Excel XIRR function
Returns the yearly internal rate of return of cash flows on irregular dates. In Spanish Excel it is called TIR.NO.PER.
Syntax
English Excel
=XIRR(values, dates, [guess])
Spanish Excel (Mexico)
=TIR.NO.PER(valores, fechas, [estimar])
Spanish Excel (Spain, Latin America)
=TIR.NO.PER(valores; fechas; [estimar])
| Argument | What it is |
|---|---|
| values | The cash flows, with at least one negative and one positive. |
| dates | Each flow’s date. |
| guessoptional | A starting point for the calculation; rarely needed. |
Example
NPV and IRR assume one cash flow per period, all evenly spaced. When payments arrive on irregular dates, XNPV(rate, flows, dates) and XIRR(flows, dates) discount each one by the days since the first.
=XIRR(B2:B7,A2:A7)
Common mistake
It returns #NUM! when every flow has the same sign. The result is already yearly, even with monthly payments.
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Practice XIRR
Type the formula in the sheet and check it instantly. Spanish or English function names both work. See all lessons
XNPV and XIRR: cash flows on real dates
NPV and IRR assume one cash flow per period, all evenly spaced. When payments arrive on irregular dates, XNPV(rate, flows, dates) and XIRR(flows, dates) discount each one by the days since the first.
In E2, calculate the investment’s net present value with the rate in E1 and the real dates.
| A | B | C | D | E | F | |
|---|---|---|---|---|---|---|
| 1 | Date | Cash flow | Discount rate | 12% | ||
| 2 | 01/15/2025 | -150,000.00 | NPV with dates | |||
| 3 | 03/01/2025 | 28,000.00 | IRR with dates | |||
| 4 | 06/20/2025 | 41,000.00 | ||||
| 5 | 08/05/2025 | 35,000.00 | ||||
| 6 | 11/30/2025 | 47,000.00 | ||||
| 7 | 02/10/2026 | 52,000.00 | ||||
| 8 |
Tip: while typing, click a cell or drag across several to insert their reference. F4 anchors the reference with $.
Frequently asked questions
- What is XIRR called in Spanish?
- In Spanish Excel it is TIR.NO.PER. The formula =XIRR(B2:B7,A2:A7) is written =TIR.NO.PER(B2:B7;A2:A7) (or with commas in Mexico).
- Why does XIRR use semicolons in some Excel versions?
- It depends on regional settings. Where the comma is the decimal mark (Spain, much of South America), Excel separates arguments with semicolons. English Excel and Mexican Spanish Excel use commas.
- What is the most common XIRR mistake?
- It returns #NUM! when every flow has the same sign. The result is already yearly, even with monthly payments.