XEL
Xcel Energy Inc.
XEL's fundamentals are mixed: its operating margin rose 5 points to 22%, but free cash flow was negative. Its PE isn't a useful guide right now because of how its recent earnings were reported.
XEL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Weak | |
| Weak |
XEL's profitability is currently strong, and its revenue is stable, but its cash flow and balance sheet are weak.
XEL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $82.36 | +1.1% |
| Current | 19x | $81.50 | — |
| Forward | 19x | $81.50 | — |
| Fair | 22x | $95.70 | +17% |
| Expensive | 25x | $106 | +30% |
Historical ranges are pointers, not guarantees.
XEL's PE is 19x, but its earnings don't support one, so it isn't a reliable read right now.
XEL Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for XEL, but weaker profitability.
XEL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.40 | +2.5% |
| Q3 2026 | $4.29 | +31% |
| Q2 2026 | $3.65 | +1.1% |
| Q1 2026 | $3.47 | +2.1% |
| Q4 2025 | $3.42 | -0.6% |
| Q3 2025 | $3.28 | -2.7% |
| Q2 2025 | $3.61 | +7.8% |
| Q1 2025 | $3.40 | +2.1% |
| Q4 2024 | $3.44 | +7.2% |
XEL earned $4.29 per share over the past year, up 31% from the year before. Its recent earnings include one-off gains.
XEL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.2B | +6.6% |
| Q2 2026 | $3.1B | -5.1% |
| Q1 2026 | $4B | +2.9% |
| Q4 2025 | $3.6B | +14% |
| Q3 2025 | $3.9B | +7.4% |
| Q2 2025 | $3.3B | +8.6% |
| Q1 2025 | $3.9B | +7% |
| Q4 2024 | $3.1B | -9.4% |
XEL's revenue has picked up after three years of holding roughly level: $4.2B last quarter, up 6.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +9.4 points |
| Q2 2026 | 23% | +5.1 points |
| Q1 2026 | 19% | +1.4 points |
| Q4 2025 | 16% | +5.2 points |
| Q3 2025 | 19% | -5.9 points |
| Q2 2025 | 18% | +2.7 points |
| Q1 2025 | 17% | -1.3 points |
| Q4 2024 | 11% | -5.6 points |
XEL's operating margin was 29% last quarter, up 9.4 points from the same quarter a year ago, near the top of its range since 2019.
XEL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.2B | +$76M |
| Q2 2026 | -$1.8B | -$502M |
| Q1 2026 | -$1.3B | -$365M |
| Q4 2025 | -$3.2B | -$1.7B |
| Q3 2025 | -$1.3B | -$1.2B |
| Q2 2025 | -$1.3B | -$705M |
| Q1 2025 | -$960M | -$473M |
| Q4 2024 | -$1.6B | -$913M |
XEL has burned cash in almost every quarter: −$7.6B over the past year, against −$5.1B the year before.
XEL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +5M shares |
| 1 year | +6.2% | +37M shares |
| 3 years | +14% | +80M shares |
| 5 years | +17% | +93M shares |
| Available history | +22% | +112M shares |
XEL has 632M diluted shares, up 6.2% from a year ago.
XEL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.1x | High |
| Q2 2026 | 6.6x | High |
| Q1 2026 | 6.2x | High |
| Q4 2025 | 6.0x | High |
| Q3 2025 | 6.1x | High |
| Q2 2025 | 5.7x | High |
| Q1 2025 | 5.8x | High |
| Q4 2024 | 5.6x | High |
XEL's net debt is about 6.1 years of its operating earnings (EBITDA), about the same as a year ago.
XEL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.9 | Neutral |
| Stochastic | 86.9 | Overbought |
XEL's weekly RSI is 59 (neutral) and its Stochastic is 87 (overbought).
XEL PE vs Utilities Sector
| Metric | XEL | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 20x | 6.9% below |
| PE % | 14 | 44 | 30 pts below |
XEL is trading at 19x earnings, in line with the Utilities sector's median of 20x, though its earnings don't support one.
XEL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $76.3 | 6.8% above |
| 20 week MA | $77.2 | 5.5% above |
| 50 week MA | $78.1 | 4.4% above |
| 100 week MA | $74.9 | 8.8% above |
| 200 week MA | $68.1 | 20% above |
XEL is in an uptrend: it's above all five of its weekly moving averages, and 20% above its 200-week average.
XEL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $63.1 | $64.6 | +2.4% |
| 2021 | $64.6 | $66.6 | +3.1% |
| 2022 | $66.6 | $70.9 | +6.5% |
| 2023 | $70.9 | $61.9 | -13% |
| 2024 | $61.9 | $68.1 | +10% |
| 2025 | $68.1 | $74.4 | +9.2% |
| 2026 YTD | $74.4 | $81.5 | +9.5% |
XEL has finished higher in five of the last six years. It's up 9.5% so far in 2026.