Xcel Energy XEL Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| All Other | $15M-6.3% | $15M0.0% | $13M+8.3% | $13M-7.1% | $16M-30.4% | |
| Regulated Electric | $2.98B+5.0% | $2.81B+16.6% | $3.64B+7.2% | $2.88B+8.2% | $2.84B+5.6% | |
| Regulated Natural Gas | $1.03B-2.4% | $737M+6.0% | $264M+10.5% | $396M+11.5% | $1.06B+12.1% | |
| Revenues Including Intersegment Revenues by Business | ||||||
| Regulated Electric Segment | $2.98B+5.0% | $2.81B+16.5% | $3.64B+7.2% | $2.88B+8.2% | $2.84B+5.5% | |
| Regulated Natural Gas Segment | $1.03B-2.5% | $744M+3.9% | $272M+13.8% | $402M+13.2% | $1.06B+12.5% | |
| Net Income by Business | ||||||
| All Other | -$43M+20.4% | $0+100% | -$29M+14.7% | -$30M+44.4% | -$54M-92.9% | |
| Regulated Electric Segment | $429M+25.4% | $469M+22.5% | $592M-21.3% | $468M+32.6% | $342M-4.5% | |
| Regulated Natural Gas Segment | $170M-12.8% | $93M-17.0% | -$39M-8.3% | $6M+100% | $195M+23.4% | |
| Other income, net by Business | ||||||
| Regulated Electric Segment | $144M-16.3% | $155M+6.2% | $443M+125% | $156M-3.1% | $172M-9.5% | |
| Regulated Natural Gas Segment | $42M-25.0% | $39M-30.4% | $28M+100% | $27M+42.1% | $56M+69.7% | |
| Income tax benefit by Business | ||||||
| Regulated Electric Segment | -$77M+18.9% | -$177M+47.2% | $55M0.0% | -$48M+34.2% | -$95M-41.8% | |
| Regulated Natural Gas Segment | $52M-14.8% | $30M-11.8% | -$20M-11.1% | -$4M-33.3% | $61M+24.5% | |
| Cost of natural gas sold and transported by Business | ||||||
| Regulated Electric Segment | $0— | $0— | $0— | $0— | $0— | |
| Regulated Natural Gas Segment | $520M+1.4% | $333M+16.0% | $61M-3.2% | $134M+13.6% | $513M+6.2% | |
| Electric fuel and purchased power by Business | ||||||
| Regulated Electric Segment | $1.02B-0.1% | $925M0.0% | $1.1B+3.6% | $918M+7.4% | $1.02B+7.6% | |
| Regulated Natural Gas Segment | $0— | $0— | $0— | $0— | $0— | |
| Interest and Debt Expense by Business | ||||||
| Regulated Electric Segment | $250M+22.5% | $241M+30.3% | $228M+15.2% | $213M+7.6% | $204M+9.7% | |
| Regulated Natural Gas Segment | $34M+13.3% | $33M+22.2% | $31M+6.9% | $31M+3.3% | $30M+11.1% | |
| Utilities Operating Expense, Depreciation and Amortization by Business | ||||||
| Regulated Electric Segment | $653M+4.5% | $642M+6.8% | $640M+8.3% | $617M+0.8% | $625M+10.0% | |
| Regulated Natural Gas Segment | $110M+11.1% | $107M+10.3% | $106M+21.8% | $102M+17.2% | $99M+13.8% | |
| Operating and maintenance expenses by Business | ||||||
| Regulated Electric Segment | $558M-1.6% | $555M+9.7% | $582M+7.8% | $554M+0.2% | $567M+12.7% | |
| Regulated Natural Gas Segment | $106M0.0% | $109M+5.8% | $105M+5.0% | $106M+5.0% | $106M+1.0% | |
| Equity Method Investments by Business | ||||||
| All Other | $206M+32.1% | $204M+26.7% | $149M— | $148M— | $156M— | |
| Regulated Natural Gas Segment | $66M-22.4% | $81M-4.7% | $90M— | $84M— | $85M— | |
| Revenue from contracts with customers by Product | ||||||
| Other | $62M-8.8% | $53M-23.2% | $55M+66.7% | $67M+13.6% | $68M-12.8% | |
| Retail | $3.29B+1.0% | $2.93B+13.6% | $3.27B+8.2% | $2.73B+10.7% | $3.26B+7.4% | |
| Transmission | $186M+8.1% | $164M+5.8% | $200M+7.0% | $169M+14.2% | $172M+8.9% | |
| Wholesale | $217M+5.3% | $159M+10.4% | $205M+7.3% | $145M+5.8% | $206M+19.1% |
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.
