Xcel Energy Inc.

    XEL ·NASDAQ ·Electric & Other Services Combined ·Inc. in MN
    Other securities: XELLL
    Loading chart...
    Definitions of Abbreviations
    Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
    Capital ServicesCapital Services, LLC
    EloigneEloigne Company
    e primee prime inc.
    Nicollet Project HoldingsNicollet Project Holdings, LLC
    NSP-MinnesotaNorthern States Power Company, a Minnesota corporation
    NSP SystemThe electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
    NSP-WisconsinNorthern States Power Company, a Wisconsin corporation
    PSCoPublic Service Company of Colorado
    SPSSouthwestern Public Service Co.
    Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
    WGIWestGas InterState, Inc.
    WYCOWYCO Development, LLC
    Xcel EnergyXcel Energy Inc. and its subsidiaries
    Federal and State Regulatory Agencies
    CPUCColorado Public Utilities Commission
    DOCMinnesota Department of Commerce
    DOEUnited States Department of Energy
    DOTUnited States Department of Transportation
    EIAUnited States Energy Information Administration
    EPAUnited States Environmental Protection Agency
    ERCOTElectric Reliability Council of Texas
    FASBFinancial accounting standards board
    FERCFederal Energy Regulatory Commission
    IRSInternal Revenue Service
    MPUCMinnesota Public Utilities Commission
    MPSCMichigan Public Service Commission
    NDPSCNorth Dakota Public Service Commission
    NERCNorth American Electric Reliability Corporation
    NISTNational Institute of Standards and Technology
    NMPRCNew Mexico Public Regulation Commission
    NRCNuclear Regulatory Commission
    OAGMinnesota Office of Attorney General
    PHMSAPipeline and Hazardous Materials Safety Administration
    PSCWPublic Service Commission of Wisconsin
    PUCTPublic Utility Commission of Texas
    SDPUCSouth Dakota Public Utility Commission
    SECSecurities and Exchange Commission
    Electric, Purchased Gas and Resource Adjustment Clauses
    CIPConservation improvement program
    DSMDemand side management
    FCAFuel clause adjustment
    GCAGas cost adjustment
    GMAC
    Grid modernization adjustment clause
    RESRenewable energy standard
    Other
    ADITAccumulated deferred income taxes
    AFUDCAllowance for funds used during construction
    ALJAdministrative law judge
    AROAsset retirement obligation
    ARRRApplication for rehearing, reargument or reconsideration
    ASCFinancial Accounting Standards Board Accounting Standards Codification
    ASUAccounting standards update
    ATMAt-the-market

    Loading financial statements...

    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals.

    From 10-K filed 2026-02-25 (period ending 2025-12-31).

    Purchases of Equity Securities by Issuer and Affiliated Purchasers
    For the quarter ended Dec. 31, 2025, no equity securities that are registered by Xcel Energy Inc. pursuant to Section 12 of the Securities Exchange Act of 1934 were purchased by or on behalf of us or any of our affiliated purchasers.
    Non-GAAP Financial Measures
    The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing ROE, ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP.
    Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.
    Ongoing ROE
    Ongoing ROE is calculated by dividing the net income or loss of Xcel Energy or each subsidiary, adjusted for certain nonrecurring items, by each entity’s average stockholders’ equity. We use these non-GAAP financial measures to evaluate and provide details of earnings results.
    Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)
    GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method. Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS for Xcel Energy is calculated by dividing net income or loss, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss for such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.
    We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. For instance, to present ongoing earnings and ongoing diluted EPS, we may adjust the related GAAP amounts for certain items that are non-recurring in nature. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. These non-GAAP financial measures should not be considered as an alternative to measures calculated and reported in accordance with GAAP.
    The following table provides a reconciliation of GAAP earnings (net income) to ongoing earnings:
    (Millions of Dollars)20252024
    GAAP net income$2,018 $1,936 
    Sherco Unit 3 2011 outage refunds— 47 
    Marshall Wildfire litigation (a)
    298 — 
    Less: tax effect of adjustments(77)(13)
    Ongoing earnings (b)
    $2,239 $1,969 
    (a)Includes $2 million of interest costs associated with short-term debt used to pay settlement, which is presented as interest expense on the consolidated statements of income.
    (b)Amounts may not add due to rounding.
    Twelve Months Ended Dec. 31, 2025
    Diluted Earnings (Loss)
    Per Share
    GAAP Diluted EPSImpact of AdjustmentsOngoing Diluted EPS
    NSP-Minnesota$1.53 $— $1.53 
    PSCo1.15 0.38 1.53 
    SPS0.67 — 0.67 
    NSP-Wisconsin0.27 — 0.27 
    Earnings from equity method investments — WYCO0.03 — 0.03 
    Regulated utility (a)
    3.65 0.38 4.03 
    Xcel Energy Inc. and Other(0.23)— (0.23)
    Total (a)
    $3.42 0.38 $3.80 
    Twelve Months Ended Dec. 31, 2024
    Diluted Earnings (Loss)
    Per Share
    GAAP Diluted EPSImpact of AdjustmentsOngoing Diluted EPS
    NSP-Minnesota$1.41 $0.06 $1.47 
    PSCo 1.39 — 1.39 
    SPS0.70 — 0.70 
    NSP-Wisconsin0.24 — 0.24 
    Earnings from equity method investments — WYCO0.03 — 0.03 
    Regulated utility (a)
    3.76 0.06 3.83 
    Xcel Energy Inc. and Other(0.33)— (0.33)
    Total (a)
    $3.44 0.06 $3.50 
    (a)Amounts may not add due to rounding.
    Adjustments to GAAP net income include:
    Sherco Unit 3 2011 Outage Refunds NSP-Minnesota’s Sherco Unit 3 experienced an extended outage following a 2011 incident which damaged its turbine. In October 2024 following contested case procedures, the MPUC ordered a customer refund of $46 million for replacement power incurred during the outage, which is presented as a non-recurring charge to electric revenues.
    Marshall Wildfire Litigation In the third quarter of 2025, PSCo recognized a non-recurring $287 million charge as a result of a settlement reached with the plaintiffs in the Marshall Wildfire litigation. In the fourth quarter of 2025, an additional $12 million was recognized for estimated remaining settlement costs as well as legal and other costs.

    25

    Diluted EPS for Xcel Energy at Dec. 31:
    Diluted Earnings (Loss) Per Share20252024
    NSP-Minnesota$1.53 $1.41 
    PSCo1.15 1.39 
    SPS0.67 0.70 
    NSP-Wisconsin0.27 0.24 
    Earnings from equity method investments — WYCO0.03 0.03 
    Regulated utility (a)
    3.65 3.76 
    Xcel Energy Inc. and Other(0.23)(0.33)
    GAAP diluted EPS (a)
    $3.42 $3.44 
    Sherco Unit 3 2011 outage refunds— 0.06 
    Marshall Wildfire settlement0.38 — 
    Ongoing diluted EPS (a)
    $3.80 $3.50 
    (a)Amounts may not add due to rounding.
    Xcel Energy’s management believes that ongoing earnings reflects management’s performance in operating Xcel Energy and provides a meaningful representation of the performance of Xcel Energy’s core business. In addition, Xcel Energy’s management uses ongoing earnings internally for financial planning and analysis, reporting results to the Board of Directors and when communicating its earnings outlook to analysts and investors.
    2025 Comparison with 2024
    Xcel Energy — GAAP diluted earnings were $3.42 per share compared to $3.44 per share in 2024 and ongoing diluted earnings were $3.80 per share in 2025, compared with $3.50 per share in 2024. The change in ongoing EPS was driven by increased recovery of infrastructure investments and electric sales growth, partially offset by higher interest, depreciation and O&M expenses.
    Fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in costs are offset by the related variation in revenues).
    NSP-Minnesota — GAAP earnings increased $0.12 per share and ongoing earnings increased $0.06 per share for 2025 compared to 2024. Ongoing earnings increased due to higher recovery of electric infrastructure investments, partially offset by increased O&M expenses, depreciation and interest charges.
    PSCo — GAAP earnings decreased $0.24 per share and ongoing earnings increased $0.14 per share for 2025 (difference in GAAP and ongoing due to Marshall Wildfire settlement in 2025, see Non-GAAP Financial Measures for reconciliation from GAAP to ongoing earnings). Ongoing earnings increased due to higher recovery of electric and natural gas infrastructure investments and increased AFUDC, which was partially offset by increased depreciation, interest and O&M charges.
    SPS — GAAP and ongoing earnings decreased $0.03 per share for 2025 . The decrease was driven by increased interest charges, O&M expenses and the negative impact of weather, partially offset by sales growth and higher recovery of electric infrastructure investments.
    NSP-Wisconsin — GAAP and ongoing earnings increased $0.03 per share for 2025. The increase was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased depreciation and O&M expenses.
    Xcel Energy Inc. and Other — Primarily includes financing costs and interest income at the holding company and earnings from investment funds, which are accounted for as equity method investments. The change in earnings was due to gains on debt repurchases, partially offset by higher interest rates and debt levels.
    Changes in Diluted EPS
    Components significantly contributing to changes in 2025 EPS compared with 2024:
    Diluted Earnings (Loss) Per ShareTwelve Months Ended Dec. 31
    GAAP diluted EPS — 2024$3.44 
    Components of change — 2025 vs. 2024
    Higher electric revenues1.27 
    Higher natural gas revenues0.29 
    Higher AFUDC equity & debt0.27 
    Marshall Wildfire settlement(0.38)
    Higher interest charges(0.28)
    Higher depreciation and amortization(0.28)
    Higher O&M expenses(0.25)
    Higher electric fuel and purchased power (a)
    (0.23)
    Common equity financing(0.18)
    Higher costs of natural gas sold and transported (a)
    (0.12)
    Other, net(0.13)
    GAAP diluted EPS — 2025$3.42 
    Marshall Wildfire settlement0.38 
    Ongoing diluted EPS — 2025$3.80 
    (a)Cost of electric fuel and purchased power and natural gas sold and transported are generally recovered through regulatory recovery mechanisms and offset in revenue.
    ROE for Xcel Energy and its utility subsidiaries:
    20252024
    ROEGAAP ROEOngoing ROEGAAP ROEOngoing ROE
    NSP-Minnesota9.19 %9.19 %9.07 %9.46 %
    PSCo5.66 7.55 7.63 7.63 
    SPS8.70 8.70 9.57 9.57 
    NSP-Wisconsin9.09 9.09 8.98 8.98 
    Utility Subsidiaries7.60 8.40 8.55 8.69 
    Xcel Energy9.36 10.38 10.42 10.61 
    Statement of Income Analysis
    The following summarizes the items that affected the individual revenue and expense items reported in the consolidated statements of income.
    Estimated Impact of Temperature Changes on Regulated Earnings — Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces electric and natural gas sales. The estimated impact of weather on earnings is based on the number of customers, temperature variances, the amount of natural gas or electricity historically used per degree of temperature and excludes any incremental related operating expenses that could result due to storm activity or vegetation management requirements.
    26

    As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance. Gas decoupling mechanisms (and electric sales true-up in 2024) in Minnesota predominately mitigate the positive and adverse impacts of weather in that jurisdiction.
    Degree-day or THI data is used to estimate amounts of energy required to maintain comfortable indoor temperature levels based on each day’s average temperature and humidity. HDD is the measure of the variation in the weather based on the extent to which the average daily temperature falls below 65° Fahrenheit. CDD is the measure of the variation in the weather based on the extent to which the average daily temperature rises above 65° Fahrenheit.
    Each degree of temperature above 65° Fahrenheit is counted as one CDD, and each degree of temperature below 65° Fahrenheit is counted as one HDD. In Xcel Energy’s more humid service territories, a THI is used in place of CDD, which adds a humidity factor to CDD. HDD, CDD and THI are most likely to impact the usage of Xcel Energy’s residential and commercial customers. Industrial customers are less sensitive to weather.
    Normal weather conditions are defined as either the 10, 20 or 30-year average of actual historical weather conditions. The historical period of time used in the calculation of normal weather differs by jurisdiction, based on regulatory practice. To calculate the impact of weather on demand, a demand factor is applied to the weather impact on sales. Extreme weather variations, windchill and cloud cover may not be reflected in weather-normalized estimates.
    Percentage increase (decrease) in normal and actual HDD, CDD and THI:
    2025 vs.
    Normal
    2024 vs.
    Normal
    2025 vs. 2024
    HDD(6.2)%(15.4)%8.7 %
    CDD(4.9)28.1 (23.5)
    THI11.2 (11.2)26.8 
    Weather — Estimated impact of temperature variations on EPS compared with normal weather conditions:
    2025 vs. Normal2024 vs. Normal2025 vs. 2024
    Retail electric$(0.015)$(0.008)$(0.007)
    Decoupling and sales true-up— 0.047 (0.047)
    Electric total$(0.015)$0.039 $(0.054)
    Firm natural gas(0.033)(0.070)0.037 
    Decoupling0.005 0.027 (0.022)
    Gas total$(0.028)$(0.043)$0.015 
    Total$(0.043)$(0.004)$(0.039)
    Sales — Sales growth (decline) for actual and weather-normalized sales:
    2025 vs. 2024
    NSP-MinnesotaPSCoSPSNSP-WisconsinXcel Energy
    Actual
    Electric residential5.7 %(1.6)%(1.5)%6.0 %1.9 %
    Electric C&I0.3 0.1 5.5 0.7 2.0 
    Total retail electric sales2.0 (0.5)4.2 2.2 1.9 
    Firm natural gas sales12.6 (2.1)N/A16.2 3.4 
    2025 vs. 2024
    NSP-MinnesotaPSCoSPSNSP-WisconsinXcel Energy
    Weather-normalized
    Electric residential1.3 %1.4 %3.9 %1.7 %1.7 %
    Electric C&I(0.6)1.4 6.1 0.1 2.1 
    Total retail electric sales— 1.3 5.6 0.6 2.0 
    Firm natural gas sales— (2.9)N/A2.0 (1.7)
    2025 vs. 2024 (Leap Year Adjusted)
    NSP-MinnesotaPSCoSPSNSP-WisconsinXcel Energy
    Weather-normalized
    Electric residential1.5 %1.7 %4.3 %2.1 %2.0 %
    Electric C&I(0.3)1.6 6.3 0.4 2.4 
    Total retail electric sales0.3 1.6 5.8 0.9 2.2 
    Firm natural gas sales0.6 (2.4)N/A2.6 (1.2)
    Annual weather-normalized and leap year adjusted electric sales growth (decline)
    NSP-Minnesota — Residential sales increased due to customer growth (1.1%) and use per customer (0.4%). The decrease in C&I sales was due to lower use per customer.
    PSCo — Residential sales increased due to customer growth (1.1%) and use per customer (0.6%). The increase in C&I sales was due to higher use per customer, particularly in the information and energy sectors.
    SPS — Residential sales increased due to increased use per customer (3.6%) and customer growth (0.7%). The increase in C&I sales was due to higher use per customer, primarily driven by the energy sector.
    NSP-Wisconsin — Residential sales increased due to increased use per customer (1.1%) and customer growth (0.9%). The increase in C&I sales was due to customer growth.
    Annual weather-normalized and leap year adjusted natural gas sales growth (decline)
    Decrease in natural gas sales was driven primarily by decreased use per customer in PSCo residential and C&I, partially offset by customer growth in all jurisdictions.
    Electric Revenues
    Electric revenues are impacted by fluctuations in the price of natural gas, coal and uranium, regulatory outcomes, market prices and seasonality. In addition, electric customers receive a credit for PTCs generated (wind, nuclear and solar), which reduce electric revenue and income taxes.
    27

    (Millions of Dollars)2025 vs. 2024
    Non-fuel riders$250 
    Recovery of higher cost of electric fuel and purchased power214 
    PTCs flowed back to customers (offset by lower ETR)172 
    Regulatory rate outcomes (MN, ND)116 
    Sales and demand
    97 
    Transmission revenues79 
    Sherco Unit 3 2011 outage refunds47 
    Estimated impact of weather(39)
    Conservation and demand side management (offset in expense)(38)
    Other, net115 
    Total increase$1,013 
    Natural Gas Revenues
    Natural gas revenues vary with changing sales, the cost of natural gas and regulatory outcomes.
    (Millions of Dollars)2025 vs. 2024
    Recovery of higher cost of natural gas$92 
    Regulatory rate outcomes (CO)84 
    Conservation revenue (offset in expense)47 
    Estimated impact of weather (net of decoupling)11 
    Retail sales decline (net of decoupling)(13)
    Other, net
    Total increase$222 
    Electric Fuel and Purchased Power Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of electricity, natural gas, coal and uranium, as well as seasonality. These incurred expenses are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.
    Electric fuel and purchased power expenses increased $173 million in 2025. The increase is primarily due to increased commodity prices and transmission expense.
    Cost of Natural Gas Sold and Transported Expenses incurred for the cost of natural gas sold are impacted by market prices and seasonality. These costs are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.
    Natural gas sold and transported increased $90 million in 2025. The increase is primarily due to increased commodity prices and volumes, partially offset by timing of fuel recovery mechanisms.
    Non-Fuel Operating Expenses and Other Items
    O&M Expenses — O&M expenses increased $192 million in 2025 primarily due to increased benefits and healthcare costs, wildfire mitigation (largely offset in non-fuel rider revenue), nuclear generation costs and insurance costs.
    Depreciation and Amortization Depreciation and amortization increased $209 million for the year, primarily related to system investment.
    Other Income Other income increased $92 million for the year, primarily related to gains on debt repurchases.
    Interest Charges Interest charges increased $213 million in 2025. The increase was largely due to higher long-term and short-term debt levels and higher interest rates.
    AFUDC, Equity and Debt AFUDC increased $165 million in 2025, due to system investment.
    Xcel Energy Inc. and Other Results

    Loading holders...

    Held by

    holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

    Holder Type ETF MF Position ($) % of holder Δ % of holder Holder AUM

    Next expected filings

    • ~2026-07-30 10-Q expected by 2026-08-12 (in 90 days)
    • ~2026-10-29 10-Q expected by 2026-11-11 (in 181 days)
    • ~2027-02-24 10-K expected by 2027-03-04 (in 299 days)
    • ~2027-04-29 10-Q expected by 2027-05-12 (in 363 days)

    Predicted from historical filing cadence; not an SEC commitment.

    Recent SEC filings

    • 2026-04-30 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-04-30 10-Q Quarterly Report
    • 2026-04-07 DEF 14A Proxy Statement
    • 2026-03-03 8-K Other Events; Financial Statements and Exhibits
    • 2026-02-25 10-K Annual Report
    • 2026-02-05 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-02-02 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
    • 2026-01-02 8-K Other Events
    • 2025-12-17 8-K Officer/Director Change
    • 2025-12-15 8-K Other Events; Financial Statements and Exhibits
    • 2025-11-24 8-K Other Events
    • 2025-11-21 8-K Other Events
    • 2025-11-07 8-K Other Events
    • 2025-10-30 10-Q Quarterly Report
    • 2025-10-30 8-K Earnings Release; Financial Statements and Exhibits