XCEL ENERGY INC

XEL 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Regulated Operating Revenue Electric 12,160 11,147 +9.1%
Show Business Segments breakouts
Regulated Electric · Intersegment Elimination 1 2 -50.0%
Regulated Electric · Operating Segments 12,160 11,147 +9.1%
Regulated Operating Revenue Gas 2,452 2,230 +10.0%
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Regulated Natural Gas · Intersegment Elimination 26 22 +18.2%
Regulated Natural Gas · Operating Segments 2,452 2,230 +10.0%
Unregulated Operating Revenue 57 64 -10.9%
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All Other Segments · Operating Segments 57 64 -10.9%
Regulated And Unregulated Operating Revenue 14,669 13,441 +9.1%
Electric Fueland Purchased Power 3,961 3,788 +4.6%
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Regulated Electric · Operating Segments 3,961 3,788 +4.6%
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Operating Segments 3,961 3,788 +4.6%
Costofnatural Gas Soldand Transported 1,041 951 +9.5%
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Regulated Natural Gas · Operating Segments 1,041 951 +9.5%
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Operating Segments 1,041 951 +9.5%
Other Cost Of Operating Revenue 11 14 -21.4%
Utilities Operating Expense Maintenance Operations And Other Costs And Expenses 2,732 2,540 +7.6%
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Regulated Electric · Operating Segments 2,259 2,102 +7.5%
Regulated Natural Gas · Operating Segments 425 409 +3.9%
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Operating Segments 2,684 2,511 +6.9%
Conservationand Demand Side Management Program Expenses 406 394 +3.0%
Utilities Operating Expense Depreciation And Amortization 2,953 2,744 +7.6%
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Regulated Electric · Operating Segments 2,525 2,373 +6.4%
Regulated Natural Gas · Operating Segments 413 357 +15.7%
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Operating Segments 2,938 2,730 +7.6%
Taxes Other 686 624 +9.9%
Marshall Wildfire Litigation 296 — —
Total Costs & Expenses 12,086 11,055 +9.3%
Operating Income 2,583 2,386 +8.3%
Other Non-Operating Income (Expense) 235 143 +64.3%
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Regulated Electric · Operating Segments 925 693 +33.5%
Regulated Natural Gas · Operating Segments 151 123 +22.8%
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Parent Company 179 76 +135.5%
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Operating Segments 1,076 816 +31.9%
Income Loss From Equity Method Investments 17 19 -10.5%
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Parent Company 2,173 2,122 +2.4%
Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity 281 168 +67.3%
Interest Expense 1,468 1,255 +17.0%
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Parent Company 366 300 +22.0%
Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Debt -125 -73 -71.2%
Interest And Debt Expense 1,343 1,182 +13.6%
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Regulated Electric · Operating Segments 886 767 +15.5%
Regulated Natural Gas · Operating Segments 125 113 +10.6%
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Operating Segments 1,011 880 +14.9%
Income Before Taxes 1,773 1,534 +15.6%
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Parent Company 1,948 1,874 +3.9%
Income Tax Expense (Benefit) -245 -402 +39.1%
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Regulated Electric · Operating Segments -265 -420 +36.9%
Regulated Natural Gas · Operating Segments 67 62 +8.1%
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Parent Company -70 -62 -12.9%
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Operating Segments -198 -358 +44.7%
Show Income Tax Authority breakouts
income tax expense -245 -402 +39.1%
Net Income 2,018 1,936 +4.2%
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All Other Segments -108 -147 +26.5%
Regulated Electric · Operating Segments 1,870 1,846 +1.3%
Regulated Natural Gas · Operating Segments 256 237 +8.0%
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Parent Company 2,018 1,936 +4.2%
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Operating Segments 2,126 2,083 +2.1%
Wtd Avg Shares (Basic) 587 563 +4.3%
Wtd Avg Shares (Diluted) 589 563 +4.6%
EPS (Basic) 3.44 3.44 0.0%
EPS (Diluted) 3.42 3.44 -0.6%
Revenue (FY) — — —
Show Product Lines breakouts
Other 243 239 +1.7%
Other · Regulated Electric 69 64 +7.8%
Other · Regulated Natural Gas [Member] 174 175 -0.6%
Product 13,860 12,641 +9.6%
Product · All Other Segments 43 50 -14.0%
Product · Regulated Electric 11,490 10,471 +9.7%
Product · Regulated Natural Gas [Member] 2,327 2,120 +9.8%
Retail 12,197 11,109 +9.8%
Retail · All Other Segments 30 30 0.0%
Retail · All Other Segments 10 9 +11.1%
Retail · All Other Segments 3 11 -72.7%
Retail · All Other Segments 43 50 -14.0%
Retail · C&I 6,720 6,096 +10.2%
Retail · Other 159 151 +5.3%
Retail · Regulated Electric 5,948 5,420 +9.7%
Retail · Regulated Electric 149 142 +4.9%
Retail · Regulated Electric 3,904 3,552 +9.9%
Retail · Regulated Electric 10,001 9,114 +9.7%
Retail · Regulated Natural Gas [Member] 742 646 +14.9%
Retail · Regulated Natural Gas [Member] 1,411 1,299 +8.6%
Retail · Regulated Natural Gas [Member] 2,153 1,945 +10.7%
Retail · Residential 5,318 4,862 +9.4%
Transmission 705 648 +8.8%
Transmission · Regulated Electric 705 648 +8.8%
Wholesale 715 645 +10.9%
Wholesale · Regulated Electric 715 645 +10.9%
Revenue (FY) — — —
Show Business Segments breakouts
All Other Segments · Operating Segments 57 64 -10.9%
Regulated Electric · Operating Segments 12,160 11,147 +9.1%
Regulated Natural Gas [Member] · Operating Segments 2,452 2,230 +10.0%
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Operating Segments 14,669 13,441 +9.1%
Other Revenue (FY) — — —
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Alternative revenue and other 809 800 +1.1%
Alternative revenue and other · All Other Segments 14 14 0.0%
Alternative revenue and other · Regulated Electric 670 676 -0.9%
Alternative revenue and other · Regulated Natural Gas [Member] 125 110 +13.6%
Operating Expenses (FY) — — —
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Parent Company 38 24 +58.3%
Comprehensive Income 2,023 1,962 +3.1%
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Parent Company 2,023 1,962 +3.1%
Other Comprehensive Income 5 26 -80.8%
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Accumulated Other Comprehensive Income 5 — —
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax (FY) — — —
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Parent Company 4 24 -83.3%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 274 179 +53.1%
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Parent Company 95 16 +493.8%
Accounts Receivable 1,330 1,249 +6.5%
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Parent Company 678 410 +65.4%
Accrued Unbilled Revenues 880 832 +5.8%
Public Utilities Inventory 761 666 +14.3%
Show Public Utilities Inventory breakouts
Public Utilities Inventory Fuel 156 164 -4.9%
Public Utilities Inventory Natural Gas 116 96 +20.8%
Public Utilities Inventory Supplies 489 406 +20.4%
Regulatory Assets Current 529 561 -5.7%
Show Regulatory Asset breakouts
Benson Biomass PPA termination and asset purchase 10 10 0.0%
Conservation programs 18 20 -10.0%
Deferred Fuel Costs 88 99 -11.1%
Depreciation differences 22 17 +29.4%
Environmental Restoration Costs 9 13 -30.8%
Excess deferred taxes - TCJA 11 10 +10.0%
Excess liability insurance costs 5 — —
Gas pipeline inspection and remediation costs 31 47 -34.0%
Grid modernization costs 2 3 -33.3%
Nuclear refueling outage costs 58 51 +13.7%
Other 117 91 +28.6%
Pension and retiree medical obligations 39 39 0.0%
PI extended power update 4 4 0.0%
Renewable resources and environmental initiatives 40 34 +17.6%
Sales true-up and revenue decoupling 75 123 -39.0%
Derivative Instruments And Hedges 165 114 +44.7%
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Commodity Contract · Nondesignated 6 11 -45.5%
Electric Commodity · Nondesignated 144 89 +61.8%
Natural Gas Commodity · Nondesignated 14 14 0.0%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 165 114 +44.7%
Prepaid Expenses & Other Current Assets 1,075 724 +48.5%
Total Current Assets 5,014 4,325 +15.9%
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Parent Company 787 435 +80.9%
Cash & Cash Equivalents (Q) — — —
Show Consolidated Entities breakouts
Parent Company 95 16 +493.8%
Non-Current Assets
Property, Plant & Equipment 65,639 57,198 +14.8%
Investments And Other Noncurrent Assets 4,389 3,896 +12.7%
Regulatory Assets Noncurrent 2,998 2,849 +5.2%
Show Regulatory Asset breakouts
Asset Retirement Obligation Costs 422 387 +9.0%
Benson Biomass PPA termination and asset purchase 16 26 -38.5%
Conservation programs 28 30 -6.7%
Deferred Fuel Costs 15 25 -40.0%
Depreciation differences 320 250 +28.0%
Environmental Restoration Costs 34 39 -12.8%
Excess deferred taxes - TCJA 162 184 -12.0%
Excess liability insurance costs 64 6 +966.7%
Grid modernization costs 67 30 +123.3%
Nuclear refueling outage costs 20 20 0.0%
Other 259 202 +28.2%
Pension and retiree medical obligations 1,121 1,167 -3.9%
PI extended power update 30 34 -11.8%
Recoverable deferred taxes on AFUDC recorded in plant 434 368 +17.9%
Renewable resources and environmental initiatives 4 4 0.0%
Sales true-up and revenue decoupling 2 68 -97.1%
Derivative Instruments And Hedges Noncurrent 54 72 -25.0%
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Commodity Contract · Nondesignated 54 72 -25.0%
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Fair Value Measurements Recurring 54 72 -25.0%
Operating Lease Right-of-Use Assets 893 1,060 -15.8%
Finance Lease Right Of Use Asset 1,348 111 +1114.4%
Other Non-Current Assets 1,036 524 +97.7%
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Parent Company 6 6 0.0%
Other Assets Excluding Property Plant And Equipment 10,718 8,512 +25.9%
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Parent Company 32,455 26,691 +21.6%
Total Assets 81,371 70,035 +16.2%
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Parent Company 33,242 27,126 +22.5%
Variable Interest Entity Primary Beneficiary 39 40 -2.5%
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 501 1,103 -54.6%
Short Term Borrowings 1,550 695 +123.0%
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364-Day Term Loan · Xcel Energy Inc. 750 — —
Bilateral Credit Agreement [Member] · NSP Minnesota 69 — —
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Parent Company 850 235 +261.7%
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Commercial Paper 1,550 695 +123.0%
Letter Of Credit 92 42 +119.0%
Accounts Payable 2,307 1,781 +29.5%
Regulatory Liability Current 714 852 -16.2%
Show Regulatory Liability breakouts
Conservation programs 39 52 -25.0%
Contract valuation adjustments 144 89 +61.8%
Deferred electric, natural gas and steam production costs 296 480 -38.3%
Deferred Income Tax Charges 7 7 0.0%
Inflation Reduction Act deferral 19 3 +533.3%
Other 193 205 -5.9%
Renewable resources and environmental initiatives 16 16 0.0%
Taxes Payable Current 579 535 +8.2%
Interest Payable Current 337 280 +20.4%
Dividends Payable Current 355 314 +13.1%
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Parent Company 355 314 +13.1%
Derivative Instruments And Hedges Liabilities 31 37 -16.2%
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Commodity Contract · Nondesignated 15 24 -37.5%
Natural Gas Commodity · Nondesignated 10 7 +42.9%
Purchased Power Agreements · Fair Value Measurements Nonrecurring 6 6 0.0%
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Fair Value Measurements Recurring 25 31 -19.4%
Operating Lease Liability Current 110 227 -51.5%
Other Liabilities Current 605 635 -4.7%
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Parent Company 78 90 -13.3%
Total Current Liabilities 7,089 6,459 +9.8%
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Parent Company 1,783 1,239 +43.9%
Current Portion of Long-Term Debt (Q) — — —
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Other Subsidiaries 1 3 -66.7%
Xcel Energy Inc. 500 600 -16.7%
Show Consolidated Entities breakouts
Parent Company 500 600 -16.7%
Non-Current Liabilities
Deferred Tax Liabilities 6,004 5,319 +12.9%
Regulatory Liability Noncurrent 6,277 6,010 +4.4%
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Asset Retirement Obligation Costs 354 161 +119.9%
Deferred electric, natural gas and steam production costs 13 12 +8.3%
Deferred Income Tax Charges 2,758 2,888 -4.5%
Effects of regulation on employee benefit costs 261 259 +0.8%
Inflation Reduction Act deferral 19 37 -48.6%
ITC deferrals 64 70 -8.6%
Other 153 143 +7.0%
Plant removal costs 2,336 2,208 +5.8%
Renewable resources and environmental initiatives 319 232 +37.5%
Asset Retirement Obligations Noncurrent 3,888 3,713 +4.7%
Derivative Instruments And Hedges Liabilities Noncurrent 67 77 -13.0%
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Commodity Contract · Nondesignated 57 61 -6.6%
Purchased Power Agreements · Fair Value Measurements Nonrecurring 10 16 -37.5%
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Fair Value Measurements Recurring 57 61 -6.6%
Contract With Customer Liability Noncurrent 129 146 -11.6%
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 365 477 -23.5%
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Other Postretirement Benefit Plans Defined Benefit 93 89 +4.5%
Pension Plans Defined Benefit 130 248 -47.6%
Operating Lease Liabilities 788 867 -9.1%
Finance Lease Liability Noncurrent 1,262 60 +2003.3%
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Amended Purchased Power Agreements 1.2 — —
Other Non-Current Liabilities 61 69 -11.6%
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Parent Company 18 28 -35.7%
Deferred Credits And Other Liabilities Other Than Long Term Debt Noncurrent 18,841 16,738 +12.6%
Long-Term Debt 31,832 27,316 +16.5%
Show Legal Entity breakouts
NSP Minnesota 7,908 7,607 +4.0%
NSP-Wisconsin 1,647 1,406 +17.1%
Other Subsidiaries 23 24 -4.2%
PSCo 10,376 8,391 +23.7%
SPS 4,046 3,551 +13.9%
Xcel Energy Inc. 7,832 6,337 +23.6%
Long-Term Debt (Q) — — —
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Parent Company 7,832 6,337 +23.6%
Total Liabilities (Q) — — —
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Variable Interest Entity Primary Beneficiary 34 34 0.0%
Stockholders' Equity
Common Stock 1,559 1,436 +8.6%
Common Stock Shares Authorized 1,000,000,000 1,000,000,000 0.0%
Common Stock Par Or Stated Value Per Share 2.5 2.5 0.0%
Common Stock Shares Outstanding 623,600,715 574,365,598 +8.6%
Show Equity Components breakouts
Common Stock 623,600,715 574,365,598 +8.6%
Additional Paid In Capital Common Stock 12,906 9,601 +34.4%
Retained Earnings 9,207 8,553 +7.6%
Accumulated Other Comprehensive Income -63 -68 +7.4%
Total Stockholders' Equity 23,609 19,522 +20.9%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -38 -39 +2.6%
Accumulated Gain Loss Net Cash Flow Hedge Parent -25 -29 +13.8%
Accumulated Other Comprehensive Income -63 -68 +7.4%
Show Consolidated Entities breakouts
Parent Company 23,609 19,522 +20.9%
Total Liabilities & Equity 81,371 70,035 +16.2%
Show Consolidated Entities breakouts
Parent Company 33,242 27,126 +22.5%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 2,968 2,769 +7.2%
Nuclear Fuel Amortization 114 106 +7.5%
Deferred Income Taxes 414 225 +84.0%
Equity Method Investment Dividends Or Distributions 32 34 -5.9%
Provision For Doubtful Accounts 61 47 +29.8%
Stock-Based Compensation 46 33 +39.4%
Increase Decrease In Accounts And Other Receivables -129 19 -778.9%
Increase Decrease In Accrued Unbilled Revenues -48 21 -328.6%
Change in Inventory -300 -140 -114.3%
Increase Decrease In Other Current Assets -122 -139 +12.2%
Change in Accounts Payable -50 37 -235.1%
Increase Decrease In Regulatory Assets And Liabilities -189 436 -143.3%
Increase Decrease In Other Current Liabilities -174 -317 +45.1%
Increase Decrease In Employee Related Liabilities -100 -89 -12.4%
Other Operating Activities Cash Flow Statement -160 -150 -6.7%
Net Cash from Operations 4,083 4,641 -12.0%
Show Consolidated Entities breakouts
Parent Company 878 1,459 -39.8%
Investing Activities
Payments To Acquire Productive Assets -10,908 -7,364 -48.1%
Payments To Acquire Investments -1,200 -998 -20.2%
Proceeds From Sale And Maturity Of Other Investments 1,197 961 +24.6%
Other Investing Activities -58 -27 -114.8%
Net Cash from Investing -10,969 -7,428 -47.7%
Show Consolidated Entities breakouts
Parent Company -4,845 -2,268 -113.6%
Inventorytransferstoplantpropertyandequipment 348 258 +34.9%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 1,253 138 +808.0%
Allowance For Funds Used During Construction Investing Activities 281 168 +67.3%
Stock Issued1 80 68 +17.6%
Financing Activities
Proceeds From Repayments Of Short Term Debt 855 -90 +1050.0%
Show Consolidated Entities breakouts
Parent Company 615 70 +778.6%
Proceeds From Issuance Of Long Term Debt 5,763 3,647 +58.0%
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Parent Company 1,970 795 +147.8%
Repayments Of Long Term Debt -1,713 -656 -161.1%
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Parent Company -600 — —
Proceeds From Issuance Of Common Stock 3,349 1,117 +199.8%
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Parent Company 3,349 1,117 +199.8%
Show Share Issuance Program [Axis] breakouts
DividendReinvestmentProgram [Member] 67 67 0.0%
Payments Of Dividends -1,282 -1,175 -9.1%
Show Consolidated Entities breakouts
Parent Company -1,282 -1,175 -9.1%
Proceeds From Payments For Other Financing Activities 9 -6 +250.0%
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Parent Company -6 -6 0.0%
Net Cash from Financing 6,981 2,837 +146.1%
Show Consolidated Entities breakouts
Parent Company 4,046 801 +405.1%
Supplemental
Interest Paid -1,262 -1,131 -11.6%
Income Taxes Paid -641 -588 -9.0%
Unpaid Capital Expenditures 1,170 964 +21.4%
Other Cash Flow
Net Change in Cash 95 50 +90.0%
Show Consolidated Entities breakouts
Parent Company 79 -8 +1087.5%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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