Xcel Energy
XEL · NasdaqElectric & Other Services Combined · Fiscal year ends Dec 31
Net income was $2B. Operating cash flow of $4.1B less capital expenditure of $10.9B left free cash flow of −$6.8B. Net debt was $33.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating income | $2.2B | $2.4B | $2.5B | $2.4B | $2.6B |
| Interest expense | $842M | $953M | $1.1B | $1.3B | $1.5B |
| Pre-tax income | $1.5B | $1.6B | $1.6B | $1.5B | $1.8B |
| Income tax | −$70M | −$135M | −$146M | −$402M | −$245M |
| Net income | $1.6B | $1.7B | $1.8B | $1.9B | $2B |
| Diluted EPS | 2.96 | 3.17 | 3.21 | 3.44 | 3.42 |
| Diluted shares | 540M | 547M | 552M | 563M | 589M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $166M | $111M | $129M | $179M | $274M |
| Receivables | $1B | $1.4B | $1.3B | $1.2B | $1.3B |
| Inventory | $631M | $803M | $711M | $666M | $761M |
| Current assets | $4.2B | $5.1B | $4.1B | $4.3B | $5B |
| Net PP&E | $45.5B | $48.3B | $51.6B | $57.2B | $65.6B |
| Total assets | $57.9B | $61.2B | $64.1B | $70B | $81.4B |
| Payables | $1.4B | $1.8B | $1.7B | $1.8B | $2.3B |
| Current liabilities | $5B | $6.1B | $5.7B | $6.5B | $7.1B |
| Short-term debt | $1B | $813M | $785M | $695M | $1.6B |
| Long-term debt | $22.4B | $24B | $25.5B | $27.3B | $32.3B |
| Shareholders' equity | $15.6B | $16.7B | $17.6B | $19.5B | $23.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $3.9B | $5.3B | $4.6B | $4.1B |
| Capital expenditure | $4.2B | $4.6B | $5.9B | $7.4B | $10.9B |
| Free cash flow | −$2.1B | −$706M | −$527M | −$2.7B | −$6.8B |
| Depreciation & amortisation | $2.1B | $2.4B | $2.5B | $2.8B | $3B |
| Stock-based compensation | $31M | $20M | $25M | $33M | $46M |
| Dividends paid | $935M | $1B | $1.1B | $1.2B | $1.3B |
| Dividend per share | – | 1.95 | 2.08 | 2.19 | 2.28 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating income growth (YoY) | – | 10.2% | 2.2% | −3.8% | 8.3% |
| EPS growth (YoY) | – | 7.1% | 1.3% | 7.2% | −0.6% |
| Return on equityBlank when equity is negative | 10.2% | 10.4% | 10.1% | 9.9% | 8.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.2% | 4.4% | 4.2% | 3.8% | 3.5% |
| Cash conversion (CFO ÷ net income) | 1.37x | 2.26x | 3.01x | 2.40x | 2.02x |
| Interest cover | 2.62x | 2.55x | 2.35x | 1.90x | 1.76x |
| Debt ÷ equity | 1.50x | 1.49x | 1.49x | 1.43x | 1.44x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $23.2B | $24.7B | $26.1B | $27.8B | $33.6B |
| Current ratio | 0.84x | 0.85x | 0.72x | 0.67x | 0.71x |
Recent filings
More in Electric & Other Services Combined
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.