financial statements

The full income statement, balance sheet, and cash-flow statement for Xcel Energy Inc. (XEL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Provision for credit losses	61.0M YoY+29.8%	47.0M YoY-40.5%	79.0M YoY+8.2%	73.0M YoY+21.7%	60.0M YoY+0.0%
Operating income	2.58B YoY+8.3%	2.39B YoY-3.8%	2.48B YoY+2.2%	2.43B YoY+10.2%	2.20B YoY+4.1%
Interest expense	1.47B YoY+17.0%	1.25B YoY+19.0%	1.05B YoY+10.7%	953M YoY+13.2%	842M YoY+0.2%
Other non-operating income	235M YoY+64.3%	143M YoY+550.0%	22.0M YoY+269.2%	-13.0M YoY-360.0%	5.00M YoY+183.3%
Equity-method income	17.0M YoY-10.5%	19.0M YoY-45.7%	35.0M YoY-2.8%	36.0M YoY-41.9%	62.0M YoY+55.0%
Pre-tax income	1.77B YoY+15.6%	1.53B YoY-5.6%	1.63B YoY+1.5%	1.60B YoY+4.8%	1.53B YoY+4.1%
Income tax	-245M YoY+39.1%	-402M YoY-175.3%	-146M YoY-8.1%	-135M YoY-92.9%	-70.0M YoY-1066.7%
Net income	2.02B YoY+4.2%	1.94B YoY+9.3%	1.77B YoY+2.0%	1.74B YoY+8.7%	1.60B YoY+8.4%
	$3.42 YoY-0.6%	$3.44 YoY+7.2%	$3.21 YoY+1.3%	$3.17 YoY+7.1%	$2.96 YoY+6.1%
EPS (basic)	$3.44 YoY+0.0%	$3.44 YoY+7.2%	$3.21 YoY+0.9%	$3.18 YoY+7.4%	$2.96 YoY+6.1%
Weighted-avg shares (basic)	587M YoY+4.3%	563M YoY+2.0%	552M YoY+0.9%	547M YoY+1.5%	539M YoY+2.3%
Weighted-avg shares (diluted)	589M YoY+4.6%	563M YoY+2.0%	552M YoY+0.9%	547M YoY+1.3%	540M YoY+2.3%
Dividends per share	$2.28 YoY+4.1%	$2.19 YoY+5.3%	$2.08 YoY+6.7%	$1.95	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.01B YoY+15.9%	4.33B YoY+6.3%	4.07B YoY-20.9%	5.14B YoY+21.3%	4.24B YoY+29.4%
Cash & equivalents	274M YoY+53.1%	179M YoY+38.8%	129M YoY+16.2%	111M YoY-33.1%	166M YoY+28.7%
Accounts receivable	1.33B YoY+6.5%	1.25B YoY-5.0%	1.31B YoY-4.2%	1.37B YoY+34.9%	1.02B YoY+11.1%
Inventory	761M YoY+14.3%	666M YoY-6.3%	711M YoY-11.5%	803M YoY+27.3%	631M YoY+17.9%
Prepaid expenses	1.07B YoY+48.5%	724M YoY+146.3%	294M YoY-18.3%	360M YoY+24.6%	289M YoY+15.6%
	81.4B YoY+16.2%	70.0B YoY+9.3%	64.1B YoY+4.7%	61.2B YoY+5.8%	57.9B YoY+7.2%
Property, plant & equipment	65.6B YoY+14.8%	57.2B YoY+10.8%	51.6B YoY+7.0%	48.3B YoY+6.2%	45.5B YoY+5.8%
Operating lease right-of-use	893M YoY-15.8%	1.06B YoY-12.9%	1.22B YoY+1.1%	1.20B YoY-6.7%	1.29B YoY-13.4%
Other non-current assets	1.04B YoY+97.7%	524M YoY-22.7%	678M YoY+74.3%	389M YoY-9.7%	431M YoY+13.7%
	7.09B YoY+9.8%	6.46B YoY+14.3%	5.65B YoY-7.0%	6.08B YoY+20.5%	5.05B YoY+19.0%
Accounts payable	2.31B YoY+29.5%	1.78B YoY+6.8%	1.67B YoY-7.5%	1.80B YoY+28.0%	1.41B YoY+13.9%
Short-term & current debt	1.55B YoY+123.0%	695M YoY-11.5%	785M YoY-3.4%	813M YoY-19.1%	1.00B YoY+72.1%
Current lease liability	110M YoY-51.5%	227M YoY+0.4%	226M YoY+4.1%	217M YoY+5.9%	205M YoY-4.2%
Other current liabilities	605M YoY-4.7%	635M YoY-12.0%	722M YoY+32.5%	545M YoY+18.7%	459M YoY+12.8%
Long-term debt	32.3B YoY+18.4%	27.3B YoY+7.3%	25.5B YoY+6.3%	24.0B YoY+7.1%	22.4B YoY+11.5%
Deferred revenue (non-current)	129M YoY-11.6%	146M YoY-12.6%	167M YoY-7.7%	181M YoY-7.7%	196M YoY-0.5%
Non-current lease liability	788M YoY-9.1%	867M YoY-16.5%	1.04B YoY+0.0%	1.04B YoY-9.4%	1.15B YoY-14.7%
Deferred tax liabilities	6.00B YoY+12.9%	5.32B YoY+8.9%	4.88B YoY+2.7%	4.76B YoY-2.8%	4.89B YoY+3.1%
Other non-current liabilities	61.0M YoY-11.6%	69.0M YoY-53.4%	148M YoY+0.7%	147M YoY-7.0%	158M YoY-13.7%
	23.6B YoY+20.9%	19.5B YoY+10.8%	17.6B YoY+5.6%	16.7B YoY+6.8%	15.6B YoY+7.1%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.56B YoY+8.6%	1.44B YoY+3.5%	1.39B YoY+0.9%	1.37B YoY+1.0%	1.36B YoY+1.2%
Additional paid-in capital	12.9B YoY+34.4%	9.60B YoY+13.4%	8.46B YoY+3.8%	8.15B YoY+4.5%	7.80B YoY+5.4%
Retained earnings	9.21B YoY+7.6%	8.55B YoY+8.8%	7.86B YoY+8.6%	7.24B YoY+10.1%	6.57B YoY+10.1%
Accumulated other comprehensive income	-63.0M YoY+7.4%	-68.0M YoY+27.7%	-94.0M YoY-1.1%	-93.0M YoY+24.4%	-123M YoY+12.8%
Total equity incl. non-controlling	23.6B YoY+20.9%	19.5B YoY+10.8%	17.6B YoY+5.6%	16.7B YoY+6.8%	15.6B YoY+7.1%
Total liabilities & equity	81.4B YoY+16.2%	70.0B YoY+9.3%	64.1B YoY+4.7%	61.2B YoY+5.8%	57.9B YoY+7.2%
Common shares outstanding	624M YoY+8.6%	574M YoY+3.5%	555M YoY+1.0%	550M YoY+1.0%	544M YoY+1.2%
Shares outstanding (cover)	592M YoY+3.0%	574M YoY+4.1%	552M YoY+0.8%	547M YoY+1.6%	539M YoY+2.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.08B YoY-12.0%	4.64B YoY-12.9%	5.33B YoY+35.5%	3.93B YoY+79.6%	2.19B YoY-23.1%
Depreciation & amortization	2.97B YoY+7.2%	2.77B YoY+12.1%	2.47B YoY+1.4%	2.44B YoY+13.7%	2.14B YoY+9.4%
Share-based compensation	46.0M YoY+39.4%	33.0M YoY+32.0%	25.0M YoY+25.0%	20.0M YoY-35.5%	31.0M YoY-57.5%
Deferred income taxes	414M YoY+84.0%	225M YoY+481.4%	-59.0M YoY+57.9%	-140M YoY-77.2%	-79.0M YoY-887.5%
Change in inventory	300M YoY+114.3%	140M YoY+42.9%	98.0M YoY-51.7%	203M YoY+61.1%	126M YoY+57.5%
Change in payables	-50.0M YoY-235.1%	37.0M YoY+124.8%	-149M YoY-176.4%	195M YoY+41.3%	138M YoY+518.2%
Other operating activities	-160M YoY-6.7%	-150M YoY+4.5%	-157M YoY-28.7%	-122M YoY+12.9%	-140M YoY+14.6%
	-11.0B YoY-47.7%	-7.43B YoY-25.3%	-5.93B YoY-27.4%	-4.65B YoY-8.5%	-4.29B YoY+9.6%
Capital expenditure	10.9B YoY+48.1%	7.36B YoY+25.8%	5.85B YoY+26.2%	4.64B YoY+9.3%	4.24B YoY-21.0%
Purchases of investments	1.20B YoY+20.2%	998M YoY+0.4%	994M YoY-25.4%	1.33B YoY+76.0%	757M YoY-45.9%
Other investing activities	58.0M YoY+114.8%	27.0M YoY-27.0%	37.0M YoY+285.0%	-20.0M YoY-169.0%	29.0M YoY-17.1%
	6.98B YoY+146.1%	2.84B YoY+359.8%	617M YoY-7.4%	666M YoY-68.8%	2.13B YoY+20.4%
Long-term debt issued	5.76B YoY+58.0%	3.65B YoY+38.7%	2.63B YoY+21.5%	2.16B YoY-20.1%	2.71B YoY-7.8%
Long-term debt repaid	1.71B YoY+161.1%	656M YoY-43.0%	1.15B YoY+91.5%	601M YoY+44.1%	417M YoY-58.3%
Net short-term debt	855M YoY+1050.0%	-90.0M YoY-221.4%	-28.0M YoY+85.4%	-192M YoY-145.6%	421M YoY+3927.3%
Common stock issued	3.35B YoY+199.8%	1.12B YoY+313.7%	270M YoY-16.1%	322M YoY-12.0%	366M YoY-49.7%
Dividends paid	1.28B YoY+9.1%	1.18B YoY+7.6%	1.09B YoY+7.9%	1.01B YoY+8.2%	935M YoY+9.2%
Other financing activities	9.00M YoY+250.0%	-6.00M YoY+50.0%	-12.0M YoY+20.0%	-15.0M YoY-50.0%	-10.0M YoY+61.5%
Net change in cash	95.0M YoY+90.0%	50.0M YoY+177.8%	18.0M YoY+132.7%	-55.0M YoY-248.6%	37.0M YoY+131.1%
Interest paid	1.26B YoY+11.6%	1.13B YoY+19.7%	945M YoY+6.5%	887M YoY+12.6%	788M YoY+4.0%
Income taxes paid	641M YoY+9.0%	588M YoY+539.1%	92.0M YoY+513.3%	15.0M YoY+275.0%	4.00M YoY+133.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	43.7B YoY+12.7%	38.8B YoY+13.5%	34.2B YoY-11.0%	38.4B YoY+5.2%	36.5B YoY+4.1%
P/E	21.7× YoY+8.1%	20.0× YoY+2.1%	19.6× YoY-15.9%	23.3× YoY+0.4%	23.2× YoY-2.3%
P/B	1.9× YoY-6.8%	2.0× YoY+0.7%	2.0× YoY-15.7%	2.3× YoY+0.2%	2.3× YoY-2.8%
Earnings yield	4.6% YoY-7.5%	5.0% YoY-2.1%	5.1% YoY+18.9%	4.3% YoY-0.4%	4.3% YoY+2.4%
Dividend yield	3.1% YoY-4.8%	3.2% YoY-3.5%	3.4% YoY+20.8%	2.8%	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: XEL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all XEL filings on SEC EDGAR → Not investment advice.

XEL▼ financial statements

About this data

financial statements