# Xcel Energy Inc. (XEL)

> Source: Nexqual · https://nexqual.com/XEL · data as of 2026-10-23 17:25 UTC · cite as "Nexqual, Xcel Energy Inc. (XEL), nexqual.com/XEL" · informational, not investment advice.

**Price:** USD 77.52 (-1.84% today) · US market open, as of October 23, 2026 at 17:25 UTC; quotes may be delayed. Prev close 78.97 · day 77.48–79.03 · 52w 68.72–84.23 · market cap $48.4B · NMS

## Key facts
- Valuation: P/E 21.7x (avg 20.2x at the last 3 fiscal year-ends), EV/EBITDA 15.0x, net debt $37.4B.
- 1 of 80 tracked superinvestors hold XEL (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.90 on a 1–5 scale) (20 analysts), mean target USD 88.68 (range 74–99).
- Total return with dividends: 1Y -0.6% vs S&P 500 +14.4%; 5Y +40.9% vs S&P 500 +77.0%.
- Next earnings: 2026-10-29, EPS estimate USD 1.39, revenue estimate $4.30B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | $2.20B | $2.43B | $2.48B | $2.39B | $2.58B | $2.79B |
| Net income | $1.60B | $1.74B | $1.77B | $1.94B | $2.02B | $2.23B |
| EPS (diluted) | $2.96 | $3.17 | $3.21 | $3.44 | $3.42 | — |
| Free cash flow | -$2.06B | -$706M | -$527M | -$2.72B | -$6.83B | -$7.69B |
| Cash + short-term investments | $166M | $111M | $129M | $179M | $274M | — |
| Total debt | $23.4B | $24.8B | $26.3B | $28.0B | $33.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.7x · EV/EBITDA 15.0x · P/B 2.0x · FCF yield -15.89% · Earnings yield 4.61% · Dividend yield (paid, TTM) 2.82% · Net debt $37.4B · EV $85.9B
P/E at fiscal year-ends: Dec 2025 21.6x, Dec 2024 19.6x, Dec 2023 19.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold XEL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.29% | $31.5M | Reduced -2.4% |

## Analysts
Consensus Buy (mean 1.90 on a 1–5 scale), 20 analysts; mean target USD 88.68 (low 74, high 99).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Buy | $89 |
| 2026-10-21 | Morgan Stanley | Target raised | Equal-Weight | $83 → $85 |
| 2026-10-20 | BMO Capital | Target lowered | Outperform | $91 → $86 |
| 2026-10-15 | Barclays | Target lowered | Overweight | $90 → $85 |
| 2026-10-14 | Truist Securities | Target lowered | Buy | $88 → $87 |
| 2026-10-13 | Keybanc | Target lowered | Overweight | $90 → $87 |
| 2026-09-29 | Scotiabank | Initiated | Sector Outperform | $77 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $89 → $83 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $92 → $89 |
| 2026-08-13 | Truist Securities | Target lowered | Buy | $94 → $88 |
| 2026-07-22 | BMO Capital | Target lowered | Outperform | $95 → $92 |
| 2026-07-16 | JP Morgan | Target raised | Overweight | $91 → $102 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -0.6% | +40.9% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -0.6% | +7.1% |
| Volatility (annualized) | 19.3% | 21.5% |
| Max drawdown | -15.4% (Feb 2026→Sep 2026) | -32.5% (Sep 2022→Feb 2024) |

## Peers (Utilities - Regulated Electric)
ETR (Entergy Corporation) USD 107.22 -0.90% · EXC (Exelon Corporation) USD 44.31 -1.20% · ED (Consolidated Edison, Inc.) USD 115 -1.08% · D (Dominion Energy, Inc.) USD 64.84 -0.86% · PCG (Pacific Gas & Electric Co.) USD 12.61 -2.85% · WEC (WEC Energy Group, Inc.) USD 110.62 -1.36%

## More
Full page: https://nexqual.com/XEL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Regulated Electric | $2.74B | 87.8% | -4.8% |
| Regulated Natural Gas | $365.0M | 11.7% | -7.8% |
| All Other | $14.0M | 0.4% | +7.7% |
| Total revenue | $3.12B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total revenue from contracts with customers | $2.45B | 78.6% | -10.2% |
| — Retail (part of Total revenue from contracts with customers) | $2.16B | 69.2% | -9.8% |
| — Transmission (part of Total revenue from contracts with customers) | $190.0M | 6.1% | +12.4% |
| — Wholesale (part of Total revenue from contracts with customers) | $89.0M | 2.9% | -38.6% |
| — Other (part of Total revenue from contracts with customers) | $13.0M | 0.4% | -40.9% |
| Total revenue | $3.12B | 100% | — |
The lines above cover 78.6% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.39 | $1.38 | +0.5% | $4.30B | 14 |
| Next quarter (ends 2026-12-31) | $0.92 | $1.05 | -12.2% | $3.98B | 10 |
| Current fiscal year (ends 2026-12-31) | $4.13 | $4.11 | +0.4% | $15.60B | 18 |
| Next fiscal year (ends 2027-12-31) | $4.54 | $4.53 | +0.2% | $17.15B | 20 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±6.3%; last 8 reports averaged ±2.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 28.0% | ±6.3% |
| 2026-12-18 | 56 | 25.5% | ±8.0% |
| 2027-01-15 | 84 | 25.2% | ±9.8% |
| 2027-03-19 | 147 | 24.7% | ±12.7% |
| 2027-06-17 | 237 | 25.0% | ±16.1% |
| 2027-09-17 | 329 | 24.7% | ±18.5% |