Xcel Energy (XEL) financial statements
Xcel Energy reported revenue of $14.7B in fiscal 2025, up 3.1% a year over 9 years.
Net income was $2.0B and the operating margin 17.6%, against 20.2% in 2016.
Free cash flow was -$6.8B, and the company returned $1.3B in dividends.
The diluted share count rose 16% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Xcel Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.1B | $11.4B | $11.5B | $11.5B | $11.5B | $13.4B | $15.3B | $14.2B | $13.4B | $14.7B |
| Cost of revenue | $3.7B | $3.8B | $3.9B | — | — | — | — | — | — | — |
| Gross profit | $7.4B | $7.6B | $7.7B | — | — | — | — | — | — | — |
| Operating income | $2.2B | $2.2B | $2.0B | $2.1B | $2.1B | $2.2B | $2.4B | $2.5B | $2.4B | $2.6B |
| Interest expense | $647M | $663M | $700M | $773M | $840M | $842M | $953M | $1.1B | $1.3B | $1.5B |
| Pre-tax income | $1.7B | $1.7B | $1.4B | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B | $1.5B | $1.8B |
| Income tax | $581M | $542M | $181M | $128M | -$6M | -$70M | -$135M | -$146M | -$402M | -$245M |
| Net income | $1.1B | $1.1B | $1.3B | $1.4B | $1.5B | $1.6B | $1.7B | $1.8B | $1.9B | $2.0B |
| EPS (diluted) | $2.21 | $2.25 | $2.47 | $2.64 | $2.79 | $2.96 | $3.17 | $3.21 | $3.44 | $3.42 |
| Diluted shares | 509M | 509M | 511M | 520M | 528M | 540M | 547M | 552M | 563M | 589M |
| Gross margin | 66.5% | 67.1% | 66.6% | — | — | — | — | — | — | — |
| Operating margin | 20.2% | 19.5% | 17.0% | 18.2% | 18.4% | 16.4% | 15.9% | 17.5% | 17.8% | 17.6% |
| Net margin | 10.1% | 10.1% | 10.9% | 11.9% | 12.8% | 11.9% | 11.3% | 12.5% | 14.4% | 13.8% |
Balance sheet
Fiscal years, from Xcel Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $85M | $83M | $147M | $248M | $129M | $166M | $111M | $129M | $179M | $274M |
| Receivables | $776M | $797M | $860M | $837M | $916M | $1.0B | $1.4B | $1.3B | $1.2B | $1.3B |
| Inventory | $604M | $610M | $548M | $544M | $535M | $631M | $803M | $711M | $666M | $761M |
| Total current assets | $2.8B | $3.0B | $3.1B | $3.1B | $3.3B | $4.2B | $5.1B | $4.1B | $4.3B | $5.0B |
| Property, plant and equipment | $32.8B | $34.3B | $36.9B | $39.5B | $43.0B | $45.5B | $48.3B | $51.6B | $57.2B | $65.6B |
| Total assets | $41.2B | $43.0B | $46.0B | $50.4B | $54.0B | $57.9B | $61.2B | $64.1B | $70.0B | $81.4B |
| Total current liabilities | $3.2B | $4.1B | $4.5B | $4.6B | $4.2B | $5.0B | $6.1B | $5.7B | $6.5B | $7.1B |
| Long-term debt | $14.2B | $14.5B | $15.8B | $17.4B | $19.6B | $21.8B | $22.8B | $24.9B | $27.3B | $31.8B |
| Total liabilities | $30.1B | $31.6B | $33.8B | $37.2B | $39.4B | $42.2B | $44.5B | $46.5B | $50.5B | $57.8B |
| Shareholders' equity | $11.0B | $11.5B | $12.2B | $13.2B | $14.6B | $15.6B | $16.7B | $17.6B | $19.5B | $23.6B |
| Net debt | $14.4B | $14.4B | $15.7B | $17.2B | $19.5B | $21.6B | $22.7B | $24.8B | $27.1B | $31.6B |
Cash flow
Fiscal years, from Xcel Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.1B | $3.1B | $3.1B | $3.3B | $2.8B | $2.2B | $3.9B | $5.3B | $4.6B | $4.1B |
| Capital spending | $3.2B | $3.2B | $4.0B | $4.2B | $5.4B | $4.2B | $4.6B | $5.9B | $7.4B | $10.9B |
| Free cash flow | -$143M | -$118M | -$835M | -$962M | -$2.5B | -$2.1B | -$706M | -$527M | -$2.7B | -$6.8B |
| Stock-based compensation | $41M | $57M | $45M | $58M | $73M | $31M | $20M | $25M | $33M | $46M |
| Dividends paid | $681M | $721M | $730M | $791M | $856M | $935M | $1.0B | $1.1B | $1.2B | $1.3B |
| Share buybacks (net) | -$32M | -$3M | -$1M | — | — | — | — | — | — | — |
| Net borrowing | $934M | $910M | $1.4B | $1.5B | $1.9B | $2.7B | $1.4B | $1.5B | $2.9B | $4.9B |
| Free cash flow margin | -1.3% | -1.0% | -7.2% | -8.3% | -21.9% | -15.3% | -4.6% | -3.7% | -20.3% | -46.5% |
| Dividends per share | $1.34 | $1.42 | $1.43 | $1.52 | $1.62 | $1.73 | $1.85 | $1.98 | $2.09 | $2.18 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for XEL.
Open XEL in InvestinglyQuestions
What was Xcel Energy's revenue in 2025?
$14.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Xcel Energy generate?
-$6.8B in fiscal 2025 (operating cash flow minus capital spending).
From Xcel Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.