XCEL ENERGY INC
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 33,382 | 58.6 |
| Stockholders' equity | 23,609 | 41.4 |
| Total capitalization | 56,991 | 100.0 |
624,634,306 shares outstanding at 28 July 2026 (cover page of the 10-Q filed 30 July 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 31,832 |
| Current maturities | 501 |
| Short-term borrowings / commercial paper | 1,550 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 1,000,000,000 |
| Par or stated value per share ($) | 2.5 |
| Outstanding at 7/28/26 | 624,634,306 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 2.28 | 66.7 |
| 2024 | 2.19 | 63.7 |
| 2023 | 2.08 | 64.8 |
| 2022 | 1.95 | 61.5 |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Minnesota. Formerly known as NORTHERN STATES POWER CO /MN/ (to 14 February 2000).
BUSINESS: Classified by the SEC under Standard Industrial Classification 4931, Electric & Other Services Combined. Large accelerated filer. Principal executive office: 414 Nicollet Mall, Minneapolis, MN 55401. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Operating revenues | 14,669 | 13,441 | 14,206 |
| Operation and maintenance | 2,732 | 2,540 | 2,444 |
| Depreciation and amortization | 2,968 | 2,769 | 2,471 |
| Total operating expenses | 12,086 | 11,055 | 11,725 |
| Operating income | 2,583 | 2,386 | 2,481 |
| Interest charges | 1,468 | 1,255 | 1,055 |
| Income before income taxes | 1,773 | 1,534 | 1,625 |
| Income taxes | (245) | (402) | (146) |
| Net income | 2,018 | 1,936 | 1,771 |
| Earned per share, diluted ($) | 3.42 | 3.44 | 3.21 |
| Dividends per share ($) | 2.28 | 2.19 | 2.08 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Utility plant, net | 65,639 | 57,198 |
| Total current assets | 5,014 | 4,325 |
| Regulatory assets | 2,998 | 2,849 |
| Total assets | 81,371 | 70,035 |
| Total current liabilities | 7,089 | 6,459 |
| Long-term debt | – | 27,316 |
| Regulatory liabilities | 6,277 | 6,010 |
| Common stockholders' equity | 23,609 | 19,522 |
| Total capitalization and liabilities | 81,371 | 70,035 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 14,669 | 2,583 | 2,018 | 13.8 | 3.42 | 2.28 | 4,083 | 10,908 | (6,825) | 81,371 | 57,762d | 33,382 | 23,609 | 8.5 | 1.41 |
| 12/31/24 | 13,441 | 2,386 | 1,936 | 14.4 | 3.44 | 2.19 | 4,641 | 7,364 | (2,723) | 70,035 | 50,513d | 28,011 | 19,522 | 9.9 | 1.43 |
| 12/31/23 | 14,206 | 2,481 | 1,771 | 12.5 | 3.21 | 2.08 | 5,327 | 5,854 | (527) | 64,079 | 46,463d | 26,250 | 17,616 | 10.1 | 1.49 |
| 12/31/22 | 15,310 | 2,428 | 1,736 | 11.3 | 3.17 | 1.95 | 3,932 | 4,638 | (706) | 61,188 | 44,513d | 24,777 | 16,675 | 10.4 | 1.49 |
| 12/31/21 | 13,431 | 2,203 | 1,597 | 11.9 | 2.96 | – | 2,189 | 4,244 | (2,055) | 57,851 | 42,239d | 23,385 | 15,612 | 10.2 | 1.50 |
| 12/31/20 | 11,526 | 2,116 | 1,473 | 12.8 | 2.79 | – | 2,848 | 5,369 | (2,521) | 53,957 | 39,382d | 20,650 | 14,575 | 10.1 | 1.42 |
| 12/31/19 | 11,529 | 2,104 | 1,372 | 11.9 | 2.64 | 1.62 | 3,263 | 4,225 | (962) | 50,448 | 37,209d | 18,704 | 13,239 | 10.4 | 1.41 |
| 12/31/18 | 11,537 | 1,965 | 1,261 | 10.9 | 2.47 | 1.52 | 3,122 | 3,957 | (835) | 45,987 | 33,765d | 17,247 | 12,222 | 10.3 | 1.41 |
| 12/31/17 | 11,404 | 2,223 | 1,148 | 10.1 | 2.25 | 1.44 | 3,126 | 3,244 | (118) | 43,030 | 31,575d | 15,791 | 11,455 | 10.0 | 1.38 |
| 12/31/16 | 11,107 | 2,240 | 1,123 | 10.1 | 2.21 | 1.36 | 3,052 | 3,195 | (143) | 41,155 | 30,134d | 14,837 | 11,021 | 10.2 | 1.35 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
XCEL ENERGY INC
CIK 72903 · EIN 41-0448030
PRINCIPAL OFFICE:
414 Nicollet Mall, Minneapolis, MN 55401
Tel.: 6123305500
INCORPORATED:
Minnesota
INDUSTRY (SEC SIC CODE):
4931 · Electric & Other Services Combined
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 25 February 2026
FORMER NAMES:
NORTHERN STATES POWER CO /MN/
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/25/26) · 10-K FY2024 (filed 2/27/25) · 10-K FY2023 (filed 2/21/24) · 10-K FY2022 (filed 2/23/23) · 10-K FY2021 (filed 2/23/22) · 10-K FY2020 (filed 2/17/21) · 10-K FY2019 (filed 2/21/20) · 10-K FY2018 (filed 2/22/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.