# XIRR

Returns the internal rate of return for a schedule of cash flows that is not necessarily periodic.

## Syntax

XIRR(<table>, <values>, <dates>, [, <guess>[, <alternateResult>]])


### Parameters

Term Definition
table A table for which the values and dates expressions should be calculated.
values An expression that returns the cash flow value for each row of the table.
dates An expression that returns the cash flow date for each row of the table.
guess (Optional) An initial guess for the internal rate of return. If omitted, the default guess of 0.1 is used.
alternateResult (Optional) A value returned in place of an error when a solution cannot be determined.

## Return value

Internal rate of return for the given inputs. If the calculation fails to return a valid result, an error or value specified as alternateResult is returned.

## Remarks

• The value is calculated as the rate that satisfies the following function:

$$0=\sum^{N}_{j=1} \frac{P_{j}}{(1 + \text{rate})^{\frac{d_{j} - d_{1}}{365}}}$$

Where:

• $P_{j}$ is the $j^{th}$ payment
• $d_{j}$ is the $j^{th}$ payment date
• $d_{1}$ is the first payment date
• The series of cash flow values must contain at least one positive number and one negative number.

• Avoid using ISERROR or IFERROR functions to capture an error returned by XIRR. If some inputs to the function may result in a no solution error, providing an alternateResult parameter is the most reliable and highest performing way to handle the error.

• When the absolute value of initial payment is small, the calculation likely fails to return a valid result.

• Avoid including 0 values in payments. They will not impact the final result, and using 0 as initial payment will fail XIRR() calculation always.

• This function is not supported for use in DirectQuery mode when used in calculated columns or row-level security (RLS) rules.

## Example

The following formula calculates the internal rate of return of the CashFlows table:

= XIRR( CashFlows, [Payment], [Date] )

Date Payment
1/1/2014 -10000
3/1/2014 2750
10/30/2014 4250
2/15/2015 3250
4/1/2015 2750

Rate of return = 37.49%