Xcel Energy Inc Financials

XEL

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

4/9

Xcel Energy Inc passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed

2.40x

For every $1 of reported earnings, Xcel Energy Inc generates $2.40 in operating cash flow ($4.6B OCF vs $1.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.9x

Xcel Energy Inc earns $1.9 in operating income for every $1 of interest expense ($2.4B vs $1.3B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Xcel Energy Inc (XEL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Export CSV

Key Financial Metrics

Revenue

N/A

EBITDA

$5.2B

YoY+4.1%

5Y CAGR+5.8%

10Y CAGR+5.6%

Xcel Energy Inc's EBITDA was $5.2B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.1% from the prior year.

Free Cash Flow

-$2.7B

YoY-416.7%

Xcel Energy Inc generated -$2.7B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 416.7% from the prior year.

Net Income

$1.9B

YoY+9.3%

5Y CAGR+7.1%

10Y CAGR+6.6%

Xcel Energy Inc reported $1.9B in net income in fiscal year 2024. This represents an increase of 9.3% from the prior year.

EPS (Diluted)

$3.44

YoY+7.2%

5Y CAGR+5.4%

10Y CAGR+5.4%

Xcel Energy Inc earned $3.44 per diluted share (EPS) in fiscal year 2024. This represents an increase of 7.2% from the prior year.

Cash & Debt

$179.0M

YoY+38.8%

5Y CAGR-6.3%

10Y CAGR+8.4%

Xcel Energy Inc held $179.0M in cash against $28.4B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

574M

YoY+3.5%

5Y CAGR+1.8%

10Y CAGR+1.3%

Xcel Energy Inc had 574M shares outstanding in fiscal year 2024. This represents an increase of 3.5% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

9.9%

YoY-0.1pp

5Y CAGR-0.4pp

10Y CAGR-0.1pp

Xcel Energy Inc's ROE was 9.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$7.4B

YoY+25.8%

5Y CAGR+11.8%

10Y CAGR+8.7%

Xcel Energy Inc invested $7.4B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 25.8% from the prior year.

XEL Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$2.4B-3.8%	$2.5B+2.2%	$2.4B+10.2%	$2.2B+4.1%	$2.1B+0.6%	$2.1B
Interest Expense	$1.3B+19.0%	$1.1B+10.7%	$953.0M+13.2%	$842.0M+0.2%	$840.0M+8.7%	$773.0M
Income Tax	-$402.0M-175.3%	-$146.0M-8.1%	-$135.0M-92.9%	-$70.0M-1066.7%	-$6.0M-104.7%	$128.0M
Net Income	$1.9B+9.3%	$1.8B+2.0%	$1.7B+8.7%	$1.6B+8.4%	$1.5B+7.4%	$1.4B
EPS (Diluted)	$3.44+7.2%	$3.21+1.3%	$3.17+7.1%	$2.96+6.1%	$2.79+5.7%	$2.64

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$749.0M+29.8%	$577.0M-14.8%	$677.0M-25.7%	$911.0M+102.9%	$449.0M-33.9%	$679.0M	N/A	$915.0M
Interest Expense	$384.0M+10.0%	$349.0M+5.1%	$332.0M+1.8%	$326.0M+2.2%	$319.0M+9.6%	$291.0M	N/A	$269.0M
Income Tax	$8.0M+113.3%	-$60.0M+1.6%	-$61.0M-710.0%	$10.0M+111.4%	-$88.0M-225.9%	-$27.0M	N/A	$40.0M
Net Income	$524.0M+18.0%	$444.0M-8.1%	$483.0M-29.2%	$682.0M+125.8%	$302.0M-38.1%	$488.0M	N/A	$656.0M
EPS (Diluted)	$0.88+17.3%	$0.75-10.7%	$0.84-30.6%	$1.21+124.1%	$0.54-38.6%	$0.88	N/A	$1.19

XEL Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$70.0B+9.3%	$64.1B+4.7%	$61.2B+5.8%	$57.9B+7.2%	$54.0B+7.0%	$50.4B
Current Assets	$4.3B+6.3%	$4.1B-20.9%	$5.1B+21.3%	$4.2B+29.4%	$3.3B+5.2%	$3.1B
Cash & Equivalents	$179.0M+38.8%	$129.0M+16.2%	$111.0M-33.1%	$166.0M+28.7%	$129.0M-48.0%	$248.0M
Inventory	$666.0M-6.3%	$711.0M-11.5%	$803.0M+27.3%	$631.0M+17.9%	$535.0M-1.7%	$544.0M
Accounts Receivable	$1.2B-5.0%	$1.3B-4.2%	$1.4B+34.9%	$1.0B+11.1%	$916.0M+9.4%	$837.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$50.5B+8.7%	$46.5B+4.4%	$44.5B+5.4%	$42.2B+7.3%	$39.4B+5.8%	$37.2B
Current Liabilities	$6.5B+14.3%	$5.7B-7.0%	$6.1B+20.5%	$5.0B+19.0%	$4.2B-7.2%	$4.6B
Long-Term Debt	$28.4B+11.6%	$25.5B+6.3%	$24.0B+7.1%	$22.4B+11.5%	$20.1B+10.8%	$18.1B
Total Equity	$19.5B+10.8%	$17.6B+5.6%	$16.7B+6.8%	$15.6B+7.1%	$14.6B+10.1%	$13.2B
Retained Earnings	$8.6B+8.8%	$7.9B+8.6%	$7.2B+10.1%	$6.6B+10.1%	$6.0B+10.3%	$5.4B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$79.2B+5.1%	$75.3B+3.6%	$72.7B+3.9%	$70.0B+3.1%	$67.9B+3.6%	$65.6B+2.4%	$64.1B+1.9%	$62.9B
Current Assets	$5.7B+0.2%	$5.7B+5.6%	$5.4B+24.1%	$4.3B-24.1%	$5.7B+27.0%	$4.5B+10.3%	$4.1B-7.6%	$4.4B
Cash & Equivalents	$1.1B-27.6%	$1.5B+29.5%	$1.1B+527.4%	$179.0M-88.8%	$1.6B+219.0%	$501.0M+288.4%	$129.0M-78.3%	$594.0M
Inventory	$723.0M+8.2%	$668.0M+6.9%	$625.0M-6.2%	$666.0M+7.1%	$622.0M-0.2%	$623.0M-12.4%	$711.0M+3.3%	$688.0M
Accounts Receivable	$1.2B+10.0%	$1.1B-12.0%	$1.3B+3.0%	$1.2B+9.8%	$1.1B-6.7%	$1.2B-7.2%	$1.3B+7.8%	$1.2B
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$58.0B+6.6%	$54.4B+2.7%	$52.9B+4.8%	$50.5B+1.1%	$50.0B+4.7%	$47.7B+2.8%	$46.5B+2.0%	$45.6B
Current Liabilities	$7.1B+21.4%	$5.9B-12.7%	$6.7B+4.4%	$6.5B+9.5%	$5.9B+13.2%	$5.2B-7.8%	$5.7B+11.4%	$5.1B
Long-Term Debt	$32.0B+2.2%	$31.4B+2.8%	$30.5B+7.3%	$28.4B-0.5%	$28.6B+6.0%	$26.9B+5.8%	$25.5B-1.9%	$26.0B
Total Equity	$21.2B+1.0%	$21.0B+5.8%	$19.8B+1.4%	$19.5B+8.7%	$18.0B+0.6%	$17.8B+1.3%	$17.6B+1.8%	$17.3B
Retained Earnings	$9.0B+2.1%	$8.8B+1.2%	$8.7B+1.8%	$8.6B+6.4%	$8.0B0.0%	$8.0B+2.3%	$7.9B+1.5%	$7.7B

XEL Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$4.6B-12.9%	$5.3B+35.5%	$3.9B+79.6%	$2.2B-23.1%	$2.8B-12.7%	$3.3B
Capital Expenditures	$7.4B+25.8%	$5.9B+26.2%	$4.6B+9.3%	$4.2B-21.0%	$5.4B+27.1%	$4.2B
Free Cash Flow	-$2.7B-416.7%	-$527.0M+25.4%	-$706.0M+65.6%	-$2.1B+18.5%	-$2.5B-162.1%	-$962.0M
Investing Cash Flow	-$7.4B-25.3%	-$5.9B-27.4%	-$4.7B-8.5%	-$4.3B+9.6%	-$4.7B-9.1%	-$4.3B
Financing Cash Flow	$2.8B+359.8%	$617.0M-7.4%	$666.0M-68.8%	$2.1B+20.4%	$1.8B+50.1%	$1.2B
Dividends Paid	$1.2B+7.6%	$1.1B+7.9%	$1.0B+8.2%	$935.0M+9.2%	$856.0M+8.2%	$791.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$1.8B+63.3%	$1.1B+5.2%	$1.0B+54.8%	$664.0M-44.2%	$1.2B+13.3%	$1.1B+7.8%	$974.0M-48.7%	$1.9B
Capital Expenditures	$3.1B+25.9%	$2.4B+22.1%	$2.0B-10.3%	$2.2B+21.1%	$1.8B+19.1%	$1.5B-4.8%	$1.6B-1.6%	$1.6B
Free Cash Flow	-$1.3B+4.2%	-$1.3B-40.2%	-$960.0M+38.2%	-$1.6B-142.3%	-$641.0M-31.6%	-$487.0M+23.9%	-$640.0M-349.0%	$257.0M
Investing Cash Flow	-$3.1B-25.5%	-$2.4B-22.5%	-$2.0B+10.8%	-$2.2B-20.8%	-$1.8B-18.7%	-$1.6B+4.8%	-$1.6B+1.1%	-$1.7B
Financing Cash Flow	$895.0M-47.0%	$1.7B-11.4%	$1.9B+848.8%	$201.0M-88.5%	$1.8B+99.8%	$878.0M+350.3%	$195.0M+163.5%	$74.0M
Dividends Paid	$329.0M+3.1%	$319.0M+4.2%	$306.0M+0.7%	$304.0M+3.1%	$295.0M+5.4%	$280.0M+0.7%	$278.0M0.0%	$278.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

XEL Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	9.9%-0.1pp	10.1%-0.4pp	10.4%+0.2pp	10.2%+0.1pp	10.1%-0.3pp	10.4%
Return on Assets	2.8%0.0pp	2.8%-0.1pp	2.8%+0.1pp	2.8%+0.0pp	2.7%+0.0pp	2.7%
Current Ratio	0.67-0.1	0.72-0.1	0.850.0	0.84+0.1	0.77+0.1	0.68
Debt-to-Equity	1.46+0.0	1.450.0	1.440.0	1.43+0.1	1.380.0	1.37
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	2.5%+0.3pp	2.1%-0.3pp	2.4%-1.1pp	3.5%+1.8pp	1.7%-1.1pp	2.7%	N/A	3.8%
Return on Assets	0.7%+0.1pp	0.6%-0.1pp	0.7%-0.3pp	1.0%+0.5pp	0.4%-0.3pp	0.7%	N/A	1.0%
Current Ratio	0.79-0.2	0.96+0.2	0.80+0.1	0.67-0.3	0.97+0.1	0.86+0.1	0.72-0.1	0.87
Debt-to-Equity	1.51+0.0	1.50-0.0	1.54+0.1	1.46-0.1	1.59+0.1	1.51+0.1	1.45-0.1	1.50
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.67), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

$48.9B

$43.1B

$47.5B

$37.7B

Dominion Energy Inc D

$56.8B

Frequently Asked Questions

Is Xcel Energy Inc profitable?

Yes, Xcel Energy Inc (XEL) reported a net income of $1.9B in fiscal year 2024.

What is Xcel Energy Inc's earnings per share (EPS)?

Xcel Energy Inc (XEL) reported diluted earnings per share of $3.44 for fiscal year 2024. This represents a 7.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Xcel Energy Inc's EBITDA?

Xcel Energy Inc (XEL) had EBITDA of $5.2B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Xcel Energy Inc have?

As of fiscal year 2024, Xcel Energy Inc (XEL) had $179.0M in cash and equivalents against $28.4B in long-term debt.

What is Xcel Energy Inc's return on equity (ROE)?

Xcel Energy Inc (XEL) has a return on equity of 9.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Xcel Energy Inc's free cash flow?

Xcel Energy Inc (XEL) generated -$2.7B in free cash flow during fiscal year 2024. This represents a -416.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Xcel Energy Inc's operating cash flow?

Xcel Energy Inc (XEL) generated $4.6B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Xcel Energy Inc's total assets?

Xcel Energy Inc (XEL) had $70.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Xcel Energy Inc's capital expenditures?

Xcel Energy Inc (XEL) invested $7.4B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Xcel Energy Inc have outstanding?

Xcel Energy Inc (XEL) had 574M shares outstanding as of fiscal year 2024.

What is Xcel Energy Inc's current ratio?

Xcel Energy Inc (XEL) had a current ratio of 0.67 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Xcel Energy Inc's debt-to-equity ratio?

Xcel Energy Inc (XEL) had a debt-to-equity ratio of 1.46 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Xcel Energy Inc's return on assets (ROA)?

Xcel Energy Inc (XEL) had a return on assets of 2.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Xcel Energy Inc's Piotroski F-Score?

Xcel Energy Inc (XEL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Xcel Energy Inc's earnings high quality?

Xcel Energy Inc (XEL) has an earnings quality ratio of 2.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Xcel Energy Inc cover its interest payments?

Xcel Energy Inc (XEL) has an interest coverage ratio of 1.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.