Xcel Energy Inc. (XEL) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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XEL Revenue Growth
Revenue Breakdown (FY 2025)
XEL's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
XEL Revenue Analysis (2014–2025)
As of May 7, 2026, Xcel Energy Inc. (XEL) generated trailing twelve-month (TTM) revenue of $14.78 billion, reflecting modest growth of +2.9% year-over-year. The most recent quarter (Q1 2026) recorded $4.02 billion in revenue, up 12.9% sequentially.
Looking at the longer-term picture, XEL's 5-year compound annual growth rate (CAGR) stands at +4.9%, indicating moderate growth over time. The company achieved its highest annual revenue of $15.31 billion in 2022.
Revenue diversification analysis shows XEL's business is primarily driven by Regulated Electric (83%), and Regulated Natural Gas (17%). With over half of revenue concentrated in Regulated Electric, the company maintains significant focus in this area while developing other growth vectors.
When compared to Utilities sector peers including ED (+10.3% YoY), WEC (+11.2% YoY), and ES (+13.8% YoY), XEL has underperformed the peer group in terms of revenue growth. Compare XEL vs ED →
XEL Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| XELCurrent | $14.8B | +2.9% | +4.9% | 19.6% | |
 ED | $16.9B | +10.3% | +6.7% | 17.3% | |
 WEC | $9.8B | +11.2% | +6.2% | 24.2% | |
 ES | $13.5B | +13.8% | +8.8% | 22.1% | |
 DTE | $15.8B | +19.6% | +6.7% | 15.0% | |
 CMS | $8.5B | +13.3% | +5.9% | 20.2% |
XEL Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $14.67B | +9.1% | $3.56B | 24.3% | $2.88B | 19.6% |
| 2024 | $13.44B | -5.4% | $6.15B | 45.7% | $2.39B | 17.8% |
| 2023 | $14.21B | -7.2% | $5.98B | 42.1% | $2.48B | 17.5% |
| 2022 | $15.31B | +14.0% | $5.86B | 38.3% | $2.43B | 15.9% |
| 2021 | $13.43B | +16.5% | $5.26B | 39.1% | $2.20B | 16.4% |
| 2020 | $11.53B | -0.0% | $4.96B | 43.1% | $2.12B | 18.4% |
| 2019 | $11.53B | -0.1% | $4.72B | 41.0% | $2.10B | 18.2% |
| 2018 | $11.54B | +1.2% | $4.45B | 38.6% | $1.97B | 17.0% |
| 2017 | $11.40B | +2.7% | $4.52B | 39.6% | $2.19B | 19.2% |
| 2016 | $11.11B | +0.8% | $4.32B | 38.9% | $2.21B | 19.9% |
Full XEL Stock Analysis
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Start ComparisonXEL — Frequently Asked Questions
Quick answers to the most common questions about buying XEL stock.
Is XEL's revenue growth accelerating or slowing?
XEL revenue growth slowed to +2.9%, below the 5-year CAGR of +4.9%. TTM revenue is $14.8B. The deceleration marks a shift from historical growth rates.
What is XEL's long-term revenue growth rate?
Xcel Energy Inc.'s 5-year revenue CAGR of +4.9% reflects the variable expansion pattern. Current YoY growth of +2.9% is near this long-term average.
How is XEL's revenue distributed by segment?
XEL reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.