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XCEL ENERGY INCXEL

Sector
Energy
Industry
Electric & Other Services Combined
Exchange
Nasdaq

Stock Price $XEL

Latest filings

You are here#10 of 21 in Utilities by market cap

Filing record · 2016–202610-K1110-Q328-K247

XEL filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 247 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Share Class
Source: 10-KFY2018
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  12. $11.54B
YoY changeLargest recent move−13.9%in FY09Latest +1.2%

Latest bar from 10-KFY2018Click a bar to open its SEC filing

View full history →
All XEL Financial Metrics53 metrics

Income Statement13

Balance Sheet21

Cash Flow14

Per Share5

02—Overview

XCEL ENERGY INC Financial Overview 2021–2025

Updated Jul 10, 2026

Xcel Energy is committing $60 billiona to capital expenditures between 2026 and 2030 to accommodate robust artificial intelligence load growth and renewable energy integration. The central investment thesis for this regulated utility is clear: it can successfully navigate extreme weather liabilities and aggressive decarbonization mandates while continuing to deliver reliable rate base expansion and earnings growth.

The company’s ability to execute this strategy is visible across its long-term earnings trajectory, as GAAP diluted earnings grew from $2.96 per share in FY2021 to $3.42b per share in FY2025. Xcel Energy offset fluctuating natural gas revenues and rising interest costs by heavily investing in system reliability, allowing it to reduce carbon emissions by 58% from 2005 levels. Management achieved this operational growth while absorbing severe legal headwinds, including a $298 million after-tax charge in FY2025 to settle the Marshall Wildfire litigation and a $215 million estimated loss recorded in FY2024 for the Smokehouse Creek Fire Complex.

Despite these heavy litigation accruals and the dilution from issuing $3.3 billionc in common stock during FY2025 to fund its infrastructure boom, the market supported the utility's financial discipline. By the close of FY2025, Xcel Energy reached a $46.1 billion market capitalization, with the stock priced at $73.86 and trading at a 21.6x price-to-earnings multiple.

Recent Developments (Q4 2025 and Q1 2026)

Xcel Energy boosted net income to $556 milliond, or $0.89 per share, on $4.02 billion in Q1 2026 operating revenues. Operating cash flow rose to $1.70 billion, supporting $3.26 billion in long-term debt issuance. The company also secured a $4.3 billion equity distribution agreement to maintain capitalization targets. Management advanced multiple rate cases, securing a $225 million electric settlement in Colorado and a $211 million increase in Minnesota featuring a 9.60% return on equity.

Bulls will highlight the reaffirmed 2026 ongoing earnings guidance of $4.04 to $4.16e per share, proving the utility can monetize its infrastructure expansion. Bears might warn that persistent wildfire liabilities, including an additional $63 million estimated loss recorded in Q1 2026 for the Smokehouse Creek fire, threaten cash flows. Trading at 24.3x earnings as of April 30, 2026, the stock appears richly valued relative to historical utility multiples.

What to watch: final approval of the Colorado natural gas rate case in Q4 2026; utilization of the new $4.3 billion equity distribution agreement.

03—Filings

Recent SEC Filings

  1. 8-KXCEL ENERGY INC 8-K Report, Corporate Update (Oct 9, 2026)Xcel Energy's subsidiary, Northern States Power Company (NSP-Minnesota), has filed an alternative Electric Customer Rate Stability Plan with the Minnesota Public Utilities Commission (MPUC) instead of pursuing a traditional rate case for 2027. This plan proposes a customer base rate freeze for calendar years 2027 and 2028, aiming to provide rate stability for customers. It also includes an accelerated recognition of federal Investment Tax Credit (ITC) benefits from five battery storage projects over two years, which would offset the costs associated with necessary capital improvements. The company is seeking a decision from the MPUC on this plan by January 2027. If the proposed plan is not approved, NSP-Minnesota indicates it will proceed with a traditional electric rate case filing in early 2027. Investors should monitor the MPUC's decision, as it will directly impact NSP-Minnesota's future rate structure and the recovery of its capital investments, with potential implications for Xcel Energy's overall financial performance.
  2. 8-KXCEL ENERGY INC 8-K Report, Corporate Update (Aug 20, 2026)Xcel Energy Inc. (XEL) has announced a significant regulatory development for its Public Service Company of Colorado (PSCo) subsidiary. Following a rate case filed in November 2025, PSCo and various parties have reached a settlement agreement regarding electric rates. On August 19, 2026, the Colorado Public Utilities Commission (CPUC) issued a verbal decision approving most terms of this settlement, with a modification to the historical test year. The approved settlement is expected to result in a revenue increase of $157 million (4.4%), a Return on Equity (ROE) of 9.3%, and an equity ratio of 54.5%. Additionally, a performance framework for the Comanche Unit 3 coal facility will be implemented, and existing trackers and deferrals will continue. This outcome is generally favorable for Xcel Energy, as it provides a degree of regulatory certainty and a modest revenue increase, albeit lower than the initially requested $356 million. The approved ROE and equity ratio are in line with industry norms. Importantly, Xcel Energy has reaffirmed its 2026 ongoing earnings per share (EPS) guidance of $4.04 to $4.16, indicating management's confidence in its ability to meet financial targets despite the outcome of the rate case. Investors will want to monitor the formal written decision and the effective date of the new rates, expected August 29, 2026, for final confirmation.
  3. 8-KXCEL ENERGY INC 8-K Report, Financial Results (Jul 30, 2026)Xcel Energy (XEL) reported second-quarter 2026 GAAP net income of $586 million, or $0.93 per diluted share, up from $444 million, or $0.75, in Q2 2025. Ongoing EPS was also $0.93. Year-to-date GAAP diluted EPS was $1.82 versus $1.59 a year earlier, and year-to-date ongoing EPS was $1.84. The company attributed the growth mainly to higher recovery of electric infrastructure investments, partly offset by higher financing costs, lower electric revenues, and dilution from common equity issuance. Management reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16, which implies about 6% growth at the midpoint versus the $3.80 base cited in its long-term objectives. The quality of the quarter is mixed. Lower electric fuel and purchased power costs (pass-through, largely offset in revenue) and roughly $0.08 of AFUDC equity and debt gains helped results, and a nuclear life-extension depreciation reduction boosted Q2. Interest charges rose sharply, up $94 million in the quarter and $174 million year-to-date, reflecting higher debt levels. Total debt reached $39.5 billion, up from $33.9 billion at year-end 2025, and debt is now 62% of total capitalization. Equity earnings were also lifted by unrealized gains on energy technology investment funds, which are less recurring in nature. Regulatory and legal developments were significant. A Minnesota electric rate case verbal decision (ROE 9.60%, about $211 million over two years) is pending a final written order by July 31, 2026. Colorado electric and gas settlements, a New Mexico electric stipulation, and several smaller cases are pending decisions in Q3 and Q4 2026. The Smokehouse Creek Fire liability remains a key risk: total estimated losses are $503 million including legal costs, with only about $80 million of insurance coverage remaining, and exposure to additional claims and penalties is not reasonably estimable. Credit ratings are a watch item, with the holding company's Moody's unsecured rating at Baa1 with a negative outlook and PSCo also carrying a negative outlook at Moody's and S&P.
  4. 8-KXCEL ENERGY INC 8-K Report, Executive Changes (Jul 29, 2026)Xcel Energy (NASDAQ: XEL) filed an 8-K on July 29, 2026 to report a board governance change rather than any financial results or operational update. The Board elected Peter Carter, 63, as a director effective immediately, with a term running to the 2027 Annual Meeting of Shareholders. Carter was also appointed to the Audit Committee and the Governance, Compensation and Nominating Committee. The Board expanded from 10 to 11 members to accommodate the addition, and it determined Carter is independent under Nasdaq and Xcel's own standards. Carter currently serves as President of Delta Air Lines, a role he has held since April 2026, and previously held senior legal and external affairs positions at Delta, including Chief Legal Officer and Chief External Affairs Officer. He spent 23 years as a partner at Dorsey & Whitney LLP before joining Delta in 2015. His background in corporate strategy, policy, legal affairs, and stakeholder engagement is relevant to a utility facing regulatory scrutiny and a shifting energy landscape. The filing discloses no related person transactions under Item 404(a). For investors, this is a routine, low-impact governance event with no disclosed effect on earnings, guidance, capital plans, or dividends. Carter's director compensation will follow the standard non-employee director package, prorated through the 2027 annual meeting, as described in the Summary of Non-Employee Director Compensation approved May 20, 2026. The main item to watch is how his executive experience and committee assignments shape oversight of audit matters and governance and compensation decisions over time.
  5. 8-KXCEL ENERGY INC 8-K Report, Corporate Update (Jul 14, 2026)Xcel Energy Inc. (XEL) subsidiary, Public Service Company of Colorado (PSCo), has reached a non-unanimous settlement agreement regarding its December 2025 natural gas rate case. Initially seeking a $190 million revenue increase, the settlement proposes a more modest $123 million increase. This represents a 7.5% total increase, averaging 3.7% annually since the last rate adjustment. The settlement also includes a reduced Return on Equity (ROE) of 9.2%, down from the initially requested 10.75%, and an equity ratio of 54.5%. While several parties have not opposed or taken no position on the agreement, one transportation shipper has expressed opposition. A final decision from the Colorado Public Utilities Commission (CPUC) and the implementation of new rates are anticipated in the fourth quarter of 2026, following scheduled hearings in July 2026.
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04—See also

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