Xcel Energy Inc (XEL)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	1,625,000	1,601,000	1,527,000	1,467,000	1,500,000
Revenue	US$ in thousands	14,206,000	15,310,000	13,431,000	11,526,000	11,529,000
Pretax margin		11.44%	10.46%	11.37%	12.73%	13.01%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $1,625,000K ÷ $14,206,000K
= 11.44%

The pretax margin of Xcel Energy, Inc. has shown some fluctuations over the past five years. In 2023, the pretax margin increased to 11.44% from 10.46% in 2022. However, it is still lower than the levels seen in 2020 and 2019, where the pretax margin was 12.73% and 13.01% respectively. This suggests that the company's profitability before taxes has been somewhat inconsistent in recent years. It would be important to further analyze the factors influencing these fluctuations to assess the company's financial performance and sustainability.