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Xcel Energy Inc., through its subsidiaries, operates as an electric and natural gas delivery company in the United States. It operates through Regulated Electric Utility and Regulated Natural Gas Utility segments. The company generates, purchases, transmits, distributes, and sells electricity through its energy portfolio, including wind, nuclear, hydroelectric, biomass, and solar power from both owned generation facilities and PPAs, as well as its fossil fuel energy portfolio, such as coal and natural gas; sale and resale of wholesale transmission service; and engages in wholesale commodity and trading operations. It also purchases, transports, stores, distributes, and sells natural gas; develops and leases natural gas pipelines and storage facilities; operates interstate natural gas pipeline; and invests in rental housing projects, energy technology companies, and community solar garden nonregulated assets. It serves electric and natural gas customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. The company was formerly known as Northern States Power company. Xcel Energy Inc. was incorporated in 1909 and is headquartered in Minneapolis, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $14.7B | $6.2B | $2.0B | $-6.8B | 8.5% | 9.1% | 4.2% |
| 2024 | $13.4B | $5.6B | $1.9B | $-2.7B | 9.9% | -5.4% | 9.3% |
| 2023 | $14.2B | $5.2B | $1.8B | $-527M | 10.1% | -7.2% | 2.0% |
| 2022 | $15.3B | $5.1B | $1.7B | $-706M | 10.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 15,310 | 14,206 | 13,441 | 14,669 |
| Operating Revenue | - | 15,203 | 14,091 | 13,377 | 14,612 |
| Cost Of Revenue | - | 9,450 | 8,227 | 7,293 | 7,745 |
| Gross Profit | - | 5,860 | 5,979 | 6,148 | 6,924 |
| Operating Expense | - | 3,432 | 3,391 | 3,762 | 4,045 |
| Total Expenses | - | 12,882 | 11,618 | 11,055 | 11,790 |
| Operating Income | - | 2,428 | 2,588 | 2,386 | 2,879 |
| Total Operating Income As Reported | - | 2,428 | 2,481 | 2,386 | 2,583 |
| EBITDA | - | 5,080 | 5,196 | 5,591 | 6,198 |
| Normalized EBITDA | - | 5,005 | 5,212 | 5,423 | 6,213 |
| EBIT | - | 2,526 | 2,629 | 2,716 | 3,116 |
| Interest Expense | - | 925 | 1,004 | 1,182 | 1,343 |
| Net Interest Income | - | -925 | -1,004 | -1,182 | -1,343 |
| Other Non Operating Income Expenses | - | -13 | 22 | 143 | 235 |
| Other Income Expense | - | 98 | 41 | 330 | 237 |
| Interest Expense Non Operating | - | 925 | 1,004 | 1,182 | 1,343 |
| Net Non Operating Interest Income Expense | - | -925 | -1,004 | -1,182 | -1,343 |
| Pretax Income | - | 1,601 | 1,625 | 1,534 | 1,773 |
| Tax Provision | - | -135 | -146 | -402 | -245 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 15.75 | -3.36 | 35.28 | -3.15 |
| Net Income Continuous Operations | - | 1,736 | 1,771 | 1,936 | 2,018 |
| Net Income From Continuing And Discontinued Operation | - | 1,736 | 1,771 | 1,936 | 2,018 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,736 | 1,771 | 1,936 | 2,018 |
| Net Income | - | 1,736 | 1,771 | 1,936 | 2,018 |
| Net Income Common Stockholders | - | 1,736 | 1,771 | 1,936 | 2,018 |
| Net Income Including Noncontrolling Interests | - | 1,736 | 1,771 | 1,936 | 2,018 |
| Normalized Income | - | 1,676.75 | 1,783.64 | 1,803.28 | 2,029.85 |
| Diluted NI Availto Com Stockholders | - | 1,736 | 1,771 | 1,936 | 2,018 |
| Basic Average Shares | - | 547 | 552 | 563 | 587 |
| Diluted Average Shares | - | 547 | 552 | 563 | 589 |
| Reconciled Depreciation | - | 2,554 | 2,567 | 2,875 | 3,082 |
| Reconciled Cost Of Revenue | - | 9,309 | 8,108 | 7,162 | 7,616 |
| Total Unusual Items | - | 75 | -16 | 168 | -15 |
| Total Unusual Items Excluding Goodwill | - | 75 | -16 | 168 | -15 |
| Special Income Charges | - | 75 | -16 | 168 | -15 |
| Other Special Charges | - | -75 | -56 | -168 | 15 |
| Restructuring And Mergern Acquisition | - | 0 | 72 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | - | 2,413 | 2,448 | 2,744 | 2,953 |
| Depreciation And Amortization In Income Statement | - | 2,413 | 2,448 | 2,744 | 2,953 |
| Total Other Finance Cost | 29 | 31 | - | - | - |
| Other Operating Expenses | - | 331 | 286 | 394 | 406 |
| Earnings From Equity Interest | - | 36 | 35 | 19 | 17 |
| Other Taxes | - | 688 | 657 | 624 | 686 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Xcel Energy Inc.this co. | XEL | $48.5B | 24.06↑ premium | 2.06 | 8.5% | 13.40 |
| Sempra | SRE | $59.1B | 32.15 | 1.87 | 5.8% | 17.87 |
| Dominion Energy, Inc. | D | $58.5B | 19.51 | 2.08 | 10.7% | 12.89 |
| Vistra Corp. | VST | $51.8B | 54.90 | 19.77 | 36.0% | 14.07 |
| Entergy Corporation | ETR | $50.0B | 28.22 | 2.96 |
| - |
| - |
| - |
| - |
| - |
| 10.5% |
| 12.86 |
| Exelon Corporation | EXC | $45.7B | 16.50 | 1.59 | 9.6% | 10.50 |
| Public Service Enterprise Group Incorporated | PEG | $38.9B | 18.43 | 2.29 | 12.4% | 13.14 |
| Consolidated Edison, Inc. | ED | $38.4B | 18.96 | 1.59 | 8.4% | 10.58 |
| PG&E Corporation | PCG | $37.0B | 13.70 | 1.20 | 8.7% | 9.68 |
| Peer Median | - | 19.23 | 1.98 | 10.0% | 12.87 | |