NASDAQ: XEL
Xcel Energy
Utilities · Electric & Other Services Combined
52-week range
$68.72$84.23
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$45.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $20.6B |
| FY2017, ended Dec 31, 2017 | $24.4B |
| FY2018, ended Dec 31, 2018 | $25.3B |
| FY2019, ended Dec 31, 2019 | $33.3B |
| FY2020, ended Dec 31, 2020 | $35.8B |
| FY2021, ended Dec 31, 2021 | $36.8B |
| FY2022, ended Dec 31, 2022 | $38.5B |
| FY2023, ended Dec 31, 2023 | $34.4B |
| FY2024, ended Dec 31, 2024 | $38.8B |
| FY2025, ended Dec 31, 2025 | $46.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $45.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$14.9B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.1B |
| FY2017, ended Dec 31, 2017 | $11.4B |
| FY2018, ended Dec 31, 2018 | $11.5B |
| FY2019, ended Dec 31, 2019 | $11.5B |
| FY2020, ended Dec 31, 2020 | $11.5B |
| FY2021, ended Dec 31, 2021 | $13.4B |
| FY2022, ended Dec 31, 2022 | $15.3B |
| FY2023, ended Dec 31, 2023 | $14.2B |
| FY2024, ended Dec 31, 2024 | $13.4B |
| FY2025, ended Dec 31, 2025 | $14.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $14.9B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.12B | −$143M |
| FY2017, ended Dec 31, 2017 | $1.15B | −$118M |
| FY2018, ended Dec 31, 2018 | $1.26B | −$835M |
| FY2019, ended Dec 31, 2019 | $1.37B | −$962M |
| FY2020, ended Dec 31, 2020 | $1.47B | −$2.52B |
| FY2021, ended Dec 31, 2021 | $1.60B | −$2.06B |
| FY2022, ended Dec 31, 2022 | $1.74B | −$706M |
| FY2023, ended Dec 31, 2023 | $1.77B | −$527M |
| FY2024, ended Dec 31, 2024 | $1.94B | −$2.72B |
| FY2025, ended Dec 31, 2025 | $2.02B | −$6.83B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.67B | −$7.62B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.48B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $85.0M |
| FY2017, ended Dec 31, 2017 | $83.0M |
| FY2018, ended Dec 31, 2018 | $147M |
| FY2019, ended Dec 31, 2019 | $248M |
| FY2020, ended Dec 31, 2020 | $129M |
| FY2021, ended Dec 31, 2021 | $166M |
| FY2022, ended Dec 31, 2022 | $111M |
| FY2023, ended Dec 31, 2023 | $129M |
| FY2024, ended Dec 31, 2024 | $179M |
| FY2025, ended Dec 31, 2025 | $274M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.48B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$40.6B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $14.8B |
| FY2017, ended Dec 31, 2017 | $15.8B |
| FY2018, ended Dec 31, 2018 | $17.2B |
| FY2019, ended Dec 31, 2019 | $18.7B |
| FY2020, ended Dec 31, 2020 | $20.6B |
| FY2021, ended Dec 31, 2021 | $23.4B |
| FY2022, ended Dec 31, 2022 | $24.8B |
| FY2023, ended Dec 31, 2023 | $26.3B |
| FY2024, ended Dec 31, 2024 | $28.0B |
| FY2025, ended Dec 31, 2025 | $33.9B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $40.6B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 26.5% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.642M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 507M |
| FY2017, ended Dec 31, 2017 | 508M |
| FY2018, ended Dec 31, 2018 | 514M |
| FY2019, ended Dec 31, 2019 | 525M |
| FY2020, ended Dec 31, 2020 | 538M |
| FY2021, ended Dec 31, 2021 | 544M |
| FY2022, ended Dec 31, 2022 | 550M |
| FY2023, ended Dec 31, 2023 | 555M |
| FY2024, ended Dec 31, 2024 | 575M |
| FY2025, ended Dec 31, 2025 | 624M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 642M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $3.08B more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $32.0M | $41.0M | $0 |
| FY2017, ended Dec 31, 2017 | $3.00M | $57.0M | $0 |
| FY2018, ended Dec 31, 2018 | $1.00M | $45.0M | $230M |
| FY2019, ended Dec 31, 2019 | — | $58.0M | $458M |
| FY2020, ended Dec 31, 2020 | — | $73.0M | $727M |
| FY2021, ended Dec 31, 2021 | — | $31.0M | $366M |
| FY2022, ended Dec 31, 2022 | — | $20.0M | $322M |
| FY2023, ended Dec 31, 2023 | — | $25.0M | $270M |
| FY2024, ended Dec 31, 2024 | — | $33.0M | $1.12B |
| FY2025, ended Dec 31, 2025 | — | $46.0M | $3.35B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $46.0M | $3.04B |
Revenue (TTM)
$14.9B
+4.5% YoY
Net income (TTM)
$2.67B
+39.4% YoY
Cash
$2.48B
+136% YoY
Total debt
$40.6B
+21.7% YoY
Valuation
At current price- Market Cap
- $51.2B
- P/E
- 19.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.4×
- Price / Book
- 2.0×
- EV / EBITDA
- 14.3×
Growth
Trailing 12 months- Revenue (TTM)
- $14.9B
- Revenue Growth YoY
- 4.5%
- Revenue CAGR 3Y
- −1.4%
- Revenue CAGR 5Y
- 4.9%
- EPS Growth YoY
- 30.8%
- Net Income Growth YoY
- 39.4%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 21.7%
- Net Margin
- 17.9%
- FCF Margin
- −51.2%
- Return on Equity
- 11.4%
Earnings
Trailing 12 months- Net Income
- $2.67B
- EPS (diluted)
- $4.29
- EBITDA
- $6.23B
- Operating Income
- $3.23B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.48B
- Total Debt
- $40.6B
- Net Debt
- $38.1B
- Total Assets
- $90.7B
- Total Liabilities
- $65.2B
- Shareholders' Equity
- $25.5B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $5.08B
- Capital Expenditure
- $12.7B
- Free Cash Flow
- −$7.62B
Dividends and risk
Last 12 months- Dividend Yield
- 2.9%
- Dividend / Share
- $2.35
- Beta (5Y)
- 0.36
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $14.9B.
Strength
Operating margin widened 5.2 pts in a year, to 21.7%.
Watch
Net debt is 6.1× EBITDA ($38.1B), a heavy load.
Watch
Free cash flow was negative (−$7.62B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K65Mildly positive
65Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 25, 2026 · Read the filing on EDGAR
- Xcel paid a $287 million settlement to resolve Marshall Wildfire lawsuits, so GAAP EPS dipped to $3.42. Adjusted EPS rose to $3.80 from $3.50.
- The five-year spending plan jumps to $60 billion from $45 billion. It will be funded with $22.8 billion of new debt and $7 billion of new shares.
- 2026 adjusted EPS guidance is $4.04–$4.16. The dividend rises 4%, and a new Google data center agreement was signed in Minnesota.
- A 2025 tax law ends wind and solar tax credits for later projects. Xcel says its 2026–2030 plan is protected because it started construction early.
Business momentum
Improving
“The change in ongoing EPS was driven by increased recovery of infrastructure investments and electric sales growth, partially offset by higher interest, depreciation and O&M expenses.”
Outlook
Positive
“Xcel Energy’s 2026 ongoing earnings guidance is a range of $4.04 to $4.16 per share.”
Financial stress
Low
“Xcel Energy expects to have adequate amounts of cash from operating and financing activities to meet both its short-term and long-term cash requirements.”
Tone against the previous report
About the same
Red flags
- Medium
Major lawsuit
“In the third quarter of 2025, PSCo recognized a non-recurring $287 million charge as a result of a settlement reached with the plaintiffs in the Marshall Wildfire litigation.”
Positives
Adjusted earnings up about 9%
“ongoing diluted earnings were $3.80 per share in 2025, compared with $3.50 per share in 2024.”
Larger investment plan to drive growth
“Total base capital expenditures $ 11,610 $ 13,790 $ 15,130 $ 12,650 $ 9,020 $ 9,410 $ 60,000”
New Google data center agreement
“In the first quarter of 2026, NSP-Minnesota entered into an electric service agreement to power a new Google data center in Minnesota.”
Concerns
Interest costs rising fast
“Interest charges increased $213 million in 2025. The increase was largely due to higher long-term and short-term debt levels and higher interest rates.”
Heavy reliance on new debt and share sales
“Net cash provided by financing activities increased by $4,144 million for 2025 as compared to 2024.”
Operating cash flow fell
“Net cash provided by operating activities decreased by $558 million for 2025 as compared to 2024.”
New risks since the previous report
Reliance on a few large data center customers
“Growth in large load customers, including data centers, may increase customer concentration, capital requirements and revenue variability risks.”
Loss of federal wind and solar tax credits
“Eliminating production and investment tax credits for wind and solar facilities placed in service after 2027, for facilities that begin construction after July 4, 2026.”
Cyber attacks made stronger by AI
“Threat actors may use artificial intelligence to enhance their attacks, increasing the frequency, sophistication and potential impact of cyber incidents affecting our IT and OT environment.”
Wildfire damages exceeded insurance coverage
“While we carry liability insurance, given an extreme event, damage amounts could exceed our coverage (as experienced with the Marshall Wildfire settlement in 2025)”
Regulators pushing back on rate increases over affordability
“Regulators may challenge rate increases due to increased customer affordability pressures.”
Biggest risks named
- Wildfire liability and costly, limited insurance
- Rate case outcomes and pushback over customer bills
- Funding a $60 billion plan with debt and new shares
- Tariffs, supply chain limits and loss of tax credits
- Data center demand not arriving as expected
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −2.4 | |
| New risks | −2 | |
| Score | 65 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 25, 2026 | 65 | Improving | 1 medium | |
| 10-K | Feb 27, 2025 | 56 | Mixed | 2 minor | |
| 10-K | Feb 21, 2024 | 57 | Mixed | 1 minor | |
| 10-K | Feb 23, 2023 | 66 | Improving | 1 minor | |
| 10-K | Feb 23, 2022 | 64 | Improving | 1 medium1 minor | |
| 10-K | Feb 17, 2021 | 65 | Improving | 1 medium | |
| 10-K | Feb 21, 2020 | 66 | Improving | 1 minor | |
| 10-K | Feb 22, 2019 | 67 | Improving | None | |
| 10-K | Feb 23, 2018 | 61 | Stable | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR