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Xcel Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.2B in Q3 2026 · −$7.6B over twelve months

Operating cash flow$2.1B
Capital spending−$3.3B
Free cash flow−$1.2B
Cash / net income2.2×

Analysis

In Q3 2026, Xcel Energy generated $2.1B of operating cash flow and spent $3.3B on capital projects, leaving free cash flow of −$1.2B. That is $76.0M more than in Q3 2025 (−$1.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.1B; the largest uses were capital spending ($12.7B), dividends ($1.4B), other investing ($11.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($7.4B), shares issued ($3.0B); the cash balance rose by $1.4B.

Operating cash flow was $2.1B against net income of $960M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$822M, deferred taxes +$430M, other liabilities +$340M.

Free cash flow

Xcel Energy: free cash flow by quarterXcel Energy: free cash flow by quarter−$1.6BQ4 2024−$960MQ1 2025−$1.3BQ2 2025−$1.3BQ3 2025−$3.2BQ4 2025−$1.3BQ1 2026−$1.8BQ2 2026−$1.2BQ3 2026
Operating cash flow less capital spending.
Xcel Energy: operating cash flow against capital spendingXcel Energy: operating cash flow against capital spendingOperating cash flowCapital spending$664M$2.2BQ4 2024$1.0B$2.0BQ1 2025$1.1B$2.4BQ2 2025$1.8B$3.1BQ3 2025$209M$3.4BQ4 2025$1.7B$3.0BQ1 2026$1.1B$2.9BQ2 2026$2.1B$3.3BQ3 2026
Latest (Q3 2026): Operating cash flow $2.1B, Capital spending $3.3B.

Capital allocation, year by year

Xcel Energy: where the cash came from (up) and went (down), by fiscal yearXcel Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing $2.7BFY2021: Shares issued $366MFY2021: Capital spending −$4.2BFY2021: Dividends −$935M$5.3BFY2021FY2022: Operating cash flow $3.9BFY2022: Net borrowing $1.4BFY2022: Shares issued $322MFY2022: Capital spending −$4.6BFY2022: Dividends −$1.0B$5.6BFY2022FY2023: Operating cash flow $5.3BFY2023: Net borrowing $1.5BFY2023: Shares issued $270MFY2023: Capital spending −$5.9BFY2023: Dividends −$1.1B$7.0BFY2023FY2024: Operating cash flow $4.6BFY2024: Net borrowing $2.9BFY2024: Shares issued $1.1BFY2024: Capital spending −$7.4BFY2024: Dividends −$1.2B$8.7BFY2024FY2025: Operating cash flow $4.1BFY2025: Net borrowing $4.9BFY2025: Shares issued $3.3BFY2025: Capital spending −$10.9BFY2025: Dividends −$1.3B$12.3BFY2025
Over these 5 years operating cash flow totalled $20.2B; the largest uses were capital spending ($33.0B) and dividends ($5.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.5B
Debt$40.6B
Net debt$38.1B
Due within a year$501M

Xcel Energy's operations bring cash in ($5.1B over twelve months), and it spends more than that on capital projects: a gap of $7.6B funded from its $2.5B of cash and investments and from borrowing ($40.6B of debt, $501M due within a year). That is a choice to invest, not a cash runway running down.

Xcel Energy: debt maturities by year (FY2025)Xcel Energy: debt maturities by year (FY2025)$501MYear 1$501MYear 2$1.5BYear 3$503MYear 4$600MYear 5
Principal due in each year as disclosed in the annual report, against $2.5B of cash and investments now.

Where the cash came from and went

Xcel Energy: sources (+) and uses (−) of cash, Q3 2026Xcel Energy: sources (+) and uses (−) of cash, Q3 2026Capital spending−$3.3BOperating cash flow$2.1BNet borrowing (+) / repaid (−)$1.2BShares issued$828MCash drawn (+) / kept (−)−$473MDividends−$362MOther investing$17.0MOther financing$15.0M
Xcel Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Xcel Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$12.7BNet borrowing (+) / repaid (−)$7.4BOperating cash flow$5.1BShares issued$3.0BCash drawn (+) / kept (−)−$1.4BDividends−$1.4BOther financing$32.0MOther investing−$11.0M

From profit to cash

Xcel Energy: net income to operating cash flow, Q3 2026Xcel Energy: net income to operating cash flow, Q3 2026Net income$960MDepreciation & amortization$822MStock-based pay$15.0MDeferred taxes$430MReceivables−$163MInventory−$161MPayables$82.0MEmployee-related liabilities−$3.0MPrepaid and other assets$2.0MOther liabilities$340MOperating cash flow$2.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.1B−$3.3B−$362M$1.2B$828M−$473M−$1.2B
Q2 2026$1.1B−$2.9B−$361M$2.5B$10.0M−$250M−$1.8B
Q1 2026$1.7B−$3.0B−$347M$3.2B$1.0M−$1.5B−$1.3B
Q4 2025$209M−$3.4B−$328M$610M$2.2B$778M−$3.2B
Q3 2025$1.8B−$3.1B−$329M$1.2B$8.0M$402M−$1.3B
Q2 2025$1.1B−$2.4B−$319M$1.9B$1.0B−$331M−$1.3B
Q1 2025$1.0B−$2.0B−$306M$2.1B$122M−$944M−$960M
Q4 2024$664M−$2.2B−$304M$498M$8.0M$1.4B−$1.6B

Xcel Energy: income statement and cash flow

Xcel Energy, Q3 2026: revenue $4.2B (+7% year over year), operating margin 28.5%. The chart follows the revenue to costs, profit and cash.

Xcel Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.