Xcel Energy annual operating margin
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2025
Xcel Energy Operating Margin Growth & History (XEL)
Xcel Energy's operating margin was 17.61% for fiscal 2025.
View full Xcel Energy company overviewXcel Energy annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 17.61% | −0.14 pp |
| 2024 | 2024-12-31 | 17.75% | +0.29 pp |
| 2023 | 2023-12-31 | 17.46% | +1.61 pp |
| 2022 | 2022-12-31 | 15.86% | −0.54 pp |
| 2021 | 2021-12-31 | 16.40% | −1.96 pp |
| 2020 | 2020-12-31 | 18.36% | +0.11 pp |
| 2019 | 2019-12-31 | 18.25% | +1.22 pp |
| 2018 | 2018-12-31 | 17.03% | −2.46 pp |
| 2017 | 2017-12-31 | 19.49% | −0.67 pp |
| 2016 | 2016-12-31 | 20.17% | +2.03 pp |
| 2015 | 2015-12-31 | 18.14% | +1.47 pp |
| 2014 | 2014-12-31 | 16.67% | −0.26 pp |
| 2013 | 2013-12-31 | 16.93% | −1.07 pp |
| 2012 | 2012-12-31 | 18.00% | +1.27 pp |
| 2011 | 2011-12-31 | 16.72% | +1.01 pp |
| 2010 | 2010-12-31 | 15.71% | +0.48 pp |
| 2009 | 2009-12-31 | 15.23% | +2.81 pp |
| 2008 | 2008-12-31 | 12.41% | −1.05 pp |
| 2007 | 2007-12-31 | 13.46% | — |
Xcel Energy quarterly operating margin
Q2.08
Q3.08
Q1.09
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Q3.09
Q4.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
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Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 22.64% | +5.08 pp |
| Q1 2026 | 2026-03-31 | 18.75% | +1.42 pp |
| Q4 2025 | 2025-12-31 | 16.29% | +5.17 pp |
| Q3 2025 | 2025-09-30 | 19.13% | −5.87 pp |
| Q2 2025 | 2025-06-30 | 17.55% | +2.73 pp |
| Q1 2025 | 2025-03-31 | 17.33% | −1.28 pp |
| Q4 2024 | 2024-12-31 | 11.12% | −5.58 pp |
| Q3 2024 | 2024-09-30 | 25.00% | +0.01 pp |
| Q2 2024 | 2024-06-30 | 14.83% | +1.00 pp |
| Q1 2024 | 2024-03-31 | 18.61% | +4.56 pp |
| Q4 2023 | 2023-12-31 | 16.71% | +3.75 pp |
| Q3 2023 | 2023-09-30 | 24.99% | +2.35 pp |
| Q2 2023 | 2023-06-30 | 13.83% | +0.13 pp |
| Q1 2023 | 2023-03-31 | 14.04% | +0.45 pp |
| Q4 2022 | 2022-12-31 | 12.95% | +0.05 pp |
| Q3 2022 | 2022-09-30 | 22.64% | −1.16 pp |
| Q2 2022 | 2022-06-30 | 13.70% | −0.58 pp |
| Q1 2022 | 2022-03-31 | 13.60% | −0.72 pp |
| Q4 2021 | 2021-12-31 | 12.91% | −1.55 pp |
| Q3 2021 | 2021-09-30 | 23.80% | −1.75 pp |
| Q2 2021 | 2021-06-30 | 14.28% | −2.04 pp |
| Q1 2021 | 2021-03-31 | 14.32% | −1.87 pp |
| Q4 2020 | 2020-12-31 | 14.46% | −1.63 pp |
| Q3 2020 | 2020-09-30 | 25.55% | +0.39 pp |
| Q2 2020 | 2020-06-30 | 16.32% | +0.41 pp |
| Q1 2020 | 2020-03-31 | 16.19% | +0.71 pp |
| Q4 2019 | 2019-12-31 | 16.08% | +4.76 pp |
| Q3 2019 | 2019-09-30 | 25.16% | +2.32 pp |
| Q2 2019 | 2019-06-30 | 15.91% | −1.77 pp |
| Q1 2019 | 2019-03-31 | 15.47% | −0.79 pp |
| Q4 2018 | 2018-12-31 | 11.33% | −3.17 pp |
| Q3 2018 | 2018-09-30 | 22.83% | −4.48 pp |
| Q2 2018 | 2018-06-30 | 17.68% | −0.66 pp |
| Q1 2018 | 2018-03-31 | 16.27% | −1.28 pp |
| Q4 2017 | 2017-12-31 | 14.49% | −3.09 pp |
| Q3 2017 | 2017-09-30 | 27.31% | +0.11 pp |
| Q2 2017 | 2017-06-30 | 18.35% | +1.08 pp |
| Q1 2017 | 2017-03-31 | 17.55% | −0.12 pp |
| Q4 2016 | 2016-12-31 | 17.59% | +0.93 pp |
| Q3 2016 | 2016-09-30 | 27.20% | +0.12 pp |
| Q2 2016 | 2016-06-30 | 17.26% | +0.45 pp |
| Q1 2016 | 2016-03-31 | 17.67% | +5.83 pp |
| Q4 2015 | 2015-12-31 | 16.65% | +3.29 pp |
| Q3 2015 | 2015-09-30 | 27.08% | +3.89 pp |
| Q2 2015 | 2015-06-30 | 16.81% | +2.02 pp |
| Q1 2015 | 2015-03-31 | 11.84% | −3.58 pp |
| Q4 2014 | 2014-12-31 | 13.36% | +1.44 pp |
| Q3 2014 | 2014-09-30 | 23.20% | −0.37 pp |
| Q2 2014 | 2014-06-30 | 14.79% | −0.80 pp |
| Q1 2014 | 2014-03-31 | 15.42% | −0.91 pp |
| Q4 2013 | 2013-12-31 | 11.92% | −0.48 pp |
| Q3 2013 | 2013-09-30 | 23.57% | −2.88 pp |
| Q2 2013 | 2013-06-30 | 15.60% | −2.24 pp |
| Q1 2013 | 2013-03-31 | 16.34% | +1.59 pp |
| Q4 2012 | 2012-12-31 | 12.40% | −0.99 pp |
| Q3 2012 | 2012-09-30 | 26.44% | +3.44 pp |
| Q2 2012 | 2012-06-30 | 17.84% | +3.09 pp |
| Q1 2012 | 2012-03-31 | 14.75% | −0.40 pp |
| Q4 2011 | 2011-12-31 | 13.39% | +0.83 pp |
| Q3 2011 | 2011-09-30 | 23.01% | +1.38 pp |
| Q2 2011 | 2011-06-30 | 14.74% | +0.65 pp |
| Q1 2011 | 2011-03-31 | 15.15% | +0.77 pp |
| Q4 2010 | 2010-12-31 | 12.56% | −0.93 pp |
| Q3 2010 | 2010-09-30 | 21.63% | +1.53 pp |
| Q2 2010 | 2010-06-30 | 14.10% | +0.24 pp |
| Q1 2010 | 2010-03-31 | 14.38% | +0.62 pp |
| Q4 2009 | 2009-12-31 | 13.49% | −2.22 pp |
| Q3 2009 | 2009-09-30 | 20.10% | +10.16 pp |
| Q2 2009 | 2009-06-30 | 13.86% | — |
| Q1 2009 | 2009-03-31 | 13.76% | — |
| Q3 2008 | 2008-09-30 | 15.71% | — |
| Q2 2008 | 2008-06-30 | 9.93% | — |
Xcel Energy operating margin trends
Over the last five reported fiscal years, Xcel Energy's operating margin decreased from 18.36% to 17.61%, a change of −0.75 percentage points. The latest reported quarter, Q2 2026, shows 22.64%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Xcel Energy filings at SEC.gov ↗