10-K – 2026-02-25 – xel-20251231.htm

4.3 4 *
Supplemental Trust Indenture dated as of February 1, 2024 between Northern States Power Company and The Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $700,000,000 aggregate principal amount of 5.40% First Mortgage Bonds, Series due March 15, 2054.
NSP-Minnesota Form 8-K dated February 29, 2024 4.01
4. 35 *
Supplemental Trust Indenture dated as of April 1, 2025 between Northern States Power Company and The Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $600,000,000 aggregate principal amount of 5.05% First Mortgage Bonds, Series due May 15, 2035 and $500,000,000 aggregate principal amount of 5.65% First Mortgage Bonds, Series due May 15, 2055.
NSP-Minnesota Form 8-K dated May 5, 2025 4.01
10.3 5 *
Restated Interchange Agreement dated Jan. 16, 2001 between NSP-Wisconsin and NSP-Minnesota
NSP-Wisconsin Form S-4 dated Jan. 21, 2004 10.01
10.3 6 *
Fifth Amended and Restated Credit Agreement, dated as of May 6, 2025, among Northern States Power Company, a Minnesota corporation, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, Citibank, N.A., Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Documentation Agents and the several lenders party thereto.
Xcel Energy Inc. Form 8-K dated May 6, 2025 99.02

NSP-Wisconsin
4.3 6 *
Supplemental and Restated Trust Indenture, dated as of March 1, 1991, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to First Wisconsin Trust Company), as Trustee providing for the issuance of First Mortgage Bonds
Xcel Energy Inc. Form S-3 dated April 18, 2018 4(c)(3)
4.3 7 *
Trust Indenture, dated Sept. 1, 2000, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to Firstar Bank, N.A.), as Trustee
NSP-Wisconsin Form 8-K dated Sept. 25, 2000 4.01
4.3 8 *
Supplemental Trust Indenture, dated as of Sept. 1, 2008, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $200 million aggregate principal amount of 6.375% First Mortgage Bonds, Series due Sept. 1, 2038
NSP-Wisconsin Form 8-K dated Sept. 3, 2008 4.01
4.3 9 *
Supplemental Trust Indenture, dated as of Oct. 1, 2012, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million aggregate principal amount of 3.70% First Mortgage Bonds, Series due Oct. 1, 2042
NSP-Wisconsin Form 8-K dated Oct. 10, 2012 4.01
4. 40 *
Supplemental Trust Indenture, dated as of Nov 1, 2017, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million aggregate principal amount of 3.75% First Mortgage Bonds, Series due Dec. 1, 2047
NSP-Wisconsin Form 8-K dated Dec. 4, 2017 4.01
4. 41 *
Supplemental Indenture, dated as of Sept. 1, 2018, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $200 million aggregate principal amount of 4.20% First Mortgage Bonds, Series due Sept. 1, 2048
NSP-Wisconsin Form 8-K dated Sept. 12, 2018 4.01
4.4 2 *
Supplemental Trust Indenture, dated as of May 18, 2020, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million aggregate principal amount of 3.05% First Mortgage Bonds, Series due May 1, 2051
NSP-Wisconsin Form 8-K dated May 26, 2020 4.01
4.4 3 *
Supplemental Indenture dated as of July 19, 2021 between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million principal amount of 2.82% First Mortgage Bonds, Series due May 1, 2051
NSP-Wisconsin Form 8-K dated July 20, 2021 4.01
4.4 4 *
Supplemental Trust Indenture, dated as of July 15, 2022, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association, as Trustee, creating $100 million aggregate principal amount of 4.86% First Mortgage Bonds, Series due Sept. 15, 2052
NSP-Wisconsin Form 8-K dated July 15, 2022 4.01
4.4 5 *
Supplemental Indenture dated as of May 10, 2023 between NSP-Wisconsin and U.S. Bank Trust Company, National Association, as successor Trustee, creating 5.30% First Mortgage Bonds, Series due June 15, 2053
NSP-Wisconsin Form 8-K dated May 10, 2023 4.01
4.4 6 *
Supplemental Indenture dated as of May 13, 2024 between Northern States Power Company and U.S. Bank Trust Company, National Association, as successor Trustee, creating $400 million principal amount of 5.65% First Mortgage Bonds, Series due June 15, 2054
NSP-Wisconsin Form 8-K dated May 16, 2024 4.01
10.3 7 *
Restated Interchange Agreement dated Jan. 16, 2001 between NSP-Wisconsin and NSP-Minnesota
NSP-Wisconsin Form S-4 dated Jan. 21, 2004 10.01
10.3 8 *
Fifth Amended and Restated Credit Agreement, dated as of May 6, 2025, among Northern States Power Company, a Wisconsin corporation, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, Citibank, N.A., Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Documentation Agents and the several lenders party thereto.
Xcel Energy Inc. Form 8-K dated May 6, 2025 99.05

PSCo
4.4 7 *
Indenture, dated as of Oct. 1, 1993, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to Morgan Guaranty Trust Company of New York), as Trustee, providing for the issuance of First Collateral Trust Bonds
Xcel Energy Inc. Form S-3 dated April 18, 2018 4(d)(3)
4.4 8 *
Supplemental Indenture No. 17, dated as of Aug. 1, 2007, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $350 million of 6.25% First Mortgage Bonds, Series No. 17 due Sept. 1, 2037
PSCo Form 8-K dated Aug. 8, 2007 4.01
4.4 9 *
Supplemental Indenture No. 18, dated as of Aug. 1, 2008, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 6.50% First Mortgage Bonds, Series No. 19 due Aug. 1, 2038
PSCo Form 8-K dated Aug. 6, 2008 4.01
4. 50 *
Supplemental Indenture No. 21, dated as of Aug. 1, 2011, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $250 million aggregate principal amount of 4.75% First Mortgage Bonds, Series No. 22 due Aug. 15, 2041
PSCo Form 8-K dated Aug. 9, 2011 4.01
4. 51 *
Supplemental Indenture No. 22, dated as of Sept. 1, 2012, between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $500 million aggregate principal amount of 3.60% First Mortgage Bonds, Series No. 24 due Sept. 15, 2042
PSCo Form 8-K dated Sept. 11, 2012 4.01

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4.5 2 *
Supplemental Indenture No. 24, dated as of March 1, 2014, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 4.30% First Mortgage Bonds, Series No. 27 due March 15, 2044
PSCo Form 8-K dated March 10, 2014 4.01
4.5 3 *
Supplemental Indenture No. 26, dated as of June 1, 2016, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $250 million aggregate principal amount of 3.55% First Mortgage Bonds, Series No. 29 due June 15, 2046
PSCo Form 8-K dated June 13, 2016 4.01
4.5 4 *
Supplemental Indenture No. 27, dated as of June 1, 2017, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $400 million aggregate principal amount of 3.80% First Mortgage Bonds, Series No. 30 due June 15, 2047
PSCo Form 8-K dated June 19, 2017 4.01
4.5 5 *
Supplemental Indenture No. 28, dated as of June 1, 2018, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $350 million aggregate principal amount of 3.70% First Mortgage Bonds, Series No. 31 due June 15, 2028, and $350 million aggregate principal amount of 4.10% First Mortgage Bonds, Series No. 32 due June 15, 2048
PSCo Form 8-K dated June 21, 2018 4.01
4.5 6 *
Supplemental Indenture No. 29, dated as of March 1, 2019, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $400 million aggregate principal amount of 4.05% First Mortgage Bonds, Series No. 33 due Sept. 15, 2049
PSCo Form 8-K dated March 13, 2019 4.01
4.5 7 *
Supplemental Indenture No. 30, dated as of Aug. 1, 2019, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $550 million aggregate principal amount of 3.20% First Mortgage Bonds, Series No. 34 due March 1, 2050
PSCo Form 8-K dated August 13, 2019 4.01
4.5 8 *
Supplemental Indenture No. 31, dated as of May 1, 2020, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $375 million aggregate principal amount of 2.70% First Mortgage Bonds, Series No. 35 due Jan. 15, 2051 and $375 million aggregate principal amount of 1.90% First Mortgage Bonds, Series No. 36 due Jan. 15, 2031
PSCo Form 8-K dated May 15, 2020 4.01
4.5 9 *
Supplemental Indenture No. 32, dated as of February 1, 2021, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $750 million aggregate principal amount of 1.875% First Mortgage Bonds, Series No. 37 due June 15, 2031
PSCo Form 8-K dated March 1, 2021
4.01
4. 60 *
Supplemental Indenture No. 33, dated as of May 1, 2022, by and between PSCo and U.S. Bank Trust Company, National Association, as Trustee, creating $300 million aggregate principal amount of 4.10% First Mortgage Bonds, Series No. 38 due June 1, 2032 and $400 million aggregate principal amount of 4.50% First Mortgage Bonds, Series No. 39 due June 1, 2052
PSCo Form 8-K dated May 17, 2022 4.01
4.6 1 *
Supplemental Indenture No. 34, dated as of March 1, 2023, between PSCo and U.S. Bank Trust Company, National Association, as successor Trustee, creating $850 million principal amount of 5.25% First Mortgage Bonds, Series No. 40 due April 1, 2053.
PSCo Form 8-K dated April 3, 2023
4.01

4.6 2 *
Supplemental Indenture dated as of April 1, 2024, between Public Service Company of Colorado and U.S. Bank Trust Company, National Association, as successor Trustee, creating $450 million principal amount of 5.35% First Mortgage Bonds, Series No. 41 due 2034 and $750 million principal amount of 5.75% First Mortgage Bonds, Series No. 42 due 2054.
PSCo Form 8-K dated April 4, 2024 4.01
4.63*
Supplemental Indenture No. 36 dated as of March 1, 2025, between Public Service Company of Colorado and U.S. Bank Trust Company, National Association, as successor Trustee, creating $600 million principal amount of 5.85% First Mortgage Bonds, Series No. 43 due 2055.
PSCo Form 8-K dated March 20, 2025 4.03
4. 64 *
Supplemental Indenture No. 37 dated as of August 1, 2025, between Public Service Company of Colorado and U.S. Bank Trust Company, National Association, as successor Trustee, creating $800,000,000 million principal amount of 5.15% First Mortgage Bonds, Series No. 44 due 2035.
PSCo Form 8-K dated August 7, 2025 4.03
10. 3 9 *
Fifth Amended and Restated Credit Agreement, dated as of May 6, 2025, among Public Service Company of Colorado, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, Citibank, N.A., Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Documentation Agents and the several lenders party thereto.
Xcel Energy Inc. Form 8-K dated May 6, 2025 99.03

SPS
4.6 5 *
Indenture, dated as of Feb. 1, 1999, by and between SPS and The Chase Manhattan Bank, as Trustee
SPS Form 8-K dated Feb. 25, 1999 99.2
4.6 6 *
Third Supplemental Indenture, dated as of Oct. 1, 2003, by and between SPS and JPMorgan Chase Bank (as successor to The Chase Manhattan Bank), as Trustee, creating $100 million aggregate principal amount of Series C Notes, 6% due Oct. 1, 2033 and Series D Notes, 6% due Oct. 1, 2033
Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2003 4.04
4.6 7 *
Fourth Supplemental Indenture, dated as of Oct. 1, 2006, by and between SPS and The Bank of New York (as successor to The Chase Manhattan Bank), as Trustee, creating $250 million aggregate principal amount of Series F Notes, 6% due Oct. 1, 2036
SPS Form 8-K dated Oct. 3, 2006 4.01
4.6 8 *
Indenture, dated as of Aug. 1, 2011, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee
SPS Form 8-K dated Aug. 10, 2011 4.01
4.6 9 *
Supplemental Indenture No. 1, dated as of Aug. 3, 2011, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $200 million aggregate principal amount of 4.50% First Mortgage Bonds, Series No. 1 due Aug. 15, 2041
SPS Form 8-K dated Aug. 10, 2011 4.02
4. 70 *
Supplemental Indenture No. 4, dated as of Aug. 1, 2016, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 3.40% First Mortgage Bonds, Series No. 4 due Aug. 15, 2046
SPS Form 8-K dated Aug. 12, 2016 4.02
4. 71 *
Supplemental Indenture No. 5, dated as of Aug. 1, 2017, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $450 million aggregate principal amount of 3.70% First Mortgage Bonds, Series No. 5 due Aug. 15 2047
SPS Form 8-K dated Aug 9. 2017 4.02
4. 72 *
Supplemental Indenture No. 6, dated as of Oct. 1, 2018, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 4.40% First Mortgage Bonds, Series No. 6 due Nov. 15, 2048
SPS Form 8-K dated Nov. 5, 2018 4.02
4. 73 *
Supplemental Indenture No. 7, dated as of June 1, 2019, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 3.75% First Mortgage Bonds, Series No. 7 due June 15, 2049
SPS Form 8-K dated June 18, 2019 4.02
4.7 4 *
Supplemental Indenture No. 8, dated as of May 1, 2020, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $600 million aggregate principal amount of 3.15% First Mortgage Bonds, Series No. 8 due May 1, 2050
SPS Form 8-K dated May 18, 2020 4.02

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4.7 5 *
Supplemental Indenture No. 9, dated as of May 1, 2022, by and between SPS and U.S. Bank Trust Company, National Association, as Trustee, creating $200 million aggregate principal amount of 5.15% First Mortgage Bonds, Series No. 9 due June 1, 2052
SPS Form 8-K dated May 31, 2022 4.02
4.7 6 *
Supplemental Indenture No. 10 dated as of August 21, 2023 between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million aggregate principal amount of 6.00% First Mortgage Bonds, Series No. 10 due 2053.
SPS Form 8-K dated August 21, 2023
4.01

4.7 7 *
Supplemental Indenture No. 11 dated as of May 15, 2024 between Southwestern Public Service Company and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $600 million principal amount of 6.00% First Mortgage Bonds, Series No. 11 due 2054
SPS Form 8-K dated June 6, 2024 4.02
4. 78 *
Supplemental Indenture No. 12 dated as of April 15, 2025 between Southwestern Public Service Company and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating 5.30% First Mortgage Bonds, Series No. 12 due 2035.
SPS Form 8-K dated May 2, 2025 4.02
10. 40 *
Fifth Amended and Restated Credit Agreement, dated as of May 6, 2025, among Southwestern Public Service Company, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, Citibank, N.A., Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Documentation Agents and the several lenders party thereto.
Xcel Energy Inc. Form 8-K dated May 6, 2025 99.04

Xcel Energy Inc.
21.01
Subsidiaries of Xcel Energy Inc.

23.01
Consent of Independent Registered Public Accounting Firm

24.01
Powers of Attorney

31.01
Principal Executive Officer’s certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.02
Principal Financial Officer’s certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.01
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

97.01
Mandatory Compensation Recovery Policy for Section 16 Officers

101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH Inline XBRL Schema
101.CAL Inline XBRL Calculation
101.DEF Inline XBRL Definition
101.LAB Inline XBRL Label
101.PRE Inline XBRL Presentation
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SCHEDULE I

XCEL ENERGY INC.
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(amounts in millions, except per share data)

Year Ended Dec. 31
2025 2024 2023
Income
Equity earnings of subsidiaries $ 2,173   $ 2,122   $ 1,948  
Total income 2,173   2,122   1,948  
Expenses and other deductions
Operating expenses 38   24   25  
Other income ( 179 ) ( 76 ) ( 13 )
Interest charges and financing costs 366   300   235  
Total expenses and other deductions 225   248   247  
Income before income taxes 1,948   1,874   1,701  
Income tax benefit ( 70 ) ( 62 ) ( 70 )
Net income $ 2,018   $ 1,936   $ 1,771  

Other Comprehensive Income
Pension and retiree medical benefits, net of tax $ 1   $ 2   $ ( 2 )
Derivative instruments, net of tax 4   24   1  
Other comprehensive income (loss) 5   26   ( 1 )
Comprehensive income $ 2,023   $ 1,962   $ 1,770  

Weighted average common shares outstanding:
Basic 587   563   552  
Diluted 589   563   552  
Earnings per average common share:
Basic $ 3.44   $ 3.44   $ 3.21  
Diluted 3.42   3.44   3.21  
See Notes to Condensed Financial Statements

XCEL ENERGY INC.
CONDENSED STATEMENTS OF CASH FLOWS
(amounts in millions)

Year Ended Dec. 31
2025 2024 2023
Operating activities
Net cash provided by operating activities $ 878   $ 1,459   $ 1,586  
Investing activities
Capital contributions to subsidiaries ( 4,067 ) ( 2,184 ) ( 975 )
Investment in debt securities — intercompany ( 607 ) ( 105 ) —  
Net return in the utility money pool ( 171 ) 21   21  

Net cash used in investing activities ( 4,845 ) ( 2,268 ) ( 954 )
Financing activities
 Proceeds from (repayment of) short-term borrowings, net 615   70   ( 66 )
Proceeds from issuance of long-term debt 1,970   795   792  
Repayment of long-term debt ( 600 ) —   ( 500 )
Proceeds from issuance of common stock 3,349   1,117   270  

Dividends paid ( 1,282 ) ( 1,175 ) ( 1,092 )
Other ( 6 ) ( 6 ) ( 13 )
Net cash provided by (used in) financing activities 4,046   801   ( 609 )
Net change in cash, cash equivalents, and restricted cash 79   ( 8 ) 23  
Cash, cash equivalents and restricted cash at beginning of period 16   24   1  
Cash, cash equivalents and restricted cash at end of period $ 95   $ 16   $ 24  
See Notes to Condensed Financial Statements

XCEL ENERGY INC.
CONDENSED BALANCE SHEETS
(amounts in millions)

Dec. 31
2025 2024
Assets
Cash and cash equivalents $ 95   $ 16  
Accounts receivable from subsidiaries, net 678   410  

Other current assets 14   9  
Total current assets 787   435  
Investment in subsidiaries 31,496   26,519  
Investment in debt securities — intercompany 953   166  
Other assets 6   6  
Total other assets 32,455   26,691  
Total assets $ 33,242   $ 27,126  
Liabilities and Equity
Current portion of long-term debt 500   600  
Dividends payable 355   314  
Short-term debt 850   235  
Other current liabilities 78   90  
Total current liabilities 1,783   1,239  
Other liabilities 18   28  
Total other liabilities 18   28  
Commitments and contingencies
Capitalization
Long-term debt 7,832   6,337  
Common stockholders' equity 23,609   19,522  
Total capitalization 31,441   25,859  
Total liabilities and equity $ 33,242   $ 27,126  
See Notes to Condensed Financial Statements

Notes to Condensed Financial Statements
Incorporated by reference are Xcel Energy’s consolidated statements of common stockholders’ equity and other comprehensive income in Part II, Item 8.
Basis of Presentation
The condensed financial information of Xcel Energy Inc. is presented to comply with Rule 12-04 of Regulation S-X. Xcel Energy Inc.’s investments in subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded in the balance sheets. The income from operations of the subsidiaries is reported on a net basis as equity in income of subsidiaries.
As a holding company with no business operations, Xcel Energy Inc.’s assets consist primarily of investments in its utility subsidiaries. Xcel Energy Inc.’s material cash inflows are only from dividends and other payments received from its utility subsidiaries and the proceeds raised from the sale of debt and equity securities. The ability of its utility subsidiaries to make dividend and other payments is subject to the availability of funds after taking into account their respective funding requirements, the terms of their respective indebtedness, the regulations of the FERC under the Federal Power Act, and applicable state laws. Management does not expect maintaining these requirements to have an impact on Xcel Energy Inc.’s ability to pay dividends at the current level in the foreseeable future. Each of its utility subsidiaries, however, is legally distinct and has no obligation, contingent or otherwise, to make funds available to Xcel Energy Inc.

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Guarantees and Indemnifications
Xcel Energy Inc. provides guarantees and bond indemnities under specified agreements or transactions, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability of the relevant subsidiary under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. limit the exposure to a maximum stated amount. As of Dec. 31, 2025 and 2024, Xcel Energy Inc. had no asset s held as collateral related to guarantees, bond indemnities and indemnification agreements.
Guarantees and bond indemnities issued and outstanding as of Dec. 31, 2025:

(Millions of Dollars) Guarantor Guarantee
Amount Current
Exposure Triggering
Event

Guarantees of Capital Services equipment purchase contracts Xcel Energy Inc. 1,173   (a)
(b)

Guarantees of Xcel Energy Services Inc. performance and payments on operating lease agreements Xcel Energy Inc. 43   43  (b)

Guarantee performance and payment of surety bonds for Xcel Energy Inc.’s utility subsidiaries (c)
Xcel Energy Inc. 120   (d)
(e)

(a) Relative to the guaranteed performance obligations of Capital Services, vendors have completed approximately 60% of the manufacturing required to deliver completed equipment.
(b) Nonperformance and/or nonpayment.
(c) The surety bonds primarily relate to workers compensation benefits and utility projects. The workers compensation bonds are renewed annually and the project based bonds expire in conjunction with the completion of the related projects.
(d) Due to the number of projects associated with the surety bonds, the total current exposure of this indemnification cannot be determined. Xcel Energy Inc. believes the exposure to be significantly less than the total amount of the outstanding bonds.
(e) Per the indemnity agreement between Xcel Energy Inc. and the various surety companies, surety companies have the discretion to demand that collateral be posted.
Indemnification Agreements
Xcel Energy Inc. provides indemnifications through contracts entered into in the normal course of business. Indemnifications are primarily against adverse litigation outcomes in connection with underwriting agreements, breaches of representations and warranties, including corporate existence, transaction authorization and certain income tax matters. Obligations under these agreements may be limited in terms of duration or amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.
Related Party Transactions
Xcel Energy Inc. presents related party receivables net of payables. Accounts and notes receivable net of payables with affiliates at Dec. 31:

(Millions of Dollars) 2025 2024
NSP-Minnesota $ 113   $ 79  
NSP-Wisconsin 4   11  
PSCo 83   77  
SPS 29   41  
Xcel Energy Services Inc. 434   163  

Other subsidiaries of Xcel Energy Inc. 15   39  
$ 678   $ 410  

Dividends — Cash dividends paid to Xcel Energy Inc. by its subsidiaries were $ 1,258 million, $ 1,685 million and $ 1,693 million for the years ended Dec. 31, 2025, 2024 and 2023, respectively. These cash receipts are included in operating cash flows of the condensed statements of cash flows.
Money Pool — FERC approval was received to establish a utility money pool arrangement with the utility subsidiaries, subject to receipt of required state regulatory approvals. The utility money pool allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc.
Money pool lending for Xcel Energy Inc.:

(Amounts in Millions, Except Interest Rates) Three Months Ended Dec. 31, 2025 Year Ended
2025 2024 2023
Loan outstanding at period end $ 171   $ 171   $ —   $ 21  
Average loan outstanding 27   14   18   27  
Maximum loan outstanding 253   253   209   250  
Weighted average interest rate, computed on a daily basis 3.89   % 4.11   % 5.34   % 5.33   %
Weighted average interest rate at end of period 3.88   3.88   5.34   N/A
Money pool interest income $ —   $ 1   $ 1   $ 1  

During 2024, Xcel Energy Inc. purchased $ 166  million in aggregate principal amounts of NSP-Minnesota’s 2.60 % First Mortgage Bonds Series due June 1, 2051 for $ 105  million.
During 2025, Xcel Energy Inc. purchased $ 787  million in aggregate principal amounts of NSP-Minnesota’s 4.125 % First Mortgage Bonds Series due May 15, 2044, 4.00 % First Mortgage Bonds Series due August 15, 2045, 3.60 % First Mortgage Bonds Series due May 15, 2046, 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 $ 607  million.
See notes to the consolidated financial statements in Part II, Item 8.

SCHEDULE II
Xcel Energy Inc. and Subsidiaries Valuation and Qualifying Accounts Years Ended Dec. 31
Allowance for bad debts NOL and tax credit valuation allowances
(Millions of Dollars) 2025 2024 2023 2025 2024 2023
Balance at Jan. 1 $ 111   $ 128   $ 122   $ 73   $ 70   $ 62  
Additions charged to costs and expenses 64   64   79   37   45   26  
Additions charged to other accounts 15   (a)
16   (a)
13   (a)
—   —   —  
Deductions from reserves ( 101 ) (b)
( 97 ) (b)
( 86 ) (b)
( 36 ) (c)
( 42 ) (c)
( 18 ) (c)

Balance at Dec. 31 $ 89   $ 111   $ 128   $ 74   $ 73   $ 70  

(a) Recovery of amounts previously written-off.
(b) Deductions related primarily to bad debt write-offs.
(c) Primarily reversals of valuation allowances on completed tax credit sales and reductions of valuation allowances for items forecasted to be used prior to expiration .

ITEM 16 — FORM 10-K SUMMARY

None.

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Table of Contents     

Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

XCEL ENERGY INC.

Feb. 25, 2026 By: /s/ BRIAN J. VAN ABEL
Brian J. Van Abel
Executive Vice President, Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities on the date indicated above.

/s/ ROBERT C. FRENZEL Chairman, President, Chief Executive Officer and Director
Robert C. Frenzel (Principal Executive Officer)

/s/ BRIAN J. VAN ABEL Executive Vice President, Chief Financial Officer
Brian J. Van Abel (Principal Financial Officer)

/s/ MELISSA L. OSTROM Senior Vice President, Controller
Melissa L. Ostrom (Principal Accounting Officer)

*
Megan Burkhart Director

*
Lynn Casey Director

*
Maria Demaree Director

*
Netha Johnson Director

*
Patricia L. Kampling Director

*
George J. Kehl Director

*
Richard T. O’Brien Director

*
Charles Pardee Director

*
James Prokopanko Director

*
Devin Stockfish Director

*
Timothy Welsh Director

*By: /s/ BRIAN J. VAN ABEL
Brian J. Van Abel Attorney-in-Fact

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