Segment Information

9 Months Ended

Sep. 30, 2025

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


	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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

XCEL ENERGY INC 10-Q