Xcel Energy (XEL) Operating Expenses (2009 - 2026)
Xcel Energy (XEL) posted Operating Expenses of $2.41 billion for Q2 2026, down 11.0% from $2.71 billion a year earlier and down 26.1% from the prior quarter.
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Analysis
Xcel Energy (XEL) Operating Expenses (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Xcel Energy was $11.83 billion, up 3.3% year-over-year; for FY2025, it was $12.09 billion, up 9.3% from FY2024.
- Annual Operating Expenses shows a five-year compound annual growth rate of 5.1% (FY2020 to FY2025).
- In prior years, Xcel Energy's Operating Expenses was $11.06 billion in FY2024 (-5.7%), $11.73 billion in FY2023 (-9.0%), $12.88 billion in FY2022 (+14.7%) and $11.23 billion in FY2021 (+19.3%).
- The Q2 2026 figure stands as the lowest quarterly Operating Expenses since Q3 2020.
- On a year-over-year basis, Operating Expenses increased in five of the last eight quarters, with growth averaging 2.9%.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q4 2022, with growth of 20.7%; the weakest was Q4 2023, with a decline of 18.7%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $3.27 billion (Q1 2026), $2.98 billion (Q4 2025) and $3.17 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Nextera Energy | 162.78 Bn | 152.72 Bn | - | 5.29 Bn |
| 2 | Southern | 100.19 Bn | 91.25 Bn | 5.92 Bn | 5.20 Bn |
| 3 | Duke Energy | 91.91 Bn | 88.50 Bn | 6.74 Bn | 6.84 Bn |
| 4 | National Grid | 77.40 Bn | 49.69 Bn | - | - |
| 5 | American Electric Power | 68.36 Bn | 65.53 Bn | 3.84 Bn | 4.20 Bn |
| 6 | Dominion Energy | 54.82 Bn | 52.81 Bn | - | 4.15 Bn |
| 7 | Sempra | 53.87 Bn | 52.99 Bn | 2.89 Bn | 1.35 Bn |
| 8 | Entergy | 48.18 Bn | 37.31 Bn | - | 2.67 Bn |
| 9 | Xcel Energy | 46.63 Bn | 41.53 Bn | - | 2.41 Bn |
| 10 | Exelon | 43.40 Bn | 38.71 Bn | - | 4.99 Bn |
Historic Data
Download Data
Historic 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 |
API Access
Xcel Energy Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=XEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "XEL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=XEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();