XCEL ENERGY INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data XCEL ENERGY INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,107	11,404	11,537	11,529	11,526	13,431	15,310	14,206	13,441	14,669
Cost of revenue	3,718	3,757	3,854
Gross profit	7,389	7,647	7,683
Operating income	2,240	2,223	1,965	2,104	2,116	2,203	2,428	2,481	2,386	2,583
Interest expense	647	663	700	773	840	842	953	1,055	1,255	1,468
Other non-operating income	-18	-10	-14	16	-6	5	-13	22	143	235
Pre-tax income	1,704	1,690	1,442	1,500	1,467	1,527	1,601	1,625	1,534	1,773
Income tax	581	542	181	128	-6	-70	-135	-146	-402	-245
Net income	1,123	1,148	1,261	1,372	1,473	1,597	1,736	1,771	1,936	2,018
EBITDA	3,559	3,718	3,624	3,889	4,075	4,346	4,864	4,952	5,155	5,551
EPS, basic	2.21	2.26	2.47	2.64	2.79	2.96	3.18	3.21	3.44	3.44
EPS, diluted	2.21	2.25	2.47	2.64	2.79	2.96	3.17	3.21	3.44	3.42
Shares, basic (weighted)	509	509	511	519	527	539	547	552	563	587
Shares, diluted (weighted)	509	509	511	520	528	540	547	552	563	589
Dividend per share	1.36	1.44	1.52	1.62			1.95	2.08	2.19	2.28

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	85	83	147	248	129	166	111	129	179	274
Receivables	776	797	860	837	916	1,018	1,373	1,315	1,249	1,330
Inventory	604	610	548	544	535	631	803	711	666	761
Other current assets	138	183	154	185	250	289	360	294	724	1,075
Total current assets	2,842	2,973	3,094	3,113	3,275	4,239	5,144	4,069	4,325	5,014
Property, plant and equipment	32,842	34,329	36,944	39,483	42,950	45,457	48,253	51,642	57,198	65,639
Lease right-of-use assets			0	1,672	1,490	1,291	1,204	1,217	1,060	893
Other non-current assets	248	278	272	492	379	431	389	678	524	1,036
Total assets	41,155	43,030	45,987	50,448	53,957	57,851	61,188	64,079	70,035	81,371
Accounts payable	1,045	1,243	1,237	1,294	1,237	1,409	1,804	1,668	1,781	2,307
Short-term debt	250	457	406	702	421	601	1,151	552	1,103	501
Total current liabilities	3,247	4,088	4,460	4,568	4,239	5,046	6,078	5,652	6,459	7,089
Long-term debt	14,195	14,520	15,803	17,407	19,645	21,779	22,813	24,913	27,316	31,832
Lease liabilities			0	1,549	1,344	1,146	1,038	1,038	867	788
Other non-current liabilities	225	145	206	186	183	158	147	148	69	61
Total liabilities	30,134	31,575	33,765	37,209	39,382	42,239	44,513	46,463	50,513	57,762
Total debt	250	14,977	16,209	18,109	20,066	22,380	23,964	25,465	27,316	32,333
Paid-in capital	5,881	5,898	6,168	6,656	7,404	7,803	8,155	8,465	9,601	12,906
Retained earnings	3,982	4,413	4,893	5,413	5,968	6,572	7,239	7,858	8,553	9,207
Other comprehensive income	-110	-125	-124	-141	-141	-123	-93	-94	-68	-63
Shareholders' equity	11,021	11,455	12,222	13,239	14,575	15,612	16,675	17,616	19,522	23,609
Total equity	11,021	11,455	12,222	13,239	14,575	15,612	16,675	17,616	19,522	23,609
Total liabilities and equity	41,155	43,030	45,987	50,448	53,957	57,851	61,188	64,079	70,035	81,371
Shares outstanding	507	508	514	525	537	544	550	555	574	624

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,123	1,148	1,261	1,372	1,473	1,597	1,736	1,771	1,936	2,018
Depreciation and amortization	1,319	1,495	1,659	1,785	1,959	2,143	2,436	2,471	2,769	2,968
Stock-based compensation	41	57	45	58	73	31	20	25	33	46
Deferred income tax	587	640	218	143	-8	-79	-140	-59	225	414
Change in inventory	1	-3	-65	-84	-80	-126	-203	-98	-140	-300
Change in payables	118	43	90	-12	-33	138	195	-149	37	-50
Cash from operations	3,052	3,126	3,122	3,263	2,848	2,189	3,932	5,327	4,641	4,083
Capital expenditures	-3,195	-3,244	-3,957	-4,225	-5,369	-4,244	-4,638	-5,854	-7,364	-10,908
Purchases of investments	-547	-1,697	-853	-995	-1,398	-757	-1,332	-994	-998	-1,200
Cash from investing	-3,261	-3,296	-3,986	-4,343	-4,740	-4,287	-4,653	-5,926	-7,428	-10,969
Debt issued	2,424	1,518	1,675	2,920	2,940	2,710	2,164	2,630	3,647	5,763
Debt repaid	-1,036	-1,030	-452	-949	-1,001	-417	-601	-1,151	-656	-1,713
Stock issued	0	0	230	458	727	366	322	270	1,117	3,349
Share buybacks	-32	-3	-1
Dividends paid	-681	-721	-730	-791	-856	-935	-1,012	-1,092	-1,175	-1,282
Cash from financing	209	168	928	1,181	1,773	2,135	666	617	2,837	6,981
Net change in cash	0	-2	64	101	-119	37	-55	18	50	95
Free cash flow	-143	-118	-835	-962	-2,521	-2,055	-706	-527	-2,723	-6,825
Interest paid	592	616	633	698	758	788	887	945	1,131	1,262
Income taxes paid	-62	-44	-27	-53	-12	4	15	92	588	641

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $69.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	19.1%	Operating income / revenue.
EBITDA margin	39.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.7%	Pre-tax income / revenue.
Net margin	15.3%	Net income / revenue.
FCF margin	-52.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	32.6%	Cash from operations / revenue.
Effective tax rate	-11.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	3.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	85.3%	Capital expenditures / revenue.
D&A / revenue	20.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-0.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	20.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.70x	Current assets / current liabilities.
Quick ratio	0.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.54x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.4%	Total debt / total assets.
Liabilities / assets	72.4%	Total liabilities / total assets.
Net debt	$34.94B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.11x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.70x	Operating income / interest expense.
Working capital	-$2.59B	Current assets - current liabilities.
Tangible book value	$24.06B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Fixed asset turnover	0.21x	Revenue / average property, plant and equipment.
Receivables turnover	11.6x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
FCF conversion	-344.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	261.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$23.31	Revenue / diluted weighted shares.
FCF per share	-$12.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.61	Cash from operations / diluted weighted shares.
Book value per share	$38.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$38.53	Tangible book value / shares outstanding.
Cash per share	$3.22	(Cash + short-term investments) / shares outstanding.
Payout ratio	61.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$43.60B	Share price x shares outstanding.
Enterprise value	$78.54B	Market cap + total debt - cash - short-term investments.
P/E	19.5x	Market cap / net income. Only when net income is positive.
P/S	2.98x	Market cap / revenue.
P/B	1.81x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.81x	Market cap / tangible book value, when positive.
P/OCF	9.14x	Market cap / cash from operations, when positive.
EV/Sales	5.37x	Enterprise value / revenue.
EV/EBIT	28.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.7x	Enterprise value / EBITDA, when both are positive.
FCF yield	-17.6%	Free cash flow / market cap.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).
Dividend yield	3.1%	Dividends paid over the period / market cap.
Shareholder yield	3.1%	(Dividends paid + share buybacks) / market cap.
PEG	7.62x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was XCEL ENERGY INC's revenue in fiscal 2025?

XCEL ENERGY INC reported revenue of $14.67B for fiscal 2025, 9.1% higher than the year before.

Was XCEL ENERGY INC profitable in fiscal 2025?

Yes. Net income was $2.02B, a net margin of 13.8%.

How much free cash flow did XCEL ENERGY INC generate in fiscal 2025?

Cash from operations of $4.08B minus capital expenditures of $10.91B left free cash flow of -$6.83B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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