XPLR Infrastructure, LP XIFR
XPLR, through its ownership in XPLR OpCo, has a partial ownership interest in a clean energy infrastructure portfolio in the U.S. with approximately 10 gigawatts of net generating capacity in 28 states as of December 31, 2025 and is one of the largest generators of energy from the wind and sun in the U.S. based on 2025 MWh produced on a net generation basis. XPLR's portfolio is diversified across generation technologies including wind, solar and battery storage projects.
XPLR believes anticipated long-term growth in U.S. electricity demand will create opportunities for XPLR to invest in its existing portfolio, including through additional investments in renewable energy repowering projects and co-located battery storage and through renewing, extending or recontracting existing PPAs. XPLR also plans to pursue investment opportunities in areas adjacent to its existing clean energy projects, with a focus on assets that are expected to provide incremental cash flows and opportunities for growth. XPLR believes its cash flow profile, geographic, technological and resource diversity, operational excellence, contractual relationships with NEE and disciplined approach to capital allocation provide XPLR with a competitive advantage and position XPLR well to take advantage of opportunities in the growing U.S. power sector.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.19B | $1.23B | $1.08B | $969.0M | $722.0M | $917.0M | $855.0M | $771.0M | $807.0M | $772.0M |
| Total operating expenses | $1.38B | $1.70B | $1.11B | $961.0M | $653.0M | $662.0M | $622.0M | $481.0M | $495.0M | $470.0M |
| Operating income | -$186.0M | -$459.0M | -$28.0M | $44.0M | $64.0M | $253.0M | $233.0M | $443.0M | $312.0M | $302.0M |
| Interest expense | — | — | — | — | — | $620.0M | $702.0M | $248.0M | $199.0M | $152.0M |
| Pre-tax income | -$477.0M | -$454.0M | -$279.0M | $1.13B | $303.0M | -$257.0M | -$430.0M | $273.0M | $281.0M | $440.0M |
| Income tax | $78.0M | $42.0M | $25.0M | $161.0M | $37.0M | $19.0M | $26.0M | $6.0M | $167.0M | $57.0M |
| Net income | -$28.0M | -$23.0M | $200.0M | $477.0M | $137.0M | -$55.0M | -$88.0M | $167.0M | -$64.0M | $83.0M |
| EPS, basic | -0.30 | -0.25 | 2.18 | 5.62 | 1.77 | -0.81 | -1.51 | 3.05 | -1.18 | 1.90 |
| EPS, diluted | — | — | — | 5.62 | 1.77 | -0.81 | -1.51 | 2.91 | -1.18 | 1.90 |
| Shares, diluted (wtd. avg.) | $93.9M | $93.5M | $91.6M | $84.9M | $77.4M | $68.4M | $58.8M | $74.6M | $54.2M | $43.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $960.0M | $283.0M | $294.0M | $284.0M | $151.0M | $112.0M | $132.0M | $166.0M | $198.0M | $191.0M |
| Receivables | $102.0M | $105.0M | $114.0M | $117.0M | $112.0M | $83.0M | $79.0M | $63.0M | $85.0M | $87.0M |
| Inventory | $103.0M | $108.0M | $82.0M | $49.0M | $41.0M | $24.0M | $20.0M | — | — | — |
| Total current assets | $1.42B | $860.0M | $2.22B | $1.86B | $1.41B | $414.0M | $433.0M | $340.0M | $398.0M | $367.0M |
| Property, plant and equipment | $15.37B | $14.55B | $14.84B | $14.19B | $11.42B | $7.16B | $6.97B | $6.77B | $6.20B | $6.30B |
| Goodwill | $0 | $253.0M | $833.0M | $812.0M | $891.0M | $609.0M | $609.0M | $584.0M | $628.0M | $628.0M |
| Total assets | $19.59B | $20.29B | $22.51B | $23.05B | $18.98B | $12.56B | $12.26B | $9.40B | $8.43B | $8.66B |
| Accounts payable | $58.0M | $65.0M | $72.0M | $867.0M | $982.0M | $143.0M | $122.0M | $10.0M | $26.0M | $331.0M |
| Short-term debt | $762.0M | $705.0M | $1.35B | $38.0M | $33.0M | $12.0M | $12.0M | $707.0M | $99.0M | $78.0M |
| Total current liabilities | $1.57B | $1.09B | $1.67B | $1.33B | $1.26B | $350.0M | $301.0M | $859.0M | $276.0M | $818.0M |
| Long-term debt | $5.44B | $4.61B | $4.94B | $5.25B | $5.29B | $3.38B | $4.13B | $2.73B | $4.22B | $3.51B |
| Total liabilities | $8.70B | $7.43B | $8.45B | $8.28B | $7.82B | $4.86B | $5.19B | $3.87B | $6.20B | $6.09B |
| Total equity | $10.90B | $12.87B | $14.06B | $14.67B | $10.84B | $7.71B | $7.07B | $5.54B | $2.22B | $2.58B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $739.0M | $800.0M | $731.0M | $776.0M | $677.0M | $665.0M | $346.0M | $362.0M | $413.0M | $415.0M |
| Depreciation and amortisation | $544.0M | $531.0M | $504.0M | $378.0M | $242.0M | $247.0M | $236.0M | $199.0M | $204.0M | $213.0M |
| Capital expenditure | $958.0M | $241.0M | $1.27B | $1.35B | $113.0M | $334.0M | $93.0M | $25.0M | $349.0M | $861.0M |
| Investing cash flow | $630.0M | $1.24B | -$194.0M | -$1.19B | -$2.30B | -$681.0M | -$2.35B | -$763.0M | -$1.37B | -$1.72B |
| Financing cash flow | -$674.0M | -$2.00B | -$527.0M | $551.0M | $1.66B | -$4.0M | $1.97B | $371.0M | $959.0M | $1.30B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001603145-26-000007.
Others in SIC 4911
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NEE | NEXTERA ENERGY INC | $173.98B | 25.3x | 9.8% |
| CEG | Constellation Energy Corp | $105.92B | 40.4x | 19.5% |
| AEP | AMERICAN ELECTRIC POWER CO INC | $67.74B | 18.7x | 8.7% |
| D | DOMINION ENERGY, INC | $57.90B | 19.1x | 16.5% |
| VST | Vistra Corp. | $50.11B | 68.5x | 19.1% |
| DTE | DTE ENERGY CO | $28.31B | 19.4x | — |
| FE | FIRSTENERGY CORP | $27.05B | 26.6x | 12.0% |
| ES | EVERSOURCE ENERGY | $26.76B | 15.6x | 14.3% |