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%
                    
                    P53
                    
                    +4.2%
                    
                    Total assets
                    FY2025
                
$81.4B
                    ROA +2.5%
                    
                    P32
                    
                    +16.2%
                    
                    Operating cash flow
                    FY2025
                
$4.1B
                    FCF margin -46.5%
                    
                    P3
                    
                    -12.0%

19 yrs · FY2007–FY2025 8 filed · 1 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

21 accounts · 3 years

Total assets $81.4B

Total liabilities ~$57.8B

Shareholders equity $23.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	1.9%	1.3%	0.9%
Accounts Receivable	15.1%	15.5%	15.3%
Other Current Assets	17.2%	15.4%	12.5%
Total Current Assets	34.2%	32.2%	28.6%
Property,Plant and Equipment	447.5%	425.5%	363.5%
Regulatory Assets	20.4%	21.2%	19.7%
Other Noncurrent Assets	52.6%	42.1%	39.2%
Total Assets	554.7%	521.1%	451.1%
Liabilities
Current Portion of Long Term Debt	14.0%	13.4%	9.4%
Other Current Liabilities	34.3%	34.7%	30.4%
Total Current Liabilities	48.3%	48.1%	39.8%
Long Term Debt	217.0%	203.2%	175.4%
Regulatory Liabilities	42.8%	44.7%	41.0%
Other Noncurrent Liabilities	85.7%	79.8%	70.9%
Equity
Total Stockholders Equity	160.9%	145.2%	124.0%
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%
Other Equity	0.0%	0.0%	0.0%
Total Liabilitiesand Equity	554.7%	521.1%	451.1%

Income Statement

Revenue, expense, and profitability

14 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	34.1%	35.3%	40.4%
Expenses Selling,General and Administrative	18.6%	18.9%	17.2%
Expenses Depreciation and Amortization	20.1%	20.4%	17.2%
Expenses Other Operating Expenses	9.5%	7.7%	7.7%
Other Income Expense Operating Income	17.6%	17.8%	17.5%
Other Income Expense Interest Expense	9.2%	8.8%	7.1%
Other Income Expense Other Income/expense	3.6%	2.5%	1.0%
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%
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 Diluted	4.0%	4.2%	3.9%

Cash Flow Statement

Operating, investing, and financing flows

14 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 Cash From Operating Activities	27.8%	34.5%	37.5%
Operating Activities net Income	13.8%	14.4%	12.5%
Operating Activities Depreciation and Amortization	21.0%	21.4%	18.1%
Operating Activities Stock Based Compensation	0.3%	0.2%	0.2%
Operating Activities Other Non Cash Items	-7.2%	-1.5%	6.8%
Investing Activities Capital Expenditures	-74.4%	-54.8%	-41.2%
Investing Activities Other Investing Activities	1.5%	0.8%	0.1%
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 Other Financing Activities	28.7%	7.6%	1.6%
Financing Activities net Cash From Financing Activities	47.6%	21.1%	4.3%
Cash Reconciliation net Change In Cash	0.6%	0.4%	0.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+65.9%	+64.7%	+59.6%
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	+4.5%	+4.9%	+5.7%
Liquidity
Current ratio	0.71x	0.67x	0.72x
Quick ratio	0.35x	0.35x	0.41x
Leverage
D/E	2.45x	2.59x	2.64x
Interest coverage	1.92x	2.02x	2.47x
Efficiency
Asset turnover	0.18x	0.19x	0.22x
Cash conversion cycle	—	—	—

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Xcel Energy

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