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%; Smokehouse Fire loss
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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 Oct 29, 2026 (period ending Sep 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 Sept. 30 2026 | Three months ended Sept. 30 2025 | Nine months ended Sept. 30 2026 | Nine months ended Sept. 30 2025 |
|---|---|---|---|---|
| Operating revenues | ||||
| Electric | 3,888 | 3,638 | 9,604 | 9,351 |
| Natural gas | 272 | 264 | 1,667 | 1,715 |
| Other | 12 | 13 | 41 | 42 |
| Total operating revenues | 4,172 | 3,915 | 11,312 | 11,108 |
| Operating expenses | ||||
| Electric fuel and purchased power | 1,067 | 1,098 | 2,764 | 3,036 |
| Cost of natural gas sold and transported | 58 | 61 | 671 | 708 |
| Cost of sales other | 2 | 5 | 7 | 8 |
| Operating and maintenance expenses | 759 | 692 | 2,125 | 2,053 |
| Conservation and demand side management expenses | 125 | 101 | 353 | 299 |
| Depreciation and amortization | 791 | 750 | 2,221 | 2,200 |
| Taxes (other than income taxes) | 178 | 172 | 538 | 514 |
| Marshall Wildfire litigation | 1 | 287 | (18) | 287 |
| Total operating expenses | 2,981 | 3,166 | 8,661 | 9,105 |
| Operating income | 1,191 | 749 | 2,651 | 2,003 |
| Other income, net | 62 | 46 | 121 | 121 |
| Earnings (loss) from equity method investments | 77 | 6 | 166 | (3) |
| Allowance for funds used during construction equity | 131 | 79 | 328 | 196 |
| Interest charges and financing costs | ||||
| Interest charges includes other financing costs | 484 | 384 | 1,339 | 1,065 |
| Allowance for funds used during construction debt | (52) | (36) | (137) | (86) |
| Total interest charges and financing costs | 432 | 348 | 1,202 | 979 |
| Income before income taxes | 1,029 | 532 | 2,064 | 1,338 |
| Income tax expense (benefit) | 69 | 8 | (38) | (113) |
| Net income | 960 | 524 | 2,102 | 1,451 |
| Weighted average common shares outstanding: | ||||
| Basic | 629 | 592 | 626 | 584 |
| Diluted | 632 | 595 | 629 | 587 |
| Earnings per average common share: | ||||
| Basic | 1.53 | 0.88 | 3.36 | 2.48 |
| Diluted | 1.52 | 0.88 | 3.34 | 2.47 |
| See Notes to Consolidated Financial Statements | ||||
Consolidated Balance Sheets (Unaudited)
(amounts in millions, except share and per share data)
| Description | Sept. 30, 2026 | Dec. 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 2,483 | 274 |
| Accounts receivable, net | 1,391 | 1,330 |
| Accrued unbilled revenues | 753 | 880 |
| Inventories | 827 | 761 |
| Regulatory assets | 566 | 529 |
| Derivative instruments | 148 | 165 |
| Prepayments and other | 576 | 1,075 |
| Total current assets | 6,744 | 5,014 |
| Property, plant and equipment, net | 72,181 | 65,639 |
| Other assets | ||
| Nuclear decommissioning fund and other investments | 4,725 | 4,389 |
| Regulatory assets | 3,253 | 2,998 |
| Derivative instruments | 43 | 54 |
| Operating lease right-of-use assets | 839 | 893 |
| Finance lease right-of-use assets | 1,409 | 1,348 |
| Other | 1,523 | 1,036 |
| Total other assets | 11,792 | 10,718 |
| Total assets | 90,717 | 81,371 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Current portion of long-term debt | 999 | 501 |
| Short-term debt | 3,060 | 1,550 |
| Accounts payable | 2,666 | 2,307 |
| Regulatory liabilities | 691 | 714 |
| Taxes accrued | 591 | 579 |
| Accrued interest | 501 | 337 |
| Dividends payable | 376 | 355 |
| Derivative instruments | 27 | 31 |
| Operating lease liabilities | 100 | 110 |
| Other | 726 | 605 |
| Total current liabilities | 9,737 | 7,089 |
| Deferred credits and other liabilities | ||
| Deferred income taxes | 6,504 | 6,004 |
| Regulatory liabilities | 6,560 | 6,277 |
| Asset retirement obligations | 3,330 | 3,888 |
| Derivative instruments | 52 | 67 |
| Customer advances | 114 | 129 |
| Pension and employee benefit obligations | 305 | 365 |
| Operating lease liabilities | 738 | 788 |
| Finance lease liabilities | 1,277 | 1,262 |
| Other | 60 | 61 |
| Total deferred credits and other liabilities | 18,940 | 18,841 |
| Commitments and contingencies | ||
| Capitalization | ||
| Long-term debt | 36,539 | 31,832 |
| Common stock 1,000,000,000 shares authorized of $2.50 par value; 635,114,662 and 623,600,715 shares outstanding at Sept. 30, 2026 and December 31, 2025, respectively | 1,588 | 1,559 |
| Additional paid in capital | 13,774 | 12,906 |
| Retained earnings | 10,189 | 9,207 |
| Accumulated other comprehensive loss | (50) | (63) |
| Total common stockholders’ equity | 25,501 | 23,609 |
| Total liabilities and equity | 90,717 | 81,371 |
| See Notes to Consolidated Financial Statements | ||
Consolidated Statements of Cash Flows (Unaudited)
(amounts in millions)
| Description | Nine months ended Sept. 30 2026 | Nine months ended Sept. 30 2025 |
|---|---|---|
| Operating activities | ||
| Net income | 2,102 | 1,451 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization | 2,246 | 2,216 |
| Nuclear fuel amortization | 89 | 87 |
| Deferred income taxes | 402 | 395 |
| Allowance for equity funds used during construction | (328) | (196) |
| (Earnings) loss from equity method investments | (166) | 3 |
| Dividends from equity method investments | 74 | 16 |
| Provision for bad debts | 52 | 47 |
| Share-based compensation expense | 38 | 38 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (113) | (32) |
| Accrued unbilled revenues | 127 | 66 |
| Inventories | (217) | (202) |
| Other current assets | 573 | 142 |
| Accounts payable | (58) | (85) |
| Net regulatory assets and liabilities | (45) | (113) |
| Other current liabilities | 233 | 202 |
| Pension and other employee benefit obligations | (64) | (102) |
| Other, net | (77) | (59) |
| Net cash provided by operating activities | 4,868 | 3,874 |
| Investing activities | ||
| Capital/construction expenditures | (9,255) | (7,470) |
| Purchase of investment securities | (1,409) | (854) |
| Proceeds from the sale of investment securities | 1,407 | 851 |
| Other, net | 30 | (19) |
| Net cash used in investing activities | (9,227) | (7,492) |
| Financing activities | ||
| Proceeds from short-term borrowings, net | 1,510 | 635 |
| Proceeds from issuances of long-term debt | 5,483 | 4,883 |
| Repayments of long-term debt | (216) | (1,223) |
| Proceeds from issuance of common stock | 839 | 1,151 |
| Dividends paid | (1,070) | (954) |
| Other, net | 22 | (1) |
| Net cash provided by financing activities | 6,568 | 4,491 |
| Net change in cash, cash equivalents and restricted cash | 2,209 | 873 |
| Cash, cash equivalents and restricted cash at beginning of period | 274 | 179 |
| Cash, cash equivalents and restricted cash at end of period | 2,483 | 1,052 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest (net of amounts capitalized) | (1,012) | (832) |
| Supplemental disclosure of non-cash investing and financing transactions: | ||
| Accrued property, plant and equipment additions | 1,551 | 1,250 |
| Inventory transfers to property, plant and equipment | 189 | 288 |
| Operating lease and finance lease right-of-use assets | 83 | 1,218 |
| Allowance for equity funds used during construction | 328 | 196 |
| Issuance of common stock for reinvested dividends and/or equity awards | 63 | 63 |
| See Notes to Consolidated Financial Statements | ||
Amounts as printed on the EDGAR/iXBRL face — (amounts in millions, except per share data); (amounts in millions, except share and per share data); (amounts in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗