Xcel Energy (XEL) Operating Margin (2009 - 2026)
Xcel Energy's (XEL) quarterly Operating Margin came in at 22.64% in Q2 2026, up 508.0% year-over-year from 3.72% in Q2 2025, and up 20.71% quarter-over-quarter from 18.75% in Q1 2026.
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Xcel Energy (XEL) Operating Margin (2009 - 2026) Analysis & Trends
Xcel Energy has disclosed Operating Margin across 18 years of filings, most recently posting 22.64% for Q2 2026.
- In Q2 2026, Operating Margin rose 508.0% year-over-year to 22.64%; the TTM figure through Jun 2026 stood at 19.08% (up 108.0% YoY), while the FY2025 annual figure was 17.61%, down 14.0% from the prior year.
- Operating Margin came in at 22.64% for Q2 2026 at Xcel Energy, up from 18.75% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 25.0% in Q3 2024 to a low of 11.12% in Q4 2024.
- Average Operating Margin over 5 years is 17.43%, with a median of 17.02% recorded in 2023.
- The largest YoY upside for Operating Margin was 517 bps in 2025 against a maximum downside of 587 bps in 2025.
- Over 5 years, Operating Margin stood at 12.95% in 2022, then grew by 29 bps to 16.71% in 2023, then plunged by 33 bps to 11.12% in 2024, then surged by 46 bps to 16.29% in 2025, then jumped by 39 bps to 22.64% in 2026.
- Per Business Quant data, the three most recent Operating Margin figures were 22.64% in Q2 2026, 18.75% in Q1 2026, and 16.29% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enel Chile | 307.79 Bn | 307.79 Bn | 890.00 Mn | 30.20% |
| 2 | Dominion Energy | 57.93 Bn | 61.83 Bn | 3.50 Bn | 7.34% |
| 3 | Xcel Energy | 47.28 Bn | 45.27 Bn | 3.12 Bn | 22.64% |
| 4 | Wec Energy | 34.52 Bn | 34.88 Bn | 1.45 Bn | 20.99% |
| 5 | Ameren | 29.47 Bn | 29.59 Bn | - | 21.94% |
| 6 | Firstenergy | 27.06 Bn | 28.36 Bn | 2.51 Bn | 18.41% |
| 7 | Hydro One | 22.94 Bn | 22.55 Bn | - | 30.67% |
| 8 | Edison International | 21.84 Bn | 21.60 Bn | 3.29 Bn | 25.06% |
| 9 | Cms Energy | 21.46 Bn | 21.85 Bn | 3.65 Bn | 16.54% |
| 10 | Connecticut Light & Power | 19.56 Bn | 19.60 Bn | 4.00 Bn | 23.89% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 22.64% |
| Mar 31, 2026 | 18.75% |
| Dec 31, 2025 | 16.29% |
| Sep 30, 2025 | 19.13% |
| Jun 30, 2025 | 17.55% |
| Mar 31, 2025 | 17.33% |
| Dec 31, 2024 | 11.12% |
| Sep 30, 2024 | 25.00% |
| Jun 30, 2024 | 14.83% |
| Mar 31, 2024 | 18.61% |
| Dec 31, 2023 | 16.71% |
| Sep 30, 2023 | 24.99% |
| Jun 30, 2023 | 13.83% |
| Mar 31, 2023 | 14.04% |
| Dec 31, 2022 | 12.95% |
| Sep 30, 2022 | 22.64% |
| Jun 30, 2022 | 13.70% |
| Mar 31, 2022 | 13.60% |
| Dec 31, 2021 | 14.46% |
| Sep 30, 2021 | 23.80% |