Excel XNPV function
Calculates the net present value of cash flows that arrive on irregular dates. In Spanish Excel it is called VNA.NO.PER.
Syntax
English Excel
=XNPV(rate, values, dates)
Spanish Excel (Mexico)
=VNA.NO.PER(tasa, valores, fechas)
Spanish Excel (Spain, Latin America)
=VNA.NO.PER(tasa; valores; fechas)
| Argument | What it is |
|---|---|
| rate | The yearly discount rate. |
| values | The cash flows, including the initial investment as a negative. |
| dates | Each flow’s date; the first one is the start. |
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.
=XNPV(E1,B2:B7,A2:A7)
Common mistake
Unlike NPV, the initial investment goes inside the range and is not discounted, since it is the starting date.
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Practice XNPV
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 XNPV called in Spanish?
- In Spanish Excel it is VNA.NO.PER. The formula =XNPV(E1,B2:B7,A2:A7) is written =VNA.NO.PER(E1;B2:B7;A2:A7) (or with commas in Mexico).
- Why does XNPV 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 XNPV mistake?
- Unlike NPV, the initial investment goes inside the range and is not discounted, since it is the starting date.