Xcel Energy (XEL) Operating Expenses (2009 - 2026)
Xcel Energy (XEL) posted Operating Expenses of $2.4 billion for Q2 2026, down 26.14% sequentially from $3.3 billion in Q1 2026, and down 10.96% YoY from $2.7 billion in Q2 2025.
Xcel Energy (XEL) Operating Expenses (2009 - 2026) Analysis & Trends
Xcel Energy has reported Operating Expenses for 18 years, with the latest figure at $2.4 billion in Q2 2026.
- Quarterly Operating Expenses fell 10.96% year-over-year to $2.4 billion in Q2 2026, while the trailing twelve-month figure through Jun 2026 was $11.8 billion (up 3.34% YoY) and the FY2025 annual result came in at $12.1 billion, up 9.33% from the prior year.
- Operating Expenses fell to $2.4 billion in Q2 2026 per XEL's latest filing, from $3.3 billion in the prior quarter.
- Over five years, Operating Expenses peaked at $3.5 billion in Q4 2022 and troughed at $2.4 billion in Q2 2026.
- A 5-year average of $3.0 billion and a median of $3.0 billion in 2022 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2022 and 2023: Operating Expenses climbed 20.74% in 2022, then decreased 18.74% in 2023.
- Over 5 years, Operating Expenses stood at $3.5 billion in 2022, then declined by 18.74% to $2.9 billion in 2023, then slipped by 3.28% to $2.8 billion in 2024, then grew by 7.5% to $3.0 billion in 2025, then decreased by 19.05% to $2.4 billion in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $2.4 billion, $3.3 billion, and $3.0 billion for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | National Grid | 79.52 Bn | 75.71 Bn | - | - |
| 2 | Dominion Energy | 59.08 Bn | 58.30 Bn | 3.50 Bn | 4.15 Bn |
| 3 | Xcel Energy | 48.16 Bn | 46.15 Bn | 3.12 Bn | 2.41 Bn |
| 4 | Wec Energy | 35.02 Bn | 34.97 Bn | 1.45 Bn | 1.63 Bn |
| 5 | Ameren | 29.72 Bn | 29.71 Bn | - | 1.63 Bn |
| 6 | Fortis | 28.35 Bn | 28.35 Bn | 1.60 Bn | 1.54 Bn |
| 7 | Edison International | 27.82 Bn | 27.58 Bn | 3.29 Bn | 3.27 Bn |
| 8 | Firstenergy | 26.76 Bn | 26.57 Bn | 2.51 Bn | 3.00 Bn |
| 9 | Hydro One | 24.05 Bn | 23.66 Bn | - | - |
| 10 | Cms Energy | 21.42 Bn | 21.18 Bn | 3.65 Bn | 3.81 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 2.41 Bn |
| Mar 31, 2026 | 3.27 Bn |
| Dec 31, 2025 | 2.98 Bn |
| Sep 30, 2025 | 3.17 Bn |
| Jun 30, 2025 | 2.71 Bn |
| Mar 31, 2025 | 3.23 Bn |
| Dec 31, 2024 | 2.77 Bn |
| Sep 30, 2024 | 2.73 Bn |
| Jun 30, 2024 | 2.58 Bn |
| Mar 31, 2024 | 2.97 Bn |
| Dec 31, 2023 | 2.87 Bn |
| Sep 30, 2023 | 2.75 Bn |
| Jun 30, 2023 | 2.60 Bn |
| Mar 31, 2023 | 3.51 Bn |
| Dec 31, 2022 | 3.53 Bn |
| Sep 30, 2022 | 3.16 Bn |
| Jun 30, 2022 | 2.96 Bn |
| Mar 31, 2022 | 3.24 Bn |
| Dec 31, 2021 | 2.92 Bn |
| Sep 30, 2021 | 2.64 Bn |