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Ameren vs Xcel Energy: revenue, profit, margins and growth compared

Ameren brought in $8.8B of revenue in fiscal 2025, Xcel Energy $14.7B in fiscal 2025. Revenue changed by +15.4% at Ameren and +9.1% at Xcel Energy on the year before, so Ameren grew faster. Ameren kept 16.5% of its revenue as net profit, Xcel Energy 13.8%. Free cash flow was -$775M at Ameren and -$6.8B at Xcel Energy.

Side by side, latest fiscal year

AEEXEL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8.8B$14.7B
Revenue growth+15.4%+9.1%
Net income$1.5B$2B
Net margin16.5%13.8%
Free cash flow-$775M-$6.8B
Free cash flow margin-8.8%-46.5%
Earnings per share (diluted)$5.35$3.42
Cash$13M$274M
Debt$19.4B$32.3B
Price to earnings18.620.4
Market value$27.5B$43.6B
Dividend yield2.86%3.27%
Rank by revenue in sector#33 of 109 · Utilities#22 of 109 · Utilities

Over the years

Revenue
AEE FY2018: $6.3BAEE FY2019: $5.9BAEE FY2020: $5.8BAEE FY2021: $6.4BAEE FY2022: $8BAEE FY2023: $7.5BAEE FY2024: $7.6BAEE FY2025: $8.8BXEL FY2018: $11.5BXEL FY2019: $11.5BXEL FY2020: $11.5BXEL FY2021: $13.4BXEL FY2022: $15.3BXEL FY2023: $14.2BXEL FY2024: $13.4BXEL FY2025: $14.7BFY18FY19FY20FY21FY22FY23FY24FY25
AEE $8.8BXEL $14.7B
Net income
AEE FY2018: $815MAEE FY2019: $828MAEE FY2020: $871MAEE FY2021: $990MAEE FY2022: $1.1BAEE FY2023: $1.2BAEE FY2024: $1.2BAEE FY2025: $1.5BXEL FY2018: $1.3BXEL FY2019: $1.4BXEL FY2020: $1.5BXEL FY2021: $1.6BXEL FY2022: $1.7BXEL FY2023: $1.8BXEL FY2024: $1.9BXEL FY2025: $2BFY18FY19FY20FY21FY22FY23FY24FY25
AEE $1.5BXEL $2B
Net margin
AEE FY2018: 13.0%AEE FY2019: 14.0%AEE FY2020: 15.0%AEE FY2021: 15.5%AEE FY2022: 13.5%AEE FY2023: 15.4%AEE FY2024: 15.5%AEE FY2025: 16.5%XEL FY2018: 10.9%XEL FY2019: 11.9%XEL FY2020: 12.8%XEL FY2021: 11.9%XEL FY2022: 11.3%XEL FY2023: 12.5%XEL FY2024: 14.4%XEL FY2025: 13.8%FY18FY19FY20FY21FY22FY23FY24FY25
AEE 16.5%XEL 13.8%
Revenue growth
AEE FY2019: -6.1%AEE FY2020: -2.0%AEE FY2021: +10.4%AEE FY2022: +24.4%AEE FY2023: -5.7%AEE FY2024: +1.6%AEE FY2025: +15.4%XEL FY2019: -0.1%XEL FY2020: -0.0%XEL FY2021: +16.5%XEL FY2022: +14.0%XEL FY2023: -7.2%XEL FY2024: -5.4%XEL FY2025: +9.1%FY19FY20FY21FY22FY23FY24FY25
AEE +15.4%XEL +9.1%
Free cash flow
AEE FY2018: -$116MAEE FY2019: -$241MAEE FY2020: -$1.5BAEE FY2021: -$1.8BAEE FY2022: -$1.1BAEE FY2023: -$1BAEE FY2024: -$1.6BAEE FY2025: -$775MXEL FY2018: -$835MXEL FY2019: -$962MXEL FY2020: -$2.5BXEL FY2021: -$2.1BXEL FY2022: -$706MXEL FY2023: -$527MXEL FY2024: -$2.7BXEL FY2025: -$6.8BFY18FY19FY20FY21FY22FY23FY24FY25
AEE -$775MXEL -$6.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Ameren and Xcel Energy

Which is bigger by revenue, Ameren or Xcel Energy?

Xcel Energy is bigger by revenue: $14.7B in fiscal 2025, against $8.8B for Ameren in fiscal 2025.

Which keeps more of its revenue as profit, Ameren or Xcel Energy?

Ameren had a net margin of 16.5% in fiscal 2025; Xcel Energy had 13.8% in fiscal 2025.

Which grew revenue faster, Ameren or Xcel Energy?

In their latest fiscal years revenue changed by +15.4% at Ameren and +9.1% at Xcel Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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