AddedRisk Factors
•Risks associated with increased reliance on natural gas generation, including gas price volatility and supply constraints during extreme weather events.
The 10-K against last year's
205 changes: 57 added, 69 removed, 78 reworded, 1 quiet changes
10-K 0000072903-26-000009 (2026-02-25) vs 10-K 0000072903-25-000029 (2025-02-27)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Legal Proceedings 141 words changed in this paragraph; it is 51% similar to last year's version.
SPS is aware of approximately 25 56 complaints, most of which have also named Xcel Energy Services Inc. as an additional defendant, relating to the Smokehouse Creek Fire Complex. The complaints complaints, which assert claims on behalf of one or more plaintiffs, generally allege that SPS’ equipment ignited the Smokehouse Creek Fire Complex and seek compensation for losses resulting from the fire, asserting various causes of action under Texas law. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages. SPS has also received approximately 205 claims for losses related to Of the Smokehouse Creek Fire Complex through its claims process 56 complaints, 22 have been resolved and has reached final settlements on 129 of those claims as of the date of this filing. In addition to filed complaints and claims made through SPS’ claims process, SPS has also received information from attorneys for claims related to the Smokehouse Creek Fire Complex which have not been submitted through the claims process and have also not been filed as lawsuits, and has reached settlement of a portion of those claims. SPS anticipates additional complaints and demands will be made. As of December 2024, SPS has settled claims related to both of the fatalities believed to be associated with the Smokehouse Creek Fire Complex. dismissed.
Source: Item 3, via Note 12 – Commitments and Contingencies, 10-K 0000072903-26-000009 vs Item 3, via Note 12 – Commitments and Contingencies, 10-K 0000072903-25-000029
MD&A 136 words changed in this paragraph; it is 33% similar to last year's version.
Source: Item 7, 10-K 0000072903-26-000009 vs Item 7, 10-K 0000072903-25-000029
Risk Factors 62 words changed in this paragraph; it is 33% similar to last year's version.
Additional demand from a limited number of customers may increase our credit risk exposure and require incremental infrastructure investment. If our regulators do anticipated load growth does not allow us to recover all materialize as expected or a part of the regulatory cost of capital investment or the O&M costs incurred to comply with the mandates, allocation mechanisms evolve, it could have a material effect on negatively impact our results of operations, financial condition or cash flows.
Source: Item 1A, 10-K 0000072903-26-000009 vs Item 1A, 10-K 0000072903-25-000029
Accounting Policies 17 words changed in this paragraph; it is 89% similar to last year's version.
Tax credits are recorded when earned unless there is a requirement to defer the benefit and amortize over the book depreciable lives of related property. The requirement to defer and amortize these credits specifically applies to certain federal ITCs, property, as determined by tax regulations and Xcel Energy tax elections. For tax credits otherwise eligible to be recognized when earned, Xcel Energy considers the impact of rate regulation to determine if these credits and related adjustments should be deferred as regulatory assets or liabilities.
Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000072903-26-000009 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000072903-25-000029
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of XEL's Risk Factors and MD&A, 10-K 2026-02-25 against 10-K 2025-02-27. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, wouldAddedRisk Factors
•Risks of thermal runaway incidents associated with large battery storage facilities
AddedRisk Factors
•Risks associated with regulatory requirements that may extend the operation of our coal facilities beyond planned retirement dates and require additional investments.
AddedRisk Factors
•Inability to deliver energy across transmission facilities, including due to congestion, outages, extreme weather, physical or cyber events, delays in construction or upgrades, permitting or siting challenges, or interconnection constraints.
AddedRisk Factors
Our utility operations, resource adequacy and system reliability are subject to long-term planning and project risks.
AddedRisk Factors
Our ability to reliably serve customer demand depends on the availability of sufficient generation and capacity resources. Changes in load growth, resource retirements, accreditation of resources, generation performance, extreme weather events, or delays in development or delivery of new resources, including the necessary transmission infrastructure, could affect resource adequacy and system reliability.
AddedRisk Factors
Actions of our employees, directors, third-party contractors or suppliers could expose us to reputational risks.
AddedRisk Factors
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 our employees, directors, third-party contractors or suppliers. Reputational damage could have a material adverse effect and could result in negative customer perception, litigation and increased regulatory oversight.
Show the other 60
AddedRisk Factors
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, financial condition or cash flows.
AddedRisk Factors
Growth in large load customers, including data centers, may increase customer concentration, capital requirements and revenue variability risks.
AddedRisk Factors
Additional demand from a limited number of customers may increase our credit risk exposure and require incremental infrastructure investment. If anticipated load growth does not materialize as expected or regulatory cost allocation mechanisms evolve, it could negatively impact our results of operations, financial condition or cash flows.
AddedRisk Factors
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.
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RewordedRisk Factors
RewordedRisk Factors
While we carry liability insurance, given an extreme event, if Xcel Energy was found to be liable for wildfire damages, damage amounts could potentially exceed our coverage (as experienced with the Marshall Wildfire settlement in 2025) and negatively impact our results of operations, financial condition or cash flows.
RewordedRisk Factors
More frequent and severe drought conditions, extreme swings in amount and timing of precipitation, changes in availability of vegetation, unseasonably warm temperatures, very low humidity, stronger winds and other environmental factors have increased both the frequency and duration of the wildfire season fire weather conditions and the potential impact of an event.
RewordedRisk Factors
If our regulators do not allow us to recover all or a part of the cost of capital investment or the O&M costs incurred to comply with the mandates, it could have a material effect on our results of operations, financial condition or cash flows.
RewordedRisk Factors
We have programs in place to comply with these regulations and systematically monitor and renew infrastructure over time, regulations, however, a significant incident or material finding of non-compliance could result in penalties and higher costs of operations.
RewordedRisk Factors
Customer adoption of these technologies and increased energy efficiency or other reductions in expected sales growth could result in excess transmission and generation resources, downward pressure on sales growth, and potentially stranded costs if we are not able to fully recover costs and investments.
RewordedRisk Factors
The utility sector is undergoing significant change (e.g., the addition of large loads, increases in energy efficiency, wider adoption of distributed generation and shifts away from fossil fuel generation to renewable generation).
AddedMD&A
(a)Includes $2 million of interest costs associated with short-term debt used to pay settlement, which is presented as interest expense on the consolidated statements of income.
AddedMD&A
Weather — Estimated impact of temperature variations on EPS compared with normal weather conditions:2025 vs. Normal 2024 vs. Normal 2025 vs. 2024
AddedMD&A
O&M Expenses — O&M expenses increased $192 million in 2025 primarily due to increased benefits and healthcare costs, wildfire mitigation (largely offset in non-fuel rider revenue), nuclear generation costs and insurance costs.
AddedMD&A
(a)Amounts primarily include gains from debt repurchases, partially offset by taxes.
AddedMD&A
Natural Gas Innovation Act Rider Recovers costs for pilot projects and research programs aimed at innovative technologies and emission-reducing gas initiatives in Minnesota. The approved plan spans a five-year period beginning in 2025.
AddedMD&A
In August 2025, eight parties filed testimony. The DOC, OAG, XLI, the CUB, Walmart and Joint Intervenors were the only parties to quantify recommended financial adjustments. The DOC and XLI recommended $306 million and $190 million of adjustments, respectively, largely based on a reduction in ROE, certain O&M expenses and other costs offset in trackers. Other parties recommended adjustments based on reduced ROE and issue specific recommendations.
AddedMD&A
In October 2025, NSP-Minnesota filed rebuttal testimony, updating its total revenue request to $365 million. Of NSP-Minnesota’s proposed adjustments, approximately $100 million relates to depreciation expense and $50 million are largely offset in trackers. In November 2025, the DOC filed surrebuttal testimony, re-asserting their proposed ROE of 9.25%.
AddedMD&A
An ALJ report is expected in April 2026, with a MPUC decision expected in the third quarter of 2026.
AddedMD&A
(Millions of Dollars) Electric Natural Gas NSP-Wisconsin’s filed two-year rate request $ 151 $ 24 PSCW decision: Capital investments (8) (1) ROE adjustment (7) (1) O&M expenses (5) (1) Nuclear decommissioning accrual update (a) (6) — Excess liability insurance deferral recovery 4 1 Other, net (3) — Total revenue change $ 126 $ 22
AddedMD&A
(a)Since filing the case, the MPUC authorized a reduction to the annual nuclear decommissioning accrual. This reduction, which flows to NSP-Wisconsin through the interchange agreement, reduced the NSP-Wisconsin rate request and is earnings neutral.
AddedMD&A
•In December 2025, NSP-Minnesota and NSP-Wisconsin jointly issued an RFP seeking up to 3,500 MW of wind, solar, hydro, standalone storage, or hybrid capacity that will achieve commercial operation by December 31, 2030. Additionally, NSP-Minnesota is seeking to procure up to 600 MW of solar or solar + storage capacity that will achieve commercial operation by December 31, 2029, and meet Minnesota’s Distributed Solar Energy Standard eligibility requirements. Bids are due in March 2026, and filing for MPUC approval is expected by the end of 2026, ahead of the established procedural schedule.
AddedMD&A
•NSP-Minnesota and NSP-Wisconsin may continue to file additional RFPs throughout 2026 and 2027 for resource needs as part of its Upper Midwest resource planning efforts.
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(Millions of Dollars) 2025 vs. 2024 vs. 2023 Non-fuel riders $ 250 Recovery of lower higher cost of electric fuel and purchase purchased power (479) 214 PTCs flowed back to customers (offset by lower ETR) (302) Wholesale generation 172 Regulatory rate outcomes (MN, ND) 116 Sales and demand 97 Transmission revenues (96) 79 Sherco Unit 3 2011 outage refunds (47) Regulatory rate outcomes (MN, CO, TX, and NM) 372 Non-fuel riders 169 47 Estimated impact of weather (39) Conservation and demand side management (offset in expense) 102 Estimated impact of weather (net of sales true-up) 24 (38) Other, net (42) 115 Total decrease increase $ (299) 1,013
RewordedMD&A
Diluted Earnings (Loss) Per Share 2025 2024 2023 NSP-Minnesota $ 1.53 $ 1.41 $ 1.28 PSCo 1.15 1.39 1.26 SPS 0.70 0.67 0.70 NSP-Wisconsin 0.27 0.24 0.25 Earnings from equity method investments — WYCO 0.03 0.04 0.03 Regulated utility (a) 3.65 3.76 3.52 Xcel Energy Inc. and Other (0.23) (0.33) (0.31) GAAP Diluted diluted EPS (a) $ 3.42 $ 3.44 3.21 Loss on Comanche Unit 3 litigation — 0.05 Workforce reduction expenses — 0.09 Sherco Unit 3 2011 outage refunds — 0.06 Marshall Wildfire settlement 0.38 — Ongoing Diluted diluted EPS (a) $ 3.80 $ 3.50 $ 3.35
RewordedMD&A
(Millions of Dollars) 2025 vs. 2024 vs. 2023 Recovery of lower higher cost of natural gas $ (496) 92 Regulatory rate outcomes (CO) 84 Conservation revenue (offset in expense) 47 Estimated impact of weather (net of decoupling) (35) 11 Retail sales decline (net of decoupling) (1) Regulatory rate outcomes (MN, WI, CO, and ND) 91 Infrastructure and integrity riders 8 (13) Other, net 18 1 Total decrease increase $ (415) 222
RewordedMD&A
Twelve Months Ended Dec. 31, 2024 2025 Diluted Earnings (Loss) GAAP Diluted EPS Impact of Adjustments Ongoing Diluted EPS Per Share NSP-Minnesota $ 1.41 1.53 $ 0.06 $ 1.47 1.53 PSCo 1.39 1.15 0.38 1.53 SPS 0.67 — 1.39 SPS 0.70 0.67 NSP-Wisconsin 0.27 — 0.70 NSP-Wisconsin 0.24 — 0.24 0.27 Earnings from equity method investments — WYCO 0.03 — 0.03 Regulated utility (a) 3.76 0.06 3.83 3.65 0.38 4.03 Xcel Energy Inc. and Other (0.33) (0.23) — (0.33) (0.23) Total (a) $ 3.44 0.06 3.42 0.38 $ 3.50 3.80
RewordedMD&A
RewordedMD&A
Senior Unsecured Notes $ 1,000 10 Year First Quarter PSCo First Mortgage Bonds 2,000 10 Year & Second & Third Quarter 30 Year 2,400 NSP-Minnesota First Mortgage Bonds 1,100 10 Year & First & Third Quarter 30 Year 1,000 SPS First Mortgage Bonds 450 30 Year Second Quarter 1,000 NSP-Wisconsin First Mortgage Bonds 250 30 Year Second Quarter
RewordedMD&A
RewordedMD&A
(Millions of Dollars) 2025 2024 2023 GAAP net income $ 2,018 $ 1,936 $ 1,771 Loss on Comanche Unit 3 litigation — 35 Workforce reduction expenses — 72 Sherco Unit 3 2011 outage refunds — 47 Marshall Wildfire litigation (a) 298 — Less: tax effect of adjustments (77) (13) (27) Ongoing earnings (a) (b) $ 2,239 $ 1,969 $ 1,851
RewordedMD&A
In November 2024, February 2026, the NDPSC approved a settlement, reflecting settlement agreement filed by NSP-Minnesota and NDPSC Staff, effective April 1st, 2026, including a natural gas rate base revenue increase of $7.2 million (8.0%), $24 million, based on a ROE of 9.9% 9.8% and an equity ratio of 52.5%.
RewordedMD&A
Excess Liability Insurance Deferral – In February March 2025, NSP-Wisconsin SPS filed a request with the PSCW PUCT and in April 2025, SPS filed a request with the NMPRC for deferred accounting treatment for incremental excess liability insurance expense of $9.6 million incurred as a result of the October 2024 policy renewal. renewal, estimated at approximately $30 million across the two jurisdictions.
RewordedMD&A
NSP-Minnesota and NSP-Wisconsin announced the short listed projects in January 2025 and plan to file filed for the requisite approvals of the selected resources with the MPUC and PSCW, respectively, in the second half fourth quarter of 2025. 2025 (decision expected in early 2026);
RewordedMD&A
(Millions of Dollars) Twelve Months Ended Dec. 31 Components of change — 2025 vs. 2024 vs. 2023 Cash provided by financing activities —2023 —2024 $ 617 2,837 Higher long-term debt issuances, net of repayments 1,512 1,059 Higher net short-term debt proceeds 945 Higher proceeds from issuance of common stock 847 Higher dividends paid to shareholders (83) 2,232 Other financing activities (56) (92) Cash provided by financing activities — 2024 2025 $ 2,837 6,981
Quiet changesMD&A
Xcel Energy generally expects to fund additional capital investment with approximately 40% equity and 60% debt.