XCEL ENERGY INC
XEL Utilities · UtilitiesEach grade is a single reported quarter's assessment, never an average — a card shows the grade at the newest quarter in view, so it follows the period and range controls above. Latest scored quarter: 2026-06-30.
▲+6 over range · as of 2026-06-30
Revenue -5.1% YoY, earnings +32.0% YoY · sector avg 73
▼−22 over range · as of 2026-06-30
18.8% net margin, 9% return on equity, -53% free-cash-flow margin, profitable in 8 of last 8 quarters · sector avg 51
▼−37 over range · as of 2026-06-30
Net debt 6.5x EBITDA, 2x interest coverage, 0.7x current ratio · sector avg 65
Latest quarter · ending 2026-06-30 · green = improving · click a row to chart it
Revenue $3.1B −22.4% Gross margin — — Operating margin 22.6% +3.9pp Net margin 18.8% +5.0pp Net income $586.0M +5.4%Filings
Full history 38 match| Year | Q1 | Q2 | Q3 | FY |
|---|---|---|---|---|
| 2026 | 10-Q Q1 2026 | 10-Q Q2 2026 | no filing | no filing |
| 2025 | 10-Q Q1 2025 | 10-Q Q2 2025 | 10-Q Q3 2025 | 10-K FY 2025 |
| 2024 | 10-Q Q1 2024 | 10-Q Q2 2024 | 10-Q Q3 2024 | 10-K FY 2024 |
| 2023 | 10-Q Q1 2023 | 10-Q Q2 2023 | 10-Q Q3 2023 | 10-K FY 2023 |
| 2022 | 10-Q Q1 2022 | 10-Q Q2 2022 | 10-Q Q3 2022 | 10-K FY 2022 |
| 2021 | 10-Q Q1 2021 | 10-Q Q2 2021 | 10-Q Q3 2021 | 10-K FY 2021 |
| 2020 | 10-Q Q1 2020 | 10-Q Q2 2020 | 10-Q Q3 2020 | 10-K FY 2020 |
| 2019 | no filing | no filing | 10-Q Q3 2019 | 10-K FY 2019 |
All 38 filings
10-K FY 2024 2025-02-27 Pro → 10-Q Q3 2024 2024-10-31 Pro → 10-Q Q2 2024 2024-08-01 Pro → 10-Q Q1 2024 2024-04-25 Pro → 10-K FY 2023 2024-02-21 Pro → 10-Q Q3 2023 2023-10-27 Pro → 10-Q Q2 2023 2023-07-27 Pro → 10-Q Q1 2023 2023-04-27 Pro → 10-K FY 2022 2023-02-23 Pro → 10-Q Q3 2022 2022-10-27 Pro → 10-Q Q2 2022 2022-07-28 Pro → 10-Q Q1 2022 2022-04-28 Pro → 10-K FY 2021 2022-02-23 Pro → 10-Q Q3 2021 2021-10-28 Pro → 10-Q Q2 2021 2021-07-29 Pro → 10-Q Q1 2021 2021-04-29 Pro → 10-K FY 2020 2021-02-17 Pro → 10-Q Q3 2020 2020-10-29 Pro → 10-Q Q2 2020 2020-07-31 Pro → 10-Q Q1 2020 2020-05-07 Pro → 10-K FY 2019 2020-02-21 Pro → 10-Q Q3 2019 2019-10-25 Pro → 10-K FY 2018 2019-02-22 Pro → 10-K FY 2017 2018-02-23 Pro → 10-K FY 2016 2017-02-24 Pro → 10-K FY 2015 2016-02-19 Pro → 10-K FY 2014 2015-02-20 Pro → 10-K FY 2013 2014-02-21 Pro → 10-K FY 2012 2013-02-22 Pro → 10-K FY 2011 2012-02-24 Pro → 10-K FY 2010 2011-02-28 Pro → 10-K FY 2009 2010-02-26 Pro →Filing-level fact detail is a Pro feature. The grades and figures above are free. See Pro plans
Trends
| Period | Period end | Revenue |
|---|---|---|
| 09-03 | 2009-03-31 | $2.7B |
| 09-06 | 2009-06-30 | $2.0B |
| 09-09 | 2009-09-30 | $2.3B |
| 09-12 | 2009-12-31 | $2.6B |
| 10-03 | 2010-03-31 | $2.8B |
| 10-06 | 2010-06-30 | $2.3B |
| 10-09 | 2010-09-30 | $2.6B |
| 10-12 | 2010-12-31 | $2.6B |
| 11-03 | 2011-03-31 | $2.8B |
| 11-06 | 2011-06-30 | $2.4B |
| 11-09 | 2011-09-30 | $2.8B |
| 11-12 | 2011-12-31 | $2.6B |
| 12-03 | 2012-03-31 | $2.6B |
| 12-06 | 2012-06-30 | $2.3B |
| 12-09 | 2012-09-30 | $2.7B |
| 12-12 | 2012-12-31 | $2.6B |
| 13-03 | 2013-03-31 | $2.8B |
| 13-06 | 2013-06-30 | $2.6B |
| 13-09 | 2013-09-30 | $2.8B |
| 13-12 | 2013-12-31 | $2.7B |
| 14-03 | 2014-03-31 | $3.2B |
| 14-06 | 2014-06-30 | $2.7B |
| 14-09 | 2014-09-30 | $2.9B |
| 14-12 | 2014-12-31 | $2.9B |
| 15-03 | 2015-03-31 | $3.0B |
| 15-06 | 2015-06-30 | $2.5B |
| 15-09 | 2015-09-30 | $2.9B |
| 15-12 | 2015-12-31 | $2.6B |
| 16-03 | 2016-03-31 | $2.8B |
| 16-06 | 2016-06-30 | $2.5B |
| 16-09 | 2016-09-30 | $3.0B |
| 16-12 | 2016-12-31 | $2.8B |
| 17-03 | 2017-03-31 | $2.9B |
| 17-06 | 2017-06-30 | $2.6B |
| 17-09 | 2017-09-30 | $3.0B |
| 17-12 | 2017-12-31 | $2.8B |
| 18-03 | 2018-03-31 | $3.0B |
| 18-06 | 2018-06-30 | $2.7B |
| 18-09 | 2018-09-30 | $3.0B |
| 18-12 | 2018-12-31 | $2.9B |
| 19-03 | 2019-03-31 | $3.1B |
| 19-06 | 2019-06-30 | $2.6B |
| 19-09 | 2019-09-30 | $3.0B |
| 19-12 | 2019-12-31 | $2.8B |
| 20-03 | 2020-03-31 | $2.8B |
| 20-06 | 2020-06-30 | $2.6B |
| 20-09 | 2020-09-30 | $3.2B |
| 20-12 | 2020-12-31 | $2.9B |
| 21-03 | 2021-03-31 | $3.5B |
| 21-06 | 2021-06-30 | $3.1B |
| 21-09 | 2021-09-30 | $3.5B |
| 21-12 | 2021-12-31 | $2.9B |
| 22-03 | 2022-03-31 | $3.8B |
| 22-06 | 2022-06-30 | $3.4B |
| 22-09 | 2022-09-30 | $4.1B |
| 22-12 | 2022-12-31 | $4.1B |
| 23-03 | 2023-03-31 | $4.1B |
| 23-06 | 2023-06-30 | $3.0B |
| 23-09 | 2023-09-30 | $3.7B |
| 23-12 | 2023-12-31 | $3.4B |
| 24-03 | 2024-03-31 | $3.6B |
| 24-06 | 2024-06-30 | $3.0B |
| 24-09 | 2024-09-30 | $3.6B |
| 24-12 | 2024-12-31 | $3.1B |
| 25-03 | 2025-03-31 | $3.9B |
| 25-06 | 2025-06-30 | $3.3B |
| 25-09 | 2025-09-30 | $3.9B |
| 25-12 | 2025-12-31 | $3.6B |
| 26-03 | 2026-03-31 | $4.0B |
| 26-06 | 2026-06-30 | $3.1B |
| Period | Period end | Net income |
|---|---|---|
| 09-03 | 2009-03-31 | $174.1M |
| 09-06 | 2009-06-30 | $117.1M |
| 09-09 | 2009-09-30 | $220.8M |
| 09-12 | 2009-12-31 | $168.9M |
| 10-03 | 2010-03-31 | $167.1M |
| 10-06 | 2010-06-30 | $139.8M |
| 10-09 | 2010-09-30 | $312.3M |
| 10-12 | 2010-12-31 | $136.6M |
| 11-03 | 2011-03-31 | $203.6M |
| 11-06 | 2011-06-30 | $158.8M |
| 11-09 | 2011-09-30 | $338.3M |
| 11-12 | 2011-12-31 | $140.5M |
| 12-03 | 2012-03-31 | $183.9M |
| 12-06 | 2012-06-30 | $183.1M |
| 12-09 | 2012-09-30 | $398.1M |
| 12-12 | 2012-12-31 | $140.2M |
| 13-03 | 2013-03-31 | $236.6M |
| 13-06 | 2013-06-30 | $196.9M |
| 13-09 | 2013-09-30 | $364.8M |
| 13-12 | 2013-12-31 | $150.1M |
| 14-03 | 2014-03-31 | $261.2M |
| 14-06 | 2014-06-30 | $195.2M |
| 14-09 | 2014-09-30 | $368.6M |
| 14-12 | 2014-12-31 | $196.3M |
| 15-03 | 2015-03-31 | $152.1M |
| 15-06 | 2015-06-30 | $196.9M |
| 15-09 | 2015-09-30 | $426.5M |
| 15-12 | 2015-12-31 | $209.0M |
| 16-03 | 2016-03-31 | $241.0M |
| 16-06 | 2016-06-30 | $197.0M |
| 16-09 | 2016-09-30 | $458.0M |
| 16-12 | 2016-12-31 | $227.0M |
| 17-03 | 2017-03-31 | $239.0M |
| 17-06 | 2017-06-30 | $227.0M |
| 17-09 | 2017-09-30 | $492.0M |
| 17-12 | 2017-12-31 | $189.0M |
| 18-03 | 2018-03-31 | $291.0M |
| 18-06 | 2018-06-30 | $265.0M |
| 18-09 | 2018-09-30 | $491.0M |
| 18-12 | 2018-12-31 | $214.0M |
| 19-03 | 2019-03-31 | $315.0M |
| 19-06 | 2019-06-30 | $238.0M |
| 19-09 | 2019-09-30 | $527.0M |
| 19-12 | 2019-12-31 | $292.0M |
| 20-03 | 2020-03-31 | $295.0M |
| 20-06 | 2020-06-30 | $287.0M |
| 20-09 | 2020-09-30 | $603.0M |
| 20-12 | 2020-12-31 | $288.0M |
| 21-03 | 2021-03-31 | $362.0M |
| 21-06 | 2021-06-30 | $311.0M |
| 21-09 | 2021-09-30 | $609.0M |
| 21-12 | 2021-12-31 | $288.0M |
| 22-03 | 2022-03-31 | $380.0M |
| 22-06 | 2022-06-30 | $328.0M |
| 22-09 | 2022-09-30 | $649.0M |
| 22-12 | 2022-12-31 | $379.0M |
| 23-03 | 2023-03-31 | $418.0M |
| 23-06 | 2023-06-30 | $288.0M |
| 23-09 | 2023-09-30 | $656.0M |
| 23-12 | 2023-12-31 | $409.0M |
| 24-03 | 2024-03-31 | $488.0M |
| 24-06 | 2024-06-30 | $302.0M |
| 24-09 | 2024-09-30 | $682.0M |
| 24-12 | 2024-12-31 | $464.0M |
| 25-03 | 2025-03-31 | $483.0M |
| 25-06 | 2025-06-30 | $444.0M |
| 25-09 | 2025-09-30 | $524.0M |
| 25-12 | 2025-12-31 | $567.0M |
| 26-03 | 2026-03-31 | $556.0M |
| 26-06 | 2026-06-30 | $586.0M |
| Period | Period end | Operating income |
|---|---|---|
| 09-03 | 2009-03-31 | $370.8M |
| 09-06 | 2009-06-30 | $279.4M |
| 09-09 | 2009-09-30 | $465.1M |
| 09-12 | 2009-12-31 | $353.3M |
| 10-03 | 2010-03-31 | $403.7M |
| 10-06 | 2010-06-30 | $325.3M |
| 10-09 | 2010-09-30 | $568.6M |
| 10-12 | 2010-12-31 | $322.4M |
| 11-03 | 2011-03-31 | $426.7M |
| 11-06 | 2011-06-30 | $359.4M |
| 11-09 | 2011-09-30 | $651.5M |
| 11-12 | 2011-12-31 | $344.0M |
| 12-03 | 2012-03-31 | $380.2M |
| 12-06 | 2012-06-30 | $405.7M |
| 12-09 | 2012-09-30 | $720.4M |
| 12-12 | 2012-12-31 | $316.4M |
| 13-03 | 2013-03-31 | $454.6M |
| 13-06 | 2013-06-30 | $402.2M |
| 13-09 | 2013-09-30 | $665.1M |
| 13-12 | 2013-12-31 | $325.6M |
| 14-03 | 2014-03-31 | $494.0M |
| 14-06 | 2014-06-30 | $397.2M |
| 14-09 | 2014-09-30 | $665.7M |
| 14-12 | 2014-12-31 | $391.2M |
| 15-03 | 2015-03-31 | $350.8M |
| 15-06 | 2015-06-30 | $422.8M |
| 15-09 | 2015-09-30 | $785.8M |
| 15-12 | 2015-12-31 | $441.0M |
| 16-03 | 2016-03-31 | $490.0M |
| 16-06 | 2016-06-30 | $432.0M |
| 16-09 | 2016-09-30 | $827.0M |
| 16-12 | 2016-12-31 | $465.0M |
| 17-03 | 2017-03-31 | $492.0M |
| 17-06 | 2017-06-30 | $466.0M |
| 17-09 | 2017-09-30 | $824.0M |
| 17-12 | 2017-12-31 | $440.0M |
| 18-03 | 2018-03-31 | $480.0M |
| 18-06 | 2018-06-30 | $450.0M |
| 18-09 | 2018-09-30 | $696.0M |
| 18-12 | 2018-12-31 | $339.0M |
| 19-03 | 2019-03-31 | $486.0M |
| 19-06 | 2019-06-30 | $410.0M |
| 19-09 | 2019-09-30 | $758.0M |
| 19-12 | 2019-12-31 | $450.0M |
| 20-03 | 2020-03-31 | $455.0M |
| 20-06 | 2020-06-30 | $422.0M |
| 20-09 | 2020-09-30 | $813.0M |
| 20-12 | 2020-12-31 | $426.0M |
| 21-03 | 2021-03-31 | $507.0M |
| 21-06 | 2021-06-30 | $438.0M |
| 21-09 | 2021-09-30 | $825.0M |
| 21-12 | 2021-12-31 | $426.0M |
| 22-03 | 2022-03-31 | $510.0M |
| 22-06 | 2022-06-30 | $469.0M |
| 22-09 | 2022-09-30 | $924.0M |
| 22-12 | 2022-12-31 | $525.0M |
| 23-03 | 2023-03-31 | $573.0M |
| 23-06 | 2023-06-30 | $418.0M |
| 23-09 | 2023-09-30 | $915.0M |
| 23-12 | 2023-12-31 | $575.0M |
| 24-03 | 2024-03-31 | $679.0M |
| 24-06 | 2024-06-30 | $449.0M |
| 24-09 | 2024-09-30 | $911.0M |
| 24-12 | 2024-12-31 | $347.0M |
| 25-03 | 2025-03-31 | $677.0M |
| 25-06 | 2025-06-30 | $577.0M |
| 25-09 | 2025-09-30 | $749.0M |
| 25-12 | 2025-12-31 | $580.0M |
| 26-03 | 2026-03-31 | $754.0M |
| 26-06 | 2026-06-30 | $706.0M |
| Period | Period end | EPS (diluted) |
|---|---|---|
| 09-03 | 2009-03-31 | $0.38 |
| 09-06 | 2009-06-30 | $0.25 |
| 09-09 | 2009-09-30 | $0.48 |
| 09-12 | 2009-12-31 | $0.37 |
| 10-03 | 2010-03-31 | $0.36 |
| 10-06 | 2010-06-30 | $0.30 |
| 10-09 | 2010-09-30 | $0.67 |
| 10-12 | 2010-12-31 | $0.29 |
| 11-03 | 2011-03-31 | $0.42 |
| 11-06 | 2011-06-30 | $0.33 |
| 11-09 | 2011-09-30 | $0.69 |
| 11-12 | 2011-12-31 | $0.29 |
| 12-03 | 2012-03-31 | $0.38 |
| 12-06 | 2012-06-30 | $0.38 |
| 12-09 | 2012-09-30 | $0.81 |
| 12-12 | 2012-12-31 | $0.29 |
| 13-03 | 2013-03-31 | $0.48 |
| 13-06 | 2013-06-30 | $0.40 |
| 13-09 | 2013-09-30 | $0.73 |
| 13-12 | 2013-12-31 | $0.30 |
| 14-03 | 2014-03-31 | $0.52 |
| 14-06 | 2014-06-30 | $0.39 |
| 14-09 | 2014-09-30 | $0.73 |
| 14-12 | 2014-12-31 | $0.39 |
| 15-03 | 2015-03-31 | $0.30 |
| 15-06 | 2015-06-30 | $0.39 |
| 15-09 | 2015-09-30 | $0.84 |
| 15-12 | 2015-12-31 | $0.41 |
| 16-03 | 2016-03-31 | $0.47 |
| 16-06 | 2016-06-30 | $0.39 |
| 16-09 | 2016-09-30 | $0.90 |
| 16-12 | 2016-12-31 | $0.45 |
| 17-03 | 2017-03-31 | $0.47 |
| 17-06 | 2017-06-30 | $0.45 |
| 17-09 | 2017-09-30 | $0.97 |
| 17-12 | 2017-12-31 | $0.37 |
| 18-03 | 2018-03-31 | $0.57 |
| 18-06 | 2018-06-30 | $0.52 |
| 18-09 | 2018-09-30 | $0.96 |
| 18-12 | 2018-12-31 | $0.42 |
| 19-03 | 2019-03-31 | $0.61 |
| 19-06 | 2019-06-30 | $0.46 |
| 19-09 | 2019-09-30 | $1.01 |
| 19-12 | 2019-12-31 | $0.56 |
| 20-03 | 2020-03-31 | $0.56 |
| 20-06 | 2020-06-30 | $0.54 |
| 20-09 | 2020-09-30 | $1.14 |
| 20-12 | 2020-12-31 | $0.54 |
| 21-03 | 2021-03-31 | $0.67 |
| 21-06 | 2021-06-30 | $0.58 |
| 21-09 | 2021-09-30 | $1.13 |
| 21-12 | 2021-12-31 | $0.54 |
| 22-03 | 2022-03-31 | $0.70 |
| 22-06 | 2022-06-30 | $0.60 |
| 22-09 | 2022-09-30 | $1.18 |
| 22-12 | 2022-12-31 | not reported |
| 23-03 | 2023-03-31 | $0.76 |
| 23-06 | 2023-06-30 | $0.52 |
| 23-09 | 2023-09-30 | $1.19 |
| 23-12 | 2023-12-31 | not reported |
| 24-03 | 2024-03-31 | $0.88 |
| 24-06 | 2024-06-30 | $0.54 |
| 24-09 | 2024-09-30 | $1.21 |
| 24-12 | 2024-12-31 | not reported |
| 25-03 | 2025-03-31 | $0.84 |
| 25-06 | 2025-06-30 | $0.75 |
| 25-09 | 2025-09-30 | $0.88 |
| 25-12 | 2025-12-31 | not reported |
| 26-03 | 2026-03-31 | $0.89 |
| 26-06 | 2026-06-30 | $0.93 |
Grade history
Point-in-time: each period shows the grade of the quarter it ends at — grades are never summed or averaged across a window.
Hover to read every grade at a period · shared with the trends chart · axis fixed 0–100
| Period | Period end | Growth | Quality | Safety |
|---|---|---|---|---|
| 09-03 | 2009-03-31 | not scored | not scored | not scored |
| 09-06 | 2009-06-30 | not scored | not scored | not scored |
| 09-09 | 2009-09-30 | not scored | not scored | not scored |
| 09-12 | 2009-12-31 | not scored | not scored | not scored |
| 10-03 | 2010-03-31 | not scored | not scored | not scored |
| 10-06 | 2010-06-30 | not scored | not scored | not scored |
| 10-09 | 2010-09-30 | not scored | not scored | not scored |
| 10-12 | 2010-12-31 | not scored | not scored | not scored |
| 11-03 | 2011-03-31 | not scored | not scored | not scored |
| 11-06 | 2011-06-30 | not scored | not scored | not scored |
| 11-09 | 2011-09-30 | not scored | not scored | not scored |
| 11-12 | 2011-12-31 | not scored | not scored | not scored |
| 12-03 | 2012-03-31 | not scored | not scored | not scored |
| 12-06 | 2012-06-30 | not scored | not scored | not scored |
| 12-09 | 2012-09-30 | not scored | not scored | not scored |
| 12-12 | 2012-12-31 | not scored | not scored | not scored |
| 13-03 | 2013-03-31 | not scored | not scored | not scored |
| 13-06 | 2013-06-30 | not scored | not scored | not scored |
| 13-09 | 2013-09-30 | not scored | not scored | not scored |
| 13-12 | 2013-12-31 | not scored | not scored | not scored |
| 14-03 | 2014-03-31 | not scored | not scored | not scored |
| 14-06 | 2014-06-30 | not scored | not scored | not scored |
| 14-09 | 2014-09-30 | not scored | not scored | not scored |
| 14-12 | 2014-12-31 | not scored | not scored | not scored |
| 15-03 | 2015-03-31 | not scored | not scored | not scored |
| 15-06 | 2015-06-30 | not scored | not scored | not scored |
| 15-09 | 2015-09-30 | not scored | not scored | not scored |
| 15-12 | 2015-12-31 | not scored | not scored | not scored |
| 16-03 | 2016-03-31 | not scored | not scored | not scored |
| 16-06 | 2016-06-30 | not scored | not scored | not scored |
| 16-09 | 2016-09-30 | not scored | not scored | not scored |
| 16-12 | 2016-12-31 | not scored | not scored | not scored |
| 17-03 | 2017-03-31 | not scored | not scored | not scored |
| 17-06 | 2017-06-30 | not scored | not scored | not scored |
| 17-09 | 2017-09-30 | not scored | not scored | not scored |
| 17-12 | 2017-12-31 | not scored | not scored | not scored |
| 18-03 | 2018-03-31 | not scored | not scored | not scored |
| 18-06 | 2018-06-30 | not scored | not scored | not scored |
| 18-09 | 2018-09-30 | not scored | not scored | not scored |
| 18-12 | 2018-12-31 | not scored | not scored | not scored |
| 19-03 | 2019-03-31 | not scored | not scored | not scored |
| 19-06 | 2019-06-30 | not scored | not scored | not scored |
| 19-09 | 2019-09-30 | not scored | not scored | not scored |
| 19-12 | 2019-12-31 | not scored | not scored | not scored |
| 20-03 | 2020-03-31 | not scored | not scored | not scored |
| 20-06 | 2020-06-30 | not scored | not scored | not scored |
| 20-09 | 2020-09-30 | not scored | not scored | not scored |
| 20-12 | 2020-12-31 | not scored | not scored | not scored |
| 21-03 | 2021-03-31 | not scored | not scored | not scored |
| 21-06 | 2021-06-30 | not scored | not scored | not scored |
| 21-09 | 2021-09-30 | not scored | not scored | not scored |
| 21-12 | 2021-12-31 | not scored | not scored | not scored |
| 22-03 | 2022-03-31 | not scored | not scored | not scored |
| 22-06 | 2022-06-30 | not scored | not scored | not scored |
| 22-09 | 2022-09-30 | not scored | not scored | not scored |
| 22-12 | 2022-12-31 | not scored | not scored | not scored |
| 23-03 | 2023-03-31 | not scored | not scored | not scored |
| 23-06 | 2023-06-30 | not scored | not scored | not scored |
| 23-09 | 2023-09-30 | 37 | 66 | 63 |
| 23-12 | 2023-12-31 | 33 | 60 | 57 |
| 24-03 | 2024-03-31 | 46 | 56 | 54 |
| 24-06 | 2024-06-30 | 39 | 51 | 48 |
| 24-09 | 2024-09-30 | 31 | 54 | 62 |
| 24-12 | 2024-12-31 | 26 | 53 | 35 |
| 25-03 | 2025-03-31 | 26 | 41 | 33 |
| 25-06 | 2025-06-30 | 64 | 45 | 44 |
| 25-09 | 2025-09-30 | 20 | 34 | 25 |
| 25-12 | 2025-12-31 | 71 | 42 | 29 |
| 26-03 | 2026-03-31 | 37 | 32 | 31 |
| 26-06 | 2026-06-30 | 43 | 44 | 26 |