XNPV Function in Excel: NPV for Cash Flows on Specific Dates

XNPV Function in Excel: NPV for Cash Flows on Specific Dates featured illustration

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⏱ 2 min readUpdated 5 October 2026

FinancialLevel: ExpertAvailable in: Excel 2007+

In this article
  1. Syntax
  2. Examples
  3. Example 1
  4. XNPV in practice
  5. Where you will use it
  6. Worked example
  7. Mistakes people make
  8. Related functions
  9. Continue learning

XNPV discounts cash flows that happen on irregular dates — more accurate than NPV for real projects.

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Syntax

=XNPV(rate, values, dates)
Argument What it means
rate Annual discount rate.
dates Matching dates; the first is the base date.

Examples

Example 1

=XNPV(10%, B2:B8, A2:A8)

Project value at 10% with payments on actual dates.

XNPV in practice

Where you will use it

  • NPV with real dates
  • Project cash flows on irregular dates
  • Deal valuation

Worked example

RateFormulaResult
0.08=TEXT(XNPV(A2,$H$1:$K$1,$H$2:$K$2),"#,##0")10,445
0.12=TEXT(XNPV(A3,$H$1:$K$1,$H$2:$K$2),"#,##0")6,234
0.15=TEXT(XNPV(A4,$H$1:$K$1,$H$2:$K$2),"#,##0")3,288

Results calculated in Excel.

Mistakes people make

MistakeWhat to do instead
RateAnnual rate, not monthly
DatesMust be real dates

NPV · XIRR

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📎 Practice files for this article

  • 📗
    Practice workbook: Financial: EMI, SIP, NPV, IRR, depreciation23 tasks on realistic sales data — type your formula, the Check column turns green when it is right. Answers sheet included.
    ⬇ XLSX · 35 KB

Free to use for learning. Files with macros (.bas) are plain text — import them with Alt+F11 → File → Import File, and always test on a copy.

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