%	13.59%	12.22%	12.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.60	2.31	2.50	1.55	3.11	1.40	2.21	2.00	2.28	1.91	2.09
NOPAT to Interest Expense	3.38	2.58	2.59	2.09	2.94	3.25	2.51	2.07	2.12	2.08	2.21
EBIT Less CapEx to Interest Expense	-2.84	-4.14	-3.05	-4.49	-2.72	-6.07	-4.22	-5.53	-6.49	-7.54	-6.04
NOPAT Less CapEx to Interest Expense	-3.05	-3.87	-2.95	-3.95	-2.89	-4.22	-3.93	-5.47	-6.66	-7.37	-5.91
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	61.57%	61.66%	60.46%	60.97%	61.08%	60.69%	62.20%	59.09%	65.69%	63.53%	63.27%
Augmented Payout Ratio	61.57%	61.66%	60.46%	60.97%	61.08%	60.69%	62.20%	59.09%	65.69%	63.53%	63.27%

Financials Breakdown Chart

Key Financial Trends

Here are 10 key trends for Xcel Energy (XEL) drawn from the company's quarterly statements over the last four years. Positive items highlight improvements or strengths, neutral items reflect ongoing investments or policy consistency, and negative items flag potential headwinds. Positive items come first, followed by neutral items, then negatives.

Profitability up in latest quarter: Net income attributable to common shareholders rose to $567,000,000 in Q4 2025 from $464,000,000 in Q4 2024.
Growing balance sheet assets: Total assets increased from about $70.0 billion at the end of 2024 to roughly $79.15 billion by Q3 2025, signaling asset growth and ongoing capex.
Rising equity base: Total equity climbed to about $21.18 billion by Q3 2025 from about $19.80 billion at end-2024, aided by retained earnings and capital actions.
Consistent operating cash flow presence: Cash flow from continuing operating activities remained positive in recent quarters (e.g., about $1.77 billion in Q3 2025 and $0.21 billion in Q4 2025), underscoring ongoing cash generation from operations.
Significant capex ongoing: Purchases of property, plant & equipment (PPE) were substantial in 2025, with quarterly PPE cash outlays ranging roughly from $2.0 billion to $3.4 billion (examples: Q1 2025 about $1.99B, Q2 2025 about $2.43B, Q3 2025 about $3.06B, Q4 2025 about $3.44B).
Capital markets activity supported by financing: Net cash from financing activities was positive in multiple quarters (for example, about $2.49 billion in Q4 2025 and around $1.69–$1.89 billion in earlier 2025 quarters), indicating ongoing access to capital markets.
Dividend policy appears stable: Cash dividends per share were around $0.57 in recent quarters, reflecting a steady dividend policy for investors.
Quarterly cash burn in latest quarter: Net change in cash and equivalents was negative in Q4 2025, at about -$778,000,000, signaling a quarterly cash outflow.
Leverage rising: Long-term debt increased to about $32.034 billion by Q3 2025 (up from about $29.40 billion earlier in 2025), indicating higher leverage to fund ongoing programs.
Heavy cash outflows for investing: Net cash from continuing investing activities remained negative in 2025 quarters (e.g., Q4 2025 around -$3.477 billion; Q3 2025 around -$3.062 billion), reflecting sustained capex and investment activity.

05/11/26 03:31 PM ETAI Generated. May Contain Errors.

Xcel Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Xcel Energy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Xcel Energy's net income appears to be on an upward trend, with a most recent value of $2.02 billion in 2025, rising from $984 million in 2015. The previous period was $1.94 billion in 2024. Find out what analysts predict for Xcel Energy in the coming months.

Xcel Energy's total operating income in 2025 was $2.58 billion, based on the following breakdown:

Total Gross Profit: $6.63 billion
Total Operating Expenses: $4.05 billion

Over the last 10 years, Xcel Energy's total revenue changed from $11.02 billion in 2015 to $14.67 billion in 2025, a change of 33.1%.

Xcel Energy's total liabilities were at $57.76 billion at the end of 2025, a 14.4% increase from 2024, and a 104.7% increase since 2015.

In the past 10 years, Xcel Energy's cash and equivalents has ranged from $0.00 in 2019 to $274 million in 2025, and is currently $274 million as of their latest financial filing in 2025.

Over the last 10 years, Xcel Energy's book value per share changed from 20.89 in 2015 to 39.91 in 2025, a change of 91.1%.

Related Companies

Financial statements for NASDAQ:XEL last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Xcel Energy (XEL) Financials

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Xcel Energy (XEL) Financials

Annual Income Statements for Xcel Energy

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Quarterly Cash Flow Statements for Xcel Energy

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Quarterly Metrics And Ratios for Xcel Energy

Financials Breakdown Chart

Key Financial Trends

Xcel Energy Financials - Frequently Asked Questions

When does Xcel Energy's financial year end?

How has Xcel Energy's net income changed over the last 10 years?

What is Xcel Energy's operating income?

How has Xcel Energy's revenue changed over the last 10 years?

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How has Xcel Energy's book value per share changed over the last 10 years?

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