NASDAQ: XEL
XCEL ENERGY INCCIK 0000072903 · SIC 4931 · Electric & Other Services Combined
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net income $586.0M. Xcel Energy Q2 EPS rises 24% to on infrastructure recovery; Smokehouse Fire loss up
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Xcel Energy adds Delta Air Lines President Peter Carter to board, expanding to 11 directors
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Xcel's Colorado gas unit files settlement for $123M rate increase, down from $190M request
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Xcel Energy settles New Mexico rate case for $90M increase, 46% below original request
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Xcel Energy wins $211M Minnesota rate hike, ROE rises to 9.60%; reaffirms 2026 EPS
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Xcel Energy's Colorado gas unit faces pushback on $190M rate hike, regulators propose cuts
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Xcel settles Colorado rate case for $225M increase, 37% below request; reaffirms 2026 guidance
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Xcel Energy shareholders approve all proposals at 2026 Annual Meeting
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Xcel Energy settles Minnesota gas rate case for $38M, 39% below original request
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Xcel Energy's New Mexico rate case faces pushback: intervenors propose $28M-$113M vs. $168M request
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Xcel Energy launches up to $4.3B at-the-market common stock offering
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Xcel Energy launches up to $4.3B at-the-market equity offering program with flexible settlement
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net income $556.0M. Xcel Energy Q1 EPS rises 6.0%; weather headwind, nuclear refund offset rate gains
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Latest financial statements
From 10-Q filed Jul 30, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(amounts in millions, except per share data)
| Description | Three months ended June 30 2026 | Three months ended June 30 2025 | Six months ended June 30 2026 | Six months ended June 30 2025 |
|---|---|---|---|---|
| Operating revenues | ||||
| Electric | 2,740 | 2,878 | 5,716 | 5,713 |
| Natural gas | 365 | 396 | 1,395 | 1,451 |
| Other | 14 | 13 | 29 | 29 |
| Total operating revenues | 3,119 | 3,287 | 7,140 | 7,193 |
| Operating expenses | ||||
| Electric fuel and purchased power | 678 | 918 | 1,697 | 1,938 |
| Cost of natural gas sold and transported | 93 | 134 | 613 | 647 |
| Cost of sales other | 2 | 1 | 5 | 3 |
| Operating and maintenance expenses | 691 | 675 | 1,366 | 1,361 |
| Conservation and demand side management expenses | 107 | 88 | 228 | 198 |
| Depreciation and amortization | 662 | 722 | 1,430 | 1,450 |
| Taxes (other than income taxes) | 177 | 172 | 360 | 342 |
| Marshall Wildfire litigation | 3 | — | (19) | — |
| Total operating expenses | 2,413 | 2,710 | 5,680 | 5,939 |
| Operating income | 706 | 577 | 1,460 | 1,254 |
| Other income, net | 37 | 68 | 59 | 75 |
| Earnings (loss) from equity method investments | 76 | (8) | 89 | (9) |
| Allowance for funds used during construction equity | 105 | 69 | 197 | 117 |
| Interest charges and financing costs | ||||
| Interest charges includes other financing costs | 443 | 349 | 855 | 681 |
| Allowance for funds used during construction debt | (45) | (27) | (85) | (50) |
| Total interest charges and financing costs | 398 | 322 | 770 | 631 |
| Income before income taxes | 526 | 384 | 1,035 | 806 |
| Income tax benefit | (60) | (60) | (107) | (121) |
| Net income | 586 | 444 | 1,142 | 927 |
| Weighted average common shares outstanding: | ||||
| Basic | 625 | 586 | 625 | 580 |
| Diluted | 627 | 588 | 627 | 582 |
| Earnings per average common share: | ||||
| Basic | 0.94 | 0.76 | 1.83 | 1.60 |
| Diluted | 0.93 | 0.75 | 1.82 | 1.59 |
| See Notes to Consolidated Financial Statements | ||||
Consolidated Balance Sheets (Unaudited)
amounts in millions
| Description | June 30, 2026 | Dec. 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 2,010 | 274 |
| Accounts receivable, net | 1,255 | 1,330 |
| Accrued unbilled revenues | 786 | 880 |
| Inventories | 745 | 761 |
| Regulatory assets | 521 | 529 |
| Derivative instruments | 178 | 165 |
| Prepayments and other | 587 | 1,075 |
| Total current assets | 6,082 | 5,014 |
| Property, plant and equipment, net | 69,497 | 65,639 |
| Other assets | ||
| Nuclear decommissioning fund and other investments | 4,727 | 4,389 |
| Regulatory assets | 3,108 | 2,998 |
| Derivative instruments | 44 | 54 |
| Operating lease right-of-use assets | 865 | 893 |
| Finance lease right-of-use assets | 1,421 | 1,348 |
| Other | 1,421 | 1,036 |
| Total other assets | 11,586 | 10,718 |
| Total assets | 87,165 | 81,371 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Current portion of long-term debt | 999 | 501 |
| Short-term debt | 2,510 | 1,550 |
| Accounts payable | 2,323 | 2,307 |
| Regulatory liabilities | 846 | 714 |
| Taxes accrued | 416 | 579 |
| Accrued interest | 385 | 337 |
| Dividends payable | 370 | 355 |
| Derivative instruments | 17 | 31 |
| Operating lease liabilities | 107 | 110 |
| Other | 699 | 605 |
| Total current liabilities | 8,672 | 7,089 |
| Deferred credits and other liabilities | ||
| Deferred income taxes | 6,012 | 6,004 |
| Regulatory liabilities | 6,594 | 6,277 |
| Asset retirement obligations | 3,293 | 3,888 |
| Derivative instruments | 51 | 67 |
| Customer advances | 123 | 129 |
| Pension and employee benefit obligations | 307 | 365 |
| Operating lease liabilities | 759 | 788 |
| Finance lease liabilities | 1,288 | 1,262 |
| Other | 61 | 61 |
| Total deferred credits and other liabilities | 18,488 | 18,841 |
| Commitments and contingencies | ||
| Capitalization | ||
| Long-term debt | 35,948 | 31,832 |
| Common stock 1,000,000,000 shares authorized of $2.50 par value; 624,405,747 and 623,600,715 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 1,561 | 1,559 |
| Additional paid in capital | 12,947 | 12,906 |
| Retained earnings | 9,607 | 9,207 |
| Accumulated other comprehensive loss | (58) | (63) |
| Total common stockholders’ equity | 24,057 | 23,609 |
| Total liabilities and equity | 87,165 | 81,371 |
| See Notes to Consolidated Financial Statements | ||
Consolidated Statements of Cash Flows (Unaudited)
(amounts in millions)
| Description | Six months ended June 30 2026 | Six months ended June 30 2025 |
|---|---|---|
| Operating activities | ||
| Net income | 1,142 | 927 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization | 1,424 | 1,461 |
| Nuclear fuel amortization | 59 | 55 |
| Deferred income taxes | (28) | 282 |
| Allowance for equity funds used during construction | (197) | (117) |
| (Earnings) loss from equity method investments | (89) | 9 |
| Dividends from equity method investments | 13 | 16 |
| Provision for bad debts | 24 | 31 |
| Share-based compensation expense | 23 | 21 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 50 | 85 |
| Accrued unbilled revenues | 94 | 10 |
| Inventories | (56) | (97) |
| Other current assets | 571 | 89 |
| Accounts payable | (140) | (154) |
| Net regulatory assets and liabilities | 89 | (50) |
| Other current liabilities | (107) | (290) |
| Pension and other employee benefit obligations | (61) | (115) |
| Other, net | (14) | (54) |
| Net cash provided by operating activities | 2,797 | 2,109 |
| Investing activities | ||
| Capital/construction expenditures | (5,970) | (4,415) |
| Purchase of investment securities | (1,088) | (571) |
| Proceeds from the sale of investment securities | 1,088 | 570 |
| Other, net | 11 | (14) |
| Net cash used in investing activities | (5,959) | (4,430) |
| Financing activities | ||
| Proceeds from short-term borrowings, net | 960 | 125 |
| Proceeds from issuances of long-term debt | 4,694 | 3,893 |
| Repayments of long-term debt | (66) | (932) |
| Proceeds from issuance of common stock | 11 | 1,143 |
| Dividends paid | (708) | (625) |
| Other, net | 7 | (8) |
| Net cash provided by financing activities | 4,898 | 3,596 |
| Net change in cash, cash equivalents and restricted cash | 1,736 | 1,275 |
| Cash, cash equivalents and restricted cash at beginning of period | 274 | 179 |
| Cash, cash equivalents and restricted cash at end of period | 2,010 | 1,454 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest (net of amounts capitalized) | (705) | (583) |
| Supplemental disclosure of non-cash investing and financing transactions: | ||
| Accrued property, plant and equipment additions | 1,335 | 1,081 |
| Inventory transfers to property, plant and equipment | 102 | 217 |
| Operating lease and finance lease right-of-use assets | 82 | 159 |
| Allowance for equity funds used during construction | 197 | 117 |
| Issuance of common stock for reinvested dividends and/or equity awards | 40 | 39 |
| See Notes to Consolidated Financial Statements | ||
Amounts as printed on the EDGAR/iXBRL face — (amounts in millions, except per share data); amounts in millions; (amounts in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗