Filing Flows › Xcel Energy (XEL) › Q3 2025
Xcel Energy (XEL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Xcel Energy (XEL) reported revenue of $3.9B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +19% from the quarter before. Operating margin was 19.1%, net earnings $524M (13.4% of revenue).
Xcel Energy, Q3 2025: revenue $3.9B (+7% year over year), operating margin 19.1%, net earnings $524M, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | +19% | +7% |
| Operating profit | $749M | +30% | -18% |
| Net earnings | $524M | +18% | -23% |
| Operating cash flow | $1.8B | +63% | +2% |
What changed
Revenue was $3.9B in Q3 2025, up 7% year over year and up 19% from the previous quarter.
Operating profit was $0.75B, a 19.1% margin (down 5.9 points year over year). Operating profit fell $0.16B even though revenue rose $0.27B versus a year earlier, so costs grew faster than sales. Total costs grew 16% against revenue growth of 7%. Net earnings were $0.52B, down 23% year over year. The effective tax rate was 1.5%.
Operating cash flow was $1.8B (up 2% year over year), 337% of net earnings. Non-cash charges added back $0.76B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.47B. Capital expenditures of $3.1B exceeded it, leaving free cash flow of −$1.3B.
Questions
What was Xcel Energy's revenue in the third quarter 2025?
Xcel Energy (XEL) reported revenue of $3.9B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +19% from the quarter before.
Was Xcel Energy profitable in the third quarter 2025?
Operating profit was $749M (19.1% of revenue) and net earnings $524M.
Source: Xcel Energy 10-Q on SEC EDGAR.