# Xcel Energy Inc. (XEL) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/XEL/thesis · /stocks/XEL/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/XEL/fundamental

## Navigation

- Overview: /stocks/XEL
- Financials (this page): /stocks/XEL/financials
- Thesis: /stocks/XEL/thesis
- Investment Memo: /stocks/XEL/memo
- Coverage universe: /stocks