Xcel Energy Inc. (XEL) Balance Sheet

NASDAQ: XELAssets, liabilities, debt and equity over 10 years.

XEL balance sheet, 2025

December 31, 2025 · U.S. dollars

$81.37B assets = $57.76B liabilities + $23.61B equity

Both columns are drawn to the same scale: what XEL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

XEL financial health

Current ratio0.71

Tight · current assets cover current liabilities 0.71×

Debt / equity1.47

Moderate leverage · $1.47 of debt for each $1 of equity

Equity / assets29.0%

Balanced · of assets funded by shareholders

Cash / debt0.8%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

XEL balance sheet trends, 2016–2025

Xcel Energy Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$41.16B2016	$81.37B2025	+7.9%/yr
Total liabilities	$30.13B2016	$57.76B2025	+7.5%/yr
Shareholders’ equity	$11.02B2016	$23.61B2025	+8.8%/yr
Cash & short-term investments	$85.0M2016	$274.0M2025	+13.9%/yr
Total debt	$14.84B2016	$34.78B2025	+9.9%/yr
Net cash (debt)	−$14.76B2016	−$34.51B2025	−$19.8B
Working capital	−$404.9M2016	−$2.08B2025	−$1.7B
Book value per share	$21.632016	$40.082025	+7.1%/yr
Current ratio	0.882016	0.712025	−0.17
Debt / equity	1.352016	1.472025	+0.13
Shares outstanding	509.5M2016	589.0M2025	+1.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

XEL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

XEL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

XEL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

XEL balance sheet

Xcel Energy Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$274.0M	$179.0M	$129.0M	$111.0M	$166.0M	$129.0M	$248.0M	$147.0M	$83.0M	$85.0M
Cash & equivalents	$274.0M	$179.0M	$129.0M	$111.0M	$166.0M	$129.0M	$248.0M	$147.0M	$83.0M	$84.5M
Short-term investments	—	—	$104.0M	$279.0M	$123.0M	$49.0M	$26.0M	$87.0M	$44.0M	$38.2M
Receivables	$2.21B	$2.08B	$2.17B	$2.48B	$1.88B	$1.63B	$1.55B	$1.61B	$1.56B	$1.51B
Inventory	$761.0M	$666.0M	$711.0M	$803.0M	$631.0M	$535.0M	$544.0M	$548.0M	$610.0M	$604.2M
Other current assets	$1.77B	$1.40B	$1.06B	$1.75B	$1.56B	$981.0M	$771.0M	$784.0M	$719.0M	$646.9M
Total current assets	$5.01B	$4.33B	$4.07B	$5.14B	$4.24B	$3.27B	$3.11B	$3.09B	$2.97B	$2.84B
Property, plant & equipment (net)	$67.88B	$58.37B	$52.86B	$49.46B	$46.75B	$44.44B	$41.16B	$36.94B	$34.33B	$32.84B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$4.39B	$3.90B	$3.60B	$3.33B	$3.69B	$3.13B	$2.75B	$2.35B	$2.44B	$2.14B
Other non-current assets	$4.09B	$3.44B	$3.55B	$3.26B	$3.17B	$3.12B	$3.43B	$3.60B	$3.28B	$3.33B
Total assets	$81.37B	$70.03B	$64.08B	$61.19B	$57.85B	$53.96B	$50.45B	$45.99B	$43.03B	$41.16B
Liabilities
Accounts payable	$2.31B	$1.78B	$1.67B	$1.80B	$1.41B	$1.24B	$1.29B	$1.24B	$1.24B	$1.04B
Short-term debt	$2.16B	$2.02B	$1.56B	$2.18B	$1.81B	$1.22B	$1.49B	$1.44B	$1.27B	$647.0M
Deferred revenue	—	—	$17.0M	$4.76B	$1.03B	$1.01B	$870.0M	$450.0M	$805.0M	$802.7M
Total current liabilities	$7.09B	$6.46B	$5.65B	$6.08B	$5.05B	$4.24B	$4.57B	$4.46B	$4.09B	$3.25B
Long-term debt	$31.83B	$27.32B	$24.91B	$22.81B	$21.78B	$19.64B	$17.41B	$15.80B	$14.52B	$14.19B
Lease obligations	$898.0M	$1.09B	$1.26B	$1.25B	$1.35B	$1.56B	$1.55B	—	—	—
Other long-term liabilities	$18.84B	$16.74B	$15.90B	$15.62B	$15.41B	$15.50B	$15.23B	$13.50B	$12.97B	$12.69B
Total liabilities	$57.76B	$50.51B	$46.46B	$44.51B	$42.24B	$39.38B	$37.21B	$33.77B	$31.57B	$30.13B
Shareholders' equity
Common stock & paid-in capital	$1.56B	$1.44B	$1.39B	$1.37B	$1.36B	$1.34B	$1.31B	$1.28B	$7.17B	$7.15B
Retained earnings (deficit)	$9.21B	$8.55B	$7.86B	$7.24B	$6.57B	$5.97B	$5.41B	$4.89B	$4.41B	$3.98B
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	−$63.0M	−$68.0M	−$94.0M	−$93.0M	−$123.0M	−$141.0M	−$141.0M	−$124.0M	−$125.0M	−$110.4M
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	$23.61B	$19.52B	$17.62B	$16.68B	$15.61B	$14.57B	$13.24B	$12.22B	$11.46B	$11.02B
Key figures
Total debt	$34.78B	$30.21B	$27.51B	$26.03B	$24.74B	$22.21B	$20.45B	$17.25B	$15.79B	$14.84B
Net cash (debt)	−$34.51B	−$30.03B	−$27.39B	−$25.92B	−$24.57B	−$22.08B	−$20.20B	−$17.10B	−$15.71B	−$14.76B
Working capital	−$2.08B	−$2.13B	−$1.58B	−$934.0M	−$807.0M	−$964.0M	−$1.46B	−$1.37B	−$1.11B	−$404.9M
Tangible book value	$23.61B	$19.52B	$17.62B	$16.68B	$15.61B	$14.57B	$13.24B	$12.22B	$11.46B	$11.02B
Book value per share	$40.08	$34.67	$31.91	$30.48	$28.91	$27.60	$25.46	$23.92	$22.50	$21.63
Shares outstanding	589.0M	563.0M	552.0M	547.0M	540.0M	528.0M	520.0M	511.0M	509.0M	509.5M
Current ratio	0.71	0.67	0.72	0.85	0.84	0.77	0.68	0.69	0.73	0.88
Quick ratio	0.35	0.35	0.41	0.43	0.41	0.41	0.39	0.40	0.40	0.49
Debt / equity	1.47	1.55	1.56	1.56	1.58	1.52	1.54	1.41	1.38	1.35
Equity / assets	29.0%	27.9%	27.5%	27.3%	27.0%	27.0%	26.2%	26.6%	26.6%	26.8%

Xcel Energy Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$2.01B	$1.76B	$274.0M	$1.05B	$1.45B	$1.12B	$179.0M	$1.54B	$1.60B	$501.0M	$129.0M	$594.0M
Cash & equivalents	$2.01B	$1.76B	$274.0M	$1.05B	$1.45B	$1.12B	$179.0M	$1.54B	$1.60B	$501.0M	$129.0M	$594.0M
Short-term investments	—	—	—	—	—	—	$114.0M	$179.0M	$234.0M	$86.0M	$104.0M	$146.0M
Receivables	$2.04B	$2.09B	$2.21B	$2.01B	$1.96B	$2.06B	$2.08B	$1.98B	$1.99B	$2.00B	$2.17B	$1.95B
Inventory	$745.0M	$709.0M	$761.0M	$723.0M	$668.0M	$625.0M	$666.0M	$638.0M	$622.0M	$623.0M	$711.0M	$688.0M
Other current assets	$1.29B	$1.32B	$1.77B	$1.89B	$1.59B	$1.56B	$1.40B	$1.31B	$1.49B	$1.37B	$1.06B	$1.17B
Total current assets	$6.08B	$5.88B	$5.01B	$5.68B	$5.67B	$5.37B	$4.33B	$5.47B	$5.70B	$4.49B	$4.07B	$4.40B
Property, plant & equipment (net)	$71.78B	$70.11B	$67.88B	$65.37B	$61.88B	$59.88B	$58.37B	$56.42B	$55.03B	$53.93B	$52.86B	$51.73B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$4.73B	$4.34B	$4.39B	$4.27B	$4.09B	$3.89B	$3.90B	$3.95B	$3.79B	$3.75B	$3.60B	$3.39B
Other non-current assets	$4.57B	$4.50B	$4.09B	$3.83B	$3.70B	$3.61B	$3.44B	$3.45B	$3.40B	$3.42B	$3.55B	$3.35B
Total assets	$87.17B	$84.83B	$81.37B	$79.15B	$75.34B	$72.75B	$70.03B	$69.29B	$67.93B	$65.58B	$64.08B	$62.87B
Liabilities
Accounts payable	$2.32B	$2.26B	$2.31B	$2.33B	$2.10B	$1.94B	$1.78B	$1.71B	$1.55B	$1.46B	$1.67B	$1.45B
Short-term debt	$3.62B	$2.59B	$2.16B	$1.45B	$1.28B	$2.04B	$2.02B	$1.43B	$1.88B	$1.24B	$1.56B	$1.28B
Deferred revenue	—	—	—	—	—	—	—	—	$305.0M	$304.0M	$1.32B	$1.12B
Total current liabilities	$8.67B	$7.64B	$7.09B	$7.15B	$5.89B	$6.74B	$6.46B	$5.86B	$5.90B	$5.21B	$5.65B	$5.07B
Long-term debt	$35.95B	$34.55B	$31.83B	$32.03B	$31.10B	$29.40B	$27.32B	$27.47B	$27.72B	$26.40B	$24.91B	$24.91B
Lease obligations	$866.0M	$2.17B	$898.0M	$2.16B	$1.16B	$1.11B	$1.09B	$1.13B	$1.19B	$1.21B	$1.26B	$1.16B
Other long-term liabilities	$18.49B	$18.83B	$18.84B	$18.79B	$17.39B	$16.81B	$16.74B	$16.61B	$16.36B	$16.14B	$15.90B	$15.58B
Total liabilities	$63.11B	$61.02B	$57.76B	$57.97B	$54.38B	$52.95B	$50.51B	$49.93B	$49.97B	$47.74B	$46.46B	$45.56B
Shareholders' equity
Common stock & paid-in capital	$1.56B	$1.56B	$1.56B	$1.48B	$1.48B	$1.44B	$1.44B	$1.44B	$1.39B	$1.39B	$1.39B	$1.38B
Retained earnings (deficit)	$9.61B	$9.39B	$9.21B	$8.99B	$8.81B	$8.71B	$8.55B	$8.41B	$8.04B	$8.04B	$7.86B	$7.74B
Accumulated other comprehensive income	−$58.0M	−$59.0M	−$63.0M	−$65.0M	−$66.0M	−$72.0M	−$68.0M	−$66.0M	−$67.0M	−$71.0M	−$94.0M	−$78.0M
Total shareholders' equity	$24.06B	$23.81B	$23.61B	$21.18B	$20.96B	$19.80B	$19.52B	$19.35B	$17.95B	$17.84B	$17.62B	$17.31B
Key figures
Total debt	$40.32B	$39.20B	$34.78B	$35.52B	$33.33B	$32.33B	$30.21B	$29.80B	$30.56B	$28.62B	$27.51B	$27.12B
Net cash (debt)	−$38.31B	−$37.44B	−$34.51B	−$34.47B	−$31.87B	−$31.20B	−$30.03B	−$28.26B	−$28.96B	−$28.12B	−$27.39B	−$26.53B
Working capital	−$2.59B	−$1.75B	−$2.08B	−$1.47B	−$219.0M	−$1.37B	−$2.13B	−$389.0M	−$201.0M	−$721.0M	−$1.58B	−$671.0M
Tangible book value	$24.06B	$23.81B	$23.61B	$21.18B	$20.96B	$19.80B	$19.52B	$19.35B	$17.95B	$17.84B	$17.62B	$17.31B
Book value per share	$38.37	$38.03	$39.55	$36.39	$36.02	$34.32	$33.89	$34.25	$32.23	$32.09	$31.80	$31.36
Shares outstanding	627.0M	626.0M	597.0M	582.0M	582.0M	577.0M	576.0M	565.0M	557.0M	556.0M	554.0M	552.0M
Current ratio	0.70	0.77	0.71	0.79	0.96	0.80	0.67	0.93	0.97	0.86	0.72	0.87
Quick ratio	0.47	0.50	0.35	0.43	0.58	0.47	0.35	0.60	0.61	0.48	0.41	0.50
Debt / equity	1.68	1.65	1.47	1.68	1.59	1.63	1.55	1.54	1.70	1.60	1.56	1.57
Equity / assets	27.6%	28.1%	29.0%	26.8%	27.8%	27.2%	27.9%	27.9%	26.4%	27.2%	27.5%	27.5%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.

XEL financial position

At the end of fiscal 2025 (December 31, 2025), Xcel Energy had total assets of $81.4 billion (up 16.2% from a year earlier), total liabilities of $57.8 billion and shareholders' equity of $23.6 billion. It held $274.0 million in cash and short-term investments against $34.8 billion of debt, net debt of $34.5 billion. Its current ratio was 0.71. In the latest quarter (ended June 30, 2026) total assets were $87.2 billion and equity $24.1 billion.

Related: XEL income statement, XEL cash flow statement, XEL key metrics. See the XEL stock overview for the latest quote and news.

XEL balance sheet FAQ

What are Xcel Energy's total assets?

Xcel Energy reported total assets of $81.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $70.0 billion a year earlier.

How much debt does Xcel Energy have?

Xcel Energy had $34.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.47.

How much cash does Xcel Energy have?

Xcel Energy held $274.0 million in cash and short-term investments at the end of fiscal 2025; with $34.8 billion of debt that is net debt of $34.5 billion.

What is Xcel Energy's book value?

Xcel Energy's shareholders' equity (book value) was $23.6 billion at the end of fiscal 2025, or $40.08 per share.

What is Xcel Energy's current ratio?

Xcel Energy had current assets of $5.0 billion and current liabilities of $7.1 billion, a current ratio of 0.71 (current liabilities exceed current assets).