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

Exelon brought in $24.3B of revenue in fiscal 2025, Xcel Energy $14.7B in fiscal 2025. Revenue changed by +5.3% at Exelon and +9.1% at Xcel Energy on the year before, so Xcel Energy grew faster. Exelon kept 11.4% of its revenue as net profit, Xcel Energy 13.8%. Free cash flow was -$2.3B at Exelon and -$6.8B at Xcel Energy.

Side by side, latest fiscal year

EXCXEL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$24.3B$14.7B
Revenue growth+5.3%+9.1%
Net income$2.8B$2B
Net margin11.4%13.8%
Free cash flow-$2.3B-$6.8B
Free cash flow margin-9.4%-46.5%
Earnings per share (diluted)n/a$3.42
Cash$626M$274M
Debt$49.4B$32.3B
Price to earningsn/a20.4
Market value$41.6B$43.6B
Dividend yield3.97%3.27%
Rank by revenue in sector#10 of 109 · Utilities#22 of 109 · Utilities

Over the years

Revenue
EXC FY2018: $36BEXC FY2019: $34.4BEXC FY2020: $16.7BEXC FY2021: $17.9BEXC FY2022: $19.1BEXC FY2023: $21.7BEXC FY2024: $23BEXC FY2025: $24.3BXEL FY2018: $11.5BXEL FY2019: $11.5BXEL FY2020: $11.5BXEL FY2021: $13.4BXEL FY2022: $15.3BXEL FY2023: $14.2BXEL FY2024: $13.4BXEL FY2025: $14.7BFY18FY19FY20FY21FY22FY23FY24FY25
EXC $24.3BXEL $14.7B
Net income
EXC FY2018: $2BEXC FY2019: $2.9BEXC FY2020: $2BEXC FY2021: $1.7BEXC FY2022: $2.2BEXC FY2023: $2.3BEXC FY2024: $2.5BEXC FY2025: $2.8BXEL FY2018: $1.3BXEL FY2019: $1.4BXEL FY2020: $1.5BXEL FY2021: $1.6BXEL FY2022: $1.7BXEL FY2023: $1.8BXEL FY2024: $1.9BXEL FY2025: $2BFY18FY19FY20FY21FY22FY23FY24FY25
EXC $2.8BXEL $2B
Net margin
EXC FY2018: 5.6%EXC FY2019: 8.5%EXC FY2020: 11.8%EXC FY2021: 9.5%EXC FY2022: 11.4%EXC FY2023: 10.7%EXC FY2024: 10.7%EXC FY2025: 11.4%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
EXC 11.4%XEL 13.8%
Revenue growth
EXC FY2019: -4.3%EXC FY2020: -51.6%EXC FY2021: +7.7%EXC FY2022: +6.4%EXC FY2023: +13.9%EXC FY2024: +6.0%EXC FY2025: +5.3%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
EXC +5.3%XEL +9.1%
Free cash flow
EXC FY2018: $1.1BEXC FY2019: -$589MEXC FY2020: -$3.8BEXC FY2021: -$5BEXC FY2022: -$2.3BEXC FY2023: -$2.7BEXC FY2024: -$1.5BEXC FY2025: -$2.3BXEL FY2018: -$835MXEL FY2019: -$962MXEL FY2020: -$2.5BXEL FY2021: -$2.1BXEL FY2022: -$706MXEL FY2023: -$527MXEL FY2024: -$2.7BXEL FY2025: -$6.8BFY18FY19FY20FY21FY22FY23FY24FY25
EXC -$2.3BXEL -$6.8B

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

Questions about Exelon and Xcel Energy

Which is bigger by revenue, Exelon or Xcel Energy?

Exelon is bigger by revenue: $24.3B in fiscal 2025, against $14.7B for Xcel Energy in fiscal 2025.

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

Exelon had a net margin of 11.4% in fiscal 2025; Xcel Energy had 13.8% in fiscal 2025.

Which grew revenue faster, Exelon or Xcel Energy?

In their latest fiscal years revenue changed by +5.3% at Exelon 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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