Xcel Energy XEL Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| All Other | $15M0.0% | $15M+15.4% | $13M0.0% | $13M-18.8% | $16M+6.7% | |
| Regulated Electric | $2.98B+5.9% | $2.81B-22.8% | $3.64B+26.4% | $2.88B+1.5% | $2.84B+17.6% | |
| Regulated Natural Gas | $1.03B+39.8% | $737M+179% | $264M-33.3% | $396M-62.5% | $1.06B+51.8% | |
| Revenues Including Intersegment Revenues by Business | ||||||
| Regulated Electric Segment | $2.98B+5.9% | $2.81B-22.8% | $3.64B+26.4% | $2.88B+1.5% | $2.84B+17.6% | |
| Regulated Natural Gas Segment | $1.03B+39.0% | $744M+174% | $272M-32.3% | $402M-62.1% | $1.06B+48.0% | |
| Net Income by Business | ||||||
| All Other | -$43M— | $0+100% | -$29M+3.3% | -$30M+44.4% | -$54M-74.2% | |
| Regulated Electric Segment | $429M-8.5% | $469M-20.8% | $592M+26.5% | $468M+36.8% | $342M-10.7% | |
| Regulated Natural Gas Segment | $170M+82.8% | $93M+338% | -$39M-750% | $6M-96.9% | $195M+74.1% | |
| Other income, net by Business | ||||||
| Regulated Electric Segment | $144M-7.1% | $155M-65.0% | $443M+184% | $156M-9.3% | $172M+17.8% | |
| Regulated Natural Gas Segment | $42M+7.7% | $39M+39.3% | $28M+3.7% | $27M-51.8% | $56M0.0% | |
| Income tax benefit by Business | ||||||
| Regulated Electric Segment | -$77M+56.5% | -$177M-422% | $55M+215% | -$48M+49.5% | -$95M+71.6% | |
| Regulated Natural Gas Segment | $52M+73.3% | $30M+250% | -$20M-400% | -$4M-107% | $61M+79.4% | |
| Cost of natural gas sold and transported by Business | ||||||
| Regulated Electric Segment | $0— | $0— | $0— | $0— | $0— | |
| Regulated Natural Gas Segment | $520M+56.2% | $333M+446% | $61M-54.5% | $134M-73.9% | $513M+78.7% | |
| Electric fuel and purchased power by Business | ||||||
| Regulated Electric Segment | $1.02B+10.2% | $925M-15.8% | $1.1B+19.6% | $918M-10.0% | $1.02B+10.3% | |
| Regulated Natural Gas Segment | $0— | $0— | $0— | $0— | $0— | |
| Interest and Debt Expense by Business | ||||||
| Regulated Electric Segment | $250M+3.7% | $241M+5.7% | $228M+7.0% | $213M+4.4% | $204M+10.3% | |
| Regulated Natural Gas Segment | $34M+3.0% | $33M+6.5% | $31M0.0% | $31M+3.3% | $30M+11.1% | |
| Utilities Operating Expense, Depreciation and Amortization by Business | ||||||
| Regulated Electric Segment | $653M+1.7% | $642M+0.3% | $640M+3.7% | $617M-1.3% | $625M+4.0% | |
| Regulated Natural Gas Segment | $110M+2.8% | $107M+0.9% | $106M+3.9% | $102M+3.0% | $99M+2.1% | |
| Operating and maintenance expenses by Business | ||||||
| Regulated Electric Segment | $558M+0.5% | $555M-4.6% | $582M+5.1% | $554M-2.3% | $567M+12.1% | |
| Regulated Natural Gas Segment | $106M-2.8% | $109M+3.8% | $105M-0.9% | $106M0.0% | $106M+2.9% | |
| Equity Method Investments by Business | ||||||
| All Other | $206M+1.0% | $204M+36.9% | $149M+0.7% | $148M-5.1% | $156M-3.1% | |
| Regulated Natural Gas Segment | $66M-18.5% | $81M-10.0% | $90M+7.1% | $84M-1.2% | $85M0.0% | |
| Revenue from contracts with customers by Product | ||||||
| Other | $62M+17.0% | $53M-3.6% | $55M-17.9% | $67M-1.5% | $68M-1.4% | |
| Retail | $3.29B+12.1% | $2.93B-10.4% | $3.27B+19.8% | $2.73B-16.1% | $3.26B+26.2% | |
| Transmission | $186M+13.4% | $164M-18.0% | $200M+18.3% | $169M-1.7% | $172M+11.0% | |
| Wholesale | $217M+36.5% | $159M-22.4% | $205M+41.4% | $145M-29.6% | $206M+43.1% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Xcel Energy break its business down?
- Xcel Energy (XEL) reports revenue by business across 3 parts — All Other, Regulated Electric and Regulated Natural Gas. Each is extracted from the segment footnotes and tracked over time.
- Where does Xcel Energy's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Xcel Energy's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
