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Arphra AIPlain-English read on Xcel Energy Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $13.43B | $15.31B | $14.21B | $13.44B | $14.67B | $15.81B | $17.27B | $18.63B | $19.97B |
| Cost of revenue | $8.17B | $9.45B | $8.23B | $7.29B | $11.1B | $9.93B | $10.65B | $11.52B | $12.25B |
| Gross profit | $5.26B | $5.86B | $5.98B | $6.15B | $3.57B | $5.79B | $6.45B | $6.9B | $7.27B |
| Gross margin | +39.15% | +38.28% | +42.09% | +45.74% | +24.30% | +36.60% | +37.36% | +37.03% | +36.41% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $3.06B | $3.43B | $3.5B | $3.76B | $686M | $3.11B | $3.22B | $3.55B | $3.82B |
| Operating income | $2.2B | $2.43B | $2.48B | $2.39B | $2.88B | $2.91B | $3.08B | $3.31B | $3.67B |
| Operating margin | +16.40% | +15.86% | +17.46% | +17.75% | +19.63% | +18.38% | +17.85% | +17.75% | +18.36% |
| EBITDA | $4.6B | $5.08B | $5.2B | $5.59B | $6.07B | $6.28B | $7B | $7.38B | $8.16B |
| EBIT | $2.34B | $2.53B | $2.63B | $2.72B | $3.12B | $3.16B | $3.39B | $3.68B | $4.11B |
| Below the line | |||||||||
| Interest expense | $816M | $925M | $1B | $1.18B | $1.34B | $1.28B | $1.43B | $1.55B | $1.62B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$676M | -$827M | -$856M | -$852M | -$1.11B | — | — | — | — |
| Pre-tax income | $1.53B | $1.6B | $1.63B | $1.53B | $1.77B | $1.82B | $2B | $2.22B | $2.33B |
| Income tax expense | -$70M | -$135M | -$146M | -$402M | -$245M | -$169.07M | -$177.71M | -$198.07M | -$205.69M |
| Earnings | |||||||||
| Net income | $1.6B | $1.74B | $1.77B | $1.94B | $2.02B | $2.09B | $2.4B | $2.58B | $2.64B |
| Net income · continuing ops | $1.6B | $1.74B | $1.77B | $1.94B | $2.02B | $2.11B | $2.29B | $2.54B | $2.77B |
| Net margin | +11.89% | +11.34% | +12.47% | +14.40% | +13.76% | +13.24% | +13.91% | +13.85% | +13.21% |
| EPS · basic | $2.96 | $3.17 | $3.21 | $3.44 | $3.44 | $4.08 | $4.57 | $5.01 | $5.49 |
| EPS · diluted | $2.96 | $3.17 | $3.21 | $3.44 | $3.42 | $4.11 | $4.54 | $5.00 | $5.45 |
| EPS · low estimate | — | — | — | — | — | $4.07 | $4.45 | $4.77 | $5.19 |
| EPS · high estimate | — | — | — | — | — | $4.14 | $4.66 | $5.25 | $5.71 |
| Shares · basic | 539M | 547M | 552M | 563M | 587M | 592.32M | 585.04M | 586.38M | 582.83M |
| Shares · diluted | 540M | 547M | 552M | 563M | 589M | 586.49M | 593.57M | 593.61M | 592.65M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 11 | 13 | 12 |
| Analysts (EPS) | — | — | — | — | — | 12 | 13 | 8 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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