Xcel Energy Inc., through its subsidiaries, generates, purchases, transmits, distributes, and sells electricity. It operates through Regulated Electric Utility, Regulated Natural Gas Utility, and All Other segments. The company generates electricity through coal, nuclear, natural gas, hydroelectric, solar, biomass, oil, wood/refuse, and wind energy sources. It also purchases, transports, distributes, and sells natural gas to retail customers, as well as transports customer-owned natural gas. In addition, the company develops and leases natural gas pipelines, and storage and compression facilities; and invests in rental housing projects, as well as procures equipment for the construction of renewable generation facilities. It serves residential, commercial, and industrial customers in the portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. The company sells electricity to approximately 3.7 million customers; and natural gas to approximately 2.1 million customers. Xcel Energy Inc. was incorporated in 1909 and is headquartered in Minneapolis, Minnesota.

Xcel Energy Inc.

Electric

Electric %Chg

Electric Common Size

Natural Gas

Natural Gas %Chg

Natural Gas Common Size

Other

Other %Chg

Other Common Size

Total Operating Revenues

Total Operating Revenues %Chg

Total Operating Revenues Common Size

Electric Fuel and Purchased Power

Electric Fuel and Purchased Power %Chg

Electric Fuel and Purchased Power Common Size

Cost of Natural Gas Sold and Transported

Cost of Natural Gas Sold and Transported %Chg

Cost of Natural Gas Sold and Transported Common Size

Cost of Sales - Other

Cost of Sales - Other %Chg

Cost of Sales - Other Common Size

Operating and Maintenance Expenses

Operating and Maintenance Expenses %Chg

Operating and Maintenance Expenses Common Size

Conservation and Demand Side Management Expenses

Conservation and Demand Side Management Expenses %Chg

Conservation and Demand Side Management Expenses Common Size

Depreciation and Amortization

Depreciation and Amortization %Chg

Depreciation and Amortization Common Size

Taxes (Other Than Income Taxes)

Taxes (Other Than Income Taxes) %Chg

Taxes (Other Than Income Taxes) Common Size

Loss on Monticello Life Cycle Management/Extended Power Uprate Project

Loss on Monticello Life Cycle Management/Extended Power Uprate Project %Chg

Loss on Monticello Life Cycle Management/Extended Power Uprate Project Common Size

Loss on Comanche Unit 3 Litigation

Loss on Comanche Unit 3 Litigation %Chg

Loss on Comanche Unit 3 Litigation Common Size

Workforce Reduction Expenses

Workforce Reduction Expenses %Chg

Workforce Reduction Expenses Common Size

Total Operating Expenses

Total Operating Expenses %Chg

Total Operating Expenses Common Size

Operating Income

Operating Income %Chg

Operating Income Common Size

Other Expense

Other Expense %Chg

Other Expense Common Size

Other Income, Net

Other Income, Net %Chg

Other Income, Net Common Size

Earnings from Equity Method Investments

Earnings from Equity Method Investments %Chg

Earnings from Equity Method Investments Common Size

Allowance for Funds Used During Construction - Equity

Allowance for Funds Used During Construction - Equity %Chg

Allowance for Funds Used During Construction - Equity Common Size

Interest Charges - Includes Other Financing Costs

Interest Charges - Includes Other Financing Costs %Chg

Interest Charges - Includes Other Financing Costs Common Size

Allowance for Funds Used During Construction - Debt

Allowance for Funds Used During Construction - Debt %Chg

Allowance for Funds Used During Construction - Debt Common Size

Total Interest Charges and Financing Costs

Total Interest Charges and Financing Costs %Chg

Total Interest Charges and Financing Costs Common Size

Income Before Income Taxes

Income Before Income Taxes %Chg

Income Before Income Taxes Common Size

Income Tax Expense

Income Tax Expense %Chg

Income Tax Expense Common Size

Net Income

Net Income %Chg

Net Income Common Size

Basic

Basic %Chg

Basic Common Size

Diluted

Diluted %Chg

Diluted Common Size

Cash Dividends Declared per Common Share

Cash Dividends Declared per Common Share %Chg

Cash Dividends Declared per Common Share Common Size

Total Revenues

Total Revenues %Chg

Total Revenues Common Size

Fuel and Purchased Power Expense

Fuel and Purchased Power Expense %Chg

Fuel and Purchased Power Expense Common Size

Operations and Maintenance Expenses

Operations and Maintenance Expenses %Chg

Operations and Maintenance Expenses Common Size

Gross Profit

Gross Profit %Chg

Gross Profit Common Size

Gross Profit Margin

Gross Profit Margin %Chg

Gross Profit Margin Common Size

Depreciation & Amortization Expenses

Depreciation & Amortization Expenses %Chg

Depreciation & Amortization Expenses Common Size

Taxes Other than Income Tax

Taxes Other than Income Tax %Chg

Taxes Other than Income Tax Common Size

Other Operating Expenses

Other Operating Expenses %Chg

Other Operating Expenses Common Size

Operating Profit

Operating Profit %Chg

Operating Profit Common Size

Operating Margin

Operating Margin %Chg

Operating Margin Common Size

Interest and Investment Income

Interest and Investment Income %Chg

Interest and Investment Income Common Size

Interest Expense

Interest Expense %Chg

Interest Expense Common Size

Non-Operating Income

Non-Operating Income %Chg

Non-Operating Income Common Size

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Income Statement	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Total Revenues	7,193	6,764	6,677	7,104	7,102	8,135
Total Revenues %Chg	7.7%	-4.8%	-6%	-12.7%	-1%	19.2%
Electric
Natural Gas
Other
Fuel and Purchased Power Expense	2,588	2,340	2,413	2,599	3,184	3,702
Electric Fuel and Purchased Power
Cost of Natural Gas Sold and Transported
Cost of Sales - Other
Operations and Maintenance Expenses	1,559	1,484	1,450	1,313	1,417	1,433
Operating and Maintenance Expenses
Conservation and Demand Side Management Expenses
Gross Profit	3,046	2,940	2,814	3,192	2,501	3,000
Gross Profit Margin	42.3%	43.5%	42.1%	44.9%	35.2%	36.9%
Depreciation & Amortization Expenses	1,450	1,383	1,361	1,259	1,189	1,213
Depreciation and Amortization
Taxes Other than Income Tax	342	299	325	336	321	338
Taxes (Other Than Income Taxes)
Other Operating Expenses	—	—	—	107	—	—
Loss on Monticello Life Cycle Management/Extended Power Uprate Project
Loss on Comanche Unit 3 Litigation
Workforce Reduction Expenses
Operating Profit	1,254	1,258	1,128	1,490	991	1,449
Operating Income
Operating Margin	17.4%	18.6%	16.9%	21%	14%	17.8%
Interest and Investment Income	183	203	127	75	73	44
Other Income, Net
Earnings from Equity Method Investments
Allowance for Funds Used During Construction - Equity
Interest Expense	-731	-688	-640	-563	-543	-508
Interest Charges - Includes Other Financing Costs
Allowance for Funds Used During Construction - Debt
Non-Operating Income	75	107	36	6	16	-8
Other Expense
Other Income, Net
Total Non-Operating Income	-473	-378	-477	-482	-454	-472
Income Before Provision for Income Taxes	806	859	675	1,060	565	1,017
Income Before Income Taxes
Provision for Income Taxes	-121	-287	-115	-5	-141	-11
Income Tax Expense
Consolidated Net Income	927	1,146	790	1,065	706	1,028
Net Income
Net Income Attributable to Common Shareholders	927	1,146	790	1,065	706	1,028
Basic EPS	1.6	2	1.4	1.9	1.3	1.9
Diluted EPS	1.6	2	1.4	1.9	1.3	1.9
Basic Weighted Average Shares Outstanding	580	570	556	553	551	549
Total Shares Outstanding	591.2	574.4	557.3	554.9	551.4	549.6
Diluted Weighted Average Shares Outstanding	582	570	556	553	551	548
EBITDA	2,770	2,710	2,551	2,802	2,246	2,732
Effective Tax Rate	-15%	-33.4%	-17%	-0.5%	-25%	-1.1%