XNPV Cash Flow Calculator
XNPV is the date-accurate version of net present value. When cash flows arrive on irregular calendar dates rather than neat yearly intervals, the plain NPV formula misstates their present worth. XNPV fixes this by discounting each flow over the exact number of days from the first one, on an Actual/365 basis, then adding the results. Feed it a discount rate that reflects your required return and it tells you whether a dated cash-flow stream creates or destroys value today. Paste your dated cash flows below (negative for money out, positive for money in) and set your discount rate to see the XNPV.
XNPV formula
XNPV = sum of CF_i / (1 + rate)^(d_i / 365)
where d_i = days between flow i and the first flow
The first cash flow is not discounted (d = 0)
Each cash flow is discounted by the exact elapsed calendar days over 365. Summing them gives the present value of the whole dated stream at your discount rate.
Using XNPV
- A positive XNPV means the stream adds value at your discount rate; a negative XNPV destroys value.
- Use a discount rate equal to your required return, hurdle rate, or cost of capital.
- Order does not matter; the dates control the discounting, not the line order.
- The undiscounted net is the simple sum of cash flows, useful as a sanity check.
- If XNPV is near zero, your discount rate is close to the stream's XIRR.
XNPV: frequently asked questions
What is XNPV?
XNPV is the net present value of a series of cash flows that occur on irregular dates. Unlike standard NPV, which assumes equally spaced periods, XNPV discounts each cash flow by the exact number of days from the first flow, using an Actual/365 day count, then sums the discounted values.
How is XNPV calculated?
XNPV equals the sum over all cash flows of CF divided by (1 + rate) raised to (days since the first flow divided by 365). The first flow is the reference date and is not discounted. A positive XNPV means the cash flows are worth more than zero at your chosen discount rate.
What discount rate should I use?
Use a rate that reflects your opportunity cost or required return: for many investors this is the weighted average cost of capital or a hurdle rate. A higher discount rate reduces the present value of distant cash flows. The right rate is a user judgement, so it is an editable input here.
What does a positive or negative XNPV mean?
A positive XNPV means the project or investment is expected to add value at your discount rate; the inflows outweigh the outflows in present-value terms. A negative XNPV means it destroys value at that rate. An XNPV of zero means the cash flows exactly earn the discount rate, which is the XIRR.
How does XNPV relate to XIRR?
XIRR is the discount rate at which XNPV equals zero. If you compute XNPV at the XIRR, you get approximately zero. XNPV answers what a stream is worth at a chosen rate; XIRR answers what rate the stream itself earns.
Official sources
- U.S. Securities and Exchange Commission, Investor.gov: Compound interest and present value concepts.
- U.S. Securities and Exchange Commission, Investor.gov: Investing glossary.
Reviewed by the CalculatorHub team, edited by James Graham, 17 June 2026. See our methodology.