Xcel Energy (XEL) Operating Margin (2009 - 2026)
Xcel Energy (XEL) posted Operating Margin of 22.64% for Q2 2026, up 20.71% sequentially from 18.75% in Q1 2026, and up 508.0% YoY from 3.72% in Q2 2025.
Xcel Energy (XEL) Operating Margin (2009 - 2026) Analysis & Trends
Xcel Energy has reported Operating Margin for 18 years, with the latest figure at 22.64% in Q2 2026.
- Quarterly Operating Margin rose 508.0% year-over-year to 22.64% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 19.08% (up 108.0% YoY) and the FY2025 annual result came in at 17.61%, down 14.0% from the prior year.
- Operating Margin climbed to 22.64% in Q2 2026 per XEL's latest filing, from 18.75% in the prior quarter.
- Over five years, Operating Margin peaked at 25.0% in Q3 2024 and troughed at 11.12% in Q4 2024.
- A 5-year average of 17.43% and a median of 17.02% in 2023 frame the typical range for Operating Margin.
- The widest YoY moves for Operating Margin: up 517 bps in 2025, down 587 bps in 2025.
- Over 5 years, Operating Margin stood at 12.95% in 2022, then rose by 29 bps to 16.71% in 2023, then slumped by 33 bps to 11.12% in 2024, then jumped by 46 bps to 16.29% in 2025, then soared by 39 bps to 22.64% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 22.64%, 18.75%, and 16.29% for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | National Grid | 79.78 Bn | 75.97 Bn | - | - |
| 2 | Dominion Energy | 59.31 Bn | 58.52 Bn | 3.50 Bn | 7.34% |
| 3 | Xcel Energy | 49.23 Bn | 47.22 Bn | 3.12 Bn | 22.64% |
| 4 | Wec Energy | 35.31 Bn | 35.26 Bn | 1.45 Bn | 20.99% |
| 5 | Ameren | 30.14 Bn | 30.13 Bn | - | 21.94% |
| 6 | Edison International | 28.79 Bn | 28.54 Bn | 3.29 Bn | 25.06% |
| 7 | Fortis | 28.70 Bn | 28.70 Bn | 1.60 Bn | 32.58% |
| 8 | Firstenergy | 27.31 Bn | 27.12 Bn | 2.51 Bn | 18.41% |
| 9 | Hydro One | 24.05 Bn | 23.66 Bn | - | - |
| 10 | Cms Energy | 21.67 Bn | 21.43 Bn | 3.65 Bn | 16.54% |
Historic Data
Download 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% |