FirmAtlas
Company handbook · XEL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
XEL · CIK 72903 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
XCEL ENERGY INC
$76.31
+1.19 (+1.58%)
Close, Oct 16, 2026 · 52-week $69–84
Last fiscal year
XCEL ENERGY INC reported revenue of $14.7B for the year ended Dec 31, 2025 (FY25), up 9.1% from FY24. Net income was $2.0B, operating cash flow $4.1B and free cash flow −$6.8B. Source: 10-K filed Feb 25, 2026.
Market cap
$47.6B
P/E
21.3
EV/EBITDA
14.5x
P/B
2.0
Div yield
3.08%
ROIC
5.0%
Revenue 1Y
9.1%/yr
EPS 1Y
−0.6%/yr
Shares 1Y
+9%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
HQMinneapolis, MN
AuditorDeloitte & Touche LLP
Employees11,534
Year endsDecember
Revenue by segment · FY25
Regulated Electric83%
Regulated Natural Gas17%
All Other Segments0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.7%
3.0%
8.6%
−5.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$20.7B deployed
Capex
$18.3B
88.1%
Dividends
$2.5B
11.9%
Operating cash flow over the period: $8.7B. Total debt changed by +$6.1B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
13,441
14,669+9.1%
14,616
YoY
+9.1%
Operating income
2,386
2,583+8.3%
2,789
Operating margin
17.8%
17.6%−0.1 pp
—
EBITDA
5,155
5,551+7.7%
—
EBITDA margin
38.4%
37.8%−0.5 pp
—
Interest expense
1,255
1,468+17.0%
—
Interest coverage
4.11x
3.78x−0.33x
—
Net income
1,936
2,018+4.2%
2,233
YoY
+4.2%
Net margin
14.4%
13.8%−0.6 pp
—
EPS (diluted, $)
3.44
3.42−0.6%
3.61
YoY
−0.6%
Balance sheet
Total assets
70,035
81,371+16.2%
87,165
Cash & short-term investments
179
274+53.1%
—
Accounts receivable
1,249
1,330+6.5%
—
Net PP&E
57,198
65,639+14.8%
—
Other assets
11,409
14,128+23.8%
—
Total liabilities
50,513
57,762+14.4%
63,108
Accounts payable
1,781
2,307+29.5%
—
Total debt
27,316
33,382+22.2%
35,948
Other liabilities
21,416
22,073+3.1%
—
Shareholders’ equity
19,522
23,609+20.9%
24,057
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,641
4,083−12.0%
4,771
Net income
1,936
2,018+4.2%
—
Depreciation & amortization
2,769
2,968+7.2%
—
Stock-based compensation
33
46+39.4%
—
Working capital & other
(97)
(949)n/m
—
Cash from investing
(7,428)
(10,969)n/m
—
Capex
(7,364)
(10,908)n/m
—
Investments bought
(998)
(1,200)n/m
—
Other investing
934
1,139+21.9%
—
Cash from financing
2,837
6,981+146.1%
—
Debt raised
3,647
5,763+58.0%
—
Debt repaid
(656)
(1,713)n/m
—
Dividends
(1,175)
(1,282)n/m
—
Shares issued
1,117
3,349+199.8%
—
Other financing
(96)
864n/m
—
Net change in cash
50
95+90.0%
—
Free cash flow (OCF − capex)
(2,723)
(6,825)n/m
(7,692)
Where the cash went
Operating cash flow
4,641
4,083−12.0%
4,771
Reinvested in the business
7,364
10,908+48.1%
—
% of operating cash flow
158.7%
267.2%
Capex
7,364
10,908+48.1%
12,463
Free cash flow
(2,723)
(6,825)n/m
(7,692)
YoY
n/m
Returned to shareholders
1,175
1,282+9.1%
—
% of free cash flow
—
—
Dividends
1,175
1,282+9.1%
—
Change in total debt
—
6,066
—
Cash left over
—
(2,041)
—
FCF conversion (FCF ÷ net income)
−140.7%
−338.2%−197.6 pp
—
Owner earnings
—
(5,477)
—
Owner earnings margin
—
−37.3%
—
Returns & ratios
ROIC (all capital)
5.1%
5.0%−0.1 pp
—
ROIC (operating)
4.2%
4.3%+0.0 pp
—
Net debt / EBITDA
5.26x
5.96x+0.70x
—
Debt / equity
1.40x
1.41x+0.01x
—
ROE
9.9%
8.5%−1.4 pp
—
ROA
2.8%
2.5%−0.3 pp
—
ROCE
3.8%
3.5%−0.3 pp
—
NOPAT
2,386
2,583+8.3%
—
Invested capital (operating)
56,666
64,662+14.1%
—
Invested capital (all)
46,659
56,717+21.6%
—
Reinvestment rate
—
309.6%
—
Net debt is 6.0x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,915
3,561
4,021
3,119
vs year-ago quarter
Operating income
749
580
754
706
Net income
524
567
556
586
vs year-ago quarter
Net margin
13.4%
15.9%
13.8%
18.8%
EPS (diluted, $)
0.88
0.91
0.89
0.93
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
79,154
81,371
84,828
87,165
Cash & equivalents
1,052
274
1,760
2,010
Total debt
32,034
33,382
34,552
35,948
Shareholders’ equity
21,181
23,609
23,806
24,057
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,765
209
1,697
1,100
Capex
3,055
3,438
3,022
2,948
Free cash flow
(1,290)
(3,229)
(1,325)
(1,848)
vs year-ago quarter