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Xcel Energy (XEL) Operating Expenses (2016 - 2025)

Xcel Energy's Operating Expenses history spans 16 years, with the latest figure at $3.0 billion for Q4 2025.

  • For Q4 2025, Operating Expenses rose 7.5% year-over-year to $3.0 billion; the TTM value through Dec 2025 reached $12.1 billion, up 9.33%, while the annual FY2025 figure was $12.1 billion, 9.33% up from the prior year.
  • Operating Expenses for Q4 2025 was $3.0 billion at Xcel Energy, down from $3.2 billion in the prior quarter.
  • Across five years, Operating Expenses topped out at $3.5 billion in Q4 2022 and bottomed at $2.6 billion in Q2 2024.
  • The 5-year median for Operating Expenses is $2.9 billion (2021), against an average of $2.9 billion.
  • The largest annual shift saw Operating Expenses grew 28.78% in 2021 before it dropped 18.74% in 2023.
  • A 5-year view of Operating Expenses shows it stood at $2.9 billion in 2021, then grew by 20.74% to $3.5 billion in 2022, then dropped by 18.74% to $2.9 billion in 2023, then decreased by 3.28% to $2.8 billion in 2024, then rose by 7.5% to $3.0 billion in 2025.
  • Per Business Quant, the three most recent readings for XEL's Operating Expenses are $3.0 billion (Q4 2025), $3.2 billion (Q3 2025), and $2.7 billion (Q2 2025).