Xcel Energy annual debt-to-equity ratio
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Xcel Energy Debt-to-Equity Ratio Growth & History (XEL)
Xcel Energy's debt-to-equity ratio was 1.45 for fiscal 2025.
View full Xcel Energy company overviewXcel Energy annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.45 | −0.04 | −2.61% |
| 2024 | 2024-12-31 | 1.49 | −0.04 | −2.59% |
| 2023 | 2023-12-31 | 1.53 | 0.04 | +2.58% |
| 2022 | 2022-12-31 | 1.49 | −0.05 | −3.48% |
| 2021 | 2021-12-31 | 1.55 | 0.05 | +3.42% |
| 2020 | 2020-12-31 | 1.49 | 0.00 | +0.23% |
| 2019 | 2019-12-31 | 1.49 | 0.11 | +8.24% |
| 2018 | 2018-12-31 | 1.38 | 0.04 | +2.94% |
| 2017 | 2017-12-31 | 1.34 | 0.02 | +1.14% |
| 2016 | 2016-12-31 | 1.32 | 0.07 | +5.94% |
| 2015 | 2015-12-31 | 1.25 | 0.02 | +1.94% |
| 2014 | 2014-12-31 | 1.23 | 0.01 | +0.47% |
| 2013 | 2013-12-31 | 1.22 | 0.01 | +0.74% |
| 2012 | 2012-12-31 | 1.21 | 0.14 | +13.28% |
| 2011 | 2011-12-31 | 1.07 | −0.14 | −11.68% |
| 2010 | 2010-12-31 | 1.21 | −0.01 | −0.85% |
| 2009 | 2009-12-31 | 1.22 | 0.05 | +3.84% |
| 2008 | 2008-12-31 | 1.18 | — | — |
Xcel Energy quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.63 | 0.06 | +3.59% |
| Q1 2026 | 2026-03-31 | 1.55 | −0.03 | −1.67% |
| Q4 2025 | 2025-12-31 | 1.45 | −0.04 | −2.61% |
| Q3 2025 | 2025-09-30 | 1.62 | 0.13 | +9.03% |
| Q2 2025 | 2025-06-30 | 1.58 | −0.08 | −4.63% |
| Q1 2025 | 2025-03-31 | 1.58 | 0.00 | +0.22% |
| Q4 2024 | 2024-12-31 | 1.49 | −0.04 | −2.59% |
| Q3 2024 | 2024-09-30 | 1.48 | −0.02 | −1.54% |
| Q2 2024 | 2024-06-30 | 1.65 | 0.13 | +8.67% |
| Q1 2024 | 2024-03-31 | 1.57 | 0.08 | +5.24% |
| Q4 2023 | 2023-12-31 | 1.53 | 0.04 | +2.58% |
| Q3 2023 | 2023-09-30 | 1.51 | 0.00 | +0.01% |
| Q2 2023 | 2023-06-30 | 1.52 | −0.02 | −1.15% |
| Q1 2023 | 2023-03-31 | 1.49 | −0.02 | −1.30% |
| Q4 2022 | 2022-12-31 | 1.49 | −0.05 | −3.48% |
| Q3 2022 | 2022-09-30 | 1.51 | −0.08 | −5.32% |
| Q2 2022 | 2022-06-30 | 1.54 | −0.13 | −7.68% |
| Q1 2022 | 2022-03-31 | 1.51 | −0.15 | −8.96% |
| Q4 2021 | 2021-12-31 | 1.55 | 0.05 | +3.42% |
| Q3 2021 | 2021-09-30 | 1.59 | −0.01 | −0.68% |
| Q2 2021 | 2021-06-30 | 1.67 | 0.01 | +0.83% |
| Q1 2021 | 2021-03-31 | 1.66 | 0.15 | +10.20% |
| Q4 2020 | 2020-12-31 | 1.49 | 0.00 | +0.23% |
| Q3 2020 | 2020-09-30 | 1.60 | 0.11 | +7.69% |
| Q2 2020 | 2020-06-30 | 1.65 | 0.08 | +5.31% |
| Q1 2020 | 2020-03-31 | 1.51 | −0.04 | −2.37% |
| Q4 2019 | 2019-12-31 | 1.49 | 0.11 | +8.24% |
| Q3 2019 | 2019-09-30 | 1.49 | 0.18 | +13.46% |
| Q2 2019 | 2019-06-30 | 1.57 | 0.20 | +14.45% |
| Q1 2019 | 2019-03-31 | 1.55 | 0.20 | +14.98% |
| Q4 2018 | 2018-12-31 | 1.38 | 0.04 | +2.94% |
| Q3 2018 | 2018-09-30 | 1.31 | −0.01 | −0.62% |
| Q2 2018 | 2018-06-30 | 1.37 | 0.04 | +2.65% |
| Q1 2018 | 2018-03-31 | 1.34 | 0.05 | +4.09% |
| Q4 2017 | 2017-12-31 | 1.34 | 0.02 | +1.14% |
| Q3 2017 | 2017-09-30 | 1.32 | 0.07 | +5.25% |
| Q2 2017 | 2017-06-30 | 1.34 | 0.07 | +5.63% |
| Q1 2017 | 2017-03-31 | 1.29 | 0.04 | +3.42% |
| Q4 2016 | 2016-12-31 | 1.32 | 0.07 | +5.94% |
| Q3 2016 | 2016-09-30 | 1.25 | 0.04 | +3.60% |
| Q2 2016 | 2016-06-30 | 1.27 | 0.06 | +5.31% |
| Q1 2016 | 2016-03-31 | 1.25 | 0.03 | +2.34% |
| Q4 2015 | 2015-12-31 | 1.25 | 0.02 | +1.94% |
| Q3 2015 | 2015-09-30 | 1.21 | 0.01 | +0.69% |
| Q2 2015 | 2015-06-30 | 1.20 | −0.06 | −4.81% |
| Q1 2015 | 2015-03-31 | 1.22 | −0.01 | −0.61% |
| Q4 2014 | 2014-12-31 | 1.23 | 0.01 | +0.47% |
| Q3 2014 | 2014-09-30 | 1.20 | 0.03 | +2.25% |
| Q2 2014 | 2014-06-30 | 1.26 | 0.06 | +5.16% |
| Q1 2014 | 2014-03-31 | 1.23 | 0.02 | +1.59% |
| Q4 2013 | 2013-12-31 | 1.22 | 0.01 | +0.74% |
| Q3 2013 | 2013-09-30 | 1.17 | −0.00 | −0.12% |
| Q2 2013 | 2013-06-30 | 1.20 | 0.13 | +12.08% |
| Q1 2013 | 2013-03-31 | 1.21 | 0.16 | +15.48% |
| Q4 2012 | 2012-12-31 | 1.21 | 0.14 | +13.28% |
| Q3 2012 | 2012-09-30 | 1.18 | 0.05 | +4.39% |
| Q2 2012 | 2012-06-30 | 1.07 | −0.13 | −11.04% |
| Q1 2012 | 2012-03-31 | 1.05 | −0.15 | −12.57% |
| Q4 2011 | 2011-12-31 | 1.07 | −0.14 | −11.68% |
| Q3 2011 | 2011-09-30 | 1.13 | −0.04 | −3.76% |
| Q2 2011 | 2011-06-30 | 1.20 | 0.05 | +4.28% |
| Q1 2011 | 2011-03-31 | 1.20 | 0.07 | +5.74% |
| Q4 2010 | 2010-12-31 | 1.21 | −0.01 | −0.85% |
| Q3 2010 | 2010-09-30 | 1.17 | — | — |
| Q2 2010 | 2010-06-30 | 1.16 | — | — |
| Q1 2010 | 2010-03-31 | 1.13 | — | — |
| Q4 2009 | 2009-12-31 | 1.22 | — | — |
Xcel Energy debt-to-equity ratio trends
Over the last five fiscal years, Xcel Energy's debt-to-equity ratio decreased from 1.49 to 1.45, a change of −0.04. The latest reported quarter, Q2 2026, shows 1.63.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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