XEL Financials Xcel Energy

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:32 UTC Overview →

Growth & profitability

Revenue has grown 1.9% per year over the past 5 years.
Net income has grown faster than revenue (6.5% vs 1.9% per year).

Financial health

Total debt ($33.9B) exceeds cash ($274M); net debt is $33.6B.
Total debt has grown faster than revenue (10.4% vs 1.9% per year).
Operating income covered interest expense 1.8× in the latest year, down from 2.5× 5 years ago.
Total debt is 6.1× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 63.5% of earnings.
The dividend has grown 8.4% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	—	$2.0B	—	—	8.5%	2.5%	-$6.8B	$33.9B	$274M
2024	—	$1.9B	—	—	9.9%	2.8%	-$2.7B	$28.0B	$179M
2023	—	$1.8B	—	—	10.1%	2.8%	-$527M	$26.3B	$129M
2022	—	$1.7B	—	—	10.4%	2.8%	-$706M	$24.8B	$111M
2021	—	$1.6B	—	—	10.2%	2.8%	-$2.1B	$23.4B	$166M
2020	—	$1.5B	—	—	10.1%	2.7%	-$2.5B	$20.6B	$129M
2019	—	$1.4B	—	—	10.4%	2.7%	-$962M	$18.7B	$248M
2018	$11.5B	$1.3B	66.6%	17.0%	10.3%	2.7%	-$835M	$17.2B	$147M
2017	$11.4B	$1.1B	67.1%	19.5%	10.0%	2.7%	-$118M	—	$83M
2016	$11.1B	$1.1B	66.5%	20.2%	10.2%	2.7%	-$143M	—	$85M
2015	—	$984M	—	—	9.3%	2.5%	-$645M	—	$85M
2014	—	$1.0B	—	—	10.0%	2.8%	-$540M	—	$80M
2013	—	$948M	—	—	9.9%	2.8%	-$811M	—	$107M
2012	—	$905M	—	—	10.2%	2.9%	-$565M	—	$82M
2011	—	$841M	—	—	—	2.9%	$200M	—	$61M

Net income

Return on equity & assets (ROE / ROA)

ROEROA

Shareholders' equity (book value)

Equity

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	—	$960M	—	—	3.8%	1.1%	-$1.2B	$40.6B	$2.5B
Jun '26	—	$586M	—	—	2.4%	0.7%	-$1.8B	$39.5B	$2.0B
Mar '26	—	$556M	—	—	2.3%	0.7%	-$1.3B	$37.0B	$1.8B
Dec '25	—	$567M	—	—	2.4%	0.7%	-$3.2B	$33.9B	$274M
Sep '25	—	$524M	—	—	2.5%	0.7%	-$1.3B	$33.4B	$1.1B
Jun '25	—	$444M	—	—	2.1%	0.6%	-$1.3B	$32.2B	$1.5B
Mar '25	—	$483M	—	—	2.4%	0.7%	-$960M	$31.2B	$1.1B
Dec '24	—	$464M	—	—	2.4%	0.7%	-$1.6B	$28.0B	$179M
Sep '24	—	$682M	—	—	3.5%	1.0%	-$42M	$28.7B	$1.5B
Jun '24	—	$302M	—	—	1.7%	0.4%	-$641M	$29.4B	$1.6B
Mar '24	—	$488M	—	—	2.7%	0.7%	-$487M	$27.4B	$501M
Dec '23	—	$409M	—	—	2.3%	0.6%	-$640M	$26.3B	$129M
Sep '23	—	$656M	—	—	3.8%	1.0%	$257M	$26.0B	$594M
Jun '23	—	$288M	—	—	1.7%	0.5%	-$416M	$25.6B	$275M
Mar '23	—	$418M	—	—	2.5%	0.7%	$272M	$24.8B	$114M
Dec '22	—	$379M	—	—	2.3%	0.6%	-$548M	$24.8B	$111M
Sep '22	—	$649M	—	—	4.0%	1.1%	-$106M	$24.1B	$117M
Jun '22	—	$328M	—	—	2.1%	0.6%	-$250M	$24.0B	$335M
Mar '22	—	$380M	—	—	2.4%	0.7%	$198M	$23.4B	$90M
Dec '21	—	$315M	—	—	2.0%	0.5%	-$602M	$23.4B	$166M

Valuation over time

How the market has priced XEL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 24.9× (Mar '23) to 25.2× (Nov '26).
The dividend yield has risen from 2.3% (Mar '23) to 2.5% (Nov '26).

Price / earnings (P/E)

P/E

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is XEL growing its revenue and profit?

Over the past 5 years, Xcel Energy's revenue has grown 1.9% per year, and net income grown 6.5% per year. These are computed facts, not advice.

How much debt does XEL have?

As of FY2025, Xcel Energy reported $33.9B of total debt against $274M of cash; operating income covered interest expense 1.8×.

What is XEL's profit margin?

In FY2025, gross margin was —, operating margin —, and net margin —.

What is XEL's P/E ratio?

Xcel Energy's P/E (TTM) is 19.08 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the XEL stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 25.2× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.