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 · 3 years

Total assets $81.4B

Total liabilities $7.1B

Shareholders equity $23.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	1.9%	1.3%	0.9%
Accounts Receivable	9.1%	9.3%	9.3%
Prepaid Expenses	7.3%	4.9%	2.1%
Other Current Assets	7.1%	4.7%	4.8%
Total Current Assets	34.2%	32.2%	28.6%
Property,Plant and Equipment	447.5%	425.5%	363.5%
Operating Lease Assets	6.1%	7.9%	8.6%
Long Term Investments	1.1%	1.2%	1.0%
Other Noncurrent Assets	7.1%	4.7%	4.8%
Total Assets	554.7%	521.1%	451.1%
Liabilities
Accounts Payable	15.7%	13.3%	11.7%
Accrued Liabilities	4.1%	4.7%	5.1%
Current Portion of Long Term Debt	10.6%	5.2%	5.5%
Operating Lease Liabilities	0.7%	1.7%	1.6%
Other Current Liabilities	4.1%	4.7%	5.1%
Total Current Liabilities	48.3%	48.1%	39.8%
Long Term Debt	217.0%	211.4%	179.3%
Deferred Revenue Noncurrent	0.9%	1.1%	1.2%
Operating Lease Liabilities Noncurrent	5.4%	6.5%	7.3%
Deferred Tax Liabilities	40.9%	39.6%	34.4%
Other Noncurrent Liabilities	0.4%	0.7%	1.0%
Total Liabilities	48.3%	48.1%	39.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	10.6%	10.7%	9.8%
Additional Paid In Capital	88.0%	71.4%	59.6%
Retained Earnings	62.8%	63.6%	55.3%
Accumulated Other Comprehensive Income	-0.4%	-0.5%	-0.7%
Total Stockholders Equity	160.9%	145.2%	124.0%
Total Liabilitiesand Equity	554.7%	521.1%	451.1%

Income Statement

Revenue, expense, and profitability

15 accounts · 3 years

Revenue $14.7B

Operating income $2.6B

Net income $2.0B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	82.4%	82.2%	82.5%
Expenses Share Based Compensation	0.3%	0.2%	0.2%
Expenses Operating Expenses	82.4%	82.2%	82.5%
Other Income Expense Operating Income	17.6%	17.8%	17.5%
Other Income Expense Interest Expense	10.0%	9.3%	7.4%
Other Income Expense Other Income/expense	1.6%	1.1%	0.2%
Other Income Expense Income Before Tax	12.1%	11.4%	11.4%
Income Tax Income Tax Expense	-1.7%	-3.0%	-1.0%
net Income net Income	13.8%	14.4%	12.5%
net Income Comprehensive Income	13.8%	14.6%	12.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.0%	4.2%	3.9%
Earnings Per Share Weighted Average Shares Diluted	4.0%	4.2%	3.9%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $4.1B

Investing cash flow $-11.0B

Financing cash flow $7.0B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	13.8%	14.4%	12.5%
Operating Activities Stock Based Compensation	0.3%	0.2%	0.2%
Operating Activities Deferred Income Taxes	2.8%	1.7%	-0.4%
Operating Activities Changes In Operating Assets and Liabilities	1.7%	1.3%	-0.4%
Operating Activities Other Non Cash Items	-1.1%	-1.1%	-1.1%
Operating Activities net Cash From Operating Activities	27.8%	34.5%	37.5%
Investing Activities Capital Expenditures	74.4%	54.8%	41.2%
Investing Activities Purchases of Investments	8.2%	7.4%	7.0%
Investing Activities Other Investing Activities	0.4%	0.2%	0.3%
Investing Activities net Cash From Investing Activities	-74.8%	-55.3%	-41.7%
Financing Activities Proceeds From Debt	39.3%	27.1%	18.5%
Financing Activities Repayment of Debt	11.7%	4.9%	8.1%
Financing Activities Dividends Paid	8.7%	8.7%	7.7%
Financing Activities Proceeds From Stock Issuance	22.8%	8.3%	1.9%
Financing Activities Other Financing Activities	0.1%	-0.0%	-0.1%
Financing Activities net Cash From Financing Activities	47.6%	21.1%	4.3%
Cash Reconciliation Effect of Exchange Rate On Cash	1.9%	1.3%	0.9%
Cash Reconciliation net Change In Cash	0.6%	0.4%	0.1%
Cash Reconciliation Cash At Beginning of Period	1.9%	1.3%	0.9%
Cash Reconciliation Cash At End of Period	1.9%	1.3%	0.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+17.6%	+17.8%	+17.5%
Operating margin	+17.6%	+17.8%	+17.5%
Net margin	+13.8%	+14.4%	+12.5%
FCF margin	-46.5%	-20.3%	-3.7%
Growth
Revenue CAGR (3y)	-1.4%	+0.0%	+7.2%
Returns
ROE	+8.5%	+9.9%	+10.1%
ROA	+2.5%	+2.8%	+2.8%
ROIC	+4.6%	+4.9%	+5.7%
Liquidity
Current ratio	0.71x	0.67x	0.72x
Quick ratio	0.23x	0.22x	0.26x
Leverage
D/E	0.30x	0.33x	0.32x
Interest coverage	1.76x	1.90x	2.35x
Efficiency
Asset turnover	0.18x	0.19x	0.22x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Xcel Energy

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