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Xcel Energy XEL Regulatory assets

Regulatory assets at other companies

MDU Resources Group logo
MDU Resources GroupMDU
$190.68M+33.0%
Nextra Energy logo
Nextra EnergyNEE
$448M-59.9%
WEC Energy Group logo
WEC Energy GroupWEC
$72.3M-14.4%
BKH
Black HillsBKH
$122.6M-5.2%
MGE Energy logo
MGE EnergyMGEE
$11M+36.9%
Duke Energy logo
Duke EnergyDUK
$2.27B-14.8%

Other financials

Income statement

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Operating income$754.0M+11.4%
Net income$556.0M+15.1%
EPS (diluted)$0.89+6.0%

Balance sheet

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Cash & equivalents$1.8B+56.7%
Total debt$39.2B+21.2%
Total equity$23.8B+20.2%
Total assets$84.8B+16.6%

Cash flow

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Operating cash flow$1.7B+65.1%
CapEx$3.0B+52.0%
Free cash flow-$1.3B-38.0%

Valuation

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Market cap$50.13B+30.9%
Enterprise value$87.61B+24.8%
P/E24×+5.5×
P/S4.3×

Profitability

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Gross margin66.6%
Operating margin17.2%
Net margin11.1%
FCF margin-9.5%

Returns & leverage

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Return on equity9.6%-0.7pp
Debt / equity1.6×0.0×
Current ratio0.8×0.0×

Where this comes from

Reported directly by Xcel Energy in its filing.

Tagged under the XBRL concept us-gaap:RegulatoryAssetsCurrent.

The official record: Xcel Energy’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Xcel Energy's regulatory assets?
Xcel Energy (XEL) reported regulatory assets of $482M in Q1 2026.
How has Xcel Energy's regulatory assets changed year-over-year?
Xcel Energy's regulatory assets decreased by 23.1% year-over-year, from $627M to $482M.
What is the long-term trend for Xcel Energy's regulatory assets?
Over 5 years (2020 to 2025), Xcel Energy's regulatory assets has grown at a -3.7% compound annual growth rate (CAGR), from $640M to $529M.
What does regulatory assets mean?
These are costs that a utility has incurred but is permitted by regulators to defer and recover from customers through future rates. This unique accounting treatment reflects the regulatory compact where utilities are compensated for prudent investments and expenses. It is a key indicator of the company's future revenue streams guaranteed by regulatory commissions.