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

Wec Energy brought in $9.8B of revenue in fiscal 2025, Xcel Energy $14.7B in fiscal 2025. Revenue changed by +14.0% at Wec Energy and +9.1% at Xcel Energy on the year before, so Wec Energy grew faster. Wec Energy kept 15.9% of its revenue as net profit, Xcel Energy 13.8%.

Side by side, latest fiscal year

WECXEL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9.8B$14.7B
Revenue growth+14.0%+9.1%
Net income$1.6B$2B
Net margin15.9%13.8%
Free cash flown/a-$6.8B
Free cash flow marginn/a-46.5%
Earnings per share (diluted)$4.81$3.42
Cash$27.6M$274M
Debt$20B$32.3B
Price to earnings21.120.4
Market value$33.1B$43.6B
Dividend yield3.52%3.27%
Rank by revenue in sector#29 of 109 · Utilities#22 of 109 · Utilities

Over the years

Revenue
WEC FY2018: $7.7BWEC FY2019: $7.5BWEC FY2020: $7.2BWEC FY2021: $8.3BWEC FY2022: $9.6BWEC FY2023: $8.9BWEC FY2024: $8.6BWEC FY2025: $9.8BXEL FY2018: $11.5BXEL FY2019: $11.5BXEL FY2020: $11.5BXEL FY2021: $13.4BXEL FY2022: $15.3BXEL FY2023: $14.2BXEL FY2024: $13.4BXEL FY2025: $14.7BFY18FY19FY20FY21FY22FY23FY24FY25
WEC $9.8BXEL $14.7B
Net income
WEC FY2018: $1.1BWEC FY2019: $1.1BWEC FY2020: $1.2BWEC FY2021: $1.3BWEC FY2022: $1.4BWEC FY2023: $1.3BWEC FY2024: $1.5BWEC FY2025: $1.6BXEL FY2018: $1.3BXEL FY2019: $1.4BXEL FY2020: $1.5BXEL FY2021: $1.6BXEL FY2022: $1.7BXEL FY2023: $1.8BXEL FY2024: $1.9BXEL FY2025: $2BFY18FY19FY20FY21FY22FY23FY24FY25
WEC $1.6BXEL $2B
Net margin
WEC FY2018: 13.8%WEC FY2019: 15.1%WEC FY2020: 16.6%WEC FY2021: 15.6%WEC FY2022: 14.7%WEC FY2023: 15.0%WEC FY2024: 17.8%WEC FY2025: 15.9%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
WEC 15.9%XEL 13.8%
Revenue growth
WEC FY2019: -2.0%WEC FY2020: -3.7%WEC FY2021: +14.8%WEC FY2022: +15.4%WEC FY2023: -7.3%WEC FY2024: -3.3%WEC FY2025: +14.0%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
WEC +14.0%XEL +9.1%
Free cash flow
WEC FY2018: $28.4MWEC FY2019: -$183.5MWEC FY2020: -$678.3MWEC FY2021: -$340MWEC FY2022: -$636.2MXEL FY2018: -$835MXEL FY2019: -$962MXEL FY2020: -$2.5BXEL FY2021: -$2.1BXEL FY2022: -$706MXEL FY2023: -$527MXEL FY2024: -$2.7BXEL FY2025: -$6.8BFY18FY19FY20FY21FY22FY23FY24FY25
WEC -$636.2MXEL -$6.8B

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

Questions about Wec Energy and Xcel Energy

Which is bigger by revenue, Wec Energy or Xcel Energy?

Xcel Energy is bigger by revenue: $14.7B in fiscal 2025, against $9.8B for Wec Energy in fiscal 2025.

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

Wec Energy had a net margin of 15.9% in fiscal 2025; Xcel Energy had 13.8% in fiscal 2025.

Which grew revenue faster, Wec Energy or Xcel Energy?

In their latest fiscal years revenue changed by +14.0% at Wec Energy 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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