10-Q – 2026-07-30 – xel-20260630.htm

PSCo
Pending and Recently Concluded Regulatory Proceedings
2025 Colorado Electric Rate Case — In November 2025, PSCo filed an electric rate case with the CPUC seeking an increase in revenue of $356 million (9.9%) ($526 million inclusive of rider roll-ins). The request is based on a 9.8% ROE, an equity ratio of 55% and a 2025 test year with a projected rate base of $13 billion.
In June 2026, PSCo, CPUC Staff and various other parties filed a comprehensive non-unanimous settlement agreement. The AARP, City of Boulder and the UCA oppose the settlement. Other parties either support portions of the settlement or do not oppose it. Terms of the settlement include:
• Revenue increase (excluding rider roll-ins) of $225 million (6.3% total, or an annual average of 2.05% since the last rate case), based on a 2025 historic test year using year-end rate base with limited forward looking known and measurable adjustments.
• ROE of 9.3% and equity ratio of 54.5%.
• A performance framework applicable to the operation of Comanche Unit 3 coal facility from effective date of rates through 2029.
• Transfer of the previous Transmission Cost Adjustment investments into rate base.
• Continuation of previously authorized trackers and deferrals.
A CPUC decision and implementation of final rates is anticipated in the third quarter of 2026.
2025 Colorado Natural Gas Rate Case — In December 2025, PSCo filed a natural gas rate case with the CPUC seeking an increase in revenue of $190 million (11.6%). The request is based on a 10.75% ROE, an equity ratio of 55% and a 2025 test year with a projected rate base of $4.7 billion.
In July 2026, PSCo, CPUC Staff, the UCA, the Colorado Energy Office, Western Resource Advocates/Sierra Club, Energy Outreach Colorado and various other parties filed a comprehensive non-unanimous settlement agreement. Several parties either do not oppose or take no position on the settlement, and one transportation shipper opposes it. Key terms of the settlement include:
• Revenue increase of $123 million (7.5% total, or an annual average of 3.7% since the last rate case), based on a 2025 historic test year using average rate base with forward looking known and measurable adjustments.
• ROE of 9.2% and equity ratio of 54.5%.
Hearings to discuss the settlement took place in July 2026. A CPUC decision and implementation of final rates is anticipated in the fourth quarter of 2026.
2024 Colorado Electric Resource Plan — In October 2024, PSCo filed its Phase I electric resource plan with the CPUC. In November 2025, the CPUC approved a load forecast that reflects 3% compound annual sales growth through 2031 and a generation capacity need of approximately 5,400 MW.

PSCo filed a request for reconsideration of various aspects of the decision which were approved in February 2026. The RFP for the Phase II competitive solicitation process is expected to be issued in the third quarter of 2026. This RFP will seek to acquire the balance of resource needs through 2031 (after consideration of 3,800 MW of approved acquisitions from the Near-Term Procurement RFP).

SPS
Pending and Recently Concluded Regulatory Proceedings
2025 New Mexico Electric Rate Case — In November 2025, SPS filed an electric rate case with the NMPRC. As updated in March 2026, SPS requested a revenue increase of $168 million (16.0%). The request was based on a future test year period ending Nov. 30, 2027, a ROE of 10.5%, an equity ratio of 56% and retail rate base of $3.9 billion.
In June 2026, SPS, New Mexico Department of Justice, New Mexico Large Customer Group and various other parties filed a comprehensive non-unanimous stipulation. NMPRC Staff opposes certain components of the stipulation.
Terms of the stipulation include:
• Base rate revenue increase of $90 million (7.7% total, or an annual average of 2.4% since the last rate case), based on the filed future test year.
• ROE of 9.5%.
• Equity ratio of 54.70%.
A hearing on the non-unanimous stipulation took place in July 2026. An NMPRC decision is anticipated in the fourth quarter of 2026, with implementation of rates expected in December 2026.
SPS Resource Acquisition — In October 2023, SPS filed its IRP with the NMPRC, which supports projected load growth and increasing reliability requirements, and secures replacement energy and capacity for retiring resources.
In July 2024, SPS issued a RFP, seeking approximately 3,200 MW of accredited capacity by 2030. In July 2025, the portfolio selection report was publicly filed with the NMPRC. SPS has received NMPRC approval of the CCN filings for the specific assets, and PUCT approval is expected in the third quarter. SPS is continuing to pursue approximately 2,800 MW of accredited resources, including approximately 4,000 MW of nameplate capacity company owned resources and approximately 500 MW of nameplate capacity PPAs.
In October 2025, SPS issued a RFP to solicit 870 MW of accredited capacity through 2032 (approximately 1,500 MW to 3,000 MW nameplate capacity, or more depending on resource mix), with additional resources to be evaluated to meet the New Mexico RPS compliance need. Bids were received in January 2026, and the portfolio selection report was publicly filed with the NMPRC in July 2026. Project CCNs are expected to be filed in late 2026 or early 2027.
The following resources are included in SPS’ preferred portfolio:

Generation Resource Nameplate Capacity (in Megawatts) Company Owned PPAs Total
Wind resources 500 305 805
Solar 1,890 —  1,890
Solar + storage — 1,000 1,000
Natural gas 233 —  233
Total 2,623 1,305 3,928

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Excess Liability Insurance Deferral – In early 2025, SPS filed requests with the NMPRC and PUCT for deferred accounting treatment for incremental excess liability insurance expense incurred as a result of the October 2024 policy renewal, estimated at approximately $30 million across the two jurisdictions. In October 2025, the NMPRC approved the request, resulting in a deferral of approximately $15 million of incremental excess liability insurance costs in 2025 and $7 million in the six months ended June 30, 2026. In January 2026, SPS, PUCT Staff and other intervenors filed a black box settlement expected to result in annual deferrals of approximately $8 million in 2026 and 2027. A PUCT decision is forthcoming.

Other
Tariffs, Trade Complaints and Federal Actions
Several trade cases related to anti-dumping and countervailing duty investigations are ongoing and we continue to monitor the potential impacts of these cases.
Executive orders have been issued imposing new global and country-specific tariffs on many imports, which may impact our procurement and development activities. Additionally, executive orders and actions from government agencies may impact the permitting of wind and solar facilities and the retirement of coal facilities.
Xcel Energy continues to assess the impacts of these tariffs, executive orders, trade complaints and federal policies on its business, including company owned projects and PPAs. Xcel Energy may seek regulatory relief, if required, in its jurisdictions.
Continued and/or further policy actions or other restrictions, disruptions in imports from key suppliers, or any new trade complaint could impact viability, timelines and costs of various projects and PPAs.
Large Load/Data Center Tariffs
In several of our jurisdictions, we have proposed tariffs applicable to large load customers. These tariffs are designed to allow us to serve these new customers and support local economic development while protecting existing customers from bearing the incremental costs to serve these loads.
While the details of these tariffs vary by jurisdiction, they generally include provisions to ensure data center customers pay the incremental costs to serve them , minimum demand or revenue requirements, termination or exit fees and customer security provisions. These tariffs and contracts are subject to approval by state regulatory commissions. The status of the filings in each jurisdiction is as follows.
NSP-Minnesota — The tariff, which was approved by the MPUC in June 2026, is mandatory for new loads over 100 MW and includes an incremental cost test, minimum initial term of 15 years, minimum bill provisions, termination and exit fees, and credit requirements.
NSP-Wisconsin — NSP-Wisconsin filed a proposed tariff in the second quarter of 2026, which would be mandatory for new loads over 100 MW and requires the customer pay for generation and other infrastructure costs needed to serve the load, if approved as filed. The proposed tariff also includes a minimum initial term of 15 years, minimum bill provisions, termination and exit fees, and credit requirements. A PSCW decision is expected in early 2027.
PSCo — The proposed tariff, filed in the second quarter of 2026, would be mandatory for new loads over 50 MW and requires the customer pay for generation and other infrastructure costs needed to serve the load. The proposed tariff also includes a minimum initial term of 15 years, minimum bill provisions, termination and exit fees, and credit requirements. A CPUC decision is expected in late 2026 or early 2027.

Similar large load tariff requests are expected to be filed in New Mexico and Texas by the end of 2026.

Critical Accounting Policies and Estimates

Preparation of the consolidated financial statements requires the application of accounting rules and guidance, as well as the use of estimates. Application of these policies involves judgments regarding future events, including the likelihood of success of particular projects, legal and regulatory challenges and anticipated recovery of costs. These judgments could materially impact the consolidated financial statements, based on varying assumptions. The financial and operating environment also may have a significant effect on the operation of the business and results reported. Items considered critical are included within the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2025.

Environmental Regulation
Throughout 2025 and 2026, the EPA has announced various regulatory actions addressing a wide range of environmental regulations. Xcel Energy will continue to monitor proposed rules as they move toward final action. Additionally, any other amendments and changes to rules will be evaluated as proposed by the EPA.
Clean Air Act
Power Plant Greenhouse Gas Regulations — In April 2024, the EPA published final rules addressing control of CO 2 emissions from the power sector. The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation.
Based on current estimates and assumptions, Xcel Energy has determined that due to scheduled plant retirements, there is minimal financial or operational impact associated with these requirements and believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.
In June 2025, the EPA proposed to repeal these and all other GHG emissions standards for the power sector. In the alternative, the EPA proposed to repeal a narrower subset of the 2024 regulations.
Endangerment Finding — In February 2026, the EPA issued a final rule repealing the 2009 Endangerment Finding and associated regulations addressing GHG emissions from new motor vehicles and engines under the Clean Air Act. Xcel Energy will monitor any additional proposed rules and evaluate the impacts of any final rule on the utility sector.
Emerging Contaminants of Concern
PFAS are man-made chemicals that are widely used in consumer products and can persist and bio-accumulate in the environment. Xcel Energy does not manufacture PFAS, but because PFAS are so ubiquitous in products and the environment, it may impact our operations.
In June 2024, the EPA finalized a rule that designated certain PFAS as hazardous substances under CERCLA. In July 2024, the EPA finalized another rule that set enforceable drinking water standards for certain PFAS.
Potential costs for these rules and any additional proposed regulations related to PFAS are uncertain and will be determined on a site specific basis where applicable. If costs are incurred, Xcel Energy believes the costs would be recoverable through rates based on prior state commission practices.

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Effluent Limitation Guidelines
In April 2024, the EPA published final rules under the Clean Water Act, setting Effluent Limitations Guidelines and Standards for steam generating coal plants. This rule establishes more stringent wastewater discharge standards for bottom ash transport water, flue-gas desulfurization wastewater and combustion residuals leachate from steam electric power plants, particularly coal-fired power plants. Based on current estimates and assumptions, Xcel Energy has determined that there is minimal financial or operational impact associated with these requirements and that any costs would be recoverable through rates based on prior state commission practices.

Derivatives, Risk Management and Market Risk

We are exposed to a variety of market risks in the normal course of business. Market risk is the potential loss that may occur as a result of adverse changes in the market or fair value for a particular instrument or commodity. All financial and commodity-related instruments, including derivatives, are subject to market risk.
Xcel Energy is exposed to the impact of adverse changes in price for energy and energy-related products, which is partially mitigated by the use of commodity derivatives. In addition to ongoing monitoring and maintaining credit policies intended to minimize overall credit risk, management takes steps to mitigate changes in credit and concentration risks associated with its derivatives and other contracts, including parental guarantees and requests of collateral. While we expect that the counterparties will perform on the contracts underlying our derivatives, the contracts expose us to credit and non-performance risk.
Distress in the financial markets may impact counterparty risk and the fair value of the securities in the nuclear decommissioning fund and pension fund.
Commodity Price Risk — We are exposed to commodity price risk in our electric and natural gas operations. Commodity price risk is managed by entering into long and short-term physical purchase and sales contracts for electric capacity, energy and energy-related products and fuels used in generation and distribution activities.
Commodity price risk is also managed through the use of financial derivative instruments. Our risk management policy allows us to manage commodity price risk within each rate-regulated operation per commission approved hedge plans.
Wholesale and Commodity Trading Risk — Xcel Energy conducts 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. Our risk management policy allows management to conduct these activities within guidelines and limitations as approved by our risk management committee.
Fair value of net commodity trading contracts as of June 30, 2026:

Futures / Forwards Maturity
(Millions of Dollars) Less Than 1 Year 1 to 3 Years 4 to 5 Years Greater Than 5 Years Total Fair Value
NSP-Minnesota (a)
$ (8) $ (12) $ (2) $ (1) $ (23)
NSP-Minnesota (b)
(3) (10) (1) (2) (16)
PSCo (a)
(1) —  —  —  (1)
PSCo (b)
(1) —  —  —  (1)
$ (13) $ (22) $ (3) $ (3) $ (41)

Options Maturity
(Millions of Dollars) Less Than 1 Year 1 to 3 Years 4 to 5 Years Greater Than 5 Years Total Fair Value
NSP-Minnesota (b)
$ —  $ 17  $ 6  $ —  $ 23 

$ —  $ 17  $ 6  $ —  $ 23 

(a) Prices actively quoted or based on actively quoted prices.
(b) Prices based on models and other valuation methods.
Changes in the fair value of commodity trading contracts before the impacts of margin-sharing for the six months ended June 30:

(Millions of Dollars) 2026 2025
Fair value of commodity trading net contracts outstanding at Jan. 1 $ (15) $ (2)
Contracts realized or settled during the period 3  1 
Commodity trading contract additions and changes during the period (6) (7)
Fair value of commodity trading net contracts outstanding at June 30 $ (18) $ (8)

A 10% increase and 10% decrease in forward market prices for Xcel Energy’s commodity trading contracts would have likewise increased and decreased pretax income from continuing operations by approximately $2 million and $3 million at June 30, 2026 and June 30, 2025.
The utility subsidiaries’ commodity trading operations measure the outstanding risk exposure to price changes on contracts and obligations using an industry standard methodology known as VaR. VaR expresses the potential change in fair value of the outstanding contracts and obligations over a particular period of time under normal market conditions.
The VaRs for the NSP-Minnesota and PSCo commodity trading operations, excluding both non-derivative transactions and derivative transactions designated as normal purchases and normal sales, calculated on a consolidated basis using a Monte Carlo simulation with a 95% confidence level and a one-day holding period, were as follows:

(Millions of Dollars) Three Months Ended June 30 Average High Low
2026 $ —  $ 1  $ 1  $ — 
2025 1  1  1  — 

Interest Rate Risk — Xcel Energy is subject to interest rate risk. Our risk management policy allows interest rate risk to be managed through the use of fixed rate debt, floating rate debt and interest rate derivatives.
A 100-basis point change in the benchmark rate on Xcel Energy’s variable rate debt would impact pretax interest expense annually by approximately $25 million and $8 million at June 30, 2026 and 2025, respectively
NSP-Minnesota maintains a nuclear decommissioning fund, as required by the NRC. The nuclear decommissioning fund is subject to interest rate and equity price risk. The fund is invested in a diversified portfolio of debt securities, equity securities and other investments. These investments may be used only for the purpose of decommissioning NSP-Minnesota’s nuclear generating plants.
Fluctuations in equity prices or interest rates affecting the nuclear decommissioning fund do not have a direct impact on earnings due to the application of regulatory accounting. Realized and unrealized gains on the decommissioning fund investments are deferred as an offset of NSP-Minnesota’s regulatory liability for nuclear decommissioning costs.

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The value of pension and postretirement plan assets and benefit costs are impacted by changes in discount rates and expected return on plan assets. Xcel Energy’s ongoing pension and postretirement investment strategy is based on plan-specific investment recommendations that seek to optimize potential investment risk and minimize interest rate risk associated with changes in the obligations as a plan’s funded status increases over time. The impacts of fluctuations in interest rates on pension and postretirement costs are mitigated by pension cost calculation methodologies and regulatory mechanisms that minimize the earnings impacts of such changes.
Credit Risk — Xcel Energy is also exposed to credit risk. Credit risk relates to the risk of loss resulting from counterparties’ nonperformance on their contractual obligations. Xcel Energy maintains credit policies intended to minimize overall credit risk and actively monitors these policies to reflect changes and scope of operations.
Credit exposure is monitored, and when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. Distress in the financial markets could increase our credit risk.
Xcel Energy’s subsidiaries are subject to credit risk from contracts with generating equipment manufacturers and other suppliers that require deposits or milestone payments. In the event of non-performance by these counterparties, the Xcel Energy subsidiaries could experience credit losses, increased costs or project delays. Xcel Energy frequently seeks to mitigate this risk by requiring parent guarantees, letters of credit or other types of credit support.
Xcel Energy is also subject to credit risk for all wholesale, trading and non-trading commodity counterparties and employs credit risk controls, such as letters of credit, parental guarantees, master netting agreements and termination provisions.
At June 30, 2026, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $30 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $27 million. At June 30, 2025, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $39 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $38 million.

Fair Value Measurements

Derivative contracts, with the exception of those designated as normal purchases and normal sales, are reported at fair value. Xcel Energy’s investments held in the nuclear decommissioning fund, rabbi trusts, pension and other postretirement funds are also subject to fair value accounting. See Note 8 to the consolidated financial statements for further information.

Liquidity and Capital Resources

Cash Flows
Operating Cash Flows

(Millions of Dollars) Six Months Ended June 30
Cash provided by operating activities — 2025 $ 2,109 

Components of change — 2026 vs. 2025
Higher net income 215 
Non-cash transactions (219)
Changes in deferred income taxes (310)
Changes in working capital 769 
Changes in net regulatory and other assets and liabilities 233 
Cash provided by operating activities — 2026 $ 2,797 

Net cash provided by operating activities increased $688 million for the six months ended June 30, 2026 compared with the prior year. The increase was largely due to insurance reimbursements for the Marshall Wildfire and Smokehouse Creek Fire Complex settlement activity.
Investing Cash Flows

(Millions of Dollars) Six Months Ended June 30
Cash used in investing activities — 2025 $ (4,430)

Components of change — 2026 vs. 2025
Increased capital expenditures (1,555)
Other investing activities 26 
Cash used in investing activities — 2026 $ (5,959)

Net cash used in investing activities increased $1,529 million for the six months ended June 30, 2026 compared with the prior year. The increase in capital expenditures was largely due to continued system investment in renewable and transmission projects.
Financing Cash Flows

(Millions of Dollars) Six Months Ended June 30
Cash provided by financing activities — 2025 $ 3,596 

Components of change — 2026 vs. 2025
Higher net short-term debt proceeds 835 
Higher long-term debt issuances, net of repayments 1,667 
Lower proceeds from issuance of common stock (1,132)

Other financing activities (68)
Cash provided by financing activities — 2026 $ 4,898 

Net cash provided by financing activities increased $1,302 million for the six months ended June 30, 2026 compared with the prior year. The increase was largely related to additional debt to fund capital investment, partially offset by decreased issuances of common stock.

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.

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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 July 28, 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  $ 1,055  $ 945  $ 8  $ 953 
PSCo 1,200  48  1,152  18  1,170 
NSP-Minnesota 800  44  756  113  869 
SPS 600  —  600  817  1,417 
NSP-Wisconsin 150  —  150  135  285 
Total $ 4,750  $ 1,147  $ 3,603  $ 1,091  $ 4,694 

(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 July 28, 2026 had borrowed $1.5 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 June 30, 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 Completed 15 year 5.48%
SPS First mortgage bonds 1,200  million Completed 10 year & 30 year 5.30% & 5.875%
PSCo First mortgage bonds 1,100  million Upcoming N/A N/A
Xcel Energy Inc. Senior unsecured notes 700  million Upcoming N/A N/A

During the six months ended June 30, 2026, Xcel Energy Inc. entered forward sale agreements for shares of common stock totaling 42.5 million shares (minimum expected proceeds of $3.2 billion). There were no shares issued in at-the-market cash transactions or settlements of forward sale agreements during the period. As of June 30, 2026, 69.7 million shares remain unsettled on forward equity agreements and collared forward equity agreements (minimum expected proceeds of $5.2 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.
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.

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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 $480 million to $490 million.
• O&M expenses are projected to increase ~3%.
• Depreciation expense is projected to increase approximately $140 million to $150 million. The decrease from prior guidance is primarily due to nuclear life extensions, which is offset by lower revenue.
• Property taxes are projected to increase $30 million to $40 million.
• Interest expense (net of AFUDC - debt) is projected to increase $240 million to $250 million, net of interest income.
• AFUDC - equity is projected to increase $150 million to $160 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.
•    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 June 30, 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 .

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 June 30, 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 June 30, 2026.

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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
4.01*
Supplemental Indenture No. 13 dated as of June 15, 2026 between Southwestern Public Service Company and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating 5.300% First Mortgage Bonds, Series No. 13 due 2036 and 5.875% First Mortgage Bonds, Series No. 14 due 2056.
SPS Form 8-K dated June 29, 2026 4.02
4.02*
Supplemental Indenture dated as of June 9, 2026 between Northern States Power Company and U.S. Bank Trust Company, National Association, as successor Trustee, creating 5.48% First Mortgage Bonds, Series due June 15, 2041
NSP-Wisconsin Form 8-K dated June 10, 2026 4.01
10.01*
Summary of Non-Employee Director Compensation, effective as of May 20, 2026
Xcel Energy Inc. Form 8-K dated July 29, 2026 10.01
10.02
Xcel Energy Inc. Nonqualified Deferred Compensation Plan (2026 Restatement)

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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Table of Contents

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.

July 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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