XCEL ENERGY INCXEL
XCEL ENERGY INC Segments Disclosure
Xcel Energy’s chief operating decision maker, the CEO, sets financial performance objectives and budgets and establishes separate targets for the regulated electric utility net income of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility net income of NSP-Minnesota, NSP-Wisconsin and PSCo.
The regulated electric utility and regulated natural gas utility segments are managed separately because of inherent differences between activities to serve electric customers and those required to serve natural gas customers, and as the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. The CEO assesses financial performance, including quarterly and annual budget-to-actual and year-over-year variances in revenues and expenses, to inform operating decisions, capital investments and cost recovery strategies.
Xcel Energy has the following reportable segments:
•Regulated Electric Utility — The regulated electric utility segment generates, purchases, transmits, distributes and sells electricity in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin; each state’s regulated electric utility activities qualify as an operating segment, and is aggregated into Xcel Energy’s regulated electric utility segment. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes wholesale commodity and trading operations.
•Regulated Natural Gas Utility — The regulated natural gas utility segment purchases, transports, stores, distributes and sells natural gas primarily in portions of Colorado, Michigan, Minnesota, North Dakota and Wisconsin; each state’s regulated natural gas utility activities qualify as an operating segment, and is aggregated into Xcel Energy’s regulated natural gas utility segment.
Equity method investments in the regulated natural gas utility segment of $81 million and $85 million at Dec. 31, 2025 and 2024, respectively, primarily relate to WYCO. Non-segment equity method investments of $204 million and $161 million as of Dec. 31, 2025 and 2024, respectively, relate to investments in energy technology funds.
Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment.
Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.
Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
Other segment expenses, net, for the reportable segments includes conservation and DSM expenses, taxes (other than income taxes), other income (expense), net, earnings from equity method investments, intersegment expenses and AFUDC - equity.
Non-segment revenues include steam, appliance repair and non-utility real estate activities and revenues associated with processing solid waste into RDF and from investments in rental housing projects that qualify for low-income housing tax credits. Non-segment net loss also includes costs associated with these activities as well as unallocated corporate O&M expenses, interest charges and income taxes as well as earnings from equity method investments in energy technology funds.
Segment information and reconciliations to Xcel Energy’s consolidated operating revenues and net income:
| 2025 | ||||||||||||||||||||
| (Millions of Dollars) | Regulated electric utility | Regulated natural gas utility | Total segments | |||||||||||||||||
| Operating revenues | $ | 12,160 | $ | 2,452 | $ | 14,612 | ||||||||||||||
| Intersegment revenue | 1 | 26 | 27 | |||||||||||||||||
| Total segment revenues | 12,161 | 2,478 | 14,639 | |||||||||||||||||
| Electric fuel and purchased power | 3,961 | — | 3,961 | |||||||||||||||||
| Cost of natural gas sold and transported | — | 1,041 | 1,041 | |||||||||||||||||
| O&M expenses | 2,259 | 425 | 2,684 | |||||||||||||||||
| Depreciation and amortization | 2,525 | 413 | 2,938 | |||||||||||||||||
Other segment expenses, net (a) | 925 | 151 | 1,076 | |||||||||||||||||
| Interest charges and financing costs | 886 | 125 | 1,011 | |||||||||||||||||
| Income tax (benefit) expense | (265) | 67 | (198) | |||||||||||||||||
| Net income | $ | 1,870 | $ | 256 | $ | 2,126 | ||||||||||||||
| Total segment revenues | $ | 14,639 | ||||||||||||||||||
| Eliminate intersegment revenue | (27) | |||||||||||||||||||
| Non-segment revenues | 57 | |||||||||||||||||||
| Consolidated operating revenues | $ | 14,669 | ||||||||||||||||||
| Total segment net income | $ | 2,126 | ||||||||||||||||||
| Non-segment net loss | (108) | |||||||||||||||||||
| Consolidated net income | $ | 2,018 | ||||||||||||||||||
(a)Other segment expenses, net, for 2025 additionally includes Marshall Wildfire litigation expense.
| 2024 | ||||||||||||||||||||
| (Millions of Dollars) | Regulated electric utility | Regulated natural gas utility | Total segments | |||||||||||||||||
| Operating revenues | $ | 11,147 | $ | 2,230 | $ | 13,377 | ||||||||||||||
| Intersegment revenue | 2 | 22 | 24 | |||||||||||||||||
| Total segment revenues | 11,149 | 2,252 | 13,401 | |||||||||||||||||
| Electric fuel and purchased power | 3,788 | — | 3,788 | |||||||||||||||||
| Cost of natural gas sold and transported | — | 951 | 951 | |||||||||||||||||
| O&M expenses | 2,102 | 409 | 2,511 | |||||||||||||||||
| Depreciation and amortization | 2,373 | 357 | 2,730 | |||||||||||||||||
| Other segment expenses, net | 693 | 123 | 816 | |||||||||||||||||
| Interest charges and financing costs | 767 | 113 | 880 | |||||||||||||||||
| Income tax (benefit) expense | (420) | 62 | (358) | |||||||||||||||||
| Net income | $ | 1,846 | $ | 237 | $ | 2,083 | ||||||||||||||
| Total segment revenues | $ | 13,401 | ||||||||||||||||||
| Eliminate intersegment revenue | (24) | |||||||||||||||||||
| Non-segment revenues | 64 | |||||||||||||||||||
| Consolidated operating revenues | $ | 13,441 | ||||||||||||||||||
| Total segment net income | $ | 2,083 | ||||||||||||||||||
| Non-segment net loss | (147) | |||||||||||||||||||
| Consolidated net income | $ | 1,936 | ||||||||||||||||||
| 2023 | ||||||||||||||||||||
| (Millions of Dollars) | Regulated electric utility | Regulated natural gas utility | Total segments | |||||||||||||||||
| Operating revenues | $ | 11,446 | $ | 2,645 | $ | 14,091 | ||||||||||||||
| Intersegment revenue | 2 | 3 | 5 | |||||||||||||||||
| Total segment revenues | 11,448 | 2,648 | 14,096 | |||||||||||||||||
| Electric fuel and purchased power | 4,278 | — | 4,278 | |||||||||||||||||
| Cost of natural gas sold and transported | — | 1,456 | 1,456 | |||||||||||||||||
| O&M expenses | 2,011 | 386 | 2,397 | |||||||||||||||||
| Depreciation and amortization | 2,111 | 323 | 2,434 | |||||||||||||||||
Other segment expenses, net (a) | 827 | 118 | 945 | |||||||||||||||||
| Interest charges and financing costs | 670 | 96 | 766 | |||||||||||||||||
| Income tax (benefit) expense | (135) | 50 | (85) | |||||||||||||||||
| Net income | $ | 1,686 | $ | 219 | $ | 1,905 | ||||||||||||||
| Total segment revenues | $ | 14,096 | ||||||||||||||||||
| Eliminate intersegment revenue | (5) | |||||||||||||||||||
| Non-segment revenues | 115 | |||||||||||||||||||
| Consolidated operating revenues | $ | 14,206 | ||||||||||||||||||
| Total segment net income | $ | 1,905 | ||||||||||||||||||
| Non-segment net loss | (134) | |||||||||||||||||||
| Consolidated net income | $ | 1,771 | ||||||||||||||||||
(a)Other segment expenses, net, for 2023 additionally includes loss on Comanche Unit 3 litigation with CORE Electric Cooperative related to lost power damages and other costs and workforce reduction expenses.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.