XCEL ENERGY INC

XEL 10-K · Q4 2025
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XEL Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Regulated Operating Revenue Electric 2,809 2,410 +16.6%
Show Business Segments breakouts
Regulated Electric · Operating Segments 2,809 2,410 +16.6%
Regulated Operating Revenue Gas 737 695 +6.0%
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Regulated Natural Gas · Intersegment Elimination 7 21 -66.7%
Regulated Natural Gas · Operating Segments 737 695 +6.0%
Unregulated Operating Revenue 15 15 0.0%
Regulated And Unregulated Operating Revenue 3,561 3,120 +14.1%
Electric Fueland Purchased Power 925 925 0.0%
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Regulated Electric · Operating Segments 925 925 0.0%
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Operating Segments 925 925 0.0%
Costofnatural Gas Soldand Transported 333 287 +16.0%
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Regulated Natural Gas · Operating Segments 333 287 +16.0%
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Operating Segments 333 287 +16.0%
Other Cost Of Operating Revenue 3 2 +50.0%
Utilities Operating Expense Maintenance Operations And Other Costs And Expenses 679 618 +9.9%
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Regulated Electric · Operating Segments 555 506 +9.7%
Regulated Natural Gas · Operating Segments 109 103 +5.8%
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Operating Segments 664 609 +9.0%
Conservationand Demand Side Management Program Expenses 107 99 +8.1%
Utilities Operating Expense Depreciation And Amortization 753 702 +7.3%
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Regulated Electric · Operating Segments 642 601 +6.8%
Regulated Natural Gas · Operating Segments 107 97 +10.3%
Show Consolidation Items breakouts
Operating Segments 749 698 +7.3%
Taxes Other 172 140 +22.9%
Total Costs & Expenses 2,981 2,773 +7.5%
Operating Income 580 347 +67.1%
Other Non-Operating Income (Expense) 114 68 +67.6%
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Regulated Electric · Operating Segments 155 146 +6.2%
Regulated Natural Gas · Operating Segments 39 56 -30.4%
Show Consolidation Items breakouts
Operating Segments 194 202 -4.0%
Income Loss From Equity Method Investments 20 0 —
Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity 85 49 +73.5%
Interest Expense 403 319 +26.3%
Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Debt -39 -22 -77.3%
Interest And Debt Expense 364 297 +22.6%
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Regulated Electric · Operating Segments 241 185 +30.3%
Regulated Natural Gas · Operating Segments 33 27 +22.2%
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Operating Segments 274 212 +29.2%
Income Before Taxes 435 167 +160.5%
Income Tax Expense (Benefit) -132 -297 +55.6%
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Regulated Electric · Operating Segments -177 -335 +47.2%
Regulated Natural Gas · Operating Segments 30 34 -11.8%
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Operating Segments -147 -301 +51.2%
Net Income 567 464 +22.2%
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All Other Segments 5 -31 +116.1%
Regulated Electric · Operating Segments 469 383 +22.5%
Regulated Natural Gas · Operating Segments 93 112 -17.0%
Show Consolidation Items breakouts
Operating Segments 562 495 +13.5%
Wtd Avg Shares (Basic) 3 4 -25.0%
Wtd Avg Shares (Diluted) 2 4 -50.0%
EPS (Basic) 0.96 0.81 +18.5%
EPS (Diluted) 0.95 0.81 +17.3%
Revenue (Q) — — —
Show Product Lines breakouts
Other 53 69 -23.2%
Other · Regulated Electric 8 27 -70.4%
Other · Regulated Natural Gas [Member] 45 42 +7.1%
Product 3,309 2,949 +12.2%
Product · All Other Segments 12 12 0.0%
Product · Regulated Electric 2,597 2,274 +14.2%
Product · Regulated Natural Gas [Member] 700 663 +5.6%
Retail 2,933 2,581 +13.6%
Retail · All Other Segments 8 9 -11.1%
Retail · All Other Segments 4 2 +100.0%
Retail · All Other Segments 0 1 -100.0%
Retail · All Other Segments 12 12 0.0%
Retail · C&I 1,620 1,391 +16.5%
Retail · Other 40 36 +11.1%
Retail · Regulated Electric 1,391 1,175 +18.4%
Retail · Regulated Electric 36 34 +5.9%
Retail · Regulated Electric 839 739 +13.5%
Retail · Regulated Electric 2,266 1,948 +16.3%
Retail · Regulated Natural Gas [Member] 221 207 +6.8%
Retail · Regulated Natural Gas [Member] 434 414 +4.8%
Retail · Regulated Natural Gas [Member] 655 621 +5.5%
Retail · Residential 1,273 1,154 +10.3%
Transmission 164 155 +5.8%
Transmission · Regulated Electric 164 155 +5.8%
Wholesale 159 144 +10.4%
Wholesale · Regulated Electric 159 144 +10.4%
Revenue (Q) — — —
Show Business Segments breakouts
All Other Segments · Operating Segments 15 15 0.0%
Regulated Electric · Operating Segments 2,809 2,410 +16.6%
Regulated Natural Gas [Member] · Operating Segments 737 695 +6.0%
Show Consolidation Items breakouts
Operating Segments 3,561 3,120 +14.1%
Other Revenue (Q) — — —
Show Product Lines breakouts
Alternative revenue and other 252 171 +47.4%
Alternative revenue and other · All Other Segments 3 3 0.0%
Alternative revenue and other · Regulated Electric 212 136 +55.9%
Alternative revenue and other · Regulated Natural Gas [Member] 37 32 +15.6%
Comprehensive Income 569 462 +23.2%
Other Comprehensive Income 2 -2 +200.0%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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%
Show Related Party Transactions By Related Party breakouts
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%
Show Derivative Risk breakouts
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%
Show Consolidated Entities breakouts
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%
Show Fair Value By Measurement Frequency breakouts
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%
Show Consolidated Entities breakouts
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%
Show Consolidated Entities breakouts
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%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 25 31 -19.4%
Operating Lease Liability Current 110 227 -51.5%
Other Liabilities Current 605 635 -4.7%
Show Consolidated Entities breakouts
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%
Show Regulatory Liability breakouts
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%
Show Fair Value By Measurement Frequency breakouts
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%
Show Retirement Plan Type breakouts
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%
Show Property Plant And Equipment By Type breakouts
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) — — —
Show Consolidated Entities breakouts
Parent Company 7,832 6,337 +23.6%
Total Liabilities (Q) — — —
Show Consolidated Entities breakouts
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 YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 752 714 +5.3%
Nuclear Fuel Amortization 27 21 +28.6%
Deferred Income Taxes 19 -181 +110.5%
Equity Method Investment Dividends Or Distributions 16 8 +100.0%
Stock-Based Compensation 8 6 +33.3%
Increase Decrease In Accounts And Other Receivables -97 -62 -56.5%
Change in Inventory -98 -69 -42.0%
Increase Decrease In Other Current Assets -264 -152 -73.7%
Change in Accounts Payable 35 79 -55.7%
Increase Decrease In Regulatory Assets And Liabilities -76 154 -149.4%
Increase Decrease In Other Current Liabilities -376 -79 -375.9%
Increase Decrease In Employee Related Liabilities 2 5 -60.0%
Other Operating Activities Cash Flow Statement -101 -154 +34.4%
Net Cash from Operations 209 664 -68.5%
Investing Activities
Payments To Acquire Productive Assets -3,438 -2,217 -55.1%
Payments To Acquire Investments -346 -305 -13.4%
Proceeds From Sale And Maturity Of Other Investments 346 295 +17.3%
Other Investing Activities -39 -4 -875.0%
Net Cash from Investing -3,477 -2,231 -55.8%
Inventorytransferstoplantpropertyandequipment 60 41 +46.3%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 35 95 -63.2%
Allowance For Funds Used During Construction Investing Activities 85 49 +73.5%
Stock Issued1 17 15 +13.3%
Financing Activities
Proceeds From Repayments Of Short Term Debt 220 600 -63.3%
Proceeds From Issuance Of Long Term Debt 880 4 +21900.0%
Repayments Of Long Term Debt -490 -106 -362.3%
Proceeds From Issuance Of Common Stock 2,198 8 +27375.0%
Show Share Issuance Program [Axis] breakouts
DividendReinvestmentProgram [Member] 19 17 +11.8%
Payments Of Dividends -328 -304 -7.9%
Proceeds From Payments For Other Financing Activities 10 -1 +1100.0%
Net Cash from Financing 2,490 201 +1138.8%
Supplemental
Interest Paid -430 -338 -27.2%
Income Taxes Paid -130 -104 -25.0%
Unpaid Capital Expenditures -80 223 -135.9%
Other Cash Flow
Net Change in Cash -778 -1,366 +43.0%

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

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