MARKETS / NASDAQ / XEL

NASDAQ · ELECTRIC & OTHER SERVICES COMBINED · LARGE CAP

Xcel Energy Inc. XEL

19 fiscal years on record · USD · FY2025 reported · SEC filings only

3 YEARS OF DIVIDEND GROWTH

Revenue

$14.7B

▲ 9.1% YoY

Net income

$2.0B

▲ 4.2% YoY

Free cash flow

$-6.8B

In brief

What this company does

Xcel Energy Inc. is a regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota, serving customers in eight states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. It provides energy-related products and services to approximately 3.9 million electric customers and 2.2 million natural gas customers through four utility subsidiaries: NSP-Minnesota, NSP-Wisconsin, PSCo and SPS. Xcel Energy had 11,534 full-time employees as of December 2025. Xcel Energy was incorporated in Minnesota in 1909. NSP-Minnesota conducts business in Minnesota, North Dakota and South Dakota and has electric operations in all three states, including the generation, purchase, transmission, distribution and sale of electricity. PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity, and also purchases, transports, distributes and sells natural gas to retail customers. SPS conducts business in Texas and New Mexico and generates, purchases, transmits, distributes and sells electricity.

Written from the business description in Xcel Energy Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 25 February 2026. Every sentence was checked against that document before publication.

Growth

USD 14.7B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 14.7 · Net income 2.0

Compound annual growth

Revenue

−1.4%

+4.9%

+2.9%

+2.4%

Net income

+5.1%

+6.5%

+7.4%

+6.8%

EPS, diluted

+2.6%

+4.2%

+5.8%

+5.1%

Dividend / share

+5.3%

+5.9%

+5.6%

Returned to shareholders

+8.2%

+8.4%

+7.8%

+7.5%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +4.9% a year over five years — but profit grew faster: net income at +6.5%, earnings per share at +4.2%.

The share count rose from 0.54B to 0.62B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

14 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 17.6% · Net 13.8%

ROE

FY2025 · ROE 9.4%

Gross margin—

Operating margin17.6%

Net margin13.8%

Return on assets2.7%

EBITDAUSD 5.6B

Each USD of equity produced 9 cents of profit this year.

Cash & shareholders

USD 1.3B

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF -6.8

Net buybacks $B Dividends $B

FY2025 · Dividends 1.3 · Net buybacks —

Dividends paidUSD 1.3B

Net buybacks—

Share of profit63.5%

Consecutive raises3 years

USD 1.3B in dividends — 64% of the year's profit went back to shareholders.

Total assetsUSD 81.4B

EquityUSD 23.6B

CashUSD 274.0M

Gross debtUSD 33.4B

Net debtUSD 33.1B

Current ratio0.71×

Net debt stands at 140% of equity.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	14.7	13.4	14.2	15.3	13.4	11.5	11.5	11.5	11.4	11.1	11.0	11.7	10.9	10.1	10.7	10.3	9.6	11.2	10.0
Operating income $B	2.6	2.4	2.5	2.4	2.2	2.1	2.1	2.0	2.2	2.2	2.0	1.9	1.8	1.8	1.8	1.6	1.5	1.4	1.4
EBITDA $B	5.6	5.2	5.0	4.9	4.3	4.1	3.9	3.6	3.7	3.6	3.1	3.0	2.8	2.8	2.7	2.5	2.3	2.2	2.2
Income tax $B	−0.2	−0.4	−0.1	−0.1	−0.1	−0.0	0.1	0.2	0.5	0.6	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.3	0.3
Net income $B	2.0	1.9	1.8	1.7	1.6	1.5	1.4	1.3	1.1	1.1	1.0	1.0	0.9	0.9	0.8	0.8	0.7	0.6	0.6
Free cash flow $B	−6.8	−2.7	−0.5	−0.7	−2.1	−2.5	−1.0	−0.8	−0.1	−0.1	−0.6	−0.5	−0.8	−0.6	0.2	1.2	1.9	1.7	−0.5
EPS, diluted $	3.42	3.44	3.21	3.17	2.96	2.79	2.64	2.47	2.25	2.21	1.94	2.03	1.91	1.85	1.72	1.62	1.48	1.46	1.35
Dividend / sh $	2.28	2.19	2.08	1.95	·	·	1.62	1.52	1.44	1.36	1.28	1.20	1.11	1.07	1.03	1.00	0.97	0.94	0.91
Payout %	64	61	62	58	59	58	58	58	63	61	62	55	54	54	56	57	61	59	66
ROE %	9.4	10.4	10.3	10.8	10.6	10.6	10.8	10.7	10.2	10.4	9.5	10.3	10.3	10.2	·	·	·	·	·
Shares out B	0.62	0.57	0.55	0.55	0.54	0.54	0.52	0.51	0.51	0.51	0.51	0.51	0.50	0.49	0.49	0.48	0.46	·	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Xcel Energy Inc.vsDuke Energy Corp.Same industry: Electric & Other Services Combined Xcel Energy Inc.vsPG&E Corp.Same industry: Electric & Other Services Combined Xcel Energy Inc.vsExelon Corp.Same industry: Electric & Other Services Combined Xcel Energy Inc.vsConsolidated Edison Inc.Same industry: Electric & Other Services Combined Xcel Energy Inc.vsPublic Service Enterprise Group Inc.Same industry: Electric & Other Services Combined Xcel Energy Inc.vsWEC Energy Group, Inc.Same industry: Electric & Other Services Combined Xcel Energy Inc.vsAmeren Corp.Same industry: Electric & Other Services Combined

Provenance

Company facts, as filed

How we verify · 0 failures in 74 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 18 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityElectric & Other Services Combined

Listed onNASDAQ

Incorporated inMinnesota

Fiscal year endsDecember 31

Data on record since2007