Xcel Energy Inc.
XELFinancial Snapshot
ticker: XEL step: 04 generated: 2026-05-12 source: quick-research
Xcel Energy Inc. (XEL) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $15.3B | $14.2B | $13.4B | -5.7% |
| Gross Margin | ~40% | ~38% | ~45% | +7pp |
| Operating Margin | ~18% | ~17% | ~20% | +3pp |
| Net Income | $1.74B | $1.77B | $1.94B | +9.6% |
| EPS (diluted) | $3.17 | $3.21 | $3.44 | +7.2% |
Note: Revenue decline from FY2022 reflects lower fuel/commodity pass-through costs, not volume erosion — a common utility dynamic. Core earnings and rate base grew throughout.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.5B (est.) |
| Free Cash Flow | Negative (−$2B to −$4B est.) |
| Cash & Equivalents | ~$0.5B |
| Total Debt | ~$20B+ |
Note: Utilities of Xcel's scale typically generate strongly negative FCF due to heavy regulated capex. The FCF deficit is funded through equity issuances and debt — both acceptable given the regulated return framework.
Key Ratios (approximate)
- P/E: ~22x | EV/EBITDA: ~14x | Dividend Yield: ~3.0%
- Revenue Growth (TTM 2025E): ~9% | EPS Growth (2024): ~7%
- Ongoing EPS 2024: $3.50 | Ongoing EPS 2025E: ~$3.80
Growth Profile
Xcel's earnings growth is driven primarily by rate base expansion — the $60B capex plan through 2030 grows rate base at approximately 8–9% annually, which flows through to regulated EPS. Revenue growth (from rate cases) lags capex by 12–24 months. FY2024 marked the 21st consecutive year Xcel met or exceeded its initial EPS guidance. Management targets ~9% average EPS growth through 2030.
Forward Estimates
- FY2025E Revenue: ~$14.7B (+9%); EPS: ~$3.80
- FY2026E Revenue: ~$15.9B (+8%); EPS: ~$4.10
- FY2027E Revenue: ~$17.2B (+8%); EPS: ~$4.50
- Long-term EPS CAGR target: ~9% through 2030
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $XEL.