--- title: "Xcel Energy: Metrics Guide" description: "Xcel Energy revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/xcel-energy/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Xcel Energy: Financial & Operating Metrics Guide ## Direct Answer Xcel Energy reported revenue of $14.7 billion for the fiscal year ended December 31, 2025, with an operating margin of 17.6% and net income of $2.0 billion, according to its SEC filings. Revenue grew 9.1% from the prior year. ## What Are Xcel Energy's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $14.7 billion | $13.4 billion | $14.2 billion | $15.3 billion | | Operating income | $2.6 billion | $2.4 billion | $2.5 billion | $2.4 billion | | Operating margin | 17.6% | 17.8% | 17.5% | 15.9% | | Net income | $2.0 billion | $1.9 billion | $1.8 billion | $1.7 billion | | Net margin | 13.8% | 14.4% | 12.5% | 11.3% | | Operating cash flow | $4.1 billion | $4.6 billion | $5.3 billion | $3.9 billion | | Capital expenditures | $10.9 billion | $7.4 billion | $5.9 billion | $4.6 billion | | Free cash flow | -$6.8 billion | -$2.7 billion | -$527 million | -$706 million | Operating margin held roughly steady between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was -$6.8 billion against net income of $2.0 billion; cash generation fell short of reported earnings, which is worth reconciling in the cash flow statement. ![Bar chart of Xcel Energy revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $14.7 billion, operating income $2.6 billion and net income $2.0 billion.](https://www.getswoopr.com/images/charts/xcel-energy-metrics-revenue-profit.webp) *Xcel Energy revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of Xcel Energy operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 17.6% and net margin was 13.8%.](https://www.getswoopr.com/images/charts/xcel-energy-metrics-margins.webp) *Xcel Energy operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of Xcel Energy operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $4.1 billion, capital expenditures was $10.9 billion, free cash flow was negative $6.8 billion.](https://www.getswoopr.com/images/charts/xcel-energy-metrics-cash-flow.webp) *Xcel Energy operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does Xcel Energy's Balance Sheet Show? | Cash and cash equivalents | $274 million | | --- | --- | | Long-term debt | $32.3 billion | | Total assets | $81.4 billion | | Total liabilities | Not reported | | Shareholders' equity | $23.6 billion | | Current ratio | 0.7x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value Xcel Energy reported in its own SEC filings, read from the SEC's XBRL data (accession 0000072903-26-000009 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 12, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was Xcel Energy's revenue in fiscal 2025? Xcel Energy reported revenue of $14.7 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is Xcel Energy's operating margin? Xcel Energy's operating margin was 17.6% in fiscal 2025: operating income of $2.6 billion on revenue of $14.7 billion. ### How much free cash flow did Xcel Energy generate? Operating cash flow of $4.1 billion less capital expenditures of $10.9 billion gives free cash flow of -$6.8 billion for fiscal 2025. ## References - [SEC EDGAR: XCEL ENERGY INC Form 10-K filed February 25, 2026](https://www.sec.gov/Archives/edgar/data/72903/000007290326000009/xel-20251231.htm) - [SEC EDGAR: XCEL ENERGY INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=72903&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [Xcel Energy company dossier](https://www.getswoopr.com/stocks/companies/xcel-energy/) - [Xcel Energy financial metrics](https://www.getswoopr.com/stocks/companies/xcel-energy/metrics/) - [Xcel Energy financial risk indicators](https://www.getswoopr.com/stocks/companies/xcel-energy/risks/) - [Xcel Energy peer comparison](https://www.getswoopr.com/stocks/companies/xcel-energy/competitors/) - [Xcel Energy business model and revenue mix](https://www.getswoopr.com/stocks/companies/xcel-energy/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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