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XEL

Xcel Energy Inc.

XEL

Xcel Energy Inc. • NASDAQ
$82.11 ▲ 1.06% (+0.86)
Market Cap $48.56 B
52w High $83.01
52w Low $62.58
Dividend Yield 2.26%
P/E 25.04
Volume 1.36M
Outstanding Shares 591.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.081B ▲ $3.166B ▲ $524M ▲ 7.4% ▼ $0.9 ▲ $1.58B ▲
Q2-2025 $3.287B ▼ $982M ▼ $444M ▼ 13.508% ▲ $0.76 ▼ $1.459B ▼
Q1-2025 $3.906B ▲ $1.008B ▲ $483M ▲ 12.366% ▼ $0.84 ▲ $1.494B ▲
Q4-2024 $3.12B ▼ $941M ▼ $464M ▼ 14.872% ▼ $0.81 ▼ $1.199B ▼
Q3-2024 $3.644B $952M $682M 18.716% $1.21 $1.714B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.052B ▼ $79.154B ▲ $57.973B ▲ $21.181B ▲
Q2-2025 $1.454B ▲ $75.337B ▲ $54.376B ▲ $20.961B ▲
Q1-2025 $1.123B ▲ $72.749B ▲ $52.945B ▲ $19.804B ▲
Q4-2024 $179M ▼ $70.035B ▲ $50.513B ▲ $19.522B ▲
Q3-2024 $1.545B $69.286B $49.934B $19.352B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $553M ▲ $1.765B ▲ $-3.062B ▼ $895M ▼ $-402M ▼ $-1.29B ▲
Q2-2025 $444M ▼ $1.081B ▲ $-2.439B ▼ $1.689B ▼ $331M ▼ $-1.346B ▼
Q1-2025 $483M ▲ $1.028B ▲ $-1.991B ▲ $1.907B ▲ $944M ▲ $1.919B ▲
Q4-2024 $464M ▼ $664M ▼ $-2.231B ▼ $201M ▲ $-1.366B ▼ $-1.553B ▼
Q3-2024 $682M $1.737B $-1.794B $4M $-53M $-42M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Regulated Electric
Regulated Electric
 $5.53Bn ▲$5.67Bn ▲$2.88Bn ▼$3.64Bn ▲
Regulated Natural Gas
Regulated Natural Gas
 $2.00Bn ▲$2.11Bn ▲$400.00M ▼$260.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Xcel’s income statement shows a steady, predictable business with modest growth. Revenue has moved up over the longer span but has softened recently, likely reflecting fuel cost pass-throughs and weather rather than core weakness. Profit margins have generally held up or improved slightly, showing good cost control for a regulated utility. Earnings per share have climbed at a gradual, consistent pace, which suggests disciplined rate management and a stable customer base. Overall, the company looks like a typical mature utility: slow but steady earnings growth, with no dramatic swings in profitability.

Balance Sheet

Balance Sheet The balance sheet is asset-heavy, as expected for a power utility, with the asset base steadily expanding as Xcel builds out its grid and generation portfolio. Debt has risen meaningfully to fund this investment, so leverage is moving higher, but shareholder equity is also growing, which supports the capital structure. Cash on hand is very low, which is normal for a regulated utility that relies on ongoing cash inflows and capital markets access rather than large cash reserves. The main trade-off is a stronger, more modern system financed by growing obligations that require stable regulation and continued access to funding.

Cash Flow

Cash Flow Operating cash flow is solid and has generally trended higher, reflecting a dependable revenue stream and effective collection from customers. However, Xcel is spending very heavily on capital projects, especially in recent years, which pushes free cash flow into negative territory most of the time. This means the company must regularly tap debt and equity markets to fund its investment plans. The pattern fits a utility in the middle of a large energy transition build-out: strong cash generation from operations, but persistent cash outflows to pay for new infrastructure and clean energy assets.

Competitive Edge

Competitive Edge Xcel benefits from a classic regulated-utility advantage: it operates as the primary electric provider in its territories, with limited direct competition and defined service areas. Regulation allows it to recover costs and earn an approved return, which underpins revenue stability and lowers the risk of sudden business disruption. Its large, established grid and generation fleet would be extremely costly for a new entrant to replicate, reinforcing its moat. At the same time, the company must continually negotiate with regulators on rates and investment plans, so regulatory decisions and political shifts remain its key external risk factor.

Innovation and R&D

Innovation and R&D Xcel is relatively forward-leaning for a traditional utility. It is modernizing its grid with smart meters and advanced control systems, pushing aggressively into wind and solar, and experimenting with storage and clean fuels such as hydrogen. Programs like community solar, renewable subscription offerings, and EV charging support show a focus on customer-centric innovation, not just infrastructure. The company’s pilot projects and dedicated clean technology initiatives help it test new ideas at small scale before rolling them out, which can reduce risk. The challenge is executing these projects on time and on budget while securing regulatory support to recover costs.

Summary

Xcel looks like a stable, mature utility that is investing heavily to reposition itself for a cleaner, more digital grid. Earnings have grown steadily, the asset base is expanding, and cash generation from operations is strong, but heavy capital spending has increased debt and kept free cash flow negative. Its regulated status and entrenched infrastructure provide a strong competitive foundation, while its push into renewables, grid modernization, and electrification offers long-term growth potential. The main uncertainties revolve around regulatory outcomes, cost control on large projects, and the pace of the broader energy transition, rather than basic demand for electricity in its regions.

NEWS

October 30, 2025 · 6:05 AM UTC

Xcel Energy Third Quarter 2025 Earnings Report

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October 21, 2025 · 10:00 AM UTC

Bria Shea named President, Xcel Energy – Minnesota, North and South Dakota

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October 6, 2025 · 5:58 PM UTC

Xcel Energy Third Quarter 2025 Earnings Conference Call

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September 24, 2025 · 2:19 PM UTC

Xcel Energy Reaches Agreements in Principle to Resolve All Litigation Related to 2021 Marshall Fire

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