XEL

MKT CAP:$49B

Xcel Energy Inc.

Market Cap

$49B

Utilities·Regulated Electric·🇺🇸 United States·NASDAQ

Utilities·Regulated Electric·🇺🇸·NASDAQ

Stock Price

$79.08+$4.40 (+5.89%)

Apr 24, 2026

Company Details

Xcel Energy Inc., through its subsidiaries, generates, purchases, transmits, distributes, and sells electricity. It operates through Regulated Electric Utility, Regulated Natural Gas Utility, and All Other segments. The company generates el...

CEO

Robert C. Frenzel

IPO Date

Mar 13, 2001

Website

www.xcelenergy.com

Key Metrics TTM

Revenue

$14.0B

+1.3% YoY

Net Income

$2.1B

EPS (Diluted)

$3.62

Free Cash Flow

-$1.0B

Revenue / Share

$23.98

Gross Margin

45.8%

Operating Margin

18.0%

Net Margin

14.9%

FCF Margin

-7.3%

P/S

3.5x

P/E

23.8x

Earnings Reports

Q3 2025

Apr 30, 2026

PENDING

FY 2025

Feb 25, 2026

$14.7B+9.1%EPS $3.42

Q2 2025

Jul 31, 2025

$3.3B+8.6%EPS $0.76

Q1 2025

Apr 24, 2025

$3.9B+7.0%EPS $0.84

FY 2024

Feb 27, 2025

$13.4B-5.4%EPS $3.44

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$3.5B	$1.6B	$825M
Q4 21	$3.4B	$1.2B	$433M
Q1 22	$3.8B	$1.3B	$510M
Q2 22	$3.4B	$1.4B	$469M
Q3 22	$4.1B	$1.8B	$924M
Q4 22	$4.1B	$1.4B	$525M
Q1 23	$4.1B	$1.5B	$573M
Q2 23	$3.0B	$1.2B	$418M
Q3 23	$3.7B	$1.8B	$915M
Q4 23	$3.4B	$1.5B	$575M
Q1 24	$3.6B	$1.6B	$679M
Q2 24	$3.0B	$1.4B	$449M
Q3 24	$3.6B	$1.9B	$911M
Q4 24	$3.1B	$1.3B	$347M
Q1 25	$3.9B	$1.7B	$677M
Q2 25	$3.3B	$1.6B	$577M

Valuation

Quarter	P/S	P/E
Q3 21	2.6x	21.4x
Q4 21	2.8x	23.2x
Q1 22	2.8x	24.0x
Q2 22	2.7x	23.2x
Q3 22	2.5x	21.5x
Q4 22	2.6x	22.8x
Q1 23	2.4x	21.0x
Q2 23	2.3x	20.0x
Q3 23	2.1x	17.5x
Q4 23	2.5x	20.0x
Q1 24	2.2x	16.1x
Q2 24	2.1x	15.9x
Q3 24	2.7x	20.0x
Q4 24	2.9x	20.1x
Q1 25	3.0x	21.3x
Q2 25	2.8x	19.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$1.1B	$25M
Q4 21	$610M	-$602M
Q1 22	$1.1B	$198M
Q2 22	$848M	-$250M
Q3 22	$1.2B	-$106M
Q4 22	$765M	-$548M
Q1 23	$1.5B	$272M
Q2 23	$918M	-$416M
Q3 23	$1.9B	$257M
Q4 23	$974M	-$640M
Q1 24	$1.1B	-$487M
Q2 24	$1.2B	-$641M
Q3 24	$1.7B	-$42M
Q4 24	$664M	-$1.6B
Q1 25	$1.0B	$1.9B
Q2 25	$1.1B	-$1.3B

Capital Expenditures

Quarter	CapEx
Q3 21	$1.1B
Q4 21	$1.2B
Q1 22	$942M
Q2 22	$1.1B
Q3 22	$1.3B
Q4 22	$1.3B
Q1 23	$1.3B
Q2 23	$1.3B
Q3 23	$1.6B
Q4 23	$1.6B
Q1 24	$1.5B
Q2 24	$1.8B
Q3 24	$1.8B
Q4 24	$2.2B
Q1 25	$891M
Q2 25	$2.4B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+9.0%	+11.5%
Q4 21	+13.8%	+15.9%
Q1 22	+5.9%	+6.8%
Q2 22	+11.6%	+12.4%
Q3 22	+17.7%	+19.5%
Q4 22	+20.8%	+20.7%
Q1 23	+8.8%	+8.2%
Q2 23	-11.7%	-11.9%
Q3 23	-10.3%	-13.0%
Q4 23	-15.1%	-18.7%
Q1 24	-10.6%	-15.3%
Q2 24	+0.2%	-1.0%
Q3 24	-0.5%	-0.5%
Q4 24	-9.4%	-3.3%
Q1 25	+7.0%	+8.7%
Q2 25	+8.6%	+5.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	-$1M	-0.0%
Q4 21	$11M	0.3%
Q1 22	$4M	0.1%
Q2 22	$10M	0.3%
Q3 22	$5M	0.1%
Q4 22	$1M	0.0%
Q1 23	$9M	0.2%
Q2 23	$3M	0.1%
Q3 23	$5M	0.1%
Q4 23	$8M	0.2%
Q1 24	$6M	0.2%
Q2 24	$11M	0.4%
Q3 24	$10M	0.3%
Q4 24	$6M	0.2%
Q1 25	$9M	0.2%
Q2 25	$12M	0.4%

OpEx Breakdown

Quarter

Revenue Segments

Quarter	Other Segments	Regulated Electric	Regulated Natural Gas
Q3 21	$23M	$3.2B	$269M
Q1 22	$28M	$2.6B	$1.1B
Q2 22	$25M	$2.9B	$477M
Q1 23	$29M	$2.8B	$1.3B
Q2 23	$28M	$2.6B	$393M
Q1 24	—	$2.7B	$942M
Q2 25	—	$2.9B	$396M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$90M	$0	$90M
Q2 22	$335M	$0	$335M
Q3 22	$117M	$0	$117M
Q4 22	$111M	$0	$111M
Q1 23	$114M	$0	$114M
Q2 23	$275M	$0	$275M
Q3 23	$594M	$0	$594M
Q4 23	$129M	$0	$129M
Q1 24	$501M	$0	$501M
Q2 24	$1.6B	$0	$1.6B
Q3 24	$1.5B	$0	$1.5B
Q4 24	$179M	$0	$179M
Q1 25	$1.1B	$0	$1.1B
Q2 25	$1.5B	$0	$1.5B
Q3 25	$1.1B	$0	$1.1B
Q4 25	$274M	$0	$274M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	539M	0.0%	+2.1%
Q4 21	542M	+0.6%	+1.9%
Q1 22	545M	+0.6%	+1.1%
Q2 22	546M	+0.2%	+1.3%
Q3 22	548M	+0.4%	+1.7%
Q4 22	549M	+0.2%	+1.3%
Q1 23	551M	+0.4%	+1.1%
Q2 23	552M	+0.2%	+1.1%
Q3 23	552M	0.0%	+0.7%
Q4 23	554M	+0.4%	+0.9%
Q1 24	556M	+0.4%	+0.9%
Q2 24	557M	+0.2%	+0.9%
Q3 24	565M	+1.4%	+2.4%
Q4 24	576M	+1.9%	+4.0%
Q1 25	577M	+0.2%	+3.8%
Q2 25	582M	+0.9%	+4.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$305.0K	11K
Q4 21	$296.4K	11K
Q1 22	$331.3K	11K
Q2 22	$302.4K	11K
Q3 22	$360.6K	11K
Q4 22	$338.3K	12K
Q1 23	$340.5K	12K
Q2 23	$252.2K	12K
Q3 23	$305.6K	12K
Q4 23	$304.3K	11K
Q1 24	$322.6K	11K
Q2 24	$267.7K	11K
Q3 24	$322.2K	11K
Q4 24	$274.2K	11K
Q1 25	$343.2K	11K
Q2 25	$288.8K	11K

Revenue / Employee