# XCEL ENERGY INC (XEL)

Informational only - not investment advice.

CIK: 0000072903
SIC: 4931 Electric & Other Services Combined
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4931 Electric & Other Services Combined](/industry/4931/)
Latest 10-K filed: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=72903
Filing source: https://www.sec.gov/Archives/edgar/data/72903/000007290326000009/xel-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0000072903-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072903.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 14,669,000,000 USD | 2025 | verified |
| Net income | 2,018,000,000 USD | 2025 | verified |
| Assets | 81,371,000,000 USD | 2025 | verified |
| Free cash flow | -6,825,000,000 USD | 2025 | computed |
| Net margin | 13.76% | 2025 | computed |
| Operating margin | 17.61% | 2025 | computed |
| Revenue YoY | +9.14% | 2025 | computed |
| ROE | 8.55% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Regulated electric utilities](/compare/utilities/) · SIC 4931 Electric & Other Services Combined

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including XEL

- Regulated electric utilities: [peer review](/compare/utilities/) · [market-risk page](/compare/utilities/risk/)

### Peer percentile fingerprint

| Ratio | XEL | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 13.8% | 13.1% | 53 | 16 |
| Operating margin | 17.6% | 20.7% | 13 | 16 |
| Revenue growth | 9.1% | 9.4% | 47 | 16 |
| FCF margin | -46.5% | -8.1% | 0 | 13 |
| ROE | 8.5% | 9.6% | 40 | 16 |
| ROA | 2.5% | 2.6% | 33 | 16 |
| Liabilities / equity | 2.45 | 2.47 | 47 | 16 |
| Current ratio | 0.71 | 0.76 | 40 | 16 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4931 Electric & Other Services Combined, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 14669000000 | USD | 2025 | 2026-02-25 |
| Net income | 2018000000 | USD | 2025 | 2026-02-25 |
| Assets | 81371000000 | USD | 2025 | 2026-02-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072903.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 11,404,000,000 | 11,537,000,000 | 11,529,000,000 | 11,526,000,000 | 13,431,000,000 | 15,310,000,000 | 14,206,000,000 | 13,441,000,000 | 14,669,000,000 |
| Net income | 1,123,000,000 | 1,148,000,000 | 1,261,000,000 | 1,372,000,000 | 1,473,000,000 | 1,597,000,000 | 1,736,000,000 | 1,771,000,000 | 1,936,000,000 | 2,018,000,000 |
| Operating income | 2,240,000,000 | 2,223,000,000 | 1,965,000,000 | 2,104,000,000 | 2,116,000,000 | 2,203,000,000 | 2,428,000,000 | 2,481,000,000 | 2,386,000,000 | 2,583,000,000 |
| Diluted EPS | 2.21 | 2.25 | 2.47 | 2.64 | 2.79 | 2.96 | 3.17 | 3.21 | 3.44 | 3.42 |
| Operating cash flow | 3,052,000,000 | 3,126,000,000 | 3,122,000,000 | 3,263,000,000 | 2,848,000,000 | 2,189,000,000 | 3,932,000,000 | 5,327,000,000 | 4,641,000,000 | 4,083,000,000 |
| Capital expenditures | 3,195,000,000 | 3,244,000,000 | 3,957,000,000 | 4,225,000,000 | 5,369,000,000 | 4,244,000,000 | 4,638,000,000 | 5,854,000,000 | 7,364,000,000 | 10,908,000,000 |
| Dividends paid | 681,000,000 | 721,000,000 | 730,000,000 | 791,000,000 | 856,000,000 | 935,000,000 | 1,012,000,000 | 1,092,000,000 | 1,175,000,000 | 1,282,000,000 |
| Assets | 41,155,000,000 | 43,030,000,000 | 45,987,000,000 | 50,448,000,000 | 53,957,000,000 | 57,851,000,000 | 61,188,000,000 | 64,079,000,000 | 70,035,000,000 | 81,371,000,000 |
| Stockholders' equity | 11,021,000,000 | 11,455,000,000 | 12,222,000,000 | 13,239,000,000 | 14,575,000,000 | 15,612,000,000 | 16,675,000,000 | 17,616,000,000 | 19,522,000,000 | 23,609,000,000 |
| Free cash flow | -143,000,000 | -118,000,000 | -835,000,000 | -962,000,000 | -2,521,000,000 | -2,055,000,000 | -706,000,000 | -527,000,000 | -2,723,000,000 | -6,825,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 10.07% | 10.93% | 11.90% | 12.78% | 11.89% | 11.34% | 12.47% | 14.40% | 13.76% |
| Operating margin |  | 19.49% | 17.03% | 18.25% | 18.36% | 16.40% | 15.86% | 17.46% | 17.75% | 17.61% |
| Return on equity | 10.19% | 10.02% | 10.32% | 10.36% | 10.11% | 10.23% | 10.41% | 10.05% | 9.92% | 8.55% |
| Return on assets | 2.73% | 2.67% | 2.74% | 2.72% | 2.73% | 2.76% | 2.84% | 2.76% | 2.76% | 2.48% |
| Liabilities / equity | 2.73 | 2.76 | 2.76 | 2.81 | 2.70 | 2.71 | 2.67 | 2.64 | 2.59 | 2.45 |
| Current ratio | 0.88 | 0.73 | 0.69 | 0.68 | 0.77 | 0.84 | 0.85 | 0.72 | 0.67 | 0.71 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/XEL/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072903.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.18 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.76 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.52 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 3,662,000,000 | 656,000,000 | 1.19 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 3,442,000,000 | 409,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 3,649,000,000 | 488,000,000 | 0.88 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 3,028,000,000 | 302,000,000 | 0.54 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 3,644,000,000 | 682,000,000 | 1.21 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 3,120,000,000 | 464,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 3,906,000,000 | 483,000,000 | 0.84 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 3,287,000,000 | 444,000,000 | 0.75 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 3,915,000,000 | 524,000,000 | 0.88 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 3,561,000,000 | 567,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 4,021,000,000 | 556,000,000 | 0.89 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 3,119,000,000 | 586,000,000 | 0.93 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from XEL's latest 10-K: [/company/XEL/business/](/company/XEL/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from XEL's latest 10-K: [/company/XEL/risk-factors/](/company/XEL/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/72903/000007290326000154/xel-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis by management focuses on those factors that had a material effect on Xcel Energy’s financial condition, results of operations and cash flows during the periods presented or are expected to have a material impact in the future. It should be read in conjunction with the accompanying unaudited consolidated financial statements and the related notes to consolidated financial statements. Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.

The demand for electric power and natural gas is affected by seasonal differences in the weather. In general, peak sales of electricity occur in the summer months, and peak sales of natural gas occur in the winter months. As a result, the overall operating results may fluctuate substantially on a seasonal basis. Additionally, Xcel Energy’s operations have historically generated less revenues and income when weather conditions are milder in the winter and cooler in the summer.

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 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 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.

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.

24

Table of Contents

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:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30","","Six Months Ended June 30"],["(Millions of Dollars)","","2026","","2025","","2026","","2025"],["GAAP net income","","$","586","","","$","444","","","$","1,142","","","$","927"],["Prairie Island outage refunds","","1","","","\u2014","","","38","","","\u2014"],["Marshall Wildfire litigation","","3","","","\u2014","","","(19)","","","\u2014"],["Tax effect","","(1)","","","\u2014","","","(5)","","","\u2014"],["Ongoing earnings","","$","589","","","$","444","","","$","1,156","","","$","927"]]
[[/GREPCENT_TABLE]]

Prairie Island Outage Refunds — In March 2026, the ALJ recommended a disallowance of $41 million for estimated replacement power costs incurred during a 2023-2024 outage at NSP-Minnesota’s Prairie Island nuclear facility. The MPUC ordered the ALJ-recommended disallowance in May 2026. Total non-recurring charges of $38 million were recorded to electric revenues during the six months ended June 30, 2026 for incremental customer refunds, including interest.

Marshall Wildfire Litigation — In the six months ended June 30, 2026, PSCo recognized $19 million of net reductions to operating expenses due primarily to an increase in the estimated amount recoverable from insurance for non-recurring Marshall Wildfire costs.

Results of Operations

The only common equity securities that are publicly traded are common shares of Xcel Energy Inc. Diluted earnings and EPS of each subsidiary discussed below do not represent a direct legal interest in the assets and liabilities allocated to such subsidiary but rather represent a direct interest in our assets and liabilities as a whole.

Xcel Energy’s second quarter diluted GAAP and ongoing earnings were $0.93 per share compared with $0.75 per share in the same period in 2025. The change in earnings per share was primarily driven by increased recovery of electric infrastructure investments, partially offset by higher financing costs. 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).

Summarized diluted EPS for Xcel Energy:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30","","Six Months Ended June 30"],["Diluted Earnings (Loss) Per Share","","2026","","2025","","2026","","2025"],["PSCo","","$","0.32","","","$","0.26","","","$","0.74","","","$","0.71"],["NSP-Minnesota","","0.37","","","0.32","","","0.67","","","0.64"],["SPS","","0.19","","","0.17","","","0.33","","","0.27"],["NSP-Wisconsin","","0.06","","","0.05","","","0.17","","","0.12"],["Earnings from equity method investments \u2014 WYCO","","0.01","","","0.01","","","0.02","","","0.02"],["Regulated utility (a)","","0.95","","","0.81","","","1.92","","","1.76"],["Xcel Energy Inc. and Other","","(0.02)","","","(0.06)","","","(0.10)","","","(0.17)"],["GAAP diluted EPS (a)","","$","0.93","","","$","0.75","","","$","1.82","","","$","1.59"],["Prairie Island outage refunds","","\u2014","","","\u2014","","","0.04","","","\u2014"],["Marshall Wildfire litigation","","\u2014","","","\u2014","","","(0.02)","","","\u2014"],["Ongoing diluted EPS (a)","","$","0.93","","","$","0.75","","","$","1.84","","","$","1.59"]]
[[/GREPCENT_TABLE]]

(a)Amounts may not add due to rounding.

Summary of Earnings

PSCo — GAAP and ongoing earnings increased $0.06 per share for the second quarter of 2026. Year-to-date GAAP earnings increased $0.03 per share and ongoing earnings increased $0.01 per share. The increase in year-to-date ongoing earnings was driven by higher recovery of electric infrastructure investments which was partially offset by unfavorable weather. The difference between GAAP and ongoing earnings was driven by an increase in the estimated amount recoverable from insurance for Marshall Wildfire costs.

NSP-Minnesota — GAAP and ongoing earnings increased $0.05 per share for the second quarter of 2026. Year-to-date GAAP earnings increased $0.03 per share and ongoing earnings increased $0.07 per share. The year-to-date ongoing earnings increase was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased interest charges. The difference between GAAP and ongoing earnings was driven by recognition of customer refunds related to the 2023-2024 Prairie Island nuclear facility outage.

SPS — GAAP and ongoing earnings increased $0.02 per share for the second quarter and $0.06 per share year-to-date. The year-to-date change was driven by sales growth and higher recovery of electric infrastructure investments, partially offset by increased depreciation expense.

NSP-Wisconsin — GAAP and ongoing earnings increased $0.01 per share for the second quarter and $0.05 year-to-date. The year-to-date change was driven by higher recovery of electric and natural gas infrastructure investments, partially offset by increased depreciation expense and interest charges.

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 increase in earnings was largely due to unrealized gains on the investment funds’ interests in energy technology companies, partially offset by higher debt levels.

25

Table of Contents

Changes in GAAP and Ongoing EPS

Components significantly contributing to changes in 2026 EPS compared to 2025:

[[GREPCENT_TABLE]]
[["Diluted Earnings (Loss) Per Share","","Three Months Ended June 30","","Six Months Ended June 30"],["GAAP EPS \u2014 2025","","$","0.75","","","$","1.59"],["Components of change - 2026 vs. 2025"],["Lower electric fuel and purchased power","","0.30","","","0.31"],["Higher AFUDC equity & debt","","0.08","","","0.18"],["Lower depreciation and amortization","","0.08","","","0.03"],["Marshall Wildfire litigation","","\u2014","","","0.02"],["(Lower) higher electric revenues","","(0.18)","","","\u2014"],["Higher interest charges","","(0.12)","","","(0.22)"],["Common equity financing","","(0.06)","","","(0.14)"],["Lower natural gas revenues","","(0.04)","","","(0.07)"],["Other, net","","0.12","","","0.12"],["GAAP EPS \u2014 2026","","$","0.93","","","$","1.82"],["Prairie Island outage refunds","","\u2014","","","0.04"],["Marshall Wildfire litigation","","\u2014","","","(0.02)"],["Ongoing EPS \u2014 2026","","$","0.93","","","$","1.84"]]
[[/GREPCENT_TABLE]]

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. As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance. However, electric sales true-up and gas decoupling mechanisms 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

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/72903/000007290326000009/xel-20251231.htm
Complete FY 2025 MD&A: /company/XEL/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-25
Report date: 2025-12-31

ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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:

[[GREPCENT_TABLE]]
[["(Millions of Dollars)","","2025","","2024"],["GAAP net income","","$","2,018","","","$","1,936"],["Sherco Unit 3 2011 outage refunds","","\u2014","","","47"],["Marshall Wildfire litigation (a)","","298","","","\u2014"],["Less: tax effect of adjustments","","(77)","","","(13)"],["Ongoing earnings (b)","","$","2,239","","","$","1,969"]]
[[/GREPCENT_TABLE]]

(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.

[[GREPCENT_TABLE]]
[["","","Twelve Months Ended Dec. 31, 2025"],["Diluted Earnings (Loss) Per Share","","GAAP Diluted EPS","","Impact of Adjustments","","Ongoing Diluted EPS"],["NSP-Minnesota","","$","1.53","","","$","\u2014","","","$","1.53"],["PSCo","","1.15","","","0.38","","","1.53"],["SPS","","0.67","","","\u2014","","","0.67"],["NSP-Wisconsin","","0.27","","","\u2014","","","0.27"],["Earnings from equity method investments \u2014 WYCO","","0.03","","","\u2014","","","0.03"],["Regulated utility (a)","","3.65","","","0.38","","","4.03"],["Xcel Energy Inc. and Other","","(0.23)","","","\u2014","","","(0.23)"],["Total (a)","","$","3.42","","","0.38","","","$","3.80"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","Twelve Months Ended Dec. 31, 2024"],["Diluted Earnings (Loss) Per Share","","GAAP Diluted EPS","","Impact of Adjustments","","Ongoing Diluted EPS"],["NSP-Minnesota","","$","1.41","","","$","0.06","","","$","1.47"],["PSCo","","1.39","","","\u2014","","","1.39"],["SPS","","0.70","","","\u2014","","","0.70"],["NSP-Wisconsin","","0.24","","","\u2014","","","0.24"],["Earnings from equity method investments \u2014 WYCO","","0.03","","","\u2014","","","0.03"],["Regulated utility (a)","","3.76","","","0.06","","","3.83"],["Xcel Energy Inc. and Other","","(0.33)","","","\u2014","","","(0.33)"],["Total (a)","","$","3.44","","","0.06","","","$","3.50"]]
[[/GREPCENT_TABLE]]

(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

Table of Contents     

Results of Operations

Diluted EPS for Xcel Energy at Dec. 31:

[[GREPCENT_TABLE]]
[["Diluted Earnings (Loss) Per Share","","2025","","2024"],["NSP-Minnesota","","$","1.53","","","$","1.41"],["PSCo","","1.15","","","1.39"],["SPS","","0.67","","","0.70"],["NSP-Wisconsin","","0.27","","","0.24"],["Earnings from equity method investments \u2014 WYCO","","0.03","","","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","","\u2014","","","0.06"],["Marshall Wildfire settlement","","0.38","","","\u2014"],["Ongoing diluted EPS (a)","","$","3.80","","","$","3.50"]]
[[/GREPCENT_TABLE]]

(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:

[[GREPCENT_TABLE]]
[["Diluted Earnings (Loss) Per Share","","Twelve Months Ended Dec. 31"],["GAAP diluted EPS \u2014 2024","","$","3.44"],["Components of change \u2014 2025 vs. 2024"],["Higher electric revenues","","1.27"],["Higher natural gas revenues","","0.29"],["Higher AFUDC equity & debt","","0.27"],["Marshall Wildfire settlement","","(0.38)"],["Higher interest charges","","(0.28)"],["Higher depreciation and amortization","","(0.28)"],["Higher O&M expenses","","(0.25)"],["Higher electric fuel and purchased power (a)","","(0.23)"],["Common equity financing","","(0.18)"],["Higher costs of natural gas sold and transported (a)","","(0.12)"],["Other, net","","(0.13)"],["GAAP diluted EPS \u2014 2025","","$","3.42"],["Marshall Wildfire settlement","","0.38"],["Ongoing diluted EPS \u2014 2025","","$","3.80"]]
[[/GREPCENT_TABLE]]

(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:

[[GREPCENT_TABLE]]
[["","","2025","","2024"],["ROE","","GAAP ROE","","Ongoing ROE","","GAAP ROE","","Ongoing ROE"],["NSP-Minnesota","","9.19","%","","9.19","%","","9.07","%","","9.46","%"],["PSCo","","5.66","","","7.55","","","7.63","","","7.63"],["SPS","","8.70","","","8.70","","","9.57","","","9.57"],["NSP-Wisconsin","","9.09","","","9.09","","","8.98","","","8.98"],["Utility Subsidiaries","","7.60","","","8.40","","","8.55","","","8.69"],["Xcel Energy","","9.36","","","10.38","","","10.42","","","10.61"]]
[[/GREPCENT_TABLE]]

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

Table of Contents     

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

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/XEL/mda/fy2025/
All MD&A years: /company/XEL/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/XEL/mda/fy2024/): filed 2025-02-27; accession 0000072903-25-000029 (https://www.sec.gov/Archives/edgar/data/72903/000007290325000029/xel-20241231.htm)
- [FY 2023 MD&A](/company/XEL/mda/fy2023/): filed 2024-02-21; accession 0000072903-24-000034 (https://www.sec.gov/Archives/edgar/data/72903/000007290324000034/xel-20231231.htm)
- [FY 2022 MD&A](/company/XEL/mda/fy2022/): filed 2023-02-23; accession 0000072903-23-000007 (https://www.sec.gov/Archives/edgar/data/72903/000007290323000007/xel-20221231.htm)
- [FY 2021 MD&A](/company/XEL/mda/fy2021/): filed 2022-02-23; accession 0000072903-22-000010 (https://www.sec.gov/Archives/edgar/data/72903/000007290322000010/xel-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4931 Electric & Other Services Combined) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/XEL.md · JSON record: /company/XEL.json · verified financials: /company/XEL/financials.json / /company/XEL/financials.csv · machine TOC for the whole site: /llms.txt