Filing Flows › Xcel Energy (XEL) › Q4 2025
Xcel Energy (XEL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Xcel Energy (XEL) reported revenue of $3.6B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and -9% from the quarter before. Operating margin was 16.3%, net earnings $567M (15.9% of revenue).
Xcel Energy, Q4 2025: revenue $3.6B (+14% year over year), operating margin 16.3%, net earnings $567M, operating cash flow $209M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | -9% | +14% |
| Operating profit | $580M | -23% | +67% |
| Net earnings | $567M | +8% | +22% |
| Operating cash flow | $209M | -88% | -69% |
What changed
Revenue was $3.6B in Q4 2025, up 14% year over year and down 9% from the previous quarter.
Operating profit was $0.58B, a 16.3% margin (up 5.2 points year over year). Of the extra revenue versus a year earlier, 53% reached operating profit, above the 11% margin then. Total costs grew 8% against revenue growth of 14%. Net earnings were $0.57B, up 22% year over year. The effective tax rate was -30.3%.
Operating cash flow was $0.21B (down 69% year over year), 37% of net earnings. Non-cash charges added back $0.75B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $1.1B. Capital expenditures of $3.4B exceeded it, leaving free cash flow of −$3.2B.
Questions
What was Xcel Energy's revenue in the fourth quarter 2025?
Xcel Energy (XEL) reported revenue of $3.6B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and -9% from the quarter before.
Was Xcel Energy profitable in the fourth quarter 2025?
Operating profit was $580M (16.3% of revenue) and net earnings $567M.
Source: Xcel Energy 10-K on SEC EDGAR.