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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended Sept. 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-3034


Xcel Energy Inc.
(Exact Name of Registrant as Specified in its Charter)

Minnesota

41-0448030

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

414 Nicollet Mall,

Minneapolis,

Minnesota

55401

(Address of Principal Executive Offices)

(Zip Code)


(612)			330-5500
(Registrant’s Telephone Number, Including Area Code)


N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $2.50 par value

XEL

Nasdaq Stock Market LLC

6.25% Junior Subordinated Notes due 2085

XELLL

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at Oct. 28, 2025
Common Stock, $2.50 par value						591,539,773 shares

TABLE OF CONTENTS


PART I	FINANCIAL INFORMATION
Item 1 —	Financial Statements (unaudited)	5
	Consolidated Statements of Income	5
	Consolidated Statements of Comprehensive Income	6
	Consolidated Statements of Cash Flows	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Common Stockholders’ Equity	9
	Notes to Consolidated Financial Statements	10
Item 2 —	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3 —	Quantitative and Qualitative Disclosures A bout Market Risk	36
Item 4 —	Controls and Procedures	36

PART II	OTHER INFORMATION
Item 1 —	Legal Proceedings	37
Item 1A —	Risk Factors	37
Item 2 —	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 5 —	Other Information	37
Item 6 —	Exhibits	37

SIGNATURES		38

This Form 10-Q is filed by Xcel Energy Inc. Additional information is available in various filings with the SEC. This report should be read in its entirety.

Definitions of Abbreviations


Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
e prime			e prime inc.
NSP-Minnesota			Northern States Power Company, a Minnesota corporation
NSP System			The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-Wisconsin			Northern States Power Company, a Wisconsin corporation
PSCo			Public Service Company of Colorado
SPS			Southwestern Public Service Company
Utility subsidiaries			NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WYCO			WYCO Development, LLC
Xcel Energy			Xcel Energy Inc. and its subsidiaries


Federal and State Regulatory Agencies
CPUC			Colorado Public Utilities Commission



EPA			United States Environmental Protection Agency
FASB			Financial Accounting Standards Board
FERC			Federal Energy Regulatory Commission
IRS			Internal Revenue Service

MPSC			Michigan Public Service Commission
MPUC			Minnesota Public Utilities Commission

NDPSC			North Dakota Public Service Commission
NMPRC			New Mexico Public Regulation Commission
NRC			Nuclear Regulatory Commission

PSCW			Public Service Commission of Wisconsin
PUCT			Public Utility Commission of Texas
SEC			Securities and Exchange Commission
SDPUC			South Dakota Public Utilities Commission


Other
AFUDC			Allowance for funds used during construction

ALJ			Administrative Law Judge
ARO			Asset retirement obligation
ARRR			Application for rehearing, reargument, or reconsideration
ASU			Accounting standards update
ATM			At-the-market


C&I			Commercial and Industrial
CCR			Coal combustion residuals
CCR Rule			Final rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDD			Cooling degree-days
CEO			Chief executive officer
CERCLA			Comprehensive Environmental Response, Compensation, and Liability Act
CFO			Chief financial officer


CO2			Carbon dioxide
COD			Commercial Operation Date
CPCN			Certificate of Public Convenience and Necessity

CUB			Citizens Utility Board

DOC			Minnesota Department of Commerce
DRIP			Dividend Reinvestment and Stock Purchase Program
DSM			Demand side management
EPS			Earnings per share
ETR			Effective tax rate

FTR			Financial transmission right

GAAP			United States generally accepted accounting principles
GHG			Greenhouse Gas
HDD			Heating degree-days
IPP			Independent power producing entity
IRP			Integrated Resource Plan


LLC			Limited liability company

LRTP			Long Range Transmission Plan
MGP			Manufactured gas plant
MMbtu			Million British Thermal Units
MISO			Midcontinent Independent System Operator, Inc.
NAV			Net asset value

NOx			Nitrogen Oxides
O&M			Operating and maintenance
OAG			Office of the Minnesota Attorney General


OBBB			One Big Beautiful Bill Act
PFAS			Per- and Polyfluoroalkyl Substances
PIM			Performance incentive mechanism
PPA			Power purchase agreement
PTC			Production tax credit

RFP			Request for proposal
ROE			Return on equity
ROU			Right-of-use
RTO			Regional Transmission Organization
SIP			State implementation plan
SPP			Southwest Power Pool, Inc.




THI			Temperature-humidity index


VaR			Value at Risk
VIE			Variable interest entity

WMP			Wildfire mitigation plan
XLI			Xcel Large Industrials


Measurements
GW			Gigawatts
MW			Megawatts


Forward-Looking Statements

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2025 and 2026 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases or refunds to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of interest rate changes, increased credit exposure, and legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024 and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; uncertainty regarding epidemics; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.

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PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(amounts in millions, except per share data)


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2025		2024		2025		2024
Operating revenues
Electric	$	3,638	$	3,393	$	9,351	$	8,737
Natural gas	264		239		1,715		1,535
Other	13		12		42		49
Total operating revenues	3,915		3,644		11,108		10,321

Operating expenses
Electric fuel and purchased power	1,098		1,060		3,036		2,863
Cost of natural gas sold and transported	61		63		708		664
Cost of sales — other	5		3		8		12
Operating and maintenance expenses	692		655		2,053		1,922
Conservation and demand side management expenses	101		112		299		295
Depreciation and amortization	750		681		2,200		2,042
Taxes (other than income taxes)	172		159		514		484
Marshall Wildfire litigation	287		—		287		—
Total operating expenses	3,166		2,733		9,105		8,282

Operating income	749		911		2,003		2,039

Other income, net	46		39		121		75
Earnings (loss) from equity method investments	6		3		(3)		19
Allowance for funds used during construction — equity	79		44		196		119

Interest charges and financing costs
Interest charges — includes other financing costs	384		326		1,065		936
Allowance for funds used during construction — debt	(36)		(21)		(86)		(51)
Total interest charges and financing costs	348		305		979		885

Income before income taxes	532		692		1,338		1,367
Income tax expense (benefit)	8		10		(113)		(105)
Net income	$	524	$	682	$	1,451	$	1,472

Weighted average common shares outstanding:
Basic	592		564		584		559
Diluted	595		565		587		559

Earnings per average common share:
Basic	$	0.88	$	1.21	$	2.48	$	2.63
Diluted	0.88		1.21		2.47		2.63

See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(amounts in millions)


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2025		2024		2025		2024
Net income	$	524	$	682	$	1,451	$	1,472
Other comprehensive income
Pension and retiree medical benefits:

Reclassifications of losses to net income, net of tax	—		—		—		4
Derivative instruments:
Net fair value increase, net of tax	—		—		—		22
Reclassification of losses to net income, net of tax	1		1		3		2

Total other comprehensive income	1		1		3		28
Total comprehensive income	$	525	$	683	$	1,454	$	1,500

See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in millions)


	Nine Months Ended Sept. 30
	2025		2024
Operating activities
Net income	$	1,451	$	1,472
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	2,216		2,055
Nuclear fuel amortization	87		85
Deferred income taxes	395		406
Allowance for equity funds used during construction	(196)		(119)
Loss (earnings) from equity method investments	3		(19)
Dividends from equity method investments	16		26
Provision for bad debts	47		47
Share-based compensation expense	38		27
Changes in operating assets and liabilities:
Accounts receivable	(32)		81
Accrued unbilled revenues	66		62
Inventories	(202)		(71)
Other current assets	142		13
Accounts payable	(85)		(42)
Net regulatory assets and liabilities	(113)		282
Other current liabilities	202		(238)
Pension and other employee benefit obligations	(102)		(94)
Other, net	(59)		4
Net cash provided by operating activities	3,874		3,977

Investing activities
Capital/construction expenditures	(7,470)		(5,147)
Purchase of investment securities	(854)		(693)
Proceeds from the sale of investment securities	851		666
Other, net	(19)		(23)
Net cash used in investing activities	(7,492)		(5,197)

Financing activities
Proceeds (repayments) from short-term borrowings, net	635		(690)
Proceeds from issuances of long-term debt	4,883		3,643
Repayments of long-term debt	(1,223)		(550)
Proceeds from issuance of common stock	1,151		1,109
Dividends paid	(954)		(871)
Other, net	(1)		(5)
Net cash provided by financing activities	4,491		2,636

Net change in cash, cash equivalents and restricted cash	873		1,416
Cash, cash equivalents and restricted cash at beginning of period	179		129
Cash, cash equivalents and restricted cash at end of period	$	1,052	$	1,545

Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	$	(832)	$	(793)
Cash received for income taxes, net; includes proceeds from tax credit transfers	511		484

Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions	$	1,250	$	741
Inventory transfers to property, plant and equipment	288		217
Operating lease and finance lease right-of-use assets	1,218		43
Allowance for equity funds used during construction	196		119
Issuance of common stock for reinvested dividends and/or equity awards	63		53


See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(amounts in millions, except share and per share data


	Sept. 30, 2025		Dec. 31, 2024
Assets
Current assets
Cash and cash equivalents	$	1,052	$	179
Accounts receivable, net	1,246		1,249
Accrued unbilled revenues	766		832
Inventories	723		666
Regulatory assets	536		561
Derivative instruments	216		114

Prepayments and other	1,142		724
Total current assets	5,681		4,325

Property, plant and equipment, net	63,131		57,198

Other assets
Nuclear decommissioning fund and other investments	4,273		3,896
Regulatory assets	2,907		2,849
Derivative instruments	56		72
Operating lease right-of-use assets	877		1,060
Finance lease right-of-use assets	1,358		111
Other	871		524
Total other assets	10,342		8,512
Total assets	$	79,154	$	70,035

Liabilities and Equity
Current liabilities
Current portion of long-term debt	$	1	$	1,103
Short-term debt	1,330		695
Accounts payable	2,328		1,781
Regulatory liabilities	760		852
Taxes accrued	531		535
Accrued interest	410		280
Dividends payable	337		314
Derivative instruments	31		37
Operating lease liabilities	114		227
Other	1,306		635
Total current liabilities	7,148		6,459

Deferred credits and other liabilities
Deferred income taxes	5,927		5,319
Regulatory liabilities	6,332		6,010
Asset retirement obligations	3,853		3,713
Derivative instruments	69		77
Customer advances	130		146
Pension and employee benefit obligations	372		477
Operating lease liabilities	771		867
Finance lease liabilities	1,272		60
Other	65		69
Total deferred credits and other liabilities	18,791		16,738

Commitments and contingencies
Capitalization
Long-term debt	32,034		27,316
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 591,432,101 and 574,365,598 shares outstanding at Sept. 30, 2025 and December 31, 2024, respectively	1,479		1,436
Additional paid in capital	10,772		9,601
Retained earnings	8,995		8,553
Accumulated other comprehensive loss	(65)		(68)
Total common stockholders’ equity	21,181		19,522
Total liabilities and equity	$	79,154	$	70,035

See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)

(amounts in millions, except per share data; shares in actual amounts)


	Common Stock Issued					Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Stockholders' Equity
	Shares	Par Value		Additional Paid In Capital
Three Months Ended Sept. 30, 2025 and 2024
Balance at June 30, 2024	557,337,051	$	1,393	$	8,589	$	8,039	$	(67)	$	17,954
Net income						682				682
Other comprehensive income								1		1
Dividends declared on common stock ($0.55 per share)						(312)				(312)
Issuances of common stock	16,764,662	42		975						1,017

Share-based compensation				13		(3)				10
Balance at Sept. 30, 2024	574,101,713	$	1,435	$	9,577	$	8,406	$	(66)	$	19,352

Balance at June 30, 2025	591,201,845	$	1,478	$	10,736	$	8,813	$	(66)	$	20,961
Net income						524				524
Other comprehensive income								1		1
Dividends declared on common stock ($0.57 per share)						(337)				(337)
Issuances of common stock	230,256	1		15						16

Share-based compensation				21		(5)				16
Balance at Sept. 30, 2025	591,432,101	$	1,479	$	10,772	$	8,995	$	(65)	$	21,181

	Common Stock Issued					Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Stockholders' Equity
	Shares	Par Value		Additional Paid In Capital
Nine Months Ended Sept. 30, 2025 and 2024
Balance at Dec. 31, 2023	554,941,703	$	1,387	$	8,465	$	7,858	$	(94)	$	17,616
Net income						1,472				1,472
Other comprehensive income								28		28
Dividends declared on common stock ($1.64 per share)						(921)				(921)
Issuances of common stock	19,160,010	48		1,082						1,130

Share-based compensation				30		(3)				27

Balance at Sept. 30, 2024	574,101,713	$	1,435	$	9,577	$	8,406	$	(66)	$	19,352

Balance at Dec. 31, 2024	574,365,598	$	1,436	$	9,601	$	8,553	$	(68)	$	19,522
Net income						1,451				1,451
Other comprehensive income								3		3
Dividends declared on common stock ($1.71 per share)						(1,002)				(1,002)
Issuances of common stock	17,066,503	43		1,126						1,169

Share-based compensation				45		(7)				38
Balance at Sept. 30, 2025	591,432,101	$	1,479	$	10,772	$	8,995	$	(65)	$	21,181

See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (UNAUDITED)

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy as of Sept. 30, 2025 and Dec. 31, 2024; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, and changes in stockholders’ equity for the three and nine months ended Sept. 30, 2025 and 2024; and Xcel Energy’s cash flows for the nine months ended Sept. 30, 2025 and 2024.

All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2025, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2024 balance sheet information has been derived from the audited 2024 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2024.

Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2024, filed with the SEC on Feb. 27, 2025.

Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.


1. Summary of Significant Accounting Policies

The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2024 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.


2. Accounting Pronouncements

Recently Issued

Income Taxes — In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, with new disclosure requirements including presentation of prescribed line items in the ETR reconciliation and disclosures regarding state and local tax payments. The ASU is effective for annual periods beginning after Dec. 15, 2024, and Xcel Energy does not expect implementation of the new disclosure guidance to have a material impact on its consolidated financial statements.

Disaggregation of Income Statement Expenses — In November 2024, the FASB issued ASU 2024-03 – Disaggregation of Income Statement Expenses, which requires disclosure of additional detail for certain categories of income statement expenses. The ASU is effective for annual periods beginning after Dec. 15, 2026 and interim reporting periods beginning after Dec. 15, 2027. Xcel Energy is currently evaluating the impact of the new disclosure guidance.


3. Selected Balance Sheet Data


(Millions of Dollars)	Sept. 30, 2025		Dec. 31, 2024
Accounts receivable, net
Accounts receivable	$	1,341	$	1,360
Less allowance for bad debts	(95)		(111)
Accounts receivable, net	$	1,246	$	1,249


(Millions of Dollars)	Sept. 30, 2025		Dec. 31, 2024
Inventories
Materials and supplies	$	461	$	406
Fuel	145		164
Natural gas	117		96
Total inventories	$	723	$	666


(Millions of Dollars)	Sept. 30, 2025		Dec. 31, 2024
Property, plant and equipment, net
Electric plant	$	59,976	$	56,791
Natural gas plant	10,300		9,834
Common and other property	3,702		3,515
Plant to be retired (a)	1,640		1,793
Construction work in progress	8,017		4,720
Total property, plant and equipment	83,635		76,653
Less accumulated depreciation	(20,957)		(19,852)
Nuclear fuel	3,634		3,491
Less accumulated amortization	(3,181)		(3,094)
Property, plant and equipment, net	$	63,131	$	57,198

(a)Amounts include Sherco 1 and 3 and A.S. King for NSP-Minnesota; Comanche Units 2 and 3, Craig Units 1 and 2, Hayden Units 1 and 2 and coal generation assets at Pawnee pending facility gas conversion for PSCo; and Tolk Unit 1 and 2 for SPS. Amounts are presented net of accumulated depreciation.


4. Borrowings and Other Financing Instruments

Short-Term Borrowings

Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.

Commercial paper and term loan borrowings outstanding for Xcel Energy:


(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2025			Year Ended Dec. 31, 2024
Borrowing limit	$	4,750		$	3,550
Amount outstanding at period end	1,330			695
Average amount outstanding	949			508
Maximum amount outstanding	1,330			1,314
Weighted average interest rate, computed on a daily basis	4.55		%	5.47		%
Weighted average interest rate at period end	4.38			4.64

Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There was $74 million and $42 million of letters of credit outstanding under the credit facilities at Sept. 30, 2025 and Dec. 31, 2024. Amounts approximate their fair value and are subject to fees.

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Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal to or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.

Amended Credit Agreements — In May 2025, Xcel Energy Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS each entered into an amended five-year credit agreement with a syndicate of banks. The aggregate borrowing limit was increased to $4.75 billion. The amended credit agreements have substantially the same terms and conditions as the prior agreements, with the following changes:

•Maturities were extended from September 2027 to December 2029.

•Borrowing limit for Xcel Energy Inc. was increased from $1.5 billion to $2 billion.

•Borrowing limit for PSCo was increased from $700 million to $1.2 billion.

•Borrowing limit for NSP-Minnesota was increased from $700 million to $800 million.

•Borrowing limit for SPS was increased from $500 million to $600 million.

As of Sept. 30, 2025, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:


(Millions of Dollars)	Credit Facility (a)		Drawn (b)		Available
Xcel Energy Inc.	$	2,000	$	1,330	$	670
PSCo	1,200		30		1,170
NSP-Minnesota	800		44		756
SPS	600		—		600
NSP-Wisconsin	150		—		150
Total	$	4,750	$	1,404	$	3,346

(a)Expires in December 2029.

(b)Includes outstanding commercial paper and letters of credit.

Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.

All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of Sept. 30, 2025 and Dec. 31, 2024.

Bilateral Credit Agreement

In April 2025, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.

As of Sept. 30, 2025, NSP-Minnesota had $69 million of outstanding letters of credit under the $75 million bilateral credit agreement.

Long-Term Borrowings and Other Financing Instruments

During the nine months ended Sept. 30, 2025, Xcel Energy Inc. and its utility subsidiaries issued the following:

•Xcel Energy Inc. issued $350 million of 4.75% Senior Unsecured Notes due March 21, 2028 and $750 million of 5.60% Senior Unsecured Notes due April 15, 2035.

•PSCo issued $400 million of 5.35% First Mortgage Bonds due May 15, 2034, $800 million of 5.85% First Mortgage Bonds due May 15, 2055, and $800 million of 5.15% First Mortgage Bonds due Sept. 15, 2035.

•NSP-Minnesota issued $600 million of 5.05% First Mortgage Bonds due May 15, 2035 and $500 million of 5.65% First Mortgage Bonds due May 15, 2055.

•SPS issued $500 million of 5.30% First Mortgage Bonds due May 15, 2035.

•NSP-Wisconsin issued $250 million of 5.65% First Mortgage Bonds due June 15, 2054.

•In October 2025, Xcel Energy Inc. issued $900 million of 6.25% Junior Subordinated Notes due Oct. 15, 2085. The notes may be redeemed at par value on or after Oct. 15, 2030.

ATM Equity Offerings — In October 2023, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $2.5 billion of its common stock through an ATM program. In 2023, 3.1 million shares of common stock were issued ($188 million in net proceeds and $2 million in transaction fees paid). In 2024, 18.3 million shares of common stock were issued ($1.10 billion in net proceeds and $9 million in transaction fees paid). In the nine months ended Sept. 30, 2025, 16.4 million shares ($1.16 billion in net proceeds and $9 million in transaction fees paid) were issued under the ATM program. As of August 1, 2025, no further transactions will occur under this ATM program.

In August 2025, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $4 billion of its common stock through an ATM program. In addition to the issuance and sale of shares of common stock to or through sales agents, Xcel Energy Inc. also may use the 2025 ATM program to enter into forward sale agreements under separate forward sale confirmations between Xcel Energy Inc. and a banking counterparty.

Forward Equity Agreements — Xcel Energy Inc. has entered into multiple forward sale agreements in 2024 and 2025 in connection with completed public offerings of Xcel Energy common stock, as follows:

Agreements Entered

Common Shares (in millions)

Final Maturity

Expected Proceeds (millions of dollars)

2024 forward equity agreements

21.1

June 2026 (a)

1,364

(b)

2025 forward equity agreements (c)

10.0

Dec. 2025 to Mar. 2027 (a)

728

(b)

2025 collared forward equity agreements (c)

8.2

Dec. 2026

(d)

(a)Xcel Energy may settle the agreements at any time until final maturity.

(b)Actual cash proceeds will be impacted by the timing of settlement. Forward prices are based on the public offering price (net of underwriting fees), increased for the overnight bank funding rate, less a spread and less expected dividends on Xcel Energy’s common stock during the period the agreements are outstanding.

(c)Entered under the 2025 ATM prospectus supplement.

(d)Pricing for the physical delivery of common shares will be based on an average market price for Xcel Energy’s common stock during a period preceding settlement in December 2026, subject to a cap price and floor price derived from the September 2025 public offerings. Minimum expected proceeds are approximately $580 million.

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No amounts have been recorded to the consolidated financial statements related to these forward sale agreements and collared forward sale agreements, which remain unsettled at Sept. 30, 2025. If settled in physical shares, stockholders’ equity equal to cash proceeds will be recorded at settlement.

The 2025 collared forward equity agreements cannot be settled until December 2026, and net cash settlement and net share settlement are generally unavailable. The 2024 and 2025 forward equity agreements could have been settled at Sept. 30, 2025 with physical delivery of common shares to the banking counterparties in exchange for cash; if Xcel Energy unilaterally elected net cash or net share settlement, these agreements also could have been settled with delivery of cash or shares of common stock to the banking counterparties, as follows:


Pro-Forma/Hypothetical Transactions
Agreements Entered	Net Settlement proceeds:		Physical Share Delivery Proceeds (millions of dollars)
	Common Shares (in millions)	Net Cash (millions of dollars)
2024 forward equity agreements	2.7	203	$	1,354
2025 forward equity agreements	0.2	16	725

Equity through DRIP and Benefits Program — Xcel Energy issued $48 million and $50 million of equity through the DRIP and benefits programs during the nine months ended Sept. 30, 2025 and 2024, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.

Xcel Energy Inc.’s Purchase of NSP-Minnesota’s First Mortgage Bonds — During the nine months ended Sept. 30, 2025, Xcel Energy Inc. purchased $190 million in aggregate principal amounts of NSP-Minnesota’s 2.90% First Mortgage Bonds Series due March 1, 2050, 2.60% First Mortgage Bonds Series due June 1, 2051 and 3.20% First Mortgage Bonds Series due April 1, 2052, for $122 million. On a consolidated basis, Xcel Energy Inc.’s repurchases of NSP-Minnesota First Mortgage Bonds were accounted for as debt extinguishments and resulted in pre-tax gains of approximately $63 million, net of unamortized discount and debt issuance costs. NSP- Minnesota’s interest expense related to the repurchased bonds was $1.4 million for the nine months ended Sept. 30, 2025.


5. Revenues

Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following:


	Three Months Ended Sept. 30, 2025
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,260	$	133	$	2	$	1,395
C&I	1,750		82		5		1,837
Other	40		—		2		42
Total retail	3,050		215		9		3,274
Wholesale	205		—		—		205
Transmission	200		—		—		200
Other	22		33		—		55
Total revenue from contracts with customers	3,477		248		9		3,734
Alternative revenue and other	161		16		4		181
Total revenues	$	3,638	$	264	$	13	$	3,915


	Three Months Ended Sept. 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,153	$	126	$	—	$	1,279
C&I	1,634		68		6		1,708
Other	38		—		2		40
Total retail	2,825		194		8		3,027
Wholesale	191		—		—		191
Transmission	187		—		—		187
Other	1		32		—		33
Total revenue from contracts with customers	3,204		226		8		3,438
Alternative revenue and other	189		13		4		206
Total revenues	$	3,393	$	239	$	12	$	3,644


	Nine Months Ended Sept. 30, 2025
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	3,065	$	977	$	3	$	4,045
C&I	4,557		521		22		5,100
Other	113		—		6		119
Total retail	7,735		1,498		31		9,264
Wholesale	556		—		—		556
Transmission	541		—		—		541
Other	61		129		—		190
Total revenue from contracts with customers	8,893		1,627		31		10,551
Alternative revenue and other	458		88		11		557
Total revenues	$	9,351	$	1,715	$	42	$	11,108


	Nine Months Ended Sept. 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	2,813	$	885	$	10	$	3,708
C&I	4,245		439		21		4,705
Other	108		—		7		115
Total retail	7,166		1,324		38		8,528
Wholesale	501		—		—		501
Transmission	493		—		—		493
Other	37		133		—		170
Total revenue from contracts with customers	8,197		1,457		38		9,692
Alternative revenue and other	540		78		11		629
Total revenues	$	8,737	$	1,535	$	49	$	10,321

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6. Income Taxes

Reconciliation between the statutory rate and ETR:


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2025		2024		2025		2024
Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State income tax on pretax income, net of federal tax effect	5.2		4.7		4.9		4.8
(Decreases) increases:
PTCs (a)	(17.0)		(16.0)		(27.0)		(26.2)
Plant regulatory differences (b)	(8.2)		(5.7)		(7.2)		(5.9)
Other tax credits, net operating loss & tax credit allowances	(0.4)		(1.5)		(0.9)		(1.1)
Other, net	0.9		(1.1)		0.8		(0.3)
Effective income tax rate	1.5	%	1.4	%	(8.4)	%	(7.7)	%

(a)Wind and solar PTCs (net of estimated transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings.

(b)Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers. Income tax benefits associated with the credit are offset by corresponding revenue reductions.


7. Earnings Per Share

Basic EPS was computed by dividing the earnings available to common shareholders by the average weighted number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding.

Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled.

Common Stock Equivalents — Common stock equivalents include commitments to issue common stock related to forward equity agreements, collared forward equity agreements and time-based equity compensation awards. To the extent dilutive, these items are included in diluted shares outstanding using the treasury stock method.

Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted.

Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following:

•Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions have been satisfied by the end of the reporting period.

•Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement.

Common shares outstanding used in the basic and diluted EPS computation:


	Three Months Ended Sept. 30		Nine Months Ended Sept. 30
(Shares in Millions)	2025	2024	2025	2024
Basic	592	564	584	559
Diluted (a)	595	565	587	559

(a)Diluted common shares outstanding included common stock equivalents of 3.1 million and 0.4 million for the three months ended Sept. 30, 2025 and 2024, respectively. Diluted common shares outstanding included common stock equivalents of 2.2 million and 0.3 million for the nine months ended Sept. 30, 2025 and 2024, respectively.


8. Fair Value of Financial Assets and Liabilities

Fair Value Measurements

Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value.

•Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices.

•Level 2 — Pricing inputs are other than actual trading prices in active markets but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.

•Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation.

Specific valuation methods include:

Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled funds require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity.

Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities.

Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts.

Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contracts relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification.

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Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from an RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path.

The values of these instruments are derived from, and designed to offset, the costs of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of these instruments.

FTRs are recognized at fair value and adjusted each period prior to settlement. Given the limited observability of certain variables underlying the reported auction values of FTRs, these fair value measurements have been assigned a Level 3 classification.

Net congestion costs, including the impact of FTR settlements, are shared through fuel and purchased energy cost recovery mechanisms. As such, the fair value of the unsettled instruments (i.e., derivative asset or liability) is offset/deferred as a regulatory asset or liability.

Non-Derivative Fair Value Measurements

Nuclear Decommissioning Fund

The NRC requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the investment targets by asset class for the qualified trust.

NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset or as a regulatory liability (dependent on funding status) for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset/liability.

Unrealized gains for the nuclear decommissioning fund were $1.7 billion and $1.4 billion as of Sept. 30, 2025 and Dec. 31, 2024, respectively, and unrealized losses were $44 million and $49 million as of Sept. 30, 2025 and Dec. 31, 2024, respectively.

Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:


	Sept. 30, 2025
			Fair Value
(Millions of Dollars)	Cost		Level 1		Level 2		Level 3		NAV		Total
Nuclear decommissioning fund (a)
Cash equivalents	$	68	$	68	$	—	$	—	$	—	$	68
Commingled funds	696		—		—		—		1,041		1,041
Debt securities	903		—		898		10		—		908
Equity securities	541		1,850		2		—		—		1,852
Total	$	2,208	$	1,918	$	900	$	10	$	1,041	$	3,869

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $239 million of equity method investments and $165 million of rabbi trust assets and other miscellaneous investments.


	Dec. 31, 2024
			Fair Value
(Millions of Dollars)	Cost		Level 1		Level 2		Level 3		NAV		Total
Nuclear decommissioning fund (a)
Cash equivalents	$	39	$	39	$	—	$	—	$	—	$	39
Commingled funds	703		—		—		—		1,025		1,025
Debt securities	866		—		832		14		—		846
Equity securities	522		1,583		1		—		—		1,584
Total	$	2,130	$	1,622	$	833	$	14	$	1,025	$	3,494

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $246 million of equity method investments and $156 million of rabbi trust assets and other miscellaneous investments.

For the three and nine months ended Sept. 30, 2025 and 2024, there were immaterial transfers of Level 3 investments between levels.

Contractual maturity dates of debt securities in the nuclear decommissioning fund as of Sept. 30, 2025:


	Final Contractual Maturity
(Millions of Dollars)	Due in 1 Year or Less		Due in 1 to 5 Years		Due in 5 to 10 Years		Due after 10 Years		Total
Debt securities	$	9	$	341	$	271	$	287	$	908

Rabbi Trusts

Xcel Energy has established rabbi trusts to provide partial funding for future deferred compensation plan distributions. The fair value of assets held in the rabbi trusts were $105 million and $96 million at Sept. 30, 2025 and Dec. 31, 2024, respectively, comprised of cash equivalents and mutual funds (level 1 valuation methods). Amounts are reported in nuclear decommissioning fund and other investments on the consolidated balance sheet.

Derivative Activities and Fair Value Measurements

Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, and utility commodity prices.

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Interest Rate Derivatives — Xcel Energy enters into contracts that effectively fix the interest rate on a specified principal amount of a hypothetical future debt issuance. These financial swaps net settle based on changes in a specified benchmark interest rate, acting as a hedge of changes in market interest rates that will impact specified anticipated debt issuances. These derivative instruments are designated as cash flow hedges for accounting purposes, with changes in fair value prior to occurrence of the hedged transactions recorded as other comprehensive income.

As of Sept. 30, 2025, accumulated other comprehensive loss related to interest rate derivatives included $3 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of Sept. 30, 2025, Xcel Energy had unsettled interest rate derivatives with a notional amount of $120 million and an immaterial fair value.

See Note 11 for the financial impact of qualifying interest rate cash flow hedges on Xcel Energy’s accumulated other comprehensive loss included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income.

Wholesale and Commodity Trading — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy.

Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement.

Commodity Derivatives — Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale and FTRs.

The most significant derivative positions outstanding at Sept. 30, 2025 and Dec. 31, 2024 for this purpose relate to FTR instruments administered by MISO and SPP. These instruments are intended to offset the impacts of transmission system congestion.

When Xcel Energy enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms.

As of Sept. 30, 2025, Xcel Energy had no commodity contracts designated as cash flow hedges.

Gross notional amounts of commodity forwards, options and FTRs:


(Amounts in Millions) (a)(b)	Sept. 30, 2025	Dec. 31, 2024
MWh of electricity	50	38
MMBtu of natural gas	56	77

(a)Not reflective of net positions in the underlying commodities.

(b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.

Consideration of Credit Risk and Concentrations — Xcel Energy continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented on the consolidated balance sheets.

Xcel Energy’s utility subsidiaries’ often have significant concentrations of credit risk with particular entities or industries in their wholesale, trading and non-trading commodity activities.

As of Sept. 30, 2025, two of Xcel Energy’s ten most significant counterparties for these activities, comprising $21 million, or 12%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings.

Seven of the ten most significant counterparties, comprising $85 million, or 51%, of this credit exposure, were not rated by these external ratings agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade.

One of these significant counterparties, comprising $28 million, or 17%, of this credit exposure, had credit quality less than investment grade, based on internal analysis.

Seven of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities.

Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase and normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies.

As of Sept. 30, 2025 and Dec. 31, 2024, there were $7 million and $11 million of derivative liabilities with such underlying contract provisions.

Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants.

As of Sept. 30, 2025 and Dec. 31, 2024, there were approximately $62 million and $69 million of derivative liabilities with such underlying contract provisions, respectively.

Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired.

Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of Sept. 30, 2025 and Dec. 31, 2024.

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Recurring Derivative Fair Value Measurements

Impact of derivative activity:


	Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)	Accumulated Other Comprehensive Loss		Regulatory Assets and Liabilities
Three Months Ended Sept. 30, 2025



Other derivative instruments:
Electric commodity	$	—	$	13
Natural gas commodity	$	—	$	(8)
Total	$	—	$	5

Nine Months Ended Sept. 30, 2025
Derivatives designated as cash flow hedges:
Interest rate	$	1	$	—
Total	$	1	$	—
Other derivative instruments:
Electric commodity	$	—	$	27
Natural gas commodity	—		(1)
Total	$	—	$	26

Three Months Ended Sept. 30, 2024



Other derivative instruments:

Natural gas commodity	$	—	$	(6)
Total	$	—	$	(6)

Nine Months Ended Sept. 30, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	29	$	—
Total	$	29	$	—
Other derivative instruments:
Electric commodity	$	—	$	41
Natural gas commodity	—		(3)
Total	$	—	$	38


	Pre-Tax (Gains) Losses Reclassified into Income During the Period from:						Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)	Accumulated Other Comprehensive Loss			Regulatory Assets and Liabilities
Three Months Ended Sept. 30, 2025
Derivatives designated as cash flow hedges:
Interest rate	$	1	(a)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	2	(b)
Electric commodity	—			(1)		(c)	—

Total	$	—		$	(1)		$	2

Nine Months Ended Sept. 30, 2025
Derivatives designated as cash flow hedges:
Interest rate	$	3	(a)	$	—		$	—
Total	$	3		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(5)	(b)
Electric commodity	—			(22)		(c)	—
Natural gas commodity	—			—			(13)		(d)(e)
Total	$	—		$	(22)		$	(18)

Three Months Ended Sept. 30, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	1	(a)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	3	(b)
Electric commodity	—			(13)		(c)	—

Total	$	—		$	(13)		$	3

Nine Months Ended Sept. 30, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	3	(a)	$	—		$	—
Total	$	3		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(19)	(b)
Electric commodity	—			(16)		(c)	—
Natural gas commodity	—			—			(14)		(d)(e)
Total	$	—		$	(16)		$	(33)

(a)Recorded to interest charges.

(b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.

(c)Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.

(d)Other than $2 million of 2025 and 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.

(e)Relates primarily to option premium amortization.

Xcel Energy had no derivative instruments designated as fair value hedges during the nine months ended Sept. 30, 2025 and 2024.

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Derivative assets and liabilities measured at fair value on a recurring basis were as follows:


	Sept. 30, 2025												Dec. 31, 2024
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative assets


Other derivative instruments:
Commodity trading	$	4	$	15	$	8	$	27	$	(18)	$	9	$	6	$	20	$	8	$	34	$	(23)	$	11
Electric commodity	—		—		190		190		(2)		188		—		—		90		90		(1)		89
Natural gas commodity	—		19		—		19		—		19		—		14		—		14		—		14
Total current derivative assets	$	4	$	34	$	198	$	236	$	(20)	$	216	$	6	$	34	$	98	$	138	$	(24)	$	114


Noncurrent derivative assets
Other derivative instruments:
Commodity trading	$	3	$	29	$	37	$	69	$	(13)	$	56	$	8	$	37	$	47	$	92	$	(20)	$	72

Total noncurrent derivative assets	$	3	$	29	$	37	$	69	$	(13)	$	56	$	8	$	37	$	47	$	92	$	(20)	$	72


	Sept. 30, 2025												Dec. 31, 2024
	Fair Value						Fair Value Total		Netting (a)		Total		Fair Value						Fair Value Total		Netting (a)		Total
(Millions of Dollars)	Level 1		Level 2		Level 3								Level 1		Level 2		Level 3
Current derivative liabilities


Other derivative instruments:
Commodity trading	$	6	$	23	$	6	$	35	$	(19)	$	16	$	7	$	35	$	5	$	47	$	(23)	$	24
Electric commodity	—		—		2		2		(2)		—		—		—		1		1		(1)		—
Natural gas commodity	—		9		—		9		—		9		—		7		—		7		—		7
Total current derivative liabilities	$	6	$	32	$	8	$	46	$	(21)	25		$	7	$	42	$	6	$	55	$	(24)	31
PPAs (b)											6												6
Current derivative instruments											$	31											$	37
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading	$	8	$	25	$	40	$	73	$	(15)	$	58	$	11	$	32	$	40	$	83	$	(22)	$	61
Total noncurrent derivative liabilities	$	8	$	25	$	40	$	73	$	(15)	58		$	11	$	32	$	40	$	83	$	(22)	61
PPAs (b)											11												16
Noncurrent derivative instruments											$	69											$	77

(a)Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At Sept. 30, 2025 and Dec. 31, 2024, derivative assets and liabilities include no obligations to return cash collateral. At Sept. 30, 2025 and Dec. 31, 2024, derivative assets and liabilities include rights to reclaim cash collateral of $3 million and $2 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.

(b)Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.

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Changes in Level 3 commodity derivatives:


	Three Months Ended Sept 30
(Millions of Dollars)	2025		2024
Balance at July 1	$	243	$	239
Purchases (a)	—		2
Settlements (a)	(66)		(76)
Net transactions recorded during the period:
Losses recognized in earnings (b)	(1)		(9)
Net gains recognized as regulatory assets and liabilities (a)	11		6
Balance at Sept. 30	$	187	$	162

	Nine Months Ended Sept 30
(Millions of Dollars)	2025		2024
Balance at Jan. 1	$	99	$	90
Purchases (a)	260		179
Settlements (a)	(209)		(237)
Net transactions recorded during the period:
Losses recognized in earnings (b)	(10)		(6)
Net gains recognized as regulatory assets and liabilities (a)	47		136
Balance at Sept. 30	$	187	$	162

(a)Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP.

(b)Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.

Fair Value of Long-Term Debt

As of Sept. 30, 2025, other financial instruments for which the carrying amount did not equal fair value:


	Sept. 30, 2025				Dec. 31, 2024
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	32,035	$	29,744	$	28,419	$	25,115

Fair value of Xcel Energy’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of Sept. 30, 2025 and Dec. 31, 2024, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.


9. Benefit Plans and Other Postretirement Benefits

Components of Net Periodic Benefit Cost (Credit)



	Three Months Ended Sept. 30
	2025		2024		2025		2024
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	19	$	19	$	1	$	—
Interest cost (a)	38		37		6		6
Expected return on plan assets (a)	(52)		(52)		(5)		(4)
Amortization of prior service credit (a)	(1)		—		—		—
Amortization of net loss (a)	7		7		1		—
Settlement charge (b)	—		6		—		—
Net periodic benefit cost	11		17		3		2
Effects of regulation	3		(1)		—		—
Net benefit cost recognized for financial reporting	$	14	$	16	$	3	$	2


	Nine Months Ended Sept. 30
	2025		2024		2025		2024
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	57	$	57	$	1	$	1
Interest cost (a)	116		113		18		16
Expected return on plan assets (a)	(156)		(155)		(15)		(13)
Amortization of prior service credit (a)	(1)		(1)		—		—
Amortization of net loss (a)	21		22		3		1
Settlement charge (b)	—		62		—		—
Net periodic benefit cost	37		98		7		5
Effects of regulation	7		(37)		—		—
Net benefit cost recognized for financial reporting	$	44	$	61	$	7	$	5

(a)The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.

(b)A settlement charge is required when the amount of lump-sum distributions during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. In the three and nine months ended Sept. 30, 2024, as a result of lump-sum distributions during the 2024 plan year, Xcel Energy recorded a pension settlement charge of $6 million and $62 million, respectively, the majority of which was not recognized due to the effects of regulation. A total of $1 million and $8 million was recognized in the consolidated statement of income for the three and nine months ended Sept. 30, 2024.

In January 2025, contributions totaling $125 million were made across Xcel Energy’s pension plans. Xcel Energy does not expect additional pension contributions during 2025.


10. Commitments and Contingencies

Legal

Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation.

Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories.

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In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energy’s consolidated financial statements. Legal fees are generally expensed as incurred.

Gas Trading Litigation — e prime is a wholly owned subsidiary of Xcel Energy. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits involving multiple plaintiffs seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada.

One case remains open, which is the multi-district litigation matter consisting of a Wisconsin purported class (Arandell Corp.). In October 2025, a settlement in principle was reached, resulting in an immaterial loss consistent with previously accrued amounts. This settlement is subject to court approval.

Marshall Wildfire Litigation — In December 2021, a wildfire ignited in Boulder County, Colorado (Marshall Fire), which burned over 6,000 acres and destroyed or damaged over 1,000 structures. According to an October 2022 statement from the Colorado Insurance Commissioner, the Marshall Fire is estimated to have caused more than $2 billion in property losses.

On June 8, 2023, the Boulder County Sheriff’s Office released its Marshall Fire Investigative Summary and Review and its supporting documents (Sheriff’s Report). According to the Sheriff’s Report, on Dec. 30, 2021, a fire ignited on a residential property in Boulder, Colorado, located in PSCo’s service territory, for reasons unrelated to PSCo’s power lines. According to the Sheriff’s Report, approximately one hour and 20 minutes after the first ignition, a second fire ignited just south of the Marshall Mesa Trailhead in unincorporated Boulder County, Colorado, also located in PSCo’s service territory. According to the Sheriff’s Report, the second ignition started approximately 80 to 110 feet away from PSCo’s power lines in the area.

PSCo is aware of 307 complaints, most of which have also named Xcel Energy Inc. and Xcel Energy Services Inc. as additional defendants, relating to the Marshall Fire. The complaints are on behalf of at least 4,087 plaintiffs. The complaints generally allege that PSCo’s equipment ignited the Marshall Fire and assert various causes of action under Colorado law, including negligence, premises liability, trespass, nuisance, wrongful death, willful and wanton conduct, negligent infliction of emotional distress, loss of consortium and inverse condemnation. Certain of the complaints also seek exemplary damages. In addition to asserting claims against PSCo, Xcel Energy Inc. and Xcel Energy Services, various Plaintiffs, including insurance company plaintiffs, asserted claims against certain telecommunications companies (the Telecom Companies). In April 2025, most of the remaining plaintiffs amended their complaints to also assert claims against the Telecom Companies. In June 2025, the Boulder County District Court dismissed Xcel Energy Inc. from the complaints that named that entity as a defendant, due to lack of jurisdiction.

An initial trial on liability issues was scheduled to start in September 2025. Prior to trial, in September 2025, Xcel Energy, Qwest Corporation and Teleport Communications America, LLC reached settlement agreements in principle that resolve all claims asserted by the subrogation insurers, the public entity plaintiffs and individual plaintiffs. PSCo did not admit any fault, wrongdoing or negligence in connection with these settlement agreements.

PSCo expects to pay approximately $640 million related to these settlements, with approximately $353 million expected to be reimbursed to PSCo by remaining insurance coverage (after consideration of legal costs incurred to date). PSCo recognized a $287 million charge to earnings as a result of these settlement agreements in the quarterly period ended Sept. 30, 2025.

A remaining estimated liability of $640 million is presented in other current liabilities as of Sept. 30, 2025; no estimated liability was recognized as of Dec. 31, 2024. PSCo records insurance recoveries when it is deemed probable that recovery will occur, and PSCo can reasonably estimate the amount or range. Insurance receivables of $353 million related to the settlement are presented in prepayments and other current assets as of Sept. 30, 2025; no such insurance receivables were recognized as of Dec. 31, 2024.

The agreements in principle remain subject to final documentation and individual plaintiffs opting in to the agreements negotiated and recommended by their counsel. The trial that was scheduled to begin in September 2025 has been vacated to allow the parties time to execute definitive settlement agreements. To the extent any individual plaintiffs choose to opt out of the agreements negotiated and recommended by their counsel and such cases are not otherwise resolved, they will be subject to further litigation.

2024 Smokehouse Creek Fire Complex — On February 26, 2024, multiple wildfires began in the Texas Panhandle, including the Smokehouse Creek Fire and the 687 Reamer Fire, which burned into the perimeter of the Smokehouse Creek Fire (together, referred to herein as the “Smokehouse Creek Fire Complex”). The Texas A&M Forest Service issued incident reports that determined that the Smokehouse Creek Fire and the 687 Reamer Fire were caused by power lines owned by SPS after wooden poles near each fire origin failed. According to the Texas A&M Forest Service’s Incident Viewer and news reports, the Smokehouse Creek Fire Complex burned approximately 1,055,000 acres. In August 2025, the Texas Attorney General’s office announced that it was opening a civil investigation into utilities, including Xcel Energy and SPS, connected to the Smokehouse Creek and Windy Deuce fires. The company is cooperating with that investigation.

SPS is aware of approximately 34 complaints, most of which have also named Xcel Energy Services Inc. as an additional defendant, relating to the Smokehouse Creek Fire Complex. The complaints, which assert claims on behalf of one or more plaintiffs, generally allege that SPS’ equipment ignited the Smokehouse Creek Fire Complex and seek compensation for losses resulting from the fire, asserting various causes of action under Texas law. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages. Of the 34 complaints, 12 have been resolved and dismissed to date, with nine others settled or settled in principle, and pending dismissal.

SPS has received 254 claims through its claims process and has reached final settlements on 212 of those claims as of the date of this filing. In addition to filed complaints and claims made through SPS’ claims process, SPS has also received information from attorneys for approximately 83 claims which have not been submitted through the claims process and have also not been filed as lawsuits, and has reached settlement of 71 of those claims through mediation.

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SPS has settled claims related to both of the fatalities believed to be associated with the Smokehouse Creek Fire Complex. Settlements have also been reached with the subrogated insurer plaintiffs as well as the three largest claims that have been asserted from the fire, as measured by fire-impacted acreage. Settlements reached as of the date of this filing total $361 million of expected loss payments, of which $219 million and $35 million were paid through Sept. 30, 2025 and Dec. 31, 2024, respectively.

Based on the current state of the law and the facts and circumstances available as of the date of this filing, Xcel Energy has recorded $410 million of total estimated losses for the matter (before available insurance). This represents a $120 million increase from the estimated losses as of June 30, 2025, largely driven by actual settlement activity for large claims and previously inestimable categories, such as damage to trees. A remaining estimated liability of $191 million and $180 million is presented in other current liabilities as of Sept. 30, 2025 and Dec. 31, 2024, respectively.

The cumulative estimated probable losses of $410 million for complaints and claims in connection with the Smokehouse Creek Fire Complex (before available insurance) represents the total of actual settlements reached to date plus the low end of the range for remaining reasonably estimable losses, and is subject to change as additional information becomes available. This $410 million estimate does not include amounts for (i) potential penalties or fines that may be imposed by governmental entities on Xcel Energy, (ii) exemplary or punitive damages, (iii) compensation claims by federal, state, county and local government entities or agencies, (iv) unsettled compensation claims for damage to trees and oil and gas equipment, or (v) other amounts that are not reasonably estimable.

Xcel Energy remains unable to reasonably estimate any additional loss or the upper end of the range because there are a number of unknown facts and legal considerations that may impact the amount of any potential liability, including whether additional complaints and demands may be made. In the event that SPS or Xcel Energy Services Inc. was found liable related to the litigation related to the Smokehouse Creek Fire Complex and was required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million for the annual policy period and could have a material adverse effect on our financial condition, results of operations or cash flows.

The process for estimating losses associated with potential claims related to the Smokehouse Creek Fire Complex requires management to exercise significant judgment based on a number of assumptions and subjective factors, including the factors identified above and estimates based on currently available information and prior experience with wildfires. As more information becomes available, management estimates and assumptions regarding the potential financial impact of the Smokehouse Creek Fire Complex may change.

Texas law does not apply strict liability in determining an electric utility company’s liability for fire-related damages. For negligence claims under Texas law, a public utility has a duty to exercise ordinary and reasonable care.

Potential liabilities related to the Smokehouse Creek Fire Complex depend on various factors, including the cause of the equipment failure and the extent and magnitude of potential damages, including damages to residential and commercial structures, personal property, vegetation, livestock and livestock feed (including replacement feed), personal injuries and any other damages, penalties, fines or restitution that may be imposed by courts or other governmental entities if SPS is found to have been negligent.

SPS records insurance recoveries when it is deemed probable that recovery will occur, and SPS can reasonably estimate the amount or range. Insurance receivables of $341 million and $210 million, net of recoveries received, are presented in prepayments and other current assets as of Sept. 30, 2025 and Dec. 31, 2024, respectively. While SPS plans to seek recovery of all insured losses, it is unable to predict the ultimate amount and timing of such insurance recoveries.

Rate Matters and Other

Xcel Energy’s operating subsidiaries are involved in various regulatory proceedings arising in the ordinary course of business. Until resolution, typically in the form of a rate order, uncertainties may exist regarding the ultimate rate treatment for certain activities and transactions. Amounts have been recognized for probable and reasonably estimable losses that may result. Unless otherwise disclosed, any reasonably possible range of loss in excess of any recognized amount is not expected to have a material effect on the consolidated financial statements.

Prairie Island Outage Prudency Review — In March 2024, NSP-Minnesota filed its annual fuel clause adjustment true-up petition to the MPUC. In a response to that petition, intervenors recommended refunds for replacement power costs related to an outage at the Prairie Island generating station (October 2023 through February 2024).

In a September 2024 decision, the MPUC ruled NSP-Minnesota was imprudent in the operation of the Prairie Island nuclear plant based on an incident that resulted in the extended outage. The MPUC did not quantify the refund and referred the determination of the refund amount to the Office of Administrative Hearings. NSP-Minnesota recorded an estimated liability for a customer refund in 2024.

In May 2025, in the resulting case currently before an ALJ to determine the refund amount, NSP-Minnesota submitted direct testimony asserting that no more than $6 million of customer refunds are warranted for the outage.

In July 2025, intervenor direct testimony was filed by the DOC, OAG, and XLI. These parties, together with the CUB, also filed a joint motion requesting the ALJ rule that customer refunds cannot be adjusted as proposed by NSP-Minnesota, including certain reductions for avoided future outages. If NSP-Minnesota’s proposed adjustments were rejected, and other DOC and OAG direct testimony recommendations were applied to both 2023 and 2024, NSP-Minnesota estimates that the customer refunds would be approximately $34 million. The joint motion was denied in August 2025, and the application of the adjustments will be addressed in the case before the ALJ.

Rebuttal and surrebuttal testimony were filed in August and September 2025. An ALJ report is expected in March 2026, with a MPUC decision expected in the second quarter of 2026.

Cabin Creek Prudency Review — In 2015, the CPUC granted a CPCN for an $88 million upgrade project to increase the generating and storage capacity of the Cabin Creek hydroelectric storage facility, which anticipated project completion in 2020. Due to significant and unforeseen challenges, the project was not completed until 2023 and cost approximately $110 million.

In April 2025, PSCo and CPUC Staff filed a settlement agreement that would resolve the matter, with terms including reduced return on the upgrade project totaling $8 million, recognized over five years. In August 2025, the CPUC approved the settlement agreement.

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Environmental

New and changing federal and state environmental mandates can create financial liabilities for Xcel Energy, which are normally recovered through the regulated rate process.

Site Remediation

Various federal and state environmental laws impose liability where hazardous substances or other regulated materials have been released to the environment. Xcel Energy Inc.’s subsidiaries may sometimes pay all or a portion of the cost to remediate sites where past activities of their predecessors or other parties have caused environmental contamination.

Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which one or more of Xcel Energy Inc.’s subsidiaries are alleged to have sent wastes to that site.

MGP, Landfill and Disposal Sites

Xcel Energy is investigating, remediating or performing post-closure actions at 14 historical MGP, landfill or other disposal sites across its service territories, excluding sites that are being addressed under current coal ash regulations (see below).

Xcel Energy has approximately $15 million of remaining liabilities for resolution of these issues, however, the final outcome and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.

Water and Waste

Coal Ash Regulation — Xcel Energy is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste.

In May 2024, final amendments to the CCR Rule were published, widening its scope to include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use.

As a requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land.

If certain impacts to groundwater are detected, utilities are required to perform additional groundwater investigations and/or perform corrective actions, beginning with an Assessment of Corrective Measures.

Investigation and/or corrective action related to groundwater impacts are currently underway at certain active and closed coal-generating facilities at a current estimated cost of at least $45 million. In addition, Xcel Energy expects to incur $15 million for investigations through 2028 to perform required reporting and assess whether corrective actions are necessary. AROs have been recorded for each of these activities, and amounts are expected to be recoverable through regulatory mechanisms.

Xcel Energy has also identified coal ash that is expected to be required to be removed from certain closed coal-generating facilities at estimated costs totaling approximately $105 million. AROs have been recorded, with the costs expected to be recoverable through regulatory mechanisms.

Xcel Energy continues to perform site investigation activities related to the CCR Rule, which may result in updates to estimated costs as well as identification of additional required corrective actions.

In July 2025, the EPA issued a proposed rule amending the CCR Legacy rule. The proposal seeks to extend deadlines for various regulatory actions and clarify previous information regarding implementation of the rule. Xcel Energy will monitor the proposed rule and evaluate the impacts of any final rule.

Clean Water Act Section 316(b) — The Federal Clean Water Act requires the EPA to regulate cooling water intake structures to assure they reflect the best technology available for minimizing impingement and entrainment of aquatic species.

Estimated capital expenditures of approximately $50 million may be required to comply with the requirements. Xcel Energy anticipates these costs will be recoverable through regulatory mechanisms.

Air

Clean Air Act NOx Allowance Allocations — In June 2023, the EPA published final regulations for ozone under the “Good Neighbor” provisions of the Clean Air Act that established NOx allowance budgets for fossil fuel-fired electric generating facilities in subject states. The final rule applies to generation facilities in Minnesota, Texas and Wisconsin, as well as other states outside of our service territory. In February 2024, the EPA proposed to include New Mexico in the rule. In March 2025, the 5th Circuit Court of Appeals denied petitions challenging EPA’s disapproval of Texas’s state implementation plan, affirming inclusion of Texas facilities in the EPA’s plan.

However, the plan is subject to both judicial and administrative stays and the EPA has announced that it intends to reconsider the rule.

Compliance with the published plan would require subject facilities to secure additional allowances, install NOx controls and/or develop a strategy of operations that utilizes the existing allowance allocations. While the financial impacts of the final rule are uncertain and dependent on market forces and anticipated generation, if the rule is implemented, Xcel Energy anticipates the annual costs could be significant but would be recoverable through regulatory mechanisms.

Leases

Xcel Energy evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, as well as certain contracts for the use of land, vehicles and other equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset.

In the third quarter of 2025, certain PPAs for natural gas fueled generating facilities were amended, extending NSP-Minnesota’s use of these plants to 2039 and 2048. The amended agreements qualify for classification as finance leases. As of Sept. 30, 2025, other current liabilities and non-current finance lease liabilities include $37 million and $1.2 billion of finance lease obligations for these amended PPAs, respectively. Prior to these amendments, the agreements were classified as operating leases.

PPA finance lease payments are allocated between interest charges and depreciation and amortization on the consolidated statements of income. PPA operating lease payments are included in electric fuel and purchased power, and expense for other operating leases is included in O&M expense and electric fuel and purchased power.

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Components of lease expense:



	Three Months Ended Sept. 30
(Millions of Dollars)	2025		2024
Operating leases
PPA capacity payments	$	47	$	57
Other operating leases (a)	9		11
Total operating lease expense	$	56	$	68
Finance leases
Amortization of ROU assets	$	4	$	1
Interest expense on lease liability	14		4
Total finance lease expense	$	18	$	5

(a)Includes immaterial short-term lease expense.


	Nine Months Ended Sept. 30
(Millions of Dollars)	2025		2024
Operating leases
PPA capacity payments	$	158	$	172
Other operating leases (a)	32		33
Total operating lease expense	$	190	$	205
Finance leases
Amortization of ROU assets	$	6	$	3
Interest expense on lease liability	22		11
Total finance lease expense	$	28	$	14

(a)Includes immaterial short-term lease expense.

Commitments under operating and finance leases as of Sept. 30, 2025:


(Millions of Dollars)	PPA Operating Leases		Other Operating Leases		Total Operating Leases		Finance Leases (a)
Total minimum obligation	$	667	$	516	$	1,183	$	2,211
Interest component of obligation	(98)		(200)		(298)		(900)
Present value of minimum obligation	$	569	$	316	885		1,311
Less current portion					(114)		(39)
Noncurrent operating and finance lease liabilities					$	771	$	1,272

(a)Excludes certain amounts related to PSCo’s lease obligations given Xcel Energy’s 50% ownership interest in WYCO.

Variable Interest Entities

Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from IPPs for which the utility subsidiaries are required to reimburse fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. Xcel Energy has determined that certain IPPs are VIEs, however Xcel Energy is not subject to risk of loss from the operations of these entities, and no significant financial support is required other than contractual payments for energy and capacity.

In addition, certain solar PPAs provide an option to purchase emission allowances or sharing provisions related to production credits generated by the solar facility under contract. These specific PPAs create a variable interest in the IPP.

Xcel Energy evaluated each of these VIEs for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices and financing activities. Xcel Energy concluded that these entities are not required to be consolidated in its consolidated financial statements because Xcel Energy does not have the power to direct the activities that most significantly impact the entities’ economic performance.

The utility subsidiaries had 3,661 MW and 3,751 MW of capacity under long-term PPAs at Sept. 30, 2025 and Dec. 31, 2024, respectively, with entities that have been determined to be variable interest entities. The PPAs have expiration dates through 2048.

Other

Guarantees and Bond Indemnifications — Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount.

As of Sept. 30, 2025 and Dec. 31, 2024, Xcel Energy had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were approximately $111 million and $93 million at Sept. 30, 2025 and Dec. 31, 2024, respectively.

Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold, as well as disallowances or reductions to the contractual amounts of tax credit transfers.

Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.

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11. Other Comprehensive Loss

Changes in accumulated other comprehensive loss, net of tax:



	Three Months Ended Sept. 30, 2025						Three Months Ended Sept. 30, 2024
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at July 1	$	(27)	$	(39)	$	(66)	$	(30)	$	(37)	$	(67)

Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	1		—		1		1		—		1

Net current period other comprehensive income	1		—		1		1		—		1
Accumulated other comprehensive loss at Sept. 30	$	(26)	$	(39)	$	(65)	$	(29)	$	(37)	$	(66)


	Nine Months Ended Sept. 30, 2025						Nine Months Ended Sept. 30, 2024
(Millions of Dollars)	Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total		Gains and Losses on Cash Flow Hedges		Defined Benefit Pension and Postretirement Items		Total
Accumulated other comprehensive loss at Jan. 1	$	(29)	$	(39)	$	(68)	$	(53)	$	(41)	$	(94)
Other comprehensive gain before reclassifications	—		—		—		22		—		22
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	3		—		3		2		—		2
Amortization of net actuarial losses (b)	—		—		—		—		4		4
Net current period other comprehensive income	3		—		3		24		4		28
Accumulated other comprehensive loss at Sept. 30	$	(26)	$	(39)	$	(65)	$	(29)	$	(37)	$	(66)

(a)Included in interest charges.

(b)Included in the computation of net periodic pension and postretirement benefit costs. See Note 9 for further information.

12. Segment Information

Segment information and reconciliation to Xcel Energy’s consolidated net income:


	Three Months Ended Sept. 30, 2025
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	3,638	$	264	$	3,902
Intersegment revenue	—		8		8
Total segment revenues	3,638		272		3,910
Electric fuel and purchased power	1,098		—		1,098
Cost of natural gas sold and transported	—		61		61
O&M expenses	582		105		687


Depreciation and amortization	640		106		746
Other segment expenses, net	443		28		471
Interest charges and financing costs	228		31		259
Income tax expense (benefit)	55		(20)		35
Net income (loss)	$	592	$	(39)	$	553






Total segment net income					$	553
Non-segment net loss					(29)
Consolidated net income					$	524


	Three Months Ended Sept. 30, 2024
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	3,393	$	239	$	3,632


Electric fuel and purchased power	1,060		—		1,060
Cost of natural gas sold and transported	—		63		63
O&M expenses	540		100		640


Depreciation and amortization	591		87		678
Other segment expenses, net	197		14		211
Interest charges and financing costs	198		29		227
Income tax expense (benefit)	55		(18)		37
Net income (loss)	$	752	$	(36)	$	716






Total segment net income					$	716
Non-segment net loss					(34)
Consolidated net income					$	682

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	Nine Months Ended Sept. 30, 2025
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	9,351	$	1,715	$	11,066
Intersegment revenue	—		19		19
Total segment revenues	9,351		1,734		11,085
Electric fuel and purchased power	3,036		—		3,036
Cost of natural gas sold and transported	—		708		708
O&M expenses	1,704		316		2,020


Depreciation and amortization	1,883		306		2,189
Other segment expenses, net	770		112		882
Interest charges and financing costs	645		92		737
Income tax (benefit) expense	(88)		37		(51)
Net income	$	1,401	$	163	$	1,564






Total segment net income					$	1,564
Non-segment net loss					(113)
Consolidated net income					$	1,451


	Nine Months Ended Sept. 30, 2024
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	8,737	$	1,535	$	10,272
Intersegment revenue	1		1		2
Total segment revenues	8,738		1,536		10,274
Electric fuel and purchased power	2,863		—		2,863
Cost of natural gas sold and transported	—		664		664
O&M expenses	1,596		306		1,902


Depreciation and amortization	1,772		260		2,032
Other segment expenses, net	547		67		614
Interest charges and financing costs	582		86		668
Income tax (benefit) expense	(85)		28		(57)
Net income	$	1,463	$	125	$	1,588






Total segment net income					$	1,588
Non-segment net loss					(116)
Consolidated net income					$	1,472

Equity method investments in the regulated natural gas utility segment of $90 million and $85 million at Sept. 30, 2025 and Dec. 31, 2024, respectively, primarily relate to WYCO. Non-segment equity method investments of $149 million and $161 million as of Sept. 30, 2025 and Dec. 31, 2024, respectively, relate to investments in energy technology funds.

Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment.

Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.

Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.

Other segment expenses, net, for the reportable segments includes wildfire litigation expense, conservation and DSM expenses, taxes (other than income taxes), other income, net, earnings from equity method investments, intersegment expenses and AFUDC - equity.

ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis by management focuses on those factors that had a material effect on Xcel Energy’s financial condition, results of operations and cash flows during the periods presented or are expected to have a material impact in the future. It should be read in conjunction with the accompanying unaudited consolidated financial statements and the related notes to consolidated financial statements. Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.

The demand for electric power and natural gas is affected by seasonal differences in the weather. In general, peak sales of electricity occur in the summer months, and peak sales of natural gas occur in the winter months. As a result, the overall operating results may fluctuate substantially on a seasonal basis. Additionally, Xcel Energy’s operations have historically generated less revenues and income when weather conditions are milder in the winter and cooler in the summer.

Non-GAAP Financial Measures

The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP.

Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.

Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)

GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method.

Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS for Xcel Energy is calculated by dividing net income or loss, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss for such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.

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We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. For instance, to present ongoing earnings and ongoing diluted EPS, we may adjust the related GAAP amounts for certain items that are non-recurring in nature. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. These non-GAAP financial measures should not be considered as an alternative to measures calculated and reported in accordance with GAAP.

The following table provides a reconciliation of GAAP earnings (net income) to ongoing earnings:


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
(Millions of Dollars)	2025		2024		2025		2024
GAAP net income	$	524	$	682	$	1,451	$	1,472
Sherco Unit 3 2011 outage refunds	—		35		—		46
Marshall Wildfire litigation	287		—		287		—
Tax effect	(74)		(10)		(74)		(13)
Ongoing earnings	$	737	$	707	$	1,664	$	1,505

Sherco Unit 3 2011 Outage Refunds — NSP-Minnesota’s Sherco Unit 3 experienced an extended outage following a 2011 incident which damaged its turbine. In October 2024 following contested case procedures, the MPUC ordered a customer refund of $46 million for replacement power incurred during the outage, which is presented as a non-recurring charge to electric revenues.

Marshall Wildfire Litigation — In the third quarter of 2025, PSCo recognized a non-recurring $287 million charge as a result of a settlement reached with the plaintiffs in the Marshall Wildfire litigation.


Results of Operations

The only common equity securities that are publicly traded are common shares of Xcel Energy Inc. Diluted earnings and EPS of each subsidiary discussed below do not represent a direct legal interest in the assets and liabilities allocated to such subsidiary but rather represent a direct interest in our assets and liabilities as a whole.

Xcel Energy’s third quarter GAAP diluted earnings were $0.88 per share compared with $1.21 per share in the same period in 2024 and ongoing earnings were $1.24 compared with $1.25 per share in 2024. The change in ongoing earnings per share was primarily driven by higher depreciation, interest charges and O&M expenses partially offset by increased recovery of infrastructure investments. Fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in costs are offset by the related variation in revenues).

Summarized diluted EPS for Xcel Energy:


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
Diluted Earnings (Loss) Per Share	2025		2024		2025		2024
NSP-Minnesota	$	0.53	$	0.45	$	1.17	$	1.06
PSCo	0.08		0.45		0.79		1.06
SPS	0.27		0.31		0.55		0.58
NSP-Wisconsin	0.07		0.07		0.19		0.19
Earnings from equity method investments — WYCO	0.01		0.01		0.02		0.02
Regulated utility	0.96		1.29		2.72		2.91
Xcel Energy Inc. and Other	(0.07)		(0.08)		(0.24)		(0.28)
GAAP diluted EPS (a)	$	0.88	$	1.21	$	2.47	$	2.63
Sherco Unit 3 2011 outage refunds	—		0.04		—		0.06
Marshall Wildfire settlement	0.36		—		0.36		—
Ongoing diluted EPS (a)	$	1.24	$	1.25	$	2.84	$	2.69

(a)Amounts may not add due to rounding.

Summary of Earnings

NSP-Minnesota — GAAP earnings increased $0.08 per share and ongoing earnings increased $0.04 for the third quarter. Year-to-date GAAP earnings increased $0.11 per share and ongoing earnings increased $0.05 per share. The year-to-date ongoing earnings increase was driven by higher recovery of electric infrastructure investments, which was partially offset by increased O&M expenses, depreciation and interest charges.

PSCo — GAAP earnings decreased $0.37 per share and ongoing earnings decreased $0.01 for the third quarter of 2025. Year-to-date GAAP earnings decreased $0.27 and ongoing earnings increased $0.09. The year-to-date ongoing earnings increase was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased depreciation and interest charges.

SPS — GAAP and ongoing earnings decreased $0.04 per share for the third quarter and decreased $0.03 year-to-date. The year-to-date change was driven by unfavorable weather, increased interest charges and O&M expenses, partially offset by higher recovery of electric infrastructure investments and sales growth.

NSP-Wisconsin — GAAP and ongoing earnings per share were flat for the third quarter of 2025 and year-to-date. The year-to-date change was driven by higher recovery of electric and natural gas infrastructure investments, which was offset by increased depreciation and O&M expenses.

Xcel Energy Inc. and Other — Primarily includes financing costs and interest income at the holding company and earnings from investment funds, which are accounted for as equity method investments. The change in earnings was largely due to gains on debt repurchases, partially offset by higher interest rates and debt levels and the performance of the equity method investments, which primarily invest in energy technology companies.

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Changes in GAAP and Ongoing EPS

Components significantly contributing to changes in 2025 EPS compared to 2024:


Diluted Earnings (Loss) Per Share	Three Months Ended Sept. 30		Nine Months Ended Sept. 30
GAAP EPS — 2024	$	1.21	$	2.63

Components of change - 2025 vs. 2024
Higher electric revenues	0.28		0.76
Higher natural gas revenues	0.03		0.24
Higher AFUDC equity & debt	0.08		0.18
Sherco Unit 3 2011 outage refunds	0.04		0.06
Marshall Wildfire settlement	(0.36)		(0.36)
Higher electric fuel and purchased power (a)	(0.05)		(0.23)
Higher depreciation	(0.09)		(0.21)
Higher O&M expenses	(0.05)		(0.17)
Higher interest charges	(0.08)		(0.17)
Higher costs of natural gas sold and transported (a)	—		(0.06)
Common stock equity dilution	(0.07)		(0.14)

Other, net	(0.06)		(0.06)
GAAP EPS — 2025	$	0.88	$	2.47
Marshall Wildfire settlement	0.36		0.36
Ongoing EPS — 2025 (b)	$	1.24	$	2.84

(a)Cost of electric fuel and purchased power and natural gas sold and transported are generally recovered through regulatory recovery mechanisms and offset in revenue.

(b)Amounts may not add due to rounding.

Statement of Income Analysis

The following summarizes the items that affected the individual revenue and expense items reported in the consolidated statements of income.

Estimated Impact of Temperature Changes on Regulated Earnings —Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces electric and natural gas sales. The estimated impact of weather on earnings is based on the number of customers, temperature variances, the amount of natural gas or electricity historically used per degree of temperature and excludes any incremental related operating expenses that could result due to storm activity or vegetation management requirements.

As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance. Gas decoupling mechanisms (and electric sales true-up in 2024) in Minnesota predominately mitigate the positive and adverse impacts of weather in that jurisdiction.

Degree-day or THI data is used to estimate amounts of energy required to maintain comfortable indoor temperature levels based on each day’s average temperature and humidity. HDD is the measure of the variation in the weather based on the extent to which the average daily temperature falls below 65° Fahrenheit. CDD is the measure of the variation in the weather based on the extent to which the average daily temperature rises above 65° Fahrenheit.

Each degree of temperature above 65° Fahrenheit is counted as one CDD, and each degree of temperature below 65° Fahrenheit is counted as one HDD. In Xcel Energy’s more humid service territories, a THI is used in place of CDD, which adds a humidity factor to CDD. HDD, CDD and THI are most likely to impact the usage of Xcel Energy’s residential and commercial customers. Industrial customers are less sensitive to weather. Typically, sales are not impacted in the first or fourth quarter due to THI or CDD.

Normal weather conditions are defined as either the 10, 20 or 30 year average of actual historical weather conditions. The historical period of time used in the calculation of normal weather differs by jurisdiction, based on regulatory practice. To calculate the impact of weather on demand, a demand factor is applied to the weather impact on sales. Extreme weather variations, windchill and cloud cover may not be reflected in weather-normalized estimates.

Percentage increase (decrease) in normal and actual HDD, CDD and THI:


	Three Months Ended Sept. 30						Nine Months Ended Sept. 30
	2025 vs. Normal		2024 vs. Normal		2025 vs. 2024		2025 vs. Normal		2024 vs. Normal		2025 vs. 2024
HDD	(30.6)	%	(72.7)	%	135.7	%	(1.9)	%	(14.7)	%	12.3	%
CDD	(7.2)		20.1		(20.8)		(6.8)		24.7		(23.0)
THI	12.3		(1.8)		15.9		7.3		(10.8)		21.9

Weather — Estimated impact of temperature variations on EPS compared with normal weather conditions:


	Three Months Ended Sept. 30						Nine Months Ended Sept. 30
	2025 vs. Normal		2024 vs. Normal		2025 vs. 2024		2025 vs. Normal		2024 vs. Normal		2025 vs. 2024
Retail electric	$	0.006	$	0.038	$	(0.032)	$	(0.001)	$	0.015	$	(0.016)
Sales true-up (a)	—		(0.001)		0.001		—		0.040		(0.040)
Electric total	$	0.006	$	0.037	$	(0.031)	$	(0.001)	$	0.055	$	(0.056)
Firm natural gas	—

XCEL ENERGY INC 10-Q