Xcel Energy Inc. (XEL) Income Statement

NASDAQ: XELRevenue, profits, margins and EPS over 10 years.

XEL 2025 at a glance

Fiscal year ended December 31, 2025 · U.S. dollars
Revenue+9.1%
$14.67B
2025 · hover or tap a bar for each year
2016: $11.11B (+0.8%)2017: $11.40B (+2.7%)2018: $11.54B (+1.2%)2019: $11.53B (−0.1%)2020: $11.53B (−0.0%)2021: $13.43B (+16.5%)2022: $15.31B (+14.0%)2023: $14.21B (−7.2%)2024: $13.44B (−5.4%)2025: $14.67B (+9.1%)
20162025
Gross profit+12.6%
$6.92B
2025 · hover or tap a bar for each year
2016: $4.32B (+8.3%)2017: $4.52B (+4.6%)2018: $4.45B (−1.5%)2019: $4.72B (+6.1%)2020: $4.96B (+5.1%)2021: $5.26B (+5.9%)2022: $5.86B (+11.4%)2023: $5.98B (+2.0%)2024: $6.15B (+2.8%)2025: $6.92B (+12.6%)
20162025
Operating income+20.7%
$2.88B
2025 · hover or tap a bar for each year
2016: $2.21B (+10.7%)2017: $2.19B (−1.1%)2018: $1.97B (−10.3%)2019: $2.10B (+7.1%)2020: $2.12B (+0.6%)2021: $2.20B (+4.1%)2022: $2.43B (+10.2%)2023: $2.48B (+2.2%)2024: $2.39B (−3.8%)2025: $2.88B (+20.7%)
20162025
Net income+4.2%
$2.02B
2025 · hover or tap a bar for each year
2016: $1.12B (+14.1%)2017: $1.15B (+2.2%)2018: $1.26B (+9.8%)2019: $1.37B (+8.8%)2020: $1.47B (+7.4%)2021: $1.60B (+8.4%)2022: $1.74B (+8.7%)2023: $1.77B (+2.0%)2024: $1.94B (+9.3%)2025: $2.02B (+4.2%)
20162025
EPS (diluted)+8.9%
$3.79
2025 · hover or tap a bar for each year
2016: $2.21 (+5.2%)2017: $2.31 (+4.5%)2018: $2.47 (+6.9%)2019: $2.64 (+6.9%)2020: $2.78 (+5.3%)2021: $2.96 (+6.5%)2022: $3.17 (+7.1%)2023: $3.34 (+5.4%)2024: $3.48 (+4.2%)2025: $3.79 (+8.9%)
20162025
Net profit margin−0.6 pts
13.8%
2025 · hover or tap a point for each year
2016: 10.1% (+1.2 pts)2017: 10.1% (−0.0 pts)2018: 10.9% (+0.9 pts)2019: 11.9% (+1.0 pts)2020: 12.8% (+0.9 pts)2021: 11.9% (−0.9 pts)2022: 11.3% (−0.6 pts)2023: 12.5% (+1.1 pts)2024: 14.4% (+1.9 pts)2025: 13.8% (−0.6 pts)
20162025

XEL revenue and net income

RevenueNet incomeNet margin (right axis)

Where XEL's revenue goes

2025
Revenue
$14.67B100.0%
Cost of revenue
−$7.75B−52.8%
Gross profit
$6.92B47.2%
Other operating expenses
−$4.04B−27.6%
Operating income
$2.88B19.6%
Interest & other expense
−$1.11B−7.5%
Income taxes
$245.0M1.7%
Net income
$2.02B13.8%

Each bar shows an amount and its share of revenue. XEL kept 13.8% of revenue as net income.

XEL profit margins

GrossOperatingNet

XEL growth rates

to 2025
1 year3 years5 years10 years
Revenue+9.1%−1.4%+4.9%+2.9%
Gross profit+12.6%+5.7%+6.9%+5.7%
Operating income+20.7%+5.8%+6.4%+3.7%
Net income+4.2%+5.1%+6.5%+7.4%
EPS (diluted)+8.9%+6.1%+6.4%+6.1%

1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.

XEL quarterly EPS vs estimates

Reported EPSAnalyst estimate

Xcel Energy beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.35).

XEL income statement

2025202420232022202120202019201820172016
Revenue$14.67B$13.44B$14.21B$15.31B$13.43B$11.53B$11.53B$11.54B$11.40B$11.11B
Cost of revenue$7.75B$7.29B$8.23B$9.45B$8.17B$6.56B$6.81B$7.08B$6.88B$6.79B
Gross profit$6.92B$6.15B$5.98B$5.86B$5.26B$4.96B$4.72B$4.45B$4.52B$4.32B
Research & development———————$0$0$0
Sales, general & admin———$688.0M$630.0M$612.0M$569.0M$846.0M$3.0M$3.4M
Total operating expenses$4.04B$3.76B$3.50B$3.43B$3.06B$2.85B$2.62B$2.49B$2.30B$2.08B
Operating income$2.88B$2.39B$2.48B$2.43B$2.20B$2.12B$2.10B$1.97B$2.19B$2.21B
Interest income——————$671.0M$592.0M$19.0M$8.3M
Interest expense$1.34B$1.18B$1.00B$925.0M$816.0M$805.0M$732.0M$652.0M$604.0M$614.0M
Income before taxes$1.77B$1.53B$1.62B$1.60B$1.53B$1.47B$1.50B$1.44B$1.69B$1.70B
Income taxes−$245.0M−$402.0M−$146.0M−$135.0M−$70.0M−$6.0M$128.0M$181.0M$542.0M$581.2M
Net income$2.02B$1.94B$1.77B$1.74B$1.60B$1.47B$1.37B$1.26B$1.15B$1.12B
EBITDA$6.20B$5.59B$5.20B$5.08B$4.60B$4.32B$4.11B$3.88B$3.90B$3.73B
EPS (diluted)$3.79$3.48$3.34$3.17$2.96$2.78$2.64$2.47$2.31$2.21
Gross margin47.2%45.7%42.1%38.3%39.1%43.1%41.0%38.6%39.6%38.9%
Operating margin19.6%17.8%17.5%15.9%16.4%18.4%18.2%17.0%19.2%19.9%
Net margin13.8%14.4%12.5%11.3%11.9%12.8%11.9%10.9%10.1%10.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in XEL's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.

XEL financial results

In fiscal year 2025 (ended December 31, 2025), Xcel Energy reported revenue of $14.7 billion, up 9.1% from the year before. It had net income of $2.0 billion (up 4.2%), a net profit margin of 13.8%. Diluted earnings per share came to $3.79. Over five years revenue grew at an average rate of 4.9% a year.

See the XEL stock overview for the latest quote and news, or the XEL chart for price history and technical indicators.

XEL income statement FAQ

What is Xcel Energy's annual revenue?

Xcel Energy reported total revenue of $14.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.1% from $13.4 billion the previous year.

Is Xcel Energy profitable?

Yes. Xcel Energy reported net income of $2.0 billion in fiscal 2025, a net profit margin of 13.8%; its operating margin was 19.6%.

What is Xcel Energy's gross margin?

Xcel Energy's gross margin was 47.2% in fiscal 2025: for every $100 of revenue, Xcel Energy kept $47 after the direct cost of its products and services.

How fast is Xcel Energy growing?

Revenue grew 4.9% a year on average over the last five fiscal years, from $11.5 billion to $14.7 billion.

What are Xcel Energy's earnings per share?

Xcel Energy earned $3.79 per diluted share in fiscal 2025, compared with $3.48 a year earlier.

When will Xcel Energy report its next earnings?

Xcel Energy is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.

When does Xcel Energy's fiscal year end?

Xcel Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.

Utilities - Regulated Electric income statements