Xcel Energy Inc
mn.my.xcelenergy.comWhat Do They Do?
Generates, transmits, distributes and sells electricity and natural gas to residential and business customers.
10-K for FY2025, filed Feb 25, 2026NSP-Minnesota conducts business in Minnesota, North Dakota and South Dakota and has electric operations in all three states including the…View ↗
PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity. PSCo also purchases, transports…View ↗
Electric Operations (percentage of total) Sales Volume Number of Customers Revenues Residential 24 % 86 % 32 % C&I 61 12 49 Other 15 2 19View ↗
How Do They Make Money?
Customers pay for electricity and natural gas as metered energy is delivered, with meter readings taken throughout the month. The company also sells electricity wholesale and earns transmission and other revenue.
10-K for FY2025, filed Feb 25, 2026Revenue from Contracts with Customers — Performance obligations related to the sale of energy are satisfied as energy is delivered to…View ↗
A separate financing component of collections from customers is not recognized as contract terms are short-term in nature. Revenues are net…View ↗
Year Ended Dec. 31, 2025 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with…View ↗
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10-K for FY2025, filed Feb 25, 2026
FY2025 revenue by product or service (Revenue from Contracts with Customers) ↗
$14.7B
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10-K for FY2025, filed Feb 25, 2026
$14.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Retail
Usage-based
10-K for FY2025, filed Feb 25, 2026 |
88%
FY2022: 84%
|
Retail, FY2025
$12.2B Sources
|
Usage-based |
|
Wholesale
Usage-based
|
5.2%
FY2022: 9.2%
|
Wholesale, FY2025
$715M Sources
|
Usage-based |
|
Transmission
|
5.1%
FY2022: 4.6%
|
Transmission, FY2025
$705M Sources
|
|
|
Other
|
1.8%
FY2022: 1.9%
|
Other, FY2025
$243M Sources
|
Who Are Their Customers?
Retail energy use is metered throughout the month; excess electricity is also sold wholesale through regional power-market operators.
10-K for FY2025, filed Feb 25, 2026
Do Revenues Turn Into Profits?
Yes. It kept 14 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$6.8B.
10-K for FY2025, filed Feb 25, 2026
$2.6BView ↗
10-K for FY2025, filed Feb 25, 2026
$2BView ↗
10-K for FY2025, filed Feb 25, 2026
−$6.8BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
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Aug 20, 2026
Reaffirmed earnings guidance after Colorado electric rate decision
The commission verbally approved most settlement terms; Xcel reaffirmed 2026 ongoing earnings guidance of $4.04 to $4.16.
Sources
8-K, filed Aug 20, 2026
Xcel Energy reaffirms its 2026 ongoing earnings per share guidance of $4.04 to $4.16.View ↗
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Jul 30, 2026
Reported second-quarter results and reaffirmed earnings guidance
Second-quarter earnings per share were $0.93, compared with $0.75 a year earlier; guidance remained $4.04 to $4.16.
Sources
8-K, filed Jul 30, 2026
Second quarter diluted GAAP and ongoing earnings per share were $0.93 in 2026 compared with $0.75 in 2025. Year-to-date diluted GAAP…View ↗
Growing. Revenue grew 9% in 4 years, from $13.4B in FY2021 to $14.7B in FY2025, about 2% a year.
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