Xcel Energy XEL Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| All Other | $56M-1.8% | $57M-10.9% | $57M-26.0% | $56M-41.1% | $57M-47.7% | |
| Regulated Electric | $12.3B+8.9% | $12.16B+9.1% | $11.76B+2.9% | $11.52B+0.8% | $11.3B-0.6% | |
| Regulated Natural Gas | $2.43B+3.5% | $2.45B+10.0% | $2.41B+6.9% | $2.39B+5.5% | $2.34B+2.0% | |
| Revenues Including Intersegment Revenues by Business | ||||||
| Regulated Electric Segment | $12.3B+8.9% | $12.16B+9.1% | $11.76B+2.9% | $11.52B+0.8% | $11.3B-0.6% | |
| Regulated Natural Gas Segment | $2.45B+3.5% | $2.48B+10.0% | $2.45B+8.6% | $2.42B+6.8% | $2.37B+3.0% | |
| Net Income by Business | ||||||
| All Other | -$102M+41.0% | -$113M+23.1% | -$144M0.0% | -$149M-7.2% | -$173M-38.4% | |
| Regulated Electric Segment | $1.96B+7.0% | $1.87B+1.4% | $1.79B-0.7% | $1.95B+11.1% | $1.83B+4.7% | |
| Regulated Natural Gas Segment | $230M-16.1% | $255M+7.6% | $274M+20.2% | $277M+14.0% | $274M+25.7% | |
| Other income, net by Business | ||||||
| Regulated Electric Segment | $898M+32.8% | $926M+33.4% | $917M+21.5% | $671M-12.2% | $676M-16.6% | |
| Regulated Natural Gas Segment | $136M-6.2% | $150M+23.0% | $167M+74.9% | $153M+37.8% | $145M+19.3% | |
| Income tax benefit by Business | ||||||
| Regulated Electric Segment | -$247M+44.9% | -$265M+36.9% | -$423M-256% | -$423M-104% | -$448M-166% | |
| Regulated Natural Gas Segment | $58M-21.6% | $67M+8.1% | $71M+75.3% | $73M+2.8% | $74M-14.5% | |
| Cost of natural gas sold and transported by Business | ||||||
| Regulated Electric Segment | $0— | $0— | $0— | $0— | $0— | |
| Regulated Natural Gas Segment | $1.05B+6.8% | $1.04B+9.5% | $995M-3.2% | $997M-25.0% | $981M-37.7% | |
| Electric fuel and purchased power by Business | ||||||
| Regulated Electric Segment | $3.96B+2.6% | $3.96B+4.6% | $3.96B+0.7% | $3.92B-0.5% | $3.86B-7.1% | |
| Regulated Natural Gas Segment | $0— | $0— | $0— | $0— | $0— | |
| Interest and Debt Expense by Business | ||||||
| Regulated Electric Segment | $932M+18.7% | $886M+15.5% | $830M+10.7% | $800M+11.3% | $785M+14.0% | |
| Regulated Natural Gas Segment | $129M+11.2% | $125M+10.6% | $119M+8.2% | $117M+11.4% | $116M+17.2% | |
| Utilities Operating Expense, Depreciation and Amortization by Business | ||||||
| Regulated Electric Segment | $2.55B+5.1% | $2.52B+6.4% | $2.48B+8.0% | $2.43B+8.9% | $2.43B+12.9% | |
| Regulated Natural Gas Segment | $425M+14.9% | $414M+15.6% | $404M+18.2% | $385M+14.8% | $370M+12.4% | |
| Operating and maintenance expenses by Business | ||||||
| Regulated Electric Segment | $2.25B+3.8% | $2.26B+7.4% | $2.21B+5.3% | $2.17B+5.1% | $2.17B+7.7% | |
| Regulated Natural Gas Segment | $426M+3.9% | $426M+4.2% | $420M+4.3% | $415M+4.0% | $410M+3.9% | |
| Equity Method Investments by Business | ||||||
| All Other | $707M— | $657M— | $614M— | —— | —— | |
| Regulated Natural Gas Segment | $321M— | $340M— | $344M— | —— | —— | |
| Revenue from contracts with customers by Product | ||||||
| Other | $237M+3.5% | $243M+1.7% | $259M+2.0% | $237M-9.9% | $229M-4.6% | |
| Retail | $12.23B+7.9% | $12.2B+9.8% | $11.85B+3.6% | $11.6B+1.5% | $11.33B-0.9% | |
| Transmission | $719M+8.6% | $705M+8.8% | $696M+8.1% | $683M+7.6% | $662M+2.8% | |
| Wholesale | $726M+7.1% | $715M+10.9% | $700M+3.9% | $686M-5.6% | $678M-11.3% |
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.
