XEL Xcel Energy margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 67

Gross margin

49.5%

Operating margin

21.7%

EBITDA margin

48.7%

Net margin

17.9%

The Xcel Energy reports a gross margin of 49.5%, an operating margin of 21.7%, an EBITDA margin of 48.7%, and a net margin of 17.9%. EBITDA margin led the improvement across the available margins, expanding by 7.8 percentage points.

XEL margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Xcel Energy's margins averaged 46.28% gross, 18.37% operating, 41.71% EBITDA, and 14.26% net. All four current margins are above their three-year averages.

XEL margin expansion

Year-over-year margin changes in percentage points

Year over year, gross, operating, EBITDA, and net margins all increased, with EBITDA margin showing the largest gain at 7.8 percentage points.

Gross margin expansion

3.2pp

Operating margin expansion

5.2pp

EBITDA margin expansion

7.8pp

Net margin expansion

4.4pp

XEL Gross margin

Over the last 3 years, the average gross margin for Xcel Energy was 46.28%. The latest gross margin for Xcel Energy is 49.5%, 3.2 percentage points above its three-year average. Xcel Energy's gross margin ranged from a low of 42.1% in Dec 2023 to a high of 49.5% in Sep 2026.

XEL Operating margin

The average operating margin for Xcel Energy was 18.37% during the last 3 years. At present, the current operating margin for Xcel Energy is 21.7%, 3.3 percentage points above its three-year average. The operating margin for Xcel Energy moved between 16.5% in Sep 2025 and 21.7% in Sep 2026.

XEL EBITDA margin

Xcel Energy recorded an average EBITDA margin of 41.71% across the last 3 years. Compared with its three-year average, Xcel Energy's current EBITDA margin is 48.7% and is 7 percentage points above its three-year average. Over the last 3 years, Xcel Energy's EBITDA margin peaked at 48.7% in Sep 2026 and reached a low of 36.3% in Dec 2023.

XEL Net margin

The average net margin for Xcel Energy was 14.26% over the last 3 years. As of the latest period, the current net margin for Xcel Energy is 17.9%, 3.6 percentage points above its three-year average. The net margin for Xcel Energy moved between 12.5% in Dec 2023 and 17.9% in Sep 2026.

XEL margin group comparison

Margins compared with peer-group, industry and sector averages

Xcel Energy's gross margin of 49.5% is above the Utilities sector, the industry and its peers average. Compared to its Utilities sector average of 42.7%, Xcel Energy's gross margin is 16% higher.

XEL margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Xcel Energy's gross margin?

For the period ending Sep 30, 2026, XEL recorded a gross margin of 49.5%.

What is Xcel Energy's operating margin?

As of Sep 30, 2026, XEL has an operating margin of 21.7%.

What is Xcel Energy's EBITDA margin?

The current EBITDA margin for XEL is 48.7% as of Sep 30, 2026.

What is Xcel Energy's net margin?

The current net margin for XEL is 17.9% as of Sep 30, 2026.

What are the average margins of XEL?

Across the last 3 years, XEL averaged 46.3% gross, 18.4% operating, 41.7% EBITDA, and 14.3% net.

What are the highest historical margins of XEL?

Over the last 5 years, Xcel Energy's highest margins were 49.5% gross in Sep 2026, 21.7% operating in Sep 2026, 48.7% EBITDA in Sep 2026, and 17.9% net in Sep 2026.

What are the lowest historical margins of XEL?

Over this 5-year history, Xcel Energy's margins fell as low as 27% gross in Sep 2022, 15.9% operating in Dec 2022, 32.6% EBITDA in Dec 2022, and 11.3% net in Dec 2022.