Income StatementBalance SheetCash FlowSegments
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Xcel Energy Business Segments

Business, geographic, and product segment breakdowns

Xcel Energy generates $11.6B in annual revenue across 3 key segments: All Other ($56.0M), Regulated Electric ($12.3B), and Regulated Natural Gas ($2.4B). The company-wide operating margin is 22.91%. Based on the Q3 2019 filing.

All Other (TTM)$56.0MRegulated Electric (TTM)$12.3BRegulated Natural Gas (TTM)$2.4B
Latest FilingQ3 2019
Report Date2019-10-25
Market Cap$49.9B
P/E Ratio23.85
ROE9.59%

Products & Services

Alternative revenue and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Alternative revenue and other$171.0M$203.0M$173.0M$181.0M$252.0M$267.0M

Revenue from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Retail$2.6B$3.3B$2.7B$3.3B$2.9B$3.3B
Wholesale$144.0M$206.0M$145.0M$205.0M$159.0M$217.0M
Transmission$155.0M$172.0M$169.0M$200.0M$164.0M$186.0M
Other$69.0M$68.0M$67.0M$55.0M$53.0M$62.0M

Business Segments

Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
All Other$161.0M$156.0M$148.0M$149.0M$204.0M$206.0M
Regulated Natural Gas Segment$85.0M$85.0M$84.0M$90.0M$81.0M$66.0M

Net Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric Segment$383.0M$342.0M$468.0M$592.0M$468.0M$429.0M
Regulated Natural Gas Segment$112.0M$195.0M$6.0M-$39.0M$94.0M$170.0M
All Other-$31.0M-$54.0M-$30.0M-$29.0M$0.0-$43.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric$2.4B$2.8B$2.9B$3.6B$2.8B$3.0B
Regulated Natural Gas$695.0M$1.1B$396.0M$264.0M$737.0M$1.0B
All Other$15.0M$16.0M$13.0M$13.0M$15.0M$15.0M

Cost of natural gas sold and transported

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Natural Gas Segment$287.0M$513.0M$134.0M$61.0M$333.0M$520.0M
Regulated Electric Segment$0.0$0.0$0.0$0.0$0.0$0.0

Electric

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric Segment$2.4B$2.8B$2.9B$3.6B$2.8B$3.0B

Electric fuel and purchased power

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric Segment$925.0M$1.0B$918.0M$1.1B$925.0M$1.0B
Regulated Natural Gas Segment$0.0$0.0$0.0$0.0$0.0$0.0

Income tax benefit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric Segment-$335.0M-$95.0M-$48.0M$55.0M-$177.0M-$77.0M
Regulated Natural Gas Segment$34.0M$61.0M-$4.0M-$20.0M$30.0M$52.0M

Interest and Debt Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric Segment$185.0M$204.0M$213.0M$228.0M$241.0M$250.0M
Regulated Natural Gas Segment$27.0M$30.0M$31.0M$31.0M$33.0M$34.0M

Operating and maintenance expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric Segment$506.0M$567.0M$554.0M$582.0M$556.0M$558.0M
Regulated Natural Gas Segment$103.0M$106.0M$106.0M$105.0M$108.0M$106.0M

Other income, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric Segment$145.0M$172.0M$156.0M$443.0M$154.0M$144.0M
Regulated Natural Gas Segment$57.0M$56.0M$27.0M$28.0M$40.0M$42.0M

Revenues Including Intersegment Revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric Segment$2.4B$2.8B$2.9B$3.6B$2.8B$3.0B
Regulated Natural Gas Segment$716.0M$1.1B$402.0M$272.0M$744.0M$1.0B

Utilities Operating Expense, Depreciation and Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Electric Segment$602.0M$625.0M$617.0M$640.0M$643.0M$653.0M
Regulated Natural Gas Segment$96.0M$99.0M$102.0M$106.0M$106.0M$110.0M

Natural gas

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Regulated Natural Gas Segment$695.0M$1.1B$396.0M$264.0M$737.0M$1.0B