How does Xcel Energy (XEL) make money?

Xcel Energy (XEL) generates revenue primarily from Regulated Electric, which accounted for 85% of total revenue in TTM through Q1 2026. The company reported $14.78B in revenue and converted 14.1% of it into net profit, equivalent to roughly $2.09B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Xcel Energy (XEL)?

Xcel Energy (XEL) reported a gross profit margin of 18.9% in TTM through Q1 2026, equivalent to $2.79B in gross profit on $14.78B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Xcel Energy (XEL)?

Xcel Energy (XEL) reported an operating profit margin of 19.8% in TTM through Q1 2026, equivalent to $2.93B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Xcel Energy (XEL)?

Xcel Energy (XEL) reported a net profit margin of 14.1% in TTM through Q1 2026, equivalent to $2.09B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Xcel Energy (XEL) profitable?

Yes. Xcel Energy (XEL) reported $2.09B in net income for TTM through Q1 2026, with a net profit margin of 14.1%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Xcel Energy (XEL) spend on capital expenditures?

Xcel Energy (XEL) spent $3.91B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 26.5% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Xcel Energy (XEL) generate?

Xcel Energy (XEL) generated −$3.24B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -21.9%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What are the main business segments of Xcel Energy (XEL)?

Xcel Energy (XEL) reports revenue across 2 reportable product segments, led by Regulated Electric at 85% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Xcel Energy Makes Money: 2026 Visual Revenue Map

Xcel Energy (XEL) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 30, 2026).

Xcel Energy discloses geographic revenue only in annual filings. to view the full breakdown.

Xcel Energy (XEL) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Xcel Energy (XEL) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Regulated Electric	$12.56B	85%
Regulated Natural Gas	$2.22B	15%
Total	$14.78B	100%

Regulated Electric$12.56B
Regulated Natural Gas$2.22B
Total$14.78B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Xcel Energy (XEL) reports revenue across 2 operating segments; the largest segment was Regulated Electric at 85%, followed by Regulated Natural Gas (15%).

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