Xcel Energy XEL
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) Capital Services Capital Services, LLC Eloigne Eloigne Company e prime e prime inc. 10-K, Item 1
- Employees
- 11,534
- Headquarters
- Minneapolis, MN
- CEO
- Robert Frenzel
- Next results
- around Feb 4, 2027
XEL among Utilities peers
Six ratios from the latest 10-K. Each corner is the share of 30 peers the company is above, not a score.
What changed
12 new risk paragraphs. 10-K filed Feb 25, 2026 against Feb 27, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
10 checks on the latest 10-K. Checks, not verdicts.
0facts worth reading about all 10 checks found nothing to note
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Receivables +6.5% vs revenue +9.1% (-2.7 pts)
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Cash from operations $4.1B vs net income $2.0B (FY ending Dec 31, 2025)
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Same auditor in both 10-Ks: DELOITTE & TOUCHE LLP
7 more checks with nothing to note
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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No longer listed: Commitments and Contingencies - Wildfires
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
12 paragraphs in Risk Factors that were not in the 10-K filed Feb 27, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
Actions of our employees, directors, third-party contractors or suppliers could expose us to reputational risks. We could suffer negative impacts to our reputation as a result of actual or perceived fraud, misconduct, legal or regulatory violations, violations of corporate policies, inappropriate use of social media, or other actions by…
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
Regulators may challenge rate increases due to increased customer affordability pressures. Public policy developments, including legislative actions and electoral changes at the state level, may affect recovery mechanisms or allowed returns and may limit recovery timing or cost allocation, negatively impacting our results of operations,…
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
Advancements in artificial intelligence and large language models may increase cybersecurity threats and operational risks. Threat actors may use artificial intelligence to enhance their attacks, increasing the frequency, sophistication and potential impact of cyber incidents affecting our IT and OT environment.
New risk paragraphs, against peers
Latest 10-K of each, Utilities companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $15.3B | $14.2B | $13.4B | $14.7B |
| Net income | $1.7B | $1.8B | $1.9B | $2.0B |
| Operating cash flow | $3.9B | $5.3B | $4.6B | $4.1B |
| Free cash flow | −$706.0M | −$527.0M | −$2.7B | −$6.8B |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$14.7B ▲ 9.1% in FY2025$2.0B ▲ 4.2% in FY2025−$6.8B in FY2025
Recent filings
7 filings in the last 30 days · SEC EDGAR
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8-KNov 5, 2026New debt or obligation, Unregistered share sale 8-K items 2.03, 3.02
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8-KNov 3, 2026Other events 8-K item 8.01
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8-KNov 2, 2026Other events 8-K item 8.01
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OfferingOct 30, 2026At-the-market program: up to $6.0B of common stock 424B5 · We may offer and sell shares of our common stock (par value $2.50 per share) having an aggregate gross sales price of up to $6,000,000,000 from time to time through the sales agents named below pursuant to the terms of an equity distribution agreement.
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8-KOct 30, 2026Other events 8-K item 8.01
About the company
Xcel Energy, Minneapolis, MN · from the 10-K filed Feb 25, 2026
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) Capital Services Capital Services, LLC Eloigne Eloigne Company e prime e prime inc. Nicollet Project Holdings Nicollet Project Holdings, LLC NSP-Minnesota Northern States Power Company, a Minnesota corporation NSP System The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota NSP-Wisconsin Northern States Power Company, a Wisconsin corporation PSCo Public Service Company of Colorado SPS Southwestern Public Service Co. Utility subsidiaries NSP-Minnesota, NSP-Wisconsin, PSCo and SPS WGI WestGas InterState, Inc.
- Headquarters
- Minneapolis, MN
- Country
- United States
- Reports in
- USD
- Listed on
- Nasdaq
- Fiscal year ends
- December 31
- Last results
- Oct 29, 2026
- Incorporated in
- MN
Employees, at the top of the page: "Xcel Energy had 11,534 full-time employees and workforce demographics as of December 2025 were as follows: Female Ethnically Diverse Board of Directors 33 % 8% CEO direct reports 25 13 Management 24 12 Employees 23 19 New hires 41 28 Interns (hired throughout 2025) 41 42 Xcel Energy respects employe" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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