Item 9A. Controls and Procedures
ITEM 9A — 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 Dec. 31, 2025 , 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 ended Dec. 31, 2025 that materially affected, or are reasonably likely to materially affect, Xcel Energy’s internal control over financial reporting. Xcel Energy maintains internal control over financial reporting to provide reasonable assurance regarding the reliability of the financial reporting. Xcel Energy has evaluated and documented its controls in process activities, general computer activities, and on an entity-wide level.
During the year and in preparation for issuing its report for the year ended Dec. 31, 2025 on internal controls under section 404 of the Sarbanes-Oxley Act of 2002, Xcel Energy conducted testing and monitoring of its internal control over financial reporting. Based on the control evaluation, testing and remediation performed, Xcel Energy did not identify any material control weaknesses, as defined under the standards and rules issued by the Public Company Accounting Oversight Board, as approved by the SEC and as indicated in Xcel Energy’s Management Report on Internal Controls over Financial Reporting, which is contained in Item 8 herein.
ITEM 9B — 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 Dec. 31, 2025.
On Feb. 24, 2026, the Company approved a new executive severance and change in control plan. Under the plan, a participant whose employment is terminated under certain circumstances will receive severance benefits (consisting of base salary, target annual incentive and certain retirement and health benefits), which are then applied to a multiple. The multiple applied to the severance benefits is 2 for the CEO and 1.5 for the other executive officers. If the participant is terminated within two years following a change in control, the multiple applied to the severance benefits is 3 for the CEO and 2 for the other executive officers. Notwithstanding the foregoing, the severance multiple applied for a change in control termination impacting our currently serving executive vice presidents will be 3. The Xcel Energy Inc. Executive Severance and Change in Control Plan which goes into effect on March 1, 2026 is filed as Exhibit 10.33 hereto.
ITEM 9C — DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
PART III
ITEM 10 — DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Information required under this Item with respect to Directors and Corporate Governance will be set forth in Xcel Energy Inc.’s Proxy Statement for its 2026 Annual Meeting of Shareholders under the captions “Proposal No. 1 Election of Directors,” "Board Committees," "Additional Compensation Program Features and Policies -- Insider Trading Policies and Policies on Hedging and Pledging" and “Delinquent Section 16(a) Reports” and is incorporated by reference. Information with respect to Executive Officers is included in Item 1 to this report under the caption “Information about our Executive Officers”.
Our Code of Conduct applies to Xcel Energy Inc.’s board of directors and all Xcel Energy employees, including the Chief Executive Officer, Chief Financial Officer and Controller. The Code of Conduct is available on our website at www.xcelenergy.com.
If any substantive amendments to the Code of Conduct are made or any waivers are granted, including any implicit waiver, from a provision of the Code of Conduct, to our Chief Executive Officer, Chief Financial Officer or Controller, we will disclose the nature of such amendment or waiver on our website at www.xcelenergy.com, or in a report on Form 8-K.
ITEM 11 — EXECUTIVE COMPENSATION
83
Table of Contents
Information required under this Item is set forth in Xcel Energy Inc.’s Proxy Statement for its 2026 Annual Meeting of Shareholders under the captions “Compensation Discussion and Analysis,” “Report of the Compensation Committee,” “Executive Compensation” and “Director Compensation” and is incorporated by reference.
ITEM 12 — SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Information required under this Item is contained in Xcel Energy Inc.’s Proxy Statement for its 2026 Annual Meeting of Shareholders under the captions “Ownership of Securities” and “Executive Compensation -- Securities Authorized for Issuance under Equity Compensation Plans" and is incorporated by reference.
ITEM 13 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Information required under this Item is contained in Xcel Energy Inc.’s Proxy Statement for its 2026 Annual Meeting of Shareholders under the captions “Related Person Transactions” and “Board Planning and Composition – Director Independence” and is incorporated by reference.
ITEM 14 — PRINCIPAL ACCOUNTANT FEES AND SERVICES
Information required under this Item (aggregate fees billed to us by our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34 )) is contained in Xcel Energy Inc.’s Proxy Statement for its 2026 Annual Meeting of Shareholders under the caption “Independent Auditors” and is incorporated by reference.
PART IV
ITEM 15 — EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
1 Consolidated Financial Statements
Management Report on Internal Controls Over Financial Reporting — For the year ended Dec. 31, 2025.
Report of Independent Registered Public Accounting Firm — Financial Statements and Internal Controls Over Financial Reporting
Consolidated Statements of Income — For each of the three years ended Dec. 31, 2025, 2024 and 2023.
Consolidated Statements of Comprehensive Income — For each of the three years ended Dec. 31, 2025, 2024 and 2023.
Consolidated Statements of Cash Flows — For each of the three years ended Dec. 31, 2025, 2024 and 2023.
Consolidated Balance Sheets — As of Dec. 31, 2025 and 2024.
Consolidated Statements of Common Stockholders’ Equity — For each of the three years ended Dec. 31, 2025, 2024 and 2023.
2 Schedule I — Condensed Financial Information of Registrant.
Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec. 31, 2025, 2024 and 2023.
3 Exhibits
* Indicates incorporation by reference
+ Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors
Xcel Energy Inc.
Exhibit Number Description Report or Registration Statement Exhibit Reference
3.01*
Amended and Restated Articles of Incorporation of Xcel Energy Inc.
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*
Description of Securities
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 4.01
4.02*
Indenture, dated as of Dec. 1, 2000, by and between Xcel Energy Inc. and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee
Xcel Energy Inc. Form 8-K dated Dec. 14, 2000 4.01
4.03*
Supplemental Indenture No. 3, dated as of June 1, 2006, by and between Xcel Energy Inc. and U.S. Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee, creating $300 million of 6.50% Senior Notes, Series due July 1, 2036
Xcel Energy Inc. Form 8-K dated June 6, 2006 4.01
4.04*
Supplemental Indenture No. 6, dated as of Sept. 1, 2011, by and between Xcel Energy Inc. and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee, creating $250 million of 4.80% Senior Notes, Series due Sept. 15, 2041
Xcel Energy Inc. Form 8-K dated Sept. 12, 2011 4.01
4.0 5 *
Supplemental Indenture No. 10, dated as of Dec. 1, 2016, by and between Xcel Energy Inc. and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee, creating $500 million aggregate principal amount of 3.35% Senior Notes, Series due Dec. 1, 2026
Xcel Energy Inc. Form 8-K dated Dec. 1, 2016 4.01
4.0 6 *
Supplemental Indenture No. 11, dated as of June 25, 2018, by and between Xcel Energy Inc. and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee, creating $500 million aggregate principal amount of 4.00% Senior Notes, Series due June 15, 2028
Xcel Energy Inc. Form 8-K dated June 25, 2018 4.01
4.0 7 *
Supplemental Indenture No. 12, dated as of Nov. 7, 2019 by and between Xcel Energy Inc. and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee, creating $500 million aggregate principal amount of 2.60% Senior Notes, Series due Dec 1. 2029 and $500 million aggregate principal amount of 3.50% Senior Notes, Series due Dec. 1, 2049
Xcel Energy Inc. Form 8-K dated Nov. 7, 2019 4.01
84
Table of Contents
4.0 8 *
Supplemental Indenture No. 13, dated as of April 1, 2020 by and between Xcel Energy Inc. and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee , creating $600 million aggregate principal amount of 3.40% Senior Notes, Series due June 1, 2030
Xcel Energy Inc. Form 8-K dated April 1, 2020 4.01
4. 09 *
Supplemental Indenture No. 15, dated as of Nov. 3, 2021 between Xcel Energy Inc. and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee , creating $500 million aggregate principal amount of 1.75% Senior Notes, Series due March 15, 2027 and $300 million aggregate principal amount of 2.35% Senior Notes, Series due Nov. 15, 2031
Xcel Energy Inc. Form 8-K dated Nov. 3, 2021
4.01
4. 10 *
Supplemental Indenture No. 16, dated as of May 6, 2022, by and between Xcel Energy Inc. and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee, creating $700 million aggregate principal amount of 4.60% Senior Notes, Series due June 1, 2032
Xcel Energy Form 8-K dated May 6, 2022 4.01
4.1 1 *
Supplemental Indenture No. 17, dated as of August 3, 2023, by and between Xcel Energy Inc. and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee , creating $800 million aggregate principal amount of 5.45% Senior Notes, Series due August 15, 2033.
Xcel Energy Form 8-K dated August 3, 2023
4.01
4.1 2 *
Supplemental Indenture No. 18, dated as of February 29, 2024 by and between Xcel Energy Inc. and U.S. Bank Trust Company, National Association (as successor to Computershare Trust Company, N.A.), as trustee, creating $800,000,000 aggregate principal amount of 5.50% Senior Notes, Series due March 15, 2034.
Xcel Energy Inc Form 8-K dated February 29, 2024 4.01
4. 1 3*
Supplemental Indenture No. 19, dated as of March 21, 2025 by and between Xcel Energy Inc. and U.S. Bank Trust Company, National Association (as successor to Computershare Trust Company, N.A.), as trustee, creating $350,000,000 aggregate principal amount of 4.75% Senior Notes, Series due March 21, 2028 and $750,000,000 aggregate principal amount of 5.60% Senior Notes, Series due April 15, 2035.
Xcel Energy Inc. Form 8-K dated March 21, 2025 4.01
4. 14 *
Junior Subordinated Indenture, dated as of October 1, 2025, by and between Xcel Energy Inc. and U.S. Bank Trust Company, National Association, as trustee.
Xcel Energy Inc. Form 8-K dated October 7, 2025 4.01
4. 15 *
Supplemental Indenture No. 1, dated as of October 7, 2025, by and between Xcel Energy Inc. and U.S. Bank Trust Company, National Association, as trustee, creating $900,000,000 aggregate principal amount of 6.25% Junior Subordinated Notes, Series due 2085.
Xcel Energy Inc. Form 8-K dated October 7, 2025 4.02
10.01*+
Xcel Energy Inc. Nonqualified Pension Plan (2009 Restatement)
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 10.02
10.02*+
Xcel Energy Senior Executive Severance and Change-in-Control Policy (2009 Restatement)
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 10.05
10.03*+
Second Amendment to Exhibit 10.02 dated Oct. 26, 2011
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 10.18
10.04*+
Fifth Amendment to Exhibit 10.02 dated May 3, 2016
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2016 10.01
10.05*+
Seventh Amendment to Exhibit 10.02 dated May 7, 2018
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2018 10.01
10.06*+
Eighth Amendment to Exhibit 10.02 dated March 31, 2020
Xcel Energy Inc. Form 10-Q for the quarter ended March 31, 2020 10.02
10.07*+
Ninth Amendment to Exhibit 10.02 dated May 22, 2020
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2020 10.01
10.0 8 * +
Tenth Amendment to Exhibit 10.02 dated May 20, 2024
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2024 10.08
10.0 9 * +
Eleventh Amendment to the Xcel Energy Senior Executive Severance and Change in Control Policy
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2025 10.01
10. 10 * +
Twelfth Amendment to the Xcel Energy Senior Executive Severance and Change in Control Policy
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2025 10.02
10. 11 *+
Xcel Energy Inc. Supplemental Executive Retirement Plan as amended and restated Jan. 1, 2009
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 10.17
10.1 2 *+
Xcel Energy Inc. Nonqualified Deferred Compensation Plan (2009 Restatement)
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 10.07
10.1 3 *+
First Amendment to Exhibit 10.1 2 effective Nov. 29, 2011
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 10.17
10.1 4 *+
Second Amendment to Exhibit 10.1 2 dated May 21, 2013
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2013 10.22
10.1 5 *+
Third Amendment to Exhibit 10.1 2 dated Sept. 30, 2016
Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2016 10.01
10.1 6 *+
Fourth Amendment to Exhibit 10.1 2 dated Oct. 23, 2017
Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2017 10.1
10.1 7 *+
Xcel Energy Inc. Amended and Restated 2015 Omnibus Incentive Plan
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 10.34
10.1 8 *+
Form of Award Agreement for Restricted Stock Units and/or Performance Share Units under the Xcel Energy Inc. 2015 Omnibus Incentive Plan for awards between 2020-2023
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 10.32
10.1 9 *+
Form of Award Agreement for Restricted Stock Units and/or Performance Share Units under the Xcel Energy Inc. 2015 Omnibus Incentive Plan for awards in 2024
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2023 10.16
10.20*+
Form of Award Agreement for Retention-Based Restricted Stock Units under the Xcel Energy Inc. Amended and Restated 2015 Omnibus Incentive Plan
Xcel Energy Inc. Form 8-K dated Dec. 10, 2021
10.01
10. 21 *+
Xcel Energy Inc. Annual Incentive Plan, effective Feb. 21, 2024
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2023 10.18
10.2 2 *+
Summary of Non-Employee Director Compensation, effective as of May 24, 2023
Xcel Energy Inc. Form 8-K dated Jan. 20, 2025 10.01
10.2 3 *+
Stock Equivalent Plan for Non-Employee Directors of Xcel Energy Inc. as amended and restated effective Feb. 23, 2011
Xcel Energy Inc. Definitive Proxy Statement dated April 5, 2011 Appendix A
10.2 4 *+
Stock Program for Non-Employee Directors of Xcel Energy Inc. as Amended and Restated on Dec. 12, 2017 under the 2015 Omnibus Incentive Plan
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 10.36
85
Table of Contents
10.2 5 *+
Xcel Energy Inc. 2024 Equity Incentive Plan
Xcel Energy Inc. Form S-8 dated May 22, 2024 4.03
10.2 6 *+
Xcel Energy Inc. Stock Program for Non-Employee Directors (Effective May 22, 2024) under the 2024 Equity Incentive Plan
Xcel Energy Inc. Form 8-K dated May 22, 2024 10.01
10.2 7 +
Form of Award Agreement for Restricted Stock Units under the Xcel Energy Inc. 2024 Equity Incentive Plan for awards since 2025.
10.2 8 +
Form of Award Agreement for Performance Stock Units under the Xcel Energy Inc. 2024 Equity Incentive Plan for awards since 2025.
10.2 9 *+
Form of Award Agreement for Retention-Based Restricted Stock Units under the Xcel Energy Inc. 2024 Equity Incentive Plan
Xcel Energy Inc. Form 8-K dated May 22, 2024 10.03
10. 30 *+
Form of Award Agreement for Restricted Stock under the Xcel Energy Inc. Equity Incentive Plan
Xcel Energy Inc. Form 8-K dated May 22, 2024 10.04
10. 31 *
Form of Services Agreement between Xcel Energy Services Inc. and utility companies
Xcel Energy Inc. Form U5B dated Nov. 16, 2000 H-1
10. 32 * +
Aircraft Time Sharing Agreement, effective Feb. 25, 2025, between Xcel Energy Services Inc., as Operator, and the Chief Executive Officer of Operator
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2024 10.30
10.33+
Xcel Energy Inc. Executive Severance and Change in Control Plan (Effective March 1, 2026)
10.3 4 *
Fifth Amended and Restated Credit Agreement, dated as of May 6, 2025, among Xcel Energy Inc., 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 99.01
10.35*
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
19.1*
Securities Trading Overall Policy
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2024 19.1
19.2*
Securities Trading for Pre-Clearance Persons Policy
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2024 19.2
NSP-Minnesota
4.1 6 *
Supplemental and Restated Trust Indenture, dated May 1, 1988, from NSP-Minnesota to Harris Trust and Savings Bank, as Trustee, providing for the issuance of First Mortgage Bonds, Supplemental Indentures between NSP-Minnesota and said Trustee
Xcel Energy Inc. Form S-3 dated April 18, 2018 4(b)(3)
4.17*
Supplemental Trust Indenture, dated as of March 1, 1998, from NSP-Minnesota to Harris Trust and Savings Bank, as Trustee, creating $150 million aggregate principal amount of 6.5% First Mortgage Bonds, Series due March 1, 2028
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2017 4.12
4.1 8 *
Supplemental Trust Indenture, dated as of Aug. 1, 2000 (Assignment and Assumption of Trust Indenture)
NSP-Minnesota Form 10-12G dated Oct. 5, 2000 4.51
4.1 9 *
Supplemental Trust Indenture, dated as of July 1, 2005, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA (as successor to BNY Midwest Trust Company), as Trustee, creating $250 million aggregate principal amount of 5.25% First Mortgage Bonds, Series due July 15, 2035
NSP-Minnesota Form 8-K dated July 14, 2005 4.01
4. 20 *
Supplemental Trust Indenture, dated as of May 1, 2006, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA (as successor to BNY Midwest Trust Company), as Trustee, creating $400 million aggregate principal amount of 6.25% First Mortgage Bonds, Series due June 1, 2036
NSP-Minnesota Form 8-K dated May 18, 2006 4.01
4. 21 *
Supplemental Trust Indenture, dated as of June 1, 2007, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA (as successor to BNY Midwest Trust Company), as Trustee, creating $350 million aggregate principal amount of 6.20% First Mortgage Bonds, Series due July 1, 2037
NSP-Minnesota Form 8-K dated June 19, 2007 4.01
4. 22 *
Supplemental Trust Indenture, dated as of Nov. 1, 2009, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company., NA, as Trustee, creating $300 million aggregate principal amount of 5.35% First Mortgage Bonds, Series due Nov. 1, 2039
NSP-Minnesota Form 8-K dated Nov. 16, 2009 4.01
4. 23 *
Supplemental Trust Indenture, dated as of Aug. 1, 2010, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA, as Trustee, creating $250 million aggregate principal amount of 4.85% First Mortgage Bonds, Series due Aug. 15, 2040
NSP-Minnesota Form 8-K dated Aug. 4, 2010 4.01
4.2 4 *
Supplemental Trust Indenture, dated as of Aug. 1, 2012, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA, as Trustee, creating $500 million aggregate principal amount of 3.40% First Mortgage Bonds, Series due Aug. 15, 2042
NSP-Minnesota Form 8-K dated Aug. 13, 2012 4.01
4.2 5 *
Supplemental Trust Indenture, dated as of May 1, 2014, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $300 million aggregate principal amount of 4.125% First Mortgage Bonds, Series due May 15, 2044
NSP-Minnesota Form 8-K dated May 13, 2014 4.01
4.2 6 *
Supplemental Trust Indenture, dated as of Aug. 1, 2015, by and between NSP-Minnesota and The Bank of New York Mellon Company, N.A., as Trustee, creating $300 million aggregate principal amount of 4.00% First Mortgage Bonds, Series due Aug. 15, 2045
NSP-Minnesota Form 8-K dated Aug. 11, 2015 4.01
4.2 7 *
Supplemental Trust Indenture, dated as of May 1, 2016, by and between NSP-Minnesota and The Bank of NY Mellon Trust Company, N.A., as Trustee, creating $350 million aggregate principal amount of 3.60% First Mortgage Bonds, Series due May 15, 2046
NSP-Minnesota Form 8-K dated May 31, 2016 4.01
4.2 8 *
Supplemental Trust Indenture, dated as of Sept. 1, 2017, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $600 million aggregate principal amount of 3.60% First Mortgage Bonds, Series due Sept. 15, 2047
NSP-Minnesota Form 8-K dated Sept. 13, 2017 4.01
4.29*
Supplemental Trust Indenture, dated as of Sept. 1, 2019, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $600 million aggregate principal amount of 2.90% First Mortgage Bonds, Series due March 1, 2050
NSP-Minnesota Form 8-K dated Sept. 10, 2019 4.01
4. 30 *
Supplemental Indenture, dated as of June 8, 2020, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $700 million aggregate principal amount of 2.60% First Mortgage Bonds, Series due June 1, 2051
NSP-Minnesota 8-K dated June 15, 2020 4.01
4.3 1 *
Supplemental Indenture, dated as of March 1, 2021, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $425 million principal amount of 2.25% First Mortgage Bonds, Series due April 1, 2031 and $425 million principal amount of 3.20% First Mortgage Bonds, Series due April 1, 2052
NSP-Minnesota 8-K dated March 30, 2021
4.01
86
Table of Contents
4.3 2 *
Supplemental Indenture, dated as of May 1, 2022, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $500 million aggregate principal amount of 4.50% First Mortgage Bonds, Series due June 1, 2052
NSP-Minnesota 8-K dated May 9, 2022 4.01
4.3 3 *
Supplemental Trust Indenture dated as of May 1, 2023 between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $800 million aggregate principal amount of 5.10% First Mortgage Bonds, Series due May 15, 2053.
NSP-Minnesota 8-K dated May 8, 2023
4.01
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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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
92