Xcel Energy Inc. (XEL) Cash Flow Statement
Where XEL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.08B −12.0% vs 2024
- Capital expenditures
- $10.91B 74.4% of revenue
- Free cash flow
- −$6.83B −46.5% margin
- Returned to shareholders
- $1.28B
- Change in cash
- $95.0M cash at year-end $274.0M
Cash from operations
$4.08B
Capital expenditures
−$10.91B
Acquisitions & other
−$58.0M
Dividends
−$1.28B
Net borrowing (repayment)
+$4.91B
Shares issued
+$3.35B
Change in cash
$95.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
XEL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
XEL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.05B2016 | $4.08B2025 | +3.3%/yr | |
| Capital expenditures | $3.26B2016 | $10.91B2025 | +14.4%/yr | |
| Free cash flow | −$203.3M2016 | −$6.83B2025 | — | |
| Free cash flow margin | −1.8%2016 | −46.5%2025 | −44.7 pts | |
| Operating cash flow / net income | 2.722016 | 2.022025 | −0.69 | |
| Stock-based compensation | $41.2M2016 | $46.0M2025 | +1.2%/yr | |
| Dividends paid | $680.5M2016 | $1.28B2025 | +7.3%/yr | |
| Share buybacks (net) | $32.2M2016 | $02023 | −100.0% | |
| Capex / revenue | 29.3%2016 | 74.4%2025 | +45.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XEL cash flow by activity
OperatingInvestingFinancingChange in cash
XEL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
XEL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.02B | $1.94B | $1.77B | $1.74B | $1.60B | $1.47B | $1.37B | $1.26B | $1.15B | $1.12B |
| Depreciation & amortization | $3.08B | $2.88B | $2.57B | $2.55B | $2.26B | $2.08B | $1.90B | $1.78B | $1.61B | $1.44B |
| Stock-based compensation | $46.0M | $33.0M | $25.0M | $20.0M | $31.0M | $73.0M | $58.0M | $45.0M | $57.0M | $41.2M |
| Change in working capital | −$1.11B | −$172.0M | $1.19B | −$115.0M | −$1.44B | −$555.0M | −$265.0M | −$70.0M | −$299.0M | −$122.8M |
| Other non-cash items | $49.0M | −$31.0M | −$228.0M | −$263.0M | −$252.0M | −$225.0M | $194.0M | $105.0M | $611.0M | $574.5M |
| Cash from operating activities | $4.08B | $4.64B | $5.33B | $3.93B | $2.19B | $2.85B | $3.26B | $3.12B | $3.13B | $3.05B |
| Investing activities | ||||||||||
| Capital expenditures | −$10.91B | −$7.36B | −$5.85B | −$4.64B | −$4.24B | −$5.37B | −$4.22B | −$3.96B | −$3.32B | −$3.26B |
| Investments (net) | −$3.0M | −$7.43B | −$5.62B | −$35.0M | −$14.0M | −$20.0M | −$20.0M | −$20.0M | −$45.0M | −$71.7M |
| Acquisitions & other investing | −$58.0M | $7.36B | $5.55B | $20.0M | −$29.0M | $649.0M | −$98.0M | −$9.0M | $68.0M | $65.8M |
| Cash from investing activities | −$10.97B | −$7.43B | −$5.93B | −$4.65B | −$4.29B | −$4.74B | −$4.34B | −$3.99B | −$3.30B | −$3.26B |
| Financing activities | ||||||||||
| Dividends paid | −$1.28B | −$1.18B | −$1.09B | −$1.01B | −$935.0M | −$856.0M | −$791.0M | −$730.0M | −$721.0M | −$680.5M |
| Share repurchases & issuance (net) | — | — | $2.60B | $322.0M | $3.13B | $2.93B | $2.48B | −$1.0M | −$3.0M | −$32.2M |
| Net borrowing (repayment) | $4.91B | $2.90B | $1.45B | $1.37B | $2.71B | $1.93B | $1.53B | $1.45B | $910.0M | $933.9M |
| Shares issued | $3.35B | $1.12B | $249.0M | $322.0M | $366.0M | $727.0M | $458.0M | $230.0M | $0 | $0 |
| Other financing | $9.0M | −$6.0M | −$2.59B | −$337.0M | −$3.14B | −$2.96B | −$2.49B | −$19.0M | −$18.0M | −$12.5M |
| Cash from financing activities | $6.98B | $2.84B | $617.0M | $666.0M | $2.13B | $1.77B | $1.18B | $928.0M | $168.0M | $208.7M |
| Summary | ||||||||||
| Net change in cash | $95.0M | $50.0M | $18.0M | −$55.0M | $37.0M | −$119.0M | $101.0M | $64.0M | −$2.0M | −$464,000 |
| Cash at end of period | $274.0M | $179.0M | $129.0M | $111.0M | $166.0M | $129.0M | $248.0M | $147.0M | $83.0M | $84.5M |
| Free cash flow | −$6.83B | −$2.72B | −$527.0M | −$706.0M | −$2.06B | −$2.52B | −$962.0M | −$835.0M | −$193.0M | −$203.3M |
| Free cash flow margin | −46.5% | −20.3% | −3.7% | −4.6% | −15.3% | −21.9% | −8.3% | −7.2% | −1.7% | −1.8% |
| Capex / revenue | 74.4% | 54.8% | 41.2% | 30.3% | 31.6% | 46.6% | 36.6% | 34.3% | 29.1% | 29.3% |
| Operating cash flow / net income | 2.02 | 2.40 | 3.01 | 2.26 | 1.37 | 1.93 | 2.38 | 2.48 | 2.72 | 2.72 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $586.0M | $556.0M | $567.0M | $524.0M | $444.0M | $483.0M | $464.0M | $682.0M | $302.0M | $488.0M | $409.0M | $656.0M |
| Depreciation & amortization | $689.0M | $794.0M | $779.0M | $787.0M | $753.0M | $763.0M | $735.0M | $717.0M | $739.0M | $684.0M | $659.0M | $653.0M |
| Stock-based compensation | $12.0M | $11.0M | $8.0M | $17.0M | $12.0M | $9.0M | $6.0M | $10.0M | $11.0M | $6.0M | $8.0M | $5.0M |
| Change in working capital | −$10.0M | $450.0M | −$988.0M | $398.0M | −$330.0M | −$192.0M | −$165.0M | $277.0M | $33.0M | −$263.0M | −$148.0M | $597.0M |
| Other non-cash items | −$177.0M | −$114.0M | −$157.0M | $39.0M | $202.0M | −$35.0M | −$376.0M | $51.0M | $105.0M | $135.0M | $46.0M | −$13.0M |
| Cash from operating activities | $1.10B | $1.70B | $209.0M | $1.76B | $1.08B | $1.03B | $664.0M | $1.74B | $1.19B | $1.05B | $974.0M | $1.90B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.95B | −$3.02B | −$3.44B | −$3.06B | −$2.43B | −$1.99B | −$2.22B | −$1.78B | −$1.83B | −$1.54B | −$1.61B | −$1.64B |
| Investments (net) | $0 | $0 | $0 | −$3.06B | −$2.44B | −$1.99B | −$2.23B | −$1.79B | −$1.85B | −$1.56B | −$1.63B | −$1.65B |
| Acquisitions & other investing | $8.0M | $3.0M | −$39.0M | $3.06B | $2.43B | $1.99B | $2.22B | $1.78B | $1.83B | $1.54B | $1.61B | $1.64B |
| Cash from investing activities | −$2.94B | −$3.02B | −$3.48B | −$3.06B | −$2.44B | −$1.99B | −$2.23B | −$1.79B | −$1.85B | −$1.56B | −$1.63B | −$1.65B |
| Financing activities | ||||||||||||
| Dividends paid | −$361.0M | −$347.0M | −$328.0M | −$329.0M | −$319.0M | −$306.0M | −$304.0M | −$296.0M | −$295.0M | −$280.0M | −$278.0M | −$278.0M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | −$890.0M | $890.0M |
| Net borrowing (repayment) | $2.40B | $3.19B | $610.0M | $1.21B | $985.0M | $2.10B | $498.0M | −$708.0M | — | — | — | — |
| Shares issued | $10.0M | $1.0M | $2.20B | $8.0M | $1.02B | $122.0M | $8.0M | $1.01B | $93.0M | $8.0M | $187.0M | $8.0M |
| Other financing | $42.0M | −$35.0M | $10.0M | $7.0M | $2.0M | −$10.0M | −$1.0M | $0 | $1.96B | $1.15B | $1.18B | −$546.0M |
| Cash from financing activities | $2.09B | $2.81B | $2.49B | $895.0M | $1.69B | $1.91B | $201.0M | $4.0M | $1.75B | $878.0M | $195.0M | $74.0M |
| Summary | ||||||||||||
| Net change in cash | $250.0M | $1.49B | −$778.0M | −$402.0M | $331.0M | $944.0M | −$1.37B | −$53.0M | $1.10B | $372.0M | −$465.0M | $319.0M |
| Cash at end of period | $2.01B | $1.76B | $274.0M | $1.05B | $1.45B | $1.12B | $179.0M | $1.54B | $1.60B | $501.0M | $129.0M | $594.0M |
| Free cash flow | −$1.85B | −$1.32B | −$3.23B | −$1.29B | −$1.35B | −$960.0M | −$1.55B | −$42.0M | −$641.0M | −$487.0M | −$640.0M | $257.0M |
| Free cash flow margin | −59.2% | −33.0% | −90.7% | −33.0% | −40.9% | −24.6% | −49.8% | −1.2% | −21.2% | −13.3% | −18.6% | 7.0% |
| Capex / revenue | 94.5% | 75.2% | 96.5% | 78.0% | 73.8% | 50.9% | 71.1% | 48.8% | 60.5% | 42.1% | 46.9% | 44.8% |
| Operating cash flow / net income | 1.88 | 3.05 | 0.37 | 3.37 | 2.43 | 2.13 | 1.43 | 2.55 | 3.94 | 2.15 | 2.38 | 2.89 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
XEL cash generation
In fiscal 2025 (ended December 31, 2025), Xcel Energy generated $4.1 billion of cash from operations (down 12.0%) and spent $10.9 billion on capital expenditures, leaving free cash flow of -$6.8 billion, −46.5% of revenue. It returned $1.3 billion to shareholders through dividends ($1.3 billion) and net share buybacks ($0). Cash and equivalents rose by $95.0 million over the year.
Related: XEL income statement, XEL balance sheet, XEL dividend history. See the XEL stock overview for the latest quote and news.
XEL cash flow FAQ
What is Xcel Energy's free cash flow?
Xcel Energy's free cash flow was -$6.8 billion in fiscal 2025: $4.1 billion of operating cash flow minus $10.9 billion of capital expenditures It was -$2.7 billion a year earlier..
How much cash does Xcel Energy generate from operations?
Xcel Energy generated $4.1 billion of cash from operating activities in fiscal 2025, 2.02 times its net income of $2.0 billion.
How much does Xcel Energy spend on capital expenditures?
Xcel Energy spent $10.9 billion on capital expenditures in fiscal 2025, 74.4% of revenue, compared with $7.4 billion the year before.
How much does Xcel Energy pay in dividends?
Xcel Energy paid $1.3 billion in dividends in fiscal 2025.
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