XEL Xcel Energy margins

Relative Growth: Rel. Growth: 40

Relative Strength: Rel. Strength: 35

Relative Valuation: Rel. Valuation: 53

Relative Profitability: Rel. Profitability: 57

Gross margin

48.8%

Operating margin

19.1%

EBITDA margin

45%

Net margin

15.3%

The Xcel Energy reports a gross margin of 48.8%, an operating margin of 19.1%, an EBITDA margin of 45%, and a net margin of 15.3%. EBITDA margin led the improvement across the available margins, expanding by 3.1 percentage points.

XEL margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Xcel Energy's margins averaged 45.99% gross, 18.06% operating, 41.07% EBITDA, and 13.93% 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 3.1 percentage points.

Gross margin expansion

3pp

Operating margin expansion

1.1pp

EBITDA margin expansion

3.1pp

Net margin expansion

0.4pp

XEL Gross margin

Over the last 3 years, the average gross margin for Xcel Energy was 45.99%. The latest gross margin for Xcel Energy is 48.8%, 2.8 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 48.8% in Jun 2026.

XEL Operating margin

The average operating margin for Xcel Energy was 18.06% during the last 3 years. At present, the current operating margin for Xcel Energy is 19.1%, 1 percentage points above its three-year average. The operating margin for Xcel Energy moved between 16.5% in Sep 2025 and 19.1% in Jun 2026.

XEL EBITDA margin

Xcel Energy recorded an average EBITDA margin of 41.07% across the last 3 years. Compared with its three-year average, Xcel Energy's current EBITDA margin is 45% and is 3.9 percentage points above its three-year average. Over the last 3 years, Xcel Energy's EBITDA margin peaked at 45% in Jun 2026 and reached a low of 36.3% in Dec 2023.

XEL Net margin

The average net margin for Xcel Energy was 13.93% over the last 3 years. As of the latest period, the current net margin for Xcel Energy is 15.3%, 1.4 percentage points above its three-year average. The net margin for Xcel Energy moved between 12.5% in Dec 2023 and 15.3% in Jun 2026.

XEL margin group comparison

Margins compared with peer-group, industry and sector averages

Xcel Energy's gross margin of 48.8% is above the Utilities sector, the industry and its peers average. Compared to its Utilities sector average of 42.8%, Xcel Energy's gross margin is 14% higher.

XEL margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Xcel Energy's gross margin?

For the period ending Jun 30, 2026, XEL recorded a gross margin of 48.8%.

What is Xcel Energy's operating margin?

As of Jun 30, 2026, XEL has an operating margin of 19.1%.

What is Xcel Energy's EBITDA margin?

The current EBITDA margin for XEL is 45% as of Jun 30, 2026.

What is Xcel Energy's net margin?

The current net margin for XEL is 15.3% as of Jun 30, 2026.

What are the average margins of XEL?

Across the last 3 years, XEL averaged 46.0% gross, 18.1% operating, 41.1% EBITDA, and 13.9% net.

What are the highest historical margins of XEL?

Over the last 5 years, Xcel Energy's highest margins were 48.8% gross in Jun 2026, 19.1% operating in Jun 2026, 45% EBITDA in Jun 2026, and 15.3% net in Jun 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.