Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(amounts in millions, except per share data)


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Operating revenues
Electric	$	2,878	$	2,659	$	5,713	$	5,344
Natural gas	396		355		1,451		1,296
Other	13		14		29		37
Total operating revenues	3,287		3,028		7,193		6,677

Operating expenses
Electric fuel and purchased power	918		855		1,938		1,803
Cost of natural gas sold and transported	134		118		647		601
Cost of sales — other	1		1		3		9
Operating and maintenance expenses	675		662		1,361		1,267
Conservation and demand side management expenses	88		86		198		183
Depreciation and amortization	722		703		1,450		1,361
Taxes (other than income taxes)	172		154		342		325

Total operating expenses	2,710		2,579		5,939		5,549

Operating income	577		449		1,254		1,128

Other income, net	68		22		75		36
(Loss) earnings from equity method investments	(8)		8		(9)		16
Allowance for funds used during construction — equity	69		38		117		75

Interest charges and financing costs
Interest charges — includes other financing costs	349		319		681		610
Allowance for funds used during construction — debt	(27)		(16)		(50)		(30)
Total interest charges and financing costs	322		303		631		580

Income before income taxes	384		214		806		675
Income tax benefit	(60)		(88)		(121)		(115)
Net income	$	444	$	302	$	927	$	790

Weighted average common shares outstanding:
Basic	586		557		580		556
Diluted	588		557		582		556

Earnings per average common share:
Basic	$	0.76	$	0.54	$	1.60	$	1.42
Diluted	0.75		0.54		1.59		1.42

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 June 30				Six Months Ended June 30
	2025		2024		2025		2024
Net income	$	444	$	302	$	927	$	790
Other comprehensive income
Pension and retiree medical benefits:

Reclassifications of losses to net income, net of tax	—		4		—		4
Derivative instruments:
Net fair value increase, net of tax	5		—		—		22
Reclassification of losses to net income, net of tax	1		—		2		1

Total other comprehensive income	6		4		2		27
Total comprehensive income	$	450	$	306	$	929	$	817

See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in millions)


	Six Months Ended June 30
	2025		2024
Operating activities
Net income	$	927	$	790
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	1,461		1,370
Nuclear fuel amortization	55		53
Deferred income taxes	282		285
Allowance for equity funds used during construction	(117)		(75)
Loss (earnings) from equity method investments	9		(16)
Dividends from equity method investments	16		18
Provision for bad debts	31		28
Share-based compensation expense	21		17
Changes in operating assets and liabilities:
Accounts receivable	85		148
Accrued unbilled revenues	10		6
Inventories	(97)		(2)
Other current assets	89		(53)
Accounts payable	(154)		4
Net regulatory assets and liabilities	(50)		150
Other current liabilities	(290)		(439)
Pension and other employee benefit obligations	(115)		(98)
Other, net	(54)		54
Net cash provided by operating activities	2,109		2,240

Investing activities
Capital/construction expenditures	(4,415)		(3,368)
Purchase of investment securities	(571)		(469)
Proceeds from the sale of investment securities	570		450
Other, net	(14)		(16)
Net cash used in investing activities	(4,430)		(3,403)

Financing activities
Proceeds from short-term borrowings, net	125		17
Proceeds from issuances of long-term debt	3,893		3,644
Repayments of long-term debt	(932)		(550)
Proceeds from issuance of common stock	1,143		101
Dividends paid	(625)		(575)
Other, net	(8)		(5)
Net cash provided by financing activities	3,596		2,632

Net change in cash, cash equivalents and restricted cash	1,275		1,469
Cash, cash equivalents and restricted cash at beginning of period	179		129
Cash, cash equivalents and restricted cash at end of period	$	1,454	$	1,598

Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	$	(583)	$	(517)
Cash received for income taxes, net; includes proceeds from tax credit transfers	408		351

Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions	$	1,081	$	520
Inventory transfers to property, plant and equipment	217		164
Operating lease right-of-use assets	159		40
Allowance for equity funds used during construction	117		75
Issuance of common stock for reinvested dividends and/or equity awards	39		35


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


	June 30, 2025		Dec. 31, 2024
Assets
Current assets
Cash and cash equivalents	$	1,454	$	179
Accounts receivable, net	1,133		1,249
Accrued unbilled revenues	822		832
Inventories	668		666
Regulatory assets	621		561
Derivative instruments	255		114
Prepaid taxes	62		72
Prepayments and other	652		652
Total current assets	5,667		4,325

Property, plant and equipment, net	60,751		57,198

Other assets
Nuclear decommissioning fund and other investments	4,087		3,896
Regulatory assets	2,840		2,849
Derivative instruments	60		72
Operating lease right-of-use assets	1,131		1,060
Other	801		635
Total other assets	8,919		8,512
Total assets	$	75,337	$	70,035

Liabilities and Equity
Current liabilities
Current portion of long-term debt	$	251	$	1,103
Short-term debt	820		695
Accounts payable	2,096		1,781
Regulatory liabilities	893		852
Taxes accrued	360		535
Accrued interest	319		280
Dividends payable	337		314
Derivative instruments	27		37
Operating lease liabilities	211		227
Other	572		635
Total current liabilities	5,886		6,459

Deferred credits and other liabilities
Deferred income taxes	5,739		5,319
Regulatory liabilities	6,217		6,010
Asset retirement obligations	3,803		3,713
Derivative instruments	67		77
Customer advances	132		146
Pension and employee benefit obligations	360		477
Operating lease liabilities	945		867
Other	128		129
Total deferred credits and other liabilities	17,391		16,738

Commitments and contingencies
Capitalization
Long-term debt	31,099		27,316
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 591,201,845 and 574,365,598 shares outstanding at June 30, 2025 and December 31, 2024, respectively	1,478		1,436
Additional paid in capital	10,736		9,601
Retained earnings	8,813		8,553
Accumulated other comprehensive loss	(66)		(68)
Total common stockholders’ equity	20,961		19,522
Total liabilities and equity	$	75,337	$	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 June 30, 2025 and 2024
Balance at March 31, 2024	555,470,302	$	1,389	$	8,481	$	8,042	$	(71)	$	17,841
Net income						302				302
Other comprehensive income								4		4
Dividends declared on common stock ($0.55 per share)						(305)				(305)
Issuances of common stock	1,866,749	4		97						101

Share-based compensation				11						11
Balance at June 30, 2024	557,337,051	$	1,393	$	8,589	$	8,039	$	(67)	$	17,954

Balance at March 31, 2025	576,547,051	$	1,441	$	9,729	$	8,706	$	(72)	$	19,804
Net income						444				444
Other comprehensive income								6		6
Dividends declared on common stock ($0.57 per share)						(337)				(337)
Issuances of common stock	14,654,794	37		994						1,031

Share-based compensation				13						13
Balance at June 30, 2025	591,201,845	$	1,478	$	10,736	$	8,813	$	(66)	$	20,961

	Common Stock Issued					Retained Earnings		Accumulated Other Comprehensive Loss		Total Common Stockholders' Equity
	Shares	Par Value		Additional Paid In Capital
Six Months Ended June 30, 2025 and 2024
Balance at Dec. 31, 2023	554,941,703	$	1,387	$	8,465	$	7,858	$	(94)	$	17,616
Net income						790				790
Other comprehensive income								27		27
Dividends declared on common stock ($1.10 per share)						(609)				(609)
Issuances of common stock	2,395,348	6		107						113

Share-based compensation				17						17

Balance at June 30, 2024	557,337,051	$	1,393	$	8,589	$	8,039	$	(67)	$	17,954

Balance at Dec. 31, 2024	574,365,598	$	1,436	$	9,601	$	8,553	$	(68)	$	19,522
Net income						927				927
Other comprehensive income								2		2
Dividends declared on common stock ($1.14 per share)						(665)				(665)
Issuances of common stock	16,836,247	42		1,111						1,153

Share-based compensation				24		(2)				22
Balance at June 30, 2025	591,201,845	$	1,478	$	10,736	$	8,813	$	(66)	$	20,961

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 June 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 six months ended June 30, 2025 and 2024; and Xcel Energy’s cash flows for the six months ended June 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 June 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)	June 30, 2025		Dec. 31, 2024
Accounts receivable, net
Accounts receivable	$	1,228	$	1,360
Less allowance for bad debts	(95)		(111)
Accounts receivable, net	$	1,133	$	1,249


(Millions of Dollars)	June 30, 2025		Dec. 31, 2024
Inventories
Materials and supplies	$	441	$	406
Fuel	171		164
Natural gas	56		96
Total inventories	$	668	$	666


(Millions of Dollars)	June 30, 2025		Dec. 31, 2024
Property, plant and equipment, net
Electric plant	$	58,815	$	56,791
Natural gas plant	10,044		9,834
Common and other property	3,612		3,515
Plant to be retired (a)	1,664		1,793
Construction work in progress	6,611		4,720
Total property, plant and equipment	80,746		76,653
Less accumulated depreciation	(20,469)		(19,852)
Nuclear fuel	3,623		3,491
Less accumulated amortization	(3,149)		(3,094)
Property, plant and equipment, net	$	60,751	$	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 June 30, 2025			Year Ended Dec. 31, 2024
Borrowing limit	$	4,750		$	3,550
Amount outstanding at period end	820			695
Average amount outstanding	290			508
Maximum amount outstanding	820			1,314
Weighted average interest rate, computed on a daily basis	4.65		%	5.47		%
Weighted average interest rate at period end	4.59			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 $42 million of letters of credit outstanding under the credit facilities at June 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 June 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	$	820	$	1,180
PSCo	1,200		30		1,170
NSP-Minnesota	800		12		788
SPS	600		—		600
NSP-Wisconsin	150		—		150
Total	$	4,750	$	862	$	3,888

(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 June 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 June 30, 2025, NSP-Minnesota had $72 million of outstanding letters of credit under the $75 million bilateral credit agreement.

Long-Term Borrowings and Other Financing Instruments

During the six months ended June 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 and $600 million of 5.85% First Mortgage Bonds due May 15, 2055.
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.

ATM Equity Offering — 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 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 six months ended June 30, 2025, 16.3 million shares ($1.15 billion in net proceeds and $9 million in transaction fees paid) were issued under the ATM program. As of June 30, 2025, approximately $50 million remained available for sale under the ATM program.

Forward Equity Agreements — In November 2024, Xcel Energy Inc. entered into forward sale agreements in connection with completed public offerings of 21.1 million shares of Xcel Energy common stock. The initial forward agreements were for 18.3 million shares with additional agreements for 2.8 million shares exercised at the option of the banking counterparties.

At June 30, 2025, the forward agreements could have been settled with physical delivery of 21.1 million common shares to the banking counterparties in exchange for cash of $1.35 billion. The agreements could also have been settled at June 30, 2025 with delivery of approximately $100 million of cash or approximately 1.5 million shares of common stock to the banking counterparties, if Xcel Energy unilaterally elected net cash or net share settlement, respectively.

The forward price used to determine amounts due at settlement is calculated based on the November 2024 public offering price of $64.44 (net of underwriting fees), increased for the overnight bank funding rate, less a spread of 0.75% and less expected dividends on Xcel Energy’s common stock during the period the agreements are outstanding.

Xcel Energy may settle the forward agreements at any time up to the maturity date of June 30, 2026. The cash proceeds, depending on the timing of future settlement, are expected to be approximately $1.36 billion.

As initial pricing terms were based on market prices for Xcel Energy common stock, no amounts were recorded at the execution of the forward agreements. Stockholders’ equity equal to cash proceeds will be recorded at settlement.

Equity through DRIP and Benefits Program — Xcel Energy issued $39 million and $40 million of equity through the DRIP and benefits programs during the six months ended June 30, 2025 and 2024, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.

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Xcel Energy Inc.’s Purchase of NSP-Minnesota’s First Mortgage Bonds — During the six months ended June 30, 2025, Xcel Energy Inc. purchased $128 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 $81 million. On a consolidated basis, Xcel Energy Inc.’s repurchase of NSP-Minnesota First Mortgage Bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of approximately $43 million, net of unamortized discount and debt issuance costs. Interest expense related to the repurchased bonds was immaterial for the six months ended June 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 June 30, 2025
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	881	$	212	$	—	$	1,093
C&I	1,474		119		7		1,600
Other	38		—		2		40
Total retail	2,393		331		9		2,733
Wholesale	145		—		—		145
Transmission	169		—		—		169
Other	22		45		—		67
Total revenue from contracts with customers	2,729		376		9		3,114
Alternative revenue and other	149		20		4		173
Total revenues	$	2,878	$	396	$	13	$	3,287


	Three Months Ended June 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	801	$	191	$	—	$	992
C&I	1,335		97		6		1,438
Other	36		—		3		39
Total retail	2,172		288		9		2,469
Wholesale	137		—		—		137
Transmission	148		—		—		148
Other	17		42		—		59
Total revenue from contracts with customers	2,474		330		9		2,813
Alternative revenue and other	185		25		5		215
Total revenues	$	2,659	$	355	$	14	$	3,028


	Six Months Ended June 30, 2025
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,805	$	844	$	1	$	2,650
C&I	2,807		439		17		3,263
Other	73		—		4		77
Total retail	4,685		1,283		22		5,990
Wholesale	351		—		—		351
Transmission	341		—		—		341
Other	39		96		—		135
Total revenue from contracts with customers	5,416		1,379		22		6,817
Alternative revenue and other	297		72		7		376
Total revenues	$	5,713	$	1,451	$	29	$	7,193


	Six Months Ended June 30, 2024
(Millions of Dollars)	Electric		Natural Gas		All Other		Total
Major revenue types
Revenue from contracts with customers:
Residential	$	1,660	$	759	$	10	$	2,429
C&I	2,611		371		15		2,997
Other	70		—		5		75
Total retail	4,341		1,130		30		5,501
Wholesale	310		—		—		310
Transmission	306		—		—		306
Other	36		101		—		137
Total revenue from contracts with customers	4,993		1,231		30		6,254
Alternative revenue and other	351		65		7		423
Total revenues	$	5,344	$	1,296	$	37	$	6,677


6. Income Taxes

Reconciliation between the statutory rate and ETR:


	Three Months Ended June 30				Six Months Ended June 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	4.8		5.1		4.7		4.9
(Decreases) increases:
PTCs (a)	(33.8)		(60.3)		(33.5)		(36.8)
Plant regulatory differences (b)	(6.5)		(7.0)		(6.6)		(6.0)
Other tax credits, net operating loss & tax credit allowances	(1.3)		(1.3)		(1.3)		(0.8)
Other, net	0.2		1.4		0.7		0.7
Effective income tax rate	(15.6)	%	(41.1)	%	(15.0)	%	(17.0)	%

(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.

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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 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 June 30		Six Months Ended June 30
(Shares in Millions)	2025	2024	2025	2024
Basic	586	557	580	556
Diluted (a)	588	557	582	556

(a)Diluted common shares outstanding included common stock equivalents of 2.0 million and 0.2 million for the three months ended June 30, 2025 and 2024, respectively. Diluted common shares outstanding included common stock equivalents of 1.7 million and 0.2 million for the six months ended June 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.

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.

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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 $1.6 billion and $1.4 billion as of June 30, 2025 and Dec. 31, 2024, respectively, and unrealized losses were $47 million and $49 million as of June 30, 2025 and Dec. 31, 2024, respectively.

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


	June 30, 2025
			Fair Value
(Millions of Dollars)	Cost		Level 1		Level 2		Level 3		NAV		Total
Nuclear decommissioning fund (a)
Cash equivalents	$	56	$	56	$	—	$	—	$	—	$	56
Commingled funds	703		—		—		—		1,032		1,032
Debt securities	879		—		864		10		—		874
Equity securities	538		1,730		2		—		—		1,732
Total	$	2,176	$	1,786	$	866	$	10	$	1,032	$	3,694

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $232 million of equity method investments and $161 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 six months ended June 30, 2025 and 2024, there were no transfers of Level 3 investments between levels.

Contractual maturity dates of debt securities in the nuclear decommissioning fund as of June 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	$	14	$	327	$	258	$	275	$	874

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 $102 million and $96 million at June 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.

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 June 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 June 30, 2025, Xcel Energy had no unsettled interest swaps outstanding.

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.

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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 June 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 June 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)	June 30, 2025	Dec. 31, 2024
MWh of electricity	65	38
MMBtu of natural gas	60	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 June 30, 2025, two of Xcel Energy’s ten most significant counterparties for these activities, comprising $23 million, or 15%, 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 $70 million, or 46%, 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 $31 million, or 20%, 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 June 30, 2025 and Dec. 31, 2024, there were $9 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 June 30, 2025 and Dec. 31, 2024, there were approximately $56 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 June 30, 2025 and Dec. 31, 2024.

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 June 30, 2025
Derivatives designated as cash flow hedges:
Interest rate	$	5	$	—
Total	$	5	$	—
Other derivative instruments:
Electric commodity	$	—	$	9

Total	$	—	$	9

Six Months Ended June 30, 2025
Derivatives designated as cash flow hedges:
Interest rate	$	1	$	—
Total	$	1	$	—
Other derivative instruments:
Electric commodity	$	—	$	14
Natural gas commodity	—		7		(a)
Total	$	—	$	21

Three Months Ended June 30, 2024



Other derivative instruments:
Electric commodity	$	—	$	42
Natural gas commodity	$	—	$	(1)
Total	$	—	$	41

Six Months Ended June 30, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	29	$	—
Total	$	29	$	—
Other derivative instruments:
Electric commodity	$	—	$	41
Natural gas commodity	—		3
Total	$	—	$	44

(a)Other than $2 million of 2025 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.

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	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 June 30, 2025
Derivatives designated as cash flow hedges:
Interest rate	$	1	(a)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	6	(b)
Electric commodity	—			(16)		(c)	—

Total	$	—		$	(16)		$	6

Six Months Ended June 30, 2025
Derivatives designated as cash flow hedges:
Interest rate	$	2	(a)	$	—		$	—
Total	$	2		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(7)	(b)
Electric commodity	—			(21)		(c)	—
Natural gas commodity	—			—			(13)		(d)(e)
Total	$	—		$	(21)		$	(20)

Three Months Ended June 30, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	1	(a)	$	—		$	—
Total	$	1		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(14)	(b)
Electric commodity	—			(15)		(c)	—

Total	$	—		$	(15)		$	(14)

Six Months Ended June 30, 2024
Derivatives designated as cash flow hedges:
Interest rate	$	2	(a)	$	—		$	—
Total	$	2		$	—		$	—
Other derivative instruments:
Commodity trading	$	—		$	—		$	(22)	(b)
Electric commodity	—			(3)		(c)	—
Natural gas commodity	—			—			(14)		(d)(e)
Total	$	—		$	(3)		$	(36)

(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 six months ended June 30, 2025 and 2024.

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


	June 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	$	7	$	20	$	7	$	34	$	(23)		$	11		$	6		$	20	$	8	$	34	$	(23)	$	11
Electric commodity	—		—		243		243		(2)			241			—			—		90		90		(1)		89
Natural gas commodity	—		3		—		3		—			3			—			14		—		14		—		14
Total current derivative assets	$	7	$	23	$	250	$	280	$	(25)		$	255		$	6		$	34	$	98	$	138	$	(24)	$	114


Noncurrent derivative assets
Other derivative instruments:
Commodity trading	$	9	$	30	$	37	$	76	$	(16)		$	60		$	8		$	37	$	47	$	92	$	(20)	$	72

Total noncurrent derivative assets	$	9	$	30	$	37	$	76	$	(16)		$	60		$	8		$	37	$	47	$	92	$	(20)	$	72


	June 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	$	8	$	29	$	6	$	43	$	(23)		$	20		$	7		$	35	$	5	$	47	$	(23)	$	24
Electric commodity	—		—		2		2		(2)			—			—			—		1		1		(1)		—
Natural gas commodity	—		1		—		1		—			1			—			7		—		7		—		7
Total current derivative liabilities	$	8	$	30	$	8	$	46	$	(25)		21			$	7		$	42	$	6	$	55	$	(24)	31
PPAs (b)												6														6
Current derivative instruments												$	27													$	37
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading	$	11	$	28	$	36	$	75	$	(21)		$	54		$	11		$	32	$	40	$	83	$	(22)	$	61
Total noncurrent derivative liabilities	$	11	$	28	$	36	$	75	$	(21)		54			$	11		$	32	$	40	$	83	$	(22)	61
PPAs (b)												13														16
Noncurrent derivative instruments												$	67													$	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 June 30, 2025 and Dec. 31, 2024, derivative assets and liabilities include no obligations to return cash collateral. At June 30, 2025 and Dec. 31, 2024, derivative assets and liabilities include rights to reclaim cash collateral of $5 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 June 30
(Millions of Dollars)	2025		2024
Balance at April 1	$	118	$	91
Purchases (a)	194		174
Settlements (a)	(86)		(110)
Net transactions recorded during the period:
(Losses) gains recognized in earnings (b)	(6)		3
Net gains recognized as regulatory assets and liabilities (a)	23		81
Balance at June 30	$	243	$	239

	Six Months Ended June 30
(Millions of Dollars)	2025		2024
Balance at Jan. 1	$	99	$	90
Purchases (a)	260		177
Settlements (a)	(144)		(161)
Net transactions recorded during the period:
(Losses) gains recognized in earnings (b)	(8)		3
Net gains recognized as regulatory assets and liabilities (a)	36		130
Balance at June 30	$	243	$	239

(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 June 30, 2025, other financial instruments for which the carrying amount did not equal fair value:


	June 30, 2025				Dec. 31, 2024
(Millions of Dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	31,350	$	28,353	$	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 June 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 June 30
	2025		2024		2025		2024
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	19	$	19	$	—	$	1
Interest cost (a)	39		38		6		5
Expected return on plan assets (a)	(52)		(51)		(5)		(5)
Amortization of prior service credit (a)	—		(1)		—		—
Amortization of net loss (a)	7		8		1		—
Settlement charge (b)	—		56		—		—
Net periodic benefit cost	13		69		2		1
Effects of regulation	2		(40)		—		—
Net benefit cost recognized for financial reporting	$	15	$	29	$	2	$	1


	Six Months Ended June 30
	2025		2024		2025		2024
(Millions of Dollars)	Pension Benefits				Postretirement Health Care Benefits
Service cost	$	38	$	38	$	—	$	1
Interest cost (a)	78		76		12		10
Expected return on plan assets (a)	(104)		(103)		(10)		(9)
Amortization of prior service credit (a)	—		(1)		—		—
Amortization of net loss (a)	14		15		2		1
Settlement charge (b)	—		56		—		—
Net periodic benefit cost	26		81		4		3
Effects of regulation	4		(36)		—		—
Net benefit cost recognized for financial reporting	$	30	$	45	$	4	$	3

(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 second quarter of 2024, as a result of lump-sum distributions during the 2024 plan year, Xcel Energy recorded a pension settlement charge of $56 million, of which $7 million was recognized in the consolidated statement of income after considering the effects of regulation.

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 active which includes a multi-district litigation matter consisting of a Wisconsin purported class (Arandell Corp.). The Court issued a ruling in June 2022 granting plaintiffs’ class certification. In April 2023, the Seventh Circuit Court of Appeals heard the defendants’ appeal challenging whether the district court properly assessed class certification. A decision relating to class certification is forthcoming. Xcel Energy considers the reasonably possible loss associated with this litigation to be immaterial.

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. 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 an October 2022 statement from the Colorado Insurance Commissioner, the Marshall Fire is estimated to have caused more than $2 billion in property losses.

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.

The Sheriff’s Report states that the most probable cause of the second ignition was hot particles discharged from PSCo’s power lines after one of the power lines detached from its insulator in strong winds, and further states that it cannot be ruled out that the second ignition was caused by an underground coal fire. According to the Sheriff’s Report, no design, installation or maintenance defects or deficiencies were identified on PSCo’s electrical circuit in the area of the second ignition. PSCo disputes that its power lines caused the second ignition*.*

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 September 2023, the Boulder County District Court Judge consolidated the pending lawsuits into a single action for pretrial purposes and has subsequently consolidated additional lawsuits that have been filed. At the case management conference in February 2024, a trial date was set for September 2025.

In September 2024, the Judge presiding over the consolidated cases in Boulder County issued an order regarding the trial that resolves, on a preliminary basis, certain disputes over the structure of the September 2025 trial. The Court ruled that all Plaintiffs should be bound by a trial on liability unless they opt-out with good cause. The Court also ruled that liability and damages should be largely or entirely tried separately, meaning that common questions of law and fact regarding liability would be decided first, and a majority or all of the damages phase will occur separately following the liability phase of trial. The individual plaintiffs filed a motion for reconsideration of the opt-out portion of this order, which the Court denied in November 2024, confirming that plaintiffs will have to demonstrate good cause in order to opt out of the trial. The Court also denied PSCo’s request for a change in venue, ruling that the trial will take place in Boulder County. In June 2025, the Court dismissed Xcel Energy, Inc. from the complaints that named that entity as a defendant, due to lack of jurisdiction.

Expert discovery in the case is ongoing. In addition to the Sheriff’s Report conclusions that PSCo’s power lines likely caused the second ignition and that an underground coal fire was a possible cause of the second ignition, two other theories about the cause of the second ignition have been put forth by various plaintiffs in expert reports that were submitted in the first quarter of 2025. The first is that partially unattached telecommunications equipment contacted PSCo’s power lines, and the second is that an unidentified flying object struck PSCo’s power lines.

Colorado courts do not apply strict liability in determining an electric utility company’s liability for fire-related damages. For inverse condemnation claims, Colorado courts assess whether a defendant acted with intent to take a plaintiff’s property or intentionally took an action which has the natural consequence of taking the property. For negligence claims, Colorado courts look to whether electric power companies have operated their system with a heightened duty of care consistent with the practical conduct of its business, and liability does not extend to occurrences that cannot be reasonably anticipated.

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Colorado law does not impose joint and several liability in tort actions. Instead, under Colorado law, a defendant is liable for the degree or percentage of the negligence or fault attributable to that defendant, except where the defendant conspired with another defendant. A jury’s verdict in a Colorado civil case must be unanimous. Under Colorado law, in a civil action filed before Jan. 1, 2025, other than a medical malpractice action, the total award for noneconomic loss is capped at $0.6 million per defendant unless the court finds justification to exceed that amount by clear and convincing evidence, in which case the maximum doubles.

Colorado law caps punitive or exemplary damages to an amount equal to the amount of the actual damages awarded to the injured party, except the court may increase any award of punitive damages to a sum up to three times the amount of actual damages if the conduct that is the subject of the claim has continued during the pendency of the case or the defendant has acted in a willful and wanton manner during the action which further aggravated plaintiff’s damages.

In the event PSCo or Xcel Energy Services Inc. was found liable related to this litigation and were required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million (of which approximately $400 million of coverage remains after consideration of legal costs incurred through June 30, 2025) and have a material adverse effect on our financial condition, results of operations or cash flows. However, due to uncertainty as to the cause of the fire and the extent and magnitude of potential damages, PSCo and Xcel Energy Services Inc. are unable to estimate the amount or range of possible losses in connection with the Marshall Fire.

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.

SPS is aware of approximately 27 complaints, most of which have also named Xcel Energy Services Inc. as an additional defendant, relating to the Smokehouse Creek Fire Complex. The complaints 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 27 complaints, seven have been resolved and dismissed to date, with four others settled and pending dismissal. SPS has also received approximately 253 claims for losses related to the Smokehouse Creek Fire Complex through its claims process and has reached final settlements on 187 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 claims related to the Smokehouse Creek Fire Complex which have not been submitted through the claims process and have also not been filed as lawsuits, and has reached settlement of a portion of those claims. SPS anticipates additional complaints and demands will be made. SPS has settled claims related to both of the fatalities believed to be associated with the Smokehouse Creek Fire Complex and has reached a settlement in principle with the subrogated insurer plaintiffs.

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.

Based on the current state of the law and the facts and circumstances available as of the date of this filing, Xcel Energy believes it is probable that it will incur a loss in connection with the Smokehouse Creek Fire Complex and accordingly has recorded $290 million of total estimated losses for the matter (before available insurance). Evaluation of the cost and other attributes of completed and anticipated claim settlements for various types of property damage, including certain previously inestimable categories of claims, resulted in an increase in total estimated losses relative to the $215 million estimate as of Dec. 31, 2024.

Settlements reached as of the date of this filing, including the settlement in principle with the subrogated insurer plaintiffs, total $176 million of expected loss payments, of which $123 million and $35 million were paid through June 30, 2025 and Dec. 31, 2024, respectively. A remaining estimated liability of $167 million and $180 million is presented in other current liabilities as of June 30, 2025 and Dec. 31, 2024, respectively.

The cumulative estimated probable losses of $290 million for complaints and claims in connection with the Smokehouse Creek Fire Complex (before available insurance) corresponds to the lower end of the range of Xcel Energy’s reasonably estimable range of losses, and is subject to change based on additional information. This $290 million estimate does not include, among other things, 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. 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.

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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 $221 million and $210 million, net of recoveries received, are presented in prepayments and other current assets as of June 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 testimony asserting that no more than $6 million of customer refunds are warranted for the outage.

In July 2025, intervenor 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 the most recent DOC and OAG recommendations are applied to both 2023 and 2024, NSP-Minnesota estimates that the customer refunds would be approximately $34 million.

Rebuttal testimony is due in August 2025, with an ALJ report expected in March 2026 and an 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 February 2025, CPUC Staff recommended a disallowance of $21 million and UCA recommended a range of disallowances from $71 million to $138 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 June 2025, the ALJ recommended that the CPUC approve the settlement. A final decision is expected in the third quarter of 2025.

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 13 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 $20 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.

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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 is reviewing the rule to determine any potential impacts.

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. Compliance 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, Xcel Energy anticipates the annual costs could be significant, but would be recoverable through regulatory mechanisms.

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.

Leases

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

Components of lease expense:



	Three Months Ended June 30
(Millions of Dollars)	2025		2024
Operating leases
PPA capacity payments	$	54	$	57
Other operating leases (a)	10		11
Total operating lease expense (b)	$	64	$	68
Finance leases
Amortization of ROU assets	$	1	$	1
Interest expense on lease liability	3		3
Total finance lease expense	$	4	$	4

(a)Includes immaterial short-term lease expense.

(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.


	Six Months Ended June 30
(Millions of Dollars)	2025		2024
Operating leases
PPA capacity payments	$	111	$	115
Other operating leases (a)	23		22
Total operating lease expense (b)	$	134	$	137
Finance leases
Amortization of ROU assets	$	2	$	2
Interest expense on lease liability	7		7
Total finance lease expense	$	9	$	9

(a)Includes immaterial short-term lease expense.

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


(Millions of Dollars)	PPA Operating Leases		Other Operating Leases		Total Operating Leases		Finance Leases (a)
Total minimum obligation	$	954	$	526	$	1,480	$	204
Interest component of obligation	(120)		(204)		(324)		(143)
Present value of minimum obligation	$	834	$	322	1,156		61
Less current portion					(211)		(2)
Noncurrent operating and finance lease liabilities					$	945	$	59

(a)Excludes certain amounts related to 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 3,751 MW of capacity under long-term PPAs as of both June 30, 2025 and Dec. 31, 2024, with entities that have been determined to be variable interest entities. The PPAs have expiration dates through 2048.

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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 June 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 June 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.


11. Other Comprehensive Loss

Changes in accumulated other comprehensive loss, net of tax:



	Three Months Ended June 30, 2025						Three Months Ended June 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 April 1	$	(33)	$	(39)	$	(72)	$	(30)	$	(41)	$	(71)
Other comprehensive gain before reclassifications	5		—		5		—		—		—
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)	1		—		1		—		—		—
Amortization of net actuarial losses (b)	—		—		—		—		4		4
Net current period other comprehensive income	6		—		6		—		4		4
Accumulated other comprehensive loss at June 30	$	(27)	$	(39)	$	(66)	$	(30)	$	(37)	$	(67)


	Six Months Ended June 30, 2025						Six Months Ended June 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)	2		—		2		1		—		1
Amortization of net actuarial losses (b)	—		—		—		—		4		4
Net current period other comprehensive income	2		—		2		23		4		27
Accumulated other comprehensive loss at June 30	$	(27)	$	(39)	$	(66)	$	(30)	$	(37)	$	(67)

(a)Included in interest charges.

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

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12. Segment Information

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


	Three Months Ended June 30, 2025
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	2,878	$	396	$	3,274
Intersegment revenue	—		6		6
Total segment revenues	2,878		402		3,280
Electric fuel and purchased power	918		—		918
Cost of natural gas sold and transported	—		134		134
O&M expenses	554		106		660


Depreciation and amortization	617		102		719
Other segment expenses, net	156		27		183
Interest charges and financing costs	213		31		244
Income tax benefit	(48)		(4)		(52)
Net income	$	468	$	6	$	474






Total segment net income					$	474
Non-segment net loss					(30)
Consolidated net income					$	444


	Three Months Ended June 30, 2024
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	2,659	$	355	$	3,014


Electric fuel and purchased power	855		—		855
Cost of natural gas sold and transported	—		118		118
O&M expenses	553		101		654


Depreciation and amortization	612		87		699
Other segment expenses, net	161		19		180
Interest charges and financing costs	198		30		228
Income tax benefit	(73)		(3)		(76)
Net income	$	353	$	3	$	356






Total segment net income					$	356
Non-segment net loss					(54)
Consolidated net income					$	302


	Six Months Ended June 30, 2025
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	5,713	$	1,451	$	7,164
Intersegment revenue	—		11		11
Total segment revenues	5,713		1,462		7,175
Electric fuel and purchased power	1,938		—		1,938
Cost of natural gas sold and transported	—		647		647
O&M expenses	1,122		211		1,333


Depreciation and amortization	1,243		200		1,443
Other segment expenses, net	327		84		411
Interest charges and financing costs	417		61		478
Income tax (benefit) expense	(143)		57		(86)
Net income	$	809	$	202	$	1,011






Total segment net income					$	1,011
Non-segment net loss					(84)
Consolidated net income					$	927


	Six Months Ended June 30, 2024
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	5,344	$	1,296	$	6,640
Intersegment revenue	1		1		2
Total segment revenues	5,345		1,297		6,642
Electric fuel and purchased power	1,803		—		1,803
Cost of natural gas sold and transported	—		601		601
O&M expenses	1,056		206		1,262


Depreciation and amortization	1,181		173		1,354
Other segment expenses, net	350		53		403
Interest charges and financing costs	384		57		441
Income tax (benefit) expense	(140)		46		(94)
Net income	$	711	$	161	$	872






Total segment net income					$	872
Non-segment net loss					(82)
Consolidated net income					$	790

Equity method investments in the regulated natural gas utility segment of $84 million and $85 million at June 30, 2025 and Dec. 31, 2024, respectively, primarily relate to WYCO. Non-segment equity method investments of $148 million and $161 million as of June 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.

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

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