Filing Flows › Xcel Energy (XEL) › Q2 2025
Xcel Energy (XEL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Xcel Energy (XEL) reported revenue of $3.3B for the second quarter 2025 (Q2 2025), +9% from a year earlier and -16% from the quarter before. Operating margin was 17.6%, net earnings $444M (13.5% of revenue).
Xcel Energy, Q2 2025: revenue $3.3B (+9% year over year), operating margin 17.6%, net earnings $444M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3B | -16% | +9% |
| Operating profit | $577M | -15% | +29% |
| Net earnings | $444M | -8% | +47% |
| Operating cash flow | $1.1B | +5% | -9% |
What changed
Revenue was $3.3B in Q2 2025, up 9% year over year and down 16% from the previous quarter. Total revenue from contracts with customers was the largest line at 95% of revenue. Total revenue from contracts with customers added $0.30B year over year (up 11%), 116% of the total change.
Operating profit was $0.58B, a 17.6% margin (up 2.7 points year over year). Of the extra revenue versus a year earlier, 49% reached operating profit, above the 15% margin then. Total costs grew 5% against revenue growth of 9%. Net earnings were $0.44B, up 47% year over year. The effective tax rate was -15.6%.
Operating cash flow was $1.1B (down 9% year over year), 243% of net earnings. Non-cash charges added back $0.73B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.10B. Capital expenditures of $2.4B exceeded it, leaving free cash flow of −$1.3B.
Questions
What was Xcel Energy's revenue in the second quarter 2025?
Xcel Energy (XEL) reported revenue of $3.3B for the second quarter 2025 (Q2 2025), +9% from a year earlier and -16% from the quarter before.
Was Xcel Energy profitable in the second quarter 2025?
Operating profit was $577M (17.6% of revenue) and net earnings $444M.
Source: Xcel Energy 10-Q on SEC EDGAR.