Xcel Energy

Utilities Multi-Utilities Minneapolis, Minnesota Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$14.7B
                    3y CAGR -1.4%
                    
                    P13
                    
                    +9.1%
                    
                    Net income
                    FY2025
                
$2.0B
                    Net margin +13.8%
                    
                    P55
                    
                    +4.2%
                    
                    Total assets
                    FY2025
                
$81.4B
                    ROA +2.5%
                    
                    P32
                    
                    +16.2%
                    
                    Operating cash flow
                    FY2025
                
$4.1B
                    FCF margin -46.5%
                    
                    P4
                    
                    -12.0%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 10 years

Total assets $81.4B

Total liabilities $7.1B

Shareholders equity $23.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	1.9%	1.3%	0.9%	0.7%	1.2%	1.1%	2.2%	1.3%	0.7%	0.8%
Accounts Receivable	9.1%	9.3%	9.3%	9.0%	7.6%	7.9%	7.3%	7.5%	7.0%	7.0%
Prepaid Expenses	7.3%	4.9%	2.1%	2.4%	2.2%	2.2%	1.6%	1.3%	1.6%	1.2%
Other Current Assets	7.1%	4.7%	4.8%	2.5%	3.2%	3.3%	4.3%	2.4%	2.4%	2.2%
Total Current Assets	34.2%	32.2%	28.6%	33.6%	31.6%	28.4%	27.0%	26.8%	26.1%	25.6%
Property,Plant and Equipment	447.5%	425.5%	363.5%	315.2%	338.4%	372.6%	342.5%	320.2%	301.0%	295.7%
Operating Lease Assets	6.1%	7.9%	8.6%	7.9%	9.6%	12.9%	14.5%	—	—	—
Long Term Investments	1.1%	1.2%	1.0%	0.9%	1.2%	1.3%	1.2%	1.0%	1.0%	0.9%
Other Noncurrent Assets	7.1%	4.7%	4.8%	2.5%	3.2%	3.3%	4.3%	2.4%	2.4%	2.2%
Total Assets	554.7%	521.1%	451.1%	399.7%	430.7%	468.1%	437.6%	398.6%	377.3%	370.5%
Liabilities
Accounts Payable	15.7%	13.3%	11.7%	11.8%	10.5%	10.7%	11.2%	10.7%	10.9%	9.4%
Accrued Liabilities	4.1%	4.7%	5.1%	3.6%	3.4%	3.5%	5.7%	4.0%	4.4%	4.5%
Current Portion of Long Term Debt	10.6%	5.2%	5.5%	5.3%	7.5%	5.1%	5.2%	9.0%	7.1%	3.5%
Operating Lease Liabilities	0.7%	1.7%	1.6%	1.4%	1.5%	1.9%	1.7%	—	—	—
Other Current Liabilities	4.1%	4.7%	5.1%	3.6%	3.4%	3.5%	5.7%	4.0%	4.4%	4.5%
Total Current Liabilities	48.3%	48.1%	39.8%	39.7%	37.6%	36.8%	39.6%	38.7%	35.8%	29.2%
Long Term Debt	217.0%	211.4%	179.3%	156.5%	166.6%	174.1%	157.1%	0.0%	0.0%	0.0%
Deferred Revenue Noncurrent	0.9%	1.1%	1.2%	1.2%	1.5%	1.7%	—	—	—	—
Operating Lease Liabilities Noncurrent	5.4%	6.5%	7.3%	6.8%	8.5%	11.7%	13.4%	—	—	—
Deferred Tax Liabilities	40.9%	39.6%	34.4%	31.1%	36.4%	41.2%	0.0%	51.3%	51.1%	73.8%
Other Noncurrent Liabilities	0.4%	0.7%	1.0%	1.0%	1.2%	1.6%	1.6%	1.8%	1.3%	2.0%
Total Liabilities	48.3%	48.1%	39.8%	39.7%	37.6%	36.8%	39.6%	38.7%	35.8%	29.2%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	10.6%	10.7%	9.8%	9.0%	10.1%	11.7%	11.4%	11.1%	11.1%	11.4%
Additional Paid In Capital	88.0%	71.4%	59.6%	53.3%	58.1%	64.2%	57.7%	53.5%	51.7%	53.0%
Retained Earnings	62.8%	63.6%	55.3%	47.3%	48.9%	51.8%	47.0%	42.4%	38.7%	35.8%
Accumulated Other Comprehensive Income	-0.4%	-0.5%	-0.7%	-0.6%	-0.9%	-1.2%	-1.2%	-1.1%	-1.1%	-1.0%
Total Stockholders Equity	160.9%	145.2%	124.0%	108.9%	116.2%	126.5%	114.8%	105.9%	100.4%	99.2%
Total Liabilitiesand Equity	554.7%	521.1%	451.1%	399.7%	430.7%	468.1%	437.6%	398.6%	377.3%	370.5%

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $14.7B

Operating income $2.6B

Net income $2.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	82.4%	82.2%	82.5%	84.1%	83.6%	81.6%	81.8%	33.4%	32.9%	33.5%
Expenses Share Based Compensation	0.3%	0.2%	0.2%	0.1%	0.2%	0.6%	0.5%	0.4%	0.5%	0.4%
Expenses Operating Expenses	82.4%	82.2%	82.5%	84.1%	83.6%	81.6%	81.8%	83.0%	80.5%	79.8%
Other Income Expense Operating Income	17.6%	17.8%	17.5%	15.9%	16.4%	18.4%	18.2%	17.0%	19.5%	20.2%
Other Income Expense Interest Expense	10.0%	9.3%	7.4%	6.2%	6.3%	7.3%	6.7%	6.1%	5.8%	5.8%
Other Income Expense Other Income/expense	1.6%	1.1%	0.2%	-0.1%	0.0%	-0.1%	0.1%	-0.1%	-0.1%	-0.2%
Other Income Expense Income Before Tax	12.1%	11.4%	11.4%	10.5%	11.4%	12.7%	13.0%	12.5%	14.8%	15.3%
Income Tax Income Tax Expense	-1.7%	-3.0%	-1.0%	-0.9%	-0.5%	-0.1%	1.1%	1.6%	4.8%	5.2%
net Income net Income	13.8%	14.4%	12.5%	11.3%	11.9%	12.8%	11.9%	10.9%	10.1%	10.1%
net Income Comprehensive Income	13.8%	14.6%	12.5%	11.5%	12.0%	12.8%	11.8%	10.9%	10.1%	10.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.0%	4.2%	3.9%	3.6%	4.0%	4.6%	4.5%	4.4%	4.5%	4.6%
Earnings Per Share Weighted Average Shares Diluted	4.0%	4.2%	3.9%	3.6%	4.0%	4.6%	4.5%	4.4%	4.5%	4.6%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $4.1B

Investing cash flow $-11.0B

Financing cash flow $7.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	13.8%	14.4%	12.5%	11.3%	11.9%	12.8%	11.9%	10.9%	10.1%	10.1%
Operating Activities Stock Based Compensation	0.3%	0.2%	0.2%	0.1%	0.2%	0.6%	0.5%	0.4%	0.5%	0.4%
Operating Activities Deferred Income Taxes	2.8%	1.7%	-0.4%	-0.9%	-0.6%	-0.1%	1.2%	1.9%	5.6%	5.3%
Operating Activities Changes In Operating Assets and Liabilities	1.7%	1.3%	-0.4%	2.6%	2.0%	0.4%	0.6%	1.3%	0.4%	1.1%
Operating Activities Other Non Cash Items	-1.1%	-1.1%	-1.1%	-0.8%	-1.0%	-1.4%	0.3%	-0.6%	-0.6%	-0.5%
Operating Activities net Cash From Operating Activities	27.8%	34.5%	37.5%	25.7%	16.3%	24.7%	28.3%	27.1%	27.4%	27.5%
Investing Activities Capital Expenditures	74.4%	54.8%	41.2%	30.3%	31.6%	46.6%	36.6%	34.3%	28.4%	28.8%
Investing Activities Purchases of Investments	8.2%	7.4%	7.0%	8.7%	5.6%	12.1%	8.6%	7.4%	14.9%	4.9%
Investing Activities Other Investing Activities	0.4%	0.2%	0.3%	-0.1%	0.2%	0.3%	0.9%	0.1%	0.2%	-0.0%
Investing Activities net Cash From Investing Activities	-74.8%	-55.3%	-41.7%	-30.4%	-31.9%	-41.1%	-37.7%	-34.5%	-28.9%	-29.4%
Financing Activities Proceeds From Debt	39.3%	27.1%	18.5%	14.1%	20.2%	25.5%	25.3%	14.5%	13.3%	21.8%
Financing Activities Repayment of Debt	11.7%	4.9%	8.1%	3.9%	3.1%	8.7%	8.2%	3.9%	9.0%	9.3%
Financing Activities Dividends Paid	8.7%	8.7%	7.7%	6.6%	7.0%	7.4%	6.9%	6.3%	6.3%	6.1%
Financing Activities Proceeds From Stock Issuance	22.8%	8.3%	1.9%	2.1%	2.7%	6.3%	4.0%	2.0%	0.0%	0.0%
Financing Activities Other Financing Activities	0.1%	-0.0%	-0.1%	-0.1%	-0.1%	-0.2%	-0.1%	-0.2%	-0.2%	-0.1%
Financing Activities net Cash From Financing Activities	47.6%	21.1%	4.3%	4.4%	15.9%	15.4%	10.2%	8.0%	1.5%	1.9%
Cash Reconciliation Effect of Exchange Rate On Cash	1.9%	1.3%	0.9%	0.7%	1.2%	1.1%	2.2%	1.3%	—	—
Cash Reconciliation net Change In Cash	0.6%	0.4%	0.1%	-0.4%	0.3%	-1.0%	0.9%	0.6%	-0.0%	0.0%
Cash Reconciliation Cash At Beginning of Period	1.9%	1.3%	0.9%	0.7%	1.2%	1.1%	2.2%	1.3%	0.7%	0.8%
Cash Reconciliation Cash At End of Period	1.9%	1.3%	0.9%	0.7%	1.2%	1.1%	2.2%	1.3%	0.7%	0.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+17.6%	+17.8%	+17.5%	+15.9%	+16.4%	+18.4%	+18.2%	+66.6%	+67.1%	+66.5%
Operating margin	+17.6%	+17.8%	+17.5%	+15.9%	+16.4%	+18.4%	+18.2%	+17.0%	+19.5%	+20.2%
Net margin	+13.8%	+14.4%	+12.5%	+11.3%	+11.9%	+12.8%	+11.9%	+10.9%	+10.1%	+10.1%
FCF margin	-46.5%	-20.3%	-3.7%	-4.6%	-15.3%	-21.9%	-8.3%	-7.2%	-1.0%	-1.3%
Growth
Revenue CAGR (3y)	-1.4%	+0.0%	+7.2%	+9.9%	+5.2%	+0.4%	+1.3%	+1.5%	-0.8%	+0.6%
Returns
ROE	+8.5%	+9.9%	+10.1%	+10.4%	+10.2%	+10.1%	+10.4%	+10.3%	+10.0%	+10.2%
ROA	+2.5%	+2.8%	+2.8%	+2.8%	+2.8%	+2.7%	+2.7%	+2.7%	+2.7%	+2.7%
ROIC	+4.6%	+4.9%	+5.7%	+5.9%	+5.7%	+6.0%	+6.1%	+13.1%	+12.4%	+13.0%
Liquidity
Current ratio	0.71x	0.67x	0.72x	0.85x	0.84x	0.77x	0.68x	0.69x	0.73x	0.88x
Quick ratio	0.23x	0.22x	0.26x	0.24x	0.23x	0.25x	0.24x	0.23x	0.22x	0.27x
Leverage
D/E	0.30x	0.33x	0.32x	0.36x	0.32x	0.29x	0.35x	0.36x	0.36x	0.29x
Interest coverage	1.76x	1.90x	2.35x	2.55x	2.62x	2.52x	2.72x	2.81x	3.35x	3.46x
Efficiency
Asset turnover	0.18x	0.19x	0.22x	0.25x	0.23x	0.21x	0.23x	0.25x	0.27x	0.27x
Cash conversion cycle	—	—	—	—	—	—	—	—	-36d	-18d

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Xcel Energy

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