At a glance
Xcel Energy Inc is worth $50.92B, about 23 times its fiscal 2025 earnings. Revenue grew 9.1% to $14.67B in fiscal 2025, with 13.8% kept as profit; over 5 years it has grown 4.9% a year. It pays a 3.93% dividend yield, raised every year for at least 9 years, and returned $5.50B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +1.8% over the past year with dividends reinvested and +7.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.9% in the 2020 crash (S&P 500: 33.7%) and 24.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 26 months after the lows.
The business in plain English
Xcel Energy is a regulated electric and natural gas utility based in Minneapolis, Minnesota. It serves about 3.9 million electric customers and 2.2 million natural gas customers in parts of eight states: Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. It operates through four utility subsidiaries: Northern States Power companies in Minnesota and Wisconsin, Public Service Company of Colorado and Southwestern Public Service. They own about 20,800 megawatts of generating capacity, including nuclear plants run by the Minnesota subsidiary.
Being regulated means state utility commissions approve the rates Xcel charges. The company builds power plants, power lines and pipelines. It then asks regulators to let it recover those costs, plus a return on its investment, through customer bills. Earnings grow mainly when Xcel invests more and regulators approve higher rates.
Electricity dominates. Of $14.7 billion in fiscal 2025 revenue, regulated electric operations supplied 82.9% and regulated natural gas 16.7%. Retail sales to homes and businesses made up 83.1%, wholesale sales 4.9% and transmission 4.8%. In its fiscal 2025 annual report, Xcel said demand was growing quickly from AI and data centers, industrial electrification and electric vehicles, and that it was expanding its grid to keep up.
Price history
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XEL +1.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Retail | $12.20B | 83.1% |
| Wholesale | $715.0M | 4.9% |
| Transmission | $705.0M | 4.8% |
| Other | $243.0M | 1.7% |
By business segment
| Regulated Electric | $12.16B | 82.9% |
| Regulated Natural Gas | $2.45B | 16.7% |
| All Other | $57.0M | 0.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.17B, up 6.6% from a year earlier, and net income was $960.0M (+83.2%).
- For fiscal 2025, revenue was $14.67B (+9.1% year over year; +4.9% a year from FY2020 to FY2025) with a 13.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.9% watch |
|---|---|
| Operating margin | 17.6% good |
| Free cash flow margin | -46.5% weak |
| Return on equity (FY2025) | 8.5% watch |
| Return on assets (FY2025) | 2.5% weak |
| Net cash (cash minus debt) | $-38.12B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.53B | $1.47B | $-2.52B |
| FY2021 | $13.43B | $1.60B | $-2.06B |
| FY2022 | $15.31B | $1.74B | $-706.0M |
| FY2023 | $14.21B | $1.77B | $-527.0M |
| FY2024 | $13.44B | $1.94B | $-2.72B |
| FY2025 | $14.67B | $2.02B | $-6.83B |
Valuation snapshot
| Market value | $50.92B |
|---|---|
| P/E ratio | 23.2 |
| Dividend yield | 3.93% |
Rank among 1514 US companies
Market value at each year end
Xcel Energy’s market value went from $20.67B at the end of 2016 to $50.92B on Nov 2, 2026, about 2.5 times as much; since the end of 2025 it is up 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $50.92B | +16.5% |
| 2025 | $43.69B | +12.7% |
| 2024 | $38.77B | +13.5% |
| 2023 | $34.16B | -11.0% |
| 2022 | $38.37B | +5.2% |
| 2021 | $36.47B | +4.1% |
| 2020 | $35.03B | +5.2% |
| 2019 | $33.29B | +31.5% |
| 2018 | $25.32B | +3.6% |
| 2017 | $24.43B | +18.2% |
| 2016 | $20.67B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| XEL price data to Nov 2, 2026 | +11.0% | +1.8% | +13.2% | +7.8% | +10.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.0% |
| 2025 | +13.9% |
| 2024 | +12.3% |
| 2023 | -8.7% |
| 2022 | +6.5% |
| 2021 | +4.4% |
| 2020 | +7.8% |
| 2019 | +32.4% |
| 2018 | +5.8% |
| 2017 | +21.9% |
| 2016 | +17.1% |
| 2015 | +3.8% |
| 2014 | +33.5% |
| 2013 | +8.8% |
| 2012 | +0.5% |
| 2011 | +22.3% |
| 2010 | +16.1% |
| 2009 | +20.4% |
| 2008 | -13.7% |
| 2007 | +1.9% |
| 2006 | +30.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 22.4% over that stretch · deepest drop along the way 27.2%, back to its old high 13.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.9% over that stretch · deepest drop along the way 28.9%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.9% over that stretch · deepest drop along the way 24.7%, back to its old high 25.5 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.33% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.58% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 4.7% | Sep 30, 2025 |
ETFs with the most weight in XEL
| UTES Virtus Reaves Utilities ETF | 7.24% |
| ZAP Global X U.S. Electrification ETF | 4.69% |
| FPWR First Trust EIP Power Solutions ETF | 3.79% |
| QQLV Invesco QQQ Low Volatility ETF | 3.55% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 3.42% |
| FXU First Trust Utilities AlphaDEX Fund | 3.38% |
| XLU Utilities Select Sector SPDR Fund | 3.37% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.27% |
What could go wrong
- Wildfires could bring costs beyond insurance. Xcel's annual report calls wildfires a significant risk for its utilities. If its power lines or equipment start a fire, damages and regulatory penalties could exceed its liability insurance coverage.
- Big data center customers add concentration risk. Xcel is expanding to serve data centers and other very large users. That could tie more revenue to a few customers, require more capital and make revenue less predictable.
- Nuclear plants carry special risks. Its subsidiary NSP-Minnesota runs nuclear generation. An accident, extended shutdown or stricter rules from the Nuclear Regulatory Commission could bring large costs and lost output.
- Policy pressure could limit natural gas use. Natural gas brought in 16.7% of revenue in 2025 and also fuels some power plants. Efforts to limit gas for heating and power generation could hurt reliability, affordability and this business.
- Regulators decide what costs it can recover. Xcel's profits depend on regulators letting its utilities pass costs on to customers. If commissions deny or delay rate increases, or the rules change, it may not recover what it spends.
- Heavy borrowing leaves it exposed to rates. Capital spending exceeded operating cash flow by $6.8 billion in 2025, and total debt was about $39.5 billion as of June 30, 2026. Higher interest rates or a credit downgrade would raise financing costs.
Recent events
- Other company announcement
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- Executive or board change
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- Shareholder vote results
For income and retirement investors
Xcel's SEC filings show a higher regular dividend every year from fiscal 2016 through 2025, a streak of at least nine increases that may be longer. Dividends per share grew from $1.62 in 2020 to $2.28 in 2025, about 7.1% a year, and dividends paid equaled 63.5% of 2025 earnings. The yield was 4.04% as of October 28, 2026. Free cash flow was negative (minus $6.8 billion in 2025) because capital spending exceeded operating cash, so Xcel relies on debt and new shares to fund growth and dividends. It bought back no stock in fiscal 2021–2025, and its share count rose 16% from October 2021 to July 2026.
In the 2008 financial crisis the shares dropped 27.2% and took 13.5 months to recover. They fell 28.9% in the 2020 COVID crash and recovered in 4.4 months. A 24.7% slide from September to October 2022 took 25.5 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Xcel Energy make money?
Xcel makes most of its money selling electricity and natural gas at rates approved by state regulators. In fiscal 2025, regulated electric operations brought in 82.9% of its $14.7 billion revenue and regulated natural gas 16.7%. It serves about 3.9 million electric and 2.2 million gas customers in eight states through four utility subsidiaries. Regulated utilities generally earn a return on what they invest in plants, power lines and pipelines, so profits grow as that investment grows and regulators approve it.
Does Xcel Energy raise its dividend every year?
Yes, based on its SEC filings. They show a higher regular dividend every year from fiscal 2016 through 2025, a streak of at least nine increases that may be longer. Dividends per share grew from $1.62 in 2020 to $2.28 in 2025, about 7.1% a year. Past increases are not a promise. Xcel relies on cash from its utility subsidiaries to pay dividends, so the payout depends on their results.
What is Xcel Energy's dividend yield?
Xcel's dividend yield was 4.04% as of October 28, 2026. The company paid $2.28 per share in regular dividends for fiscal 2025, and total dividends equaled 63.5% of that year's earnings. One caution: free cash flow, the cash left after capital spending, was negative every year from 2020 to 2025. As a result, Xcel relies on borrowing and selling new shares to pay for its building program and dividends together. It bought back no shares from fiscal 2021 through 2025.
How do data centers affect Xcel Energy?
Data centers are both a growth source and a risk for Xcel. In its fiscal 2025 annual report, the company said demand was growing quickly from AI and data centers, industrial electrification and electric vehicles, and that it was expanding its grid to serve that load. The same report warns that very large customers such as data centers could tie more revenue to fewer customers, raise capital needs and make revenue less predictable.
How much debt does Xcel Energy have?
Xcel had about $39.5 billion of total debt and $2.0 billion of cash and investments as of June 30, 2026, against $24.1 billion of shareholder equity. Utilities borrow heavily because power plants and lines last for decades, but the debt makes Xcel sensitive to interest rates and its credit ratings. Free cash flow was negative every year from 2020 to 2025, including minus $6.8 billion in 2025, so the company depends on capital markets to fund its spending.