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Xcel Energy Inc.

XEL Utilities Utilities Regulated Electric

Xcel Energy Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.7 billion, up 9.14% from fiscal 2024.

Revenue
+6.56%
EPS
+71.5%
Free cash flow
+5.89%
Total debt
+21.7%

Quarter to September 2026, against a year earlier

80.30 0.20 −0.25%
Market cap
$51.6B
P/E
18.6×
Fwd P/E
19.5×
Dividend yield
2.92%
F-score
5/9
Altman Z
0.86
Beneish M
−2.50
Dividend safety
38/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2018

  • Regulated Electric
  • Regulated Natural Gas
  • All Other

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 1.40
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 2 — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 51,590.00
Revenue ttm 14,873.00
Net income ttm 2,669.00
Free cash flow ttm (7,616.00)
Net debt Q 38,115.00
Valuation
P/E 18.65
Forward P/E 19.50
Price / sales 3.40
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.98
Financial health
Current ratio Q 0.69 (below 1: weak)
Debt / equity Q 1.59
Interest coverage Q 2.46
Growth
Revenue growth Q +6.56% (above 0%: growing)
Operating income growth Q +59.01% (above 0%: growing)
EPS, this year +9.02%
EPS, next year A +10.04%
Revenue, next year A +4.55%
EPS, past 5 yrs +4.16%
EPS, next 5 yrs A +10.03%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.0×, against a ten-year median of 4.3×; over the ten years it ranged from 3.0× in 2016 to 6.0× in 2026.
P/E against its own 10 years 11.70%
10-year low 10-year high
P/S against its own 10 years 98.20%
10-year low 10-year high
P/B against its own 10 years 26.55%
10-year low 10-year high
EV/Sales against its own 10 years 99.41%
10-year low 10-year high

Dividends

Yield
2.92%
Annual rate
2.35
Payout ratio
54.7%
Growth, 2017–25
+8.80%/yr
  1. 1.44 ’17
  2. 1.52 ’18 +6
  3. 1.62 ’19 +7
  4. 1.72 ’20 +6
  5. 1.83 ’21 +6
  6. 1.95 ’22 +7
  7. 2.60 ’23 +33
  8. 1.64 ’24 −37
  9. 2.83 ’25 +72
  10. 2.37 ’26e −16
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 129 179 274 2,483
Receivables 1,315 1,249 1,330 1,391
Inventory 711 666 761 827
Other 1,568 1,507 1,574 1,467
4,069 4,325 5,014 6,744
2023 2024 2025 Q'26
Payables 1,668 1,781 2,307 2,666
ST’ Debt 1,337 1,798 2,051 4,059
Other 1,324 1,524 1,350 1,444
5,652 6,459 7,089 9,737

Compound Annual Growth %

10y 5y 3y
Sales 2.90% 4.94% (1.42%)
Cash Flow 3.00% 7.47% 1.26%
Earnings 7.45% 6.50% 5.15%
Book Value 8.34% 10.13% 12.29%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.39 Actual 1.52

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.97 0.96 Miss by 0.01
Q1 FY26 0.91 0.91 Met by 0.00
Q2 FY26 0.79 0.93 Beat by 0.14
Q3 FY26 1.39 1.52 Beat by 0.13
Q4 FY26 0.91 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.89 0.93 1.52 — —
’25 0.84 0.75 0.88 0.95 3.42
’24 0.88 0.54 1.21 0.81 3.44
’23 0.76 0.52 1.19 0.74 3.21
’22 0.70 0.60 1.18 0.69 3.17
’21 0.67 0.58 1.13 0.58 2.96
’20 0.56 0.54 1.14 0.54 2.79
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,021 3,119 4,172 — —
’25 3,906 3,287 3,915 3,561 14,669
’24 3,649 3,028 3,644 3,120 13,441
’23 4,080 3,022 3,662 3,442 14,206
’22 3,751 3,424 4,082 4,053 15,310
’21 3,541 3,068 3,467 3,355 13,431
’20 2,811 2,586 3,182 2,947 11,526
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,697 1,100 2,071 — —
’25 1,028 1,081 1,765 209 4,083
’24 1,050 1,190 1,737 664 4,641
’23 1,537 918 1,898 974 5,327
’22 1,140 848 1,179 765 3,932
’21 (136) 625 1,090 610 2,189
’20 669 479 1,026 674 2,848
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,325) (1,848) (1,214) — —
’25 (960) (1,346) (1,290) (3,229) (6,825)
’24 (487) (641) (42) (1,553) (2,723)
’23 272 (416) 257 (640) (527)
’22 198 (250) (106) (548) (706)
’21 (1,160) (318) 25 (602) (2,055)
’20 (938) (483) (86) (1,014) (2,521)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 29.2% a year for ten years.

Implied
29.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 11,107 11,404 11,537 11,529 11,526 13,431 15,310 14,206 13,441 14,669 14,873 +3.1% 15,336 17,146 18,622 +8.3%
Gross margin, % 59.60 59.54 58.98 61.25 63.23 56.43 54.55 59.29 64.64 65.83 68.38 +6.2 pt
EBT 1,704 1,690 1,442 1,500 1,467 1,527 1,601 1,625 1,534 1,773 2,499 +0.4%
EBT margin, % 15.34 14.82 12.50 13.01 12.73 11.37 10.46 11.44 11.41 12.09 16.80 (3.3) pt
Net income 1,123 1,148 1,261 1,372 1,473 1,597 1,736 1,771 1,936 2,018 2,669 +6.7%
Per share, $
Per share, $ Revenue 21.82 22.40 22.58 22.21 21.87 24.92 27.99 25.74 23.87 24.99 23.65 +1.5%
Earnings 2.21 2.26 2.47 2.64 2.79 2.96 3.18 3.21 3.44 3.44 4.31 +5.0%
Cash flow 6.00 6.14 6.11 6.29 5.40 4.06 7.19 9.65 8.24 6.96 8.07 +1.7%
Capex (6.28) (6.37) (7.74) (8.14) (10.19) (7.87) (8.48) (10.61) (13.08) (18.58) (20.18) +12.8%
Free cash flow (0.28) (0.23) (1.63) (1.85) (4.78) (3.81) (1.29) (0.95) (4.84) (11.63) (12.11) +51.2%
Book value 21.65 22.50 23.92 25.51 27.66 28.96 30.48 31.91 34.68 40.22 40.54 +7.1%
Shares, m 509 509 511 519 527 539 547 552 563 587 616 +1.6%
Valuation, ×
Valuation, × P/E 18.38 21.15 19.95 23.96 23.90 22.87 22.03 19.77 19.63 21.47 18.65 21.3
P/S 1.86 2.13 2.18 2.86 3.05 2.72 2.50 2.47 2.83 2.96 3.40 2.6
P/B 1.88 2.12 2.06 2.49 2.41 2.34 2.30 1.99 1.95 1.84 1.98 2.1
EV/Sales 3.19 3.51 3.66 4.46 4.83 4.45 4.11 4.31 4.98 5.25 5.96 4.3
EV/FCF (247.78) (339.35) (50.63) (53.44) (22.08) (29.06) (89.23) (116.05) (24.59) (11.28) (11.64) (98.3)
Cash, $m
Cash, $m Operating cash flow 3,052 3,126 3,122 3,263 2,848 2,189 3,932 5,327 4,641 4,083 5,077 +3.3%
Capex (3,195) (3,244) (3,957) (4,225) (5,369) (4,244) (4,638) (5,854) (7,364) (10,908) (12,693) +14.6%
Free cash flow (143) (118) (835) (962) (2,521) (2,055) (706) (527) (2,723) (6,825) (7,616) +53.6%
Balance, $m
Balance, $m Working capital (405) (1,115) (1,366) (1,455) (964) (807) (934) (1,583) (2,134) (2,075) (2,993) +19.9%
Net debt 14,757 15,708 17,100 18,456 20,521 23,219 24,666 26,121 28,935 33,609 38,115 +9.6%
Shareholders’ equity 11,021 11,455 12,222 13,239 14,575 15,612 16,675 17,616 19,522 23,609 25,501 +8.8%
Returns, %
Returns, % ROA 2.81 2.73 2.83 2.85 2.82 2.86 2.92 2.83 2.89 2.67 3.14 (0.1) pt
ROIC 5.43 5.11 4.19 4.15 3.77 3.55 3.67 3.55 3.08 2.82 3.17 (2.6) pt
ROE 10.39 10.22 10.65 10.78 10.59 10.58 10.75 10.33 10.43 9.36 11.43 (1.0) pt
People
People Employees 11,512 11,134 11,092 11,317 11,367 11,321 11,982 11,311 11,380 11,534 — 0.0%
Revenue/emp, $m 0.96 1.02 1.04 1.02 1.01 1.19 1.28 1.26 1.18 1.27 — +3.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Xcel Energy is a regulated electric and natural gas company that serves homes and businesses across parts of the United States. It generates and buys electricity, moves it over high-voltage transmission lines, and distributes it to customers over local networks. It also buys, transports and distributes natural gas for uses such as heating and business operations.

The company was founded in 1998 and is headquartered in Minneapolis. Bob Frenzel is its chairman, president and chief executive officer.

Where the money comes from and where it goes Fiscal 2018

Fiscal 2018: revenue by segment, and margins
Regulated Electric 9,719 84.24%
Regulated Natural Gas 1,739 15.07%
All Other 79 0.68%
Gross margin 58.98%
Operating margin 17.03%
Pre-tax margin 12.50%

Revenue by segment since 2009

Xcel Energy Inc. vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AEP American Electric Power Company, Inc. $69.0B 20.3× 20.1× +13.66% (above 0%: growing) +22.92% (above 0%: growing) −376.09% (below 0%: shrinking) 69.45% 26.52% Compare
D Dominion Energy Inc. $61.3B 23.2× 22.5× +24.08% (above 0%: growing) +12.07% (above 0%: growing) +50.09% (above 0%: growing) 68.86% 32.79% Compare
ETR Entergy Corporation $52.7B 25.0× 25.0× +14.51% (above 0%: growing) +29.75% (above 0%: growing) −295.69% (below 0%: shrinking) 72.75% 33.93% Compare
XEL Xcel Energy Inc. $51.6B 18.6× 19.5× +6.56% (above 0%: growing) +71.48% (above 0%: growing) +5.89% (above 0%: growing) 72.99% 28.55%
EXC Exelon Corporation $48.2B 18.1× 16.2× +9.16% (above 0%: growing) −18.60% (below 0%: shrinking) −410.43% (below 0%: shrinking) 60.14% 18.84% Compare
ED Consolidated Edison Inc $44.8B 19.4× 18.2× +8.45% (above 0%: growing) +8.38% (above 0%: growing) +237.96% (above 0%: growing) 0.00% 23.81% Compare
WEC WEC Energy Group, Inc. $38.9B 21.3× 20.7× +8.87% (above 0%: growing) +41.67% (above 0%: growing) +86.39% (above 0%: growing) 71.57% 24.61% Compare
PEG Public Service Enterprise Group Incorporated $36.4B 20.7× 17.6× −6.39% (below 0%: shrinking) −39.11% (below 0%: shrinking) −139.44% (below 0%: shrinking) 62.75% 20.60% Compare
AEE Ameren Corporation $31.2B 19.7× 20.5× −5.81% (below 0%: shrinking) +11.76% (above 0%: growing) −51.22% (below 0%: shrinking) 73.90% 21.94% Compare
Median of peers $46.5B 20.5× 20.3× +9.02% +11.92% −95.33% 69.16% 24.21%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • CEO Bob Frenzel said Xcel’s $70 billion investment plan does not depend on signing new data center customers, whose infrastructure would be an additional opportunity.
  • CFO Brian Van Abel said year-to-date weather-adjusted electric sales rose 2.5%, driven by energy and manufacturing activity and higher residential use per customer.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.49%
Held by the ten largest 52.99%
Holder Shares Stake Change
Vanguard 83.23m 13.33% +2.56m
BlackRock 60.90m 9.75% +6.99m
State Street 38.90m 6.23% +1.77m
Bank of America 29.93m 4.79% +491.94k
Capital Group 29.31m 4.69% +2.04m
JPMorgan Chase 21.74m 3.48% −6.96m
Invesco 21.38m 3.42% +212.73k
Geode Capital Management 18.04m 2.89% +1.05m
MFS Investment Management 16.27m 2.61% −1.81m
Fidelity (FMR) 11.15m 1.79% +4.43m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Xcel Energy Inc. (XEL) Latest News

4 Nov

Impact 3 · · Trefis

3 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

30 Oct

Impact 4 · · utilitydive.com

29 Oct

Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks earnings
Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press

27 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 3 · · Trefis

22 Oct

Impact 4 · · Zacks

20 Oct

Impact 3 · · TIKR

16 Oct

Impact 3 · · TIKR

13 Oct

Impact 3 · · Barchart

8 Oct

Impact 4 · · Zacks
Impact 3 · · Business Wire

6 Oct

Impact 4 · · Business Wire

2 Oct

Impact 4 · · 24/7 Wall St.

30 Sep

Impact 4 · · PR Newswire

29 Sep

Impact 4 · · Zacks
Impact 4 · · Zacks

26 Aug

Impact 3 ·

3 Aug

Impact 4 · · The Motley Fool transcript

30 Jul

Impact 3 · · Moby transcript

XEL metrics, ten years each

stockrow.com/XEL · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com