10-Q – 2026-04-30 – xel-20260331.htm

(Millions of Dollars) Three Months Ended March 31
Cash used in investing activities — 2025 $ (1,991)

Components of change — 2026 vs. 2025
Increased capital expenditures (1,034)
Other investing activities 6 
Cash used in investing activities — 2026 $ (3,019)

Net cash used in investing activities increased $1,028 million for the three months ended March 31, 2026 compared with the prior year. The increase in capital expenditures was largely due to continued system investment in renewable and transmission projects.

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Financing Cash Flows

(Millions of Dollars) Three Months Ended March 31
Cash provided by financing activities — 2025 $ 1,907 

Components of change — 2026 vs. 2025
Lower net short-term repayments (94)
Higher long-term debt issuances, net of repayments 1,182 
Lower proceeds from issuance of common stock (121)

Other financing activities (66)
Cash provided by financing activities — 2026 $ 2,808 

Net cash provided by financing activities increased $901 million for the three months ended March 31, 2026 compared with the prior year. The increase was largely related to additional debt to fund capital investment.

Capital Requirements
Xcel Energy expects to meet future financing requirements by periodically issuing short-term debt, long-term debt, common stock, hybrid and other securities to maintain desired capitalization ratios.

Pension Fund — Xcel Energy’s pension assets are invested in a diversified portfolio of domestic and international equity securities, short-term to long-duration fixed income securities, and alternative investments, including private equity, real estate and hedge funds.
• In January 2026, contributions of $75 million were made to Xcel Energy’s pension plans.
• In 2025, contributions of $125 million were made to Xcel Energy’s pension plans.
• For future years, contributions will be made as deemed appropriate based on evaluation of various factors including the funded status of the plans, minimum funding requirements, interest rates and expected investment returns.

Capital Sources
Short-Term Funding Sources — Xcel Energy uses a number of sources to fulfill short-term funding needs, including operating cash flow, notes payable, commercial paper and bank lines of credit. The amount and timing of short-term funding needs depend on financing needs for construction expenditures, working capital and dividend payments.
Short-Term Investments — Xcel Energy Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS maintain cash operating and short-term investment accounts.
Credit Facilities — As of April 27, 2026, Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available to meet liquidity needs:

(Millions of Dollars) Credit Facility (a)
Drawn (b)
Available Cash Liquidity
Xcel Energy Inc. $ 2,000  $ 340  $ 1,660  $ 26  $ 1,686 
PSCo 1,200  48  1,152  471  1,623 
NSP-Minnesota 800  44  756  564  1,320 
SPS 600  98  502  4  506 
NSP-Wisconsin 150  —  150  2  152 
Total $ 4,750  $ 530  $ 4,220  $ 1,067  $ 5,287 

(a) Credit facilities expire in December 2029.
(b) Includes outstanding commercial paper and letters of credit.

Term Loan Agreement — In January 2026, Xcel Energy Inc. entered into a $1.5 billion, 364-Day Delayed Draw Term Loan Agreement and as of April 27, 2026 had borrowed $1.15 billion under the term loan facility.
Short-Term Debt — Xcel Energy Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS each have individual commercial paper programs. As of March 31, 2026, the authorized levels for these commercial paper programs are:
• $2 billion for Xcel Energy Inc.
• $1.2 billion for PSCo.
• $800 million for NSP-Minnesota.
• $600 million for SPS.
• $150 million for NSP-Wisconsin.
Money Pool — Xcel Energy received FERC approval 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 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. The money pool balances are eliminated in consolidation. NSP-Minnesota, NSP-Wisconsin, PSCo and SPS participate in the money pool pursuant to approval from their respective state regulatory commissions.
2026 Financing Activity — Xcel Energy and its utility subsidiaries issued or plan to issue the following long-term debt:

Issuer Security Amount Status Tenor Coupon
Xcel Energy Inc. Junior subordinated notes $ 800  million Completed 30 year 5.75% fixed-to-fixed reset rate
PSCo First mortgage bonds 1,300  million Completed 3 year & 10 year 4.15% & 5.05%
NSP-Minnesota First mortgage bonds 1,200  million Completed 10 year & 30 year 4.85% & 5.55%
NSP-Wisconsin First mortgage bonds 250  million Pending (a)
15 year 5.48%
PSCo First mortgage bonds 1,100  million Upcoming N/A N/A
SPS First mortgage bonds 1,000  million Upcoming N/A N/A

(a) NSP-Wisconsin priced a 15 year first mortgage bond on April 1, 2026 and expects to close and fund the transaction in June 2026.
During the quarter ended March 31, 2026, Xcel Energy Inc. entered forward sale agreements for shares of common stock totaling 13.6 million shares (minimum expected proceeds of $1.1 billion). There were no shares issued in at-the-market cash transactions or settlements of forward sale agreements during the period. As of March 31, 2026, 40.9 million shares remain unsettled on forward equity agreements and collared forward equity agreements (minimum expected proceeds of $3.1 billion).
Long-Term Borrowings, Equity Issuances and Other Financing Instruments — Xcel Energy may issue equity through its ATM program or other offerings. Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies and other factors.
See Note 4 to the consolidated financial statements for further information.

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Off-Balance-Sheet Arrangements
Xcel Energy does not have any off-balance-sheet arrangements, other than those currently disclosed, that have or are reasonably likely to have a current or future effect on financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Earnings Guidance and Long-Term EPS and Dividend Growth Rate Objectives
Xcel Energy 2026 Earnings Guidance — Xcel Energy’s 2026 ongoing earnings guidance is a range of $4.04 to $4.16 per share. (a)
Key assumptions as compared with 2025 actual levels unless noted:
• Constructive outcomes in all pending rate case and regulatory proceedings.
• Normal weather patterns for the remainder of the year.
• Weather-normalized retail electric sales are projected to increase ~3%.
• Weather-normalized retail firm natural gas sales are projected to increase ~1%.
• Capital rider revenue is projected to increase $505 million to $515 million.
• O&M expenses are projected to increase ~3%.
• Depreciation expense is projected to increase approximately $330 million to $340 million.
• Property taxes are projected to increase $30 million to $40 million.
• Interest expense (net of AFUDC - debt) is projected to increase $270 million to $280 million, net of interest income.
• AFUDC - equity is projected to increase $130 million to $140 million.
(a) Ongoing earnings is calculated using net income and adjusting for certain nonrecurring or infrequent items that are, in management’s view, not reflective of ongoing operations. Ongoing earnings could differ from those prepared in accordance with GAAP for unplanned and/or unknown adjustments. As Xcel Energy is unable to quantify the financial impacts of any additional adjustments that may occur for the year, we are unable to provide a quantitative reconciliation of the guidance for ongoing EPS to corresponding GAAP EPS.
Long-Term EPS and Dividend Growth Rate Objectives — Xcel Energy expects to deliver an attractive total return to our shareholders through a combination of earnings growth and dividend yield, based on the following long-term objectives:
•    Deliver long-term annual EPS growth of 6% to 8+% based off of $3.80 per share (the mid-point of 2025 original ongoing earnings guidance of $3.75 to $3.85 per share).
•    Deliver annual dividend increases of 4% to 6%.
•    Target a dividend payout ratio of 45% to 55%.
•    Maintain senior secured debt credit ratings in the “A” range.

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to the market risk disclosure included in our Annual Report on Form 10-K for the year ended Dec. 31, 2025 under “Derivatives, Risk Management and Market Risk.”

ITEM 4 — CONTROLS AND PROCEDURES

Disclosure Controls and Procedures
Xcel Energy maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms. In addition, the disclosure controls and procedures ensure that information required to be disclosed is accumulated and communicated to management, including the CEO and CFO, allowing timely decisions regarding required disclosure.
As of March 31, 2026, based on an evaluation carried out under the supervision and with the participation of Xcel Energy’s management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that Xcel Energy’s disclosure controls and procedures were effective.
Internal Control Over Financial Reporting
No changes in Xcel Energy’s internal control over financial reporting occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, Xcel Energy’s internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1 — LEGAL PROCEEDINGS

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. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, 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.
See Note 10 to the consolidated financial statements and Part I Item 2 for further information.

ITEM 1A — RISK FACTORS

Xcel Energy’s risk factors are documented in Item 1A of Part I of its Annual Report on Form 10-K for the year ended Dec. 31, 2025, which is incorporated herein by reference. There have been no material changes from the risk factors previously disclosed in the Form 10-K .

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ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities by the Issuer and Affiliated Purchaser:
For the quarter ended March 31, 2026, no equity securities that are registered by Xcel Energy Inc. pursuant to Section 12 of the Securities Exchange Act of 1934 were purchased by or on behalf of us or any of our affiliated purchasers.

ITEM 5 — OTHER INFORMATION

None of the Company’s directors or officers adopted , modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended March 31, 2026.

ITEM 6 — EXHIBITS

* Indicates incorporation by reference

Exhibit Number Description Report or Registration Statement Exhibit Reference
3.01*
Amended and Restated Articles of Incorporation of Xcel Energy Inc., dated May 17, 2012
Xcel Energy Inc. Form 8-K dated May 16, 2012 3.01
3.02*
Bylaws of Xcel Energy Inc., as Amended and Restated on August 23, 2023
Xcel Energy Inc Form 8-K dated August 23, 2023 3.02
4.0 1 *
Supplemental Indenture No. 2, dated as of March 3, 2026, by and between Xcel Energy Inc. and U.S. Bank Trust Company, National Association, as trustee, creating $800,000,000 aggregate principal amount of 5.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes, Series due 2056
Xcel Energy Inc. Form 8-K dated March 3, 2026 4.01
4.02*
Supplemental Trust Indenture dated as of February 1, 2026 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 4.85% First Mortgage Bonds, Series due May 15, 2036 and $600,000,000 aggregate principal amount of 5.55% First Mortgage Bonds, Series due May 15, 2056.
NSP-Minnesota Form 8-K dated March 12, 2026 4.01
4.0 3 *
Supplemental Indenture No. 38 dated as of March 1, 2026, between Public Service Company of Colorado and U.S. Bank Trust Company, National Association, as successor Trustee, creating $700,000,000 aggregate principal amount of 4.15% First Mortgage Bonds, Series No. 45 due March 13, 2029 and $600,000,000 aggregate principal amount of 5.05% First Mortgage Bonds, Series No. 46 due June 15, 2036.
PSCo Form 8-K dated March 13, 2026 4.02
10.01*
364-Day Delayed Draw Term Loan Agreement dated as of January 30, 2026 among Xcel Energy Inc., as Borrower, the several lenders from time to time parties thereto, and U.S. Bank National Association, as Administrative Agent.
Xcel Energy Inc. Form 8-K dated February 2, 2026 10.01
31.01
Principal Executive Officer’s certifications 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 certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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

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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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

XCEL ENERGY INC.

April 30, 2026 By: /s/ MELISSA L. OSTROM
Melissa L. Ostrom
Senior Vice President, Controller
(Principal Accounting Officer)

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

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