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Utilities - Regulated gas · Utilities · Fiscal year ends Dec 31
Excelerate Energy reported revenue of $1.2B in the fiscal year ended Dec 2025, up 44.3% from the year before. Operating income was $267M, an operating margin of 21.7%, and net income was $39M. Net debt was $398M.
Ranks among the 16 utilities - regulated gas companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 889 | 2,473 | 1,159 | 851 | 1,228 |
| Operating income | 139 | 187 | 211 | 215 | 267 |
| Pre-tax income | 62.4 | 108 | 160 | 179 | 195 |
| Income tax | 21.2 | 28.3 | 33.2 | 26.1 | 27.9 |
| Net income | 0.0 | 13.3 | 30.4 | 32.9 | 39.2 |
| Diluted EPS | 0.00 | 0.51 | 1.11 | 1.27 | 1.28 |
| Diluted shares | 0.0 | 26.3 | 108 | 25.8 | 30.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 72.8 | 517 | 556 | 538 | 538 |
| Receivables | 261 | 82.3 | 97.3 | 120 | 82.7 |
| Inventory | 105 | 174 | 2.9 | 23.9 | 27.1 |
| Current assets | 490 | 824 | 700 | 754 | 753 |
| Net PP&E | 1,433 | 1,456 | 1,650 | 1,623 | 2,132 |
| Goodwill | – | – | – | 0.0 | 235 |
| Total assets | 2,501 | 2,867 | 2,860 | 2,883 | 4,131 |
| Payables | 304 | 96.8 | 13.8 | 7.1 | 46.6 |
| Deferred revenue | 1.5 | 134 | 0.0 | 27.4 | 23.8 |
| Current liabilities | 520 | 392 | 204 | 216 | 310 |
| Short-term debt | 19.0 | 20.9 | 42.6 | 46.8 | 23.5 |
| Long-term debt | 214 | 193 | 333 | 287 | 913 |
| Total liabilities | 1,497 | 1,170 | 1,051 | 995 | 1,902 |
| Shareholders' equity | 1,004 | 1,697 | 1,809 | 1,889 | 2,229 |
| Backlog (remaining obligations) | – | 761 | 8,044 | 8,113 | 17,433 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 142 | 225 | 232 | 244 | 461 |
| Depreciation & amortisation | 105 | 97.3 | 114 | 98.9 | 111 |
| Stock-based compensation | – | 1.0 | 3.6 | 7.2 | 12.0 |
| Acquisitions | – | – | 0.0 | 0.0 | 1,019 |
| Dividends paid | 0.0 | 1.3 | 2.6 | 3.4 | 8.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 178.3% | −53.1% | −26.5% | 44.3% |
| Operating income growth (YoY) | – | 34.0% | 12.8% | 2.1% | 24.0% |
| EPS growth (YoY) | – | – | 117.6% | 14.4% | 0.8% |
| Operating margin | 15.7% | 7.5% | 18.2% | 25.3% | 21.7% |
| Net margin | 0.0% | 0.5% | 2.6% | 3.9% | 3.2% |
| Return on equityBlank when equity is negative | 0.0% | 0.8% | 1.7% | 1.7% | 1.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.0% | 7.5% | 7.9% | 8.1% | 7.0% |
| Cash conversion (CFO ÷ net income) | – | 16.9x | 7.62x | 7.43x | 11.8x |
| Receivable days | 107 | 12 | 31 | 51 | 25 |
| Debt ÷ equity | 0.23x | 0.13x | 0.21x | 0.18x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 161 | −302 | −180 | −204 | 398 |
| Current ratio | 0.94x | 2.10x | 3.43x | 3.49x | 2.43x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.