v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
Segment information and reconciliation to Xcel Energy’s consolidated net income:
Three Months Ended June 30, 2026
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$2,740 $365 $3,105 
Intersegment revenue1 4 5 
Total segment revenues2,741 369 3,110 
Electric fuel and purchased power678 — 678 
Cost of natural gas sold and transported— 93 93 
O&M expenses572 106 678 
Depreciation and amortization546 111 657 
Other segment expenses, net140 23 163 
Interest charges and financing costs265 35 300 
Income tax benefit(58)(6)(64)
Net income$598 $7 $605 
Total segment net income$605 
Non-segment net loss(19)
Consolidated net income$586 
Three Months Ended June 30, 2025
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$2,878 $396 $3,274 
Intersegment revenue— 6 6 
Total segment revenues2,878 402 3,280 
Electric fuel and purchased power918 — 918 
Cost of natural gas sold and transported— 134 134 
O&M expenses554 106 660 
Depreciation and amortization617 102 719 
Other segment expenses, net156 27 183 
Interest charges and financing costs213 31 244 
Income tax benefit(48)(4)(52)
Net income$468 $6 $474 
Total segment net income$474 
Non-segment net loss(30)
Consolidated net income$444 
Six Months Ended June 30, 2026
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$5,716 $1,395 $7,111 
Intersegment revenue1 8 9 
Total segment revenues5,717 1,403 7,120 
Electric fuel and purchased power1,697 — 1,697 
Cost of natural gas sold and transported— 613 613 
O&M expenses1,130 212 1,342 
Depreciation and amortization1,199 221 1,420 
Other segment expenses, net284 65 349 
Interest charges and financing costs515 69 584 
Income tax (benefit) expense (135)46 (89)
Net income$1,027 $177 $1,204 
Total segment net income$1,204 
Non-segment net loss(62)
Consolidated net income$1,142 
Six Months Ended June 30, 2025
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$5,713 $1,451 $7,164 
Intersegment revenue— 11 11 
Total segment revenues5,713 1,462 7,175 
Electric fuel and purchased power1,938 — 1,938 
Cost of natural gas sold and transported— 647 647 
O&M expenses1,122 211 1,333 
Depreciation and amortization1,243 200 1,443 
Other segment expenses, net327 84 411 
Interest charges and financing costs417 61 478 
Income tax (benefit) expense (143)57 (86)
Net income$809 $202 $1,011 
Total segment net income$1,011 
Non-segment net loss(84)
Consolidated net income$927 
Equity method investments in the regulated natural gas utility segment of $69 million and $81 million at June 30, 2026 and Dec. 31, 2025, respectively, primarily relate to WYCO. Non-segment equity method investments of $252 million and $204 million as of June 30, 2026 and Dec. 31, 2025, respectively, relate to investments in energy technology funds.
Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment.
Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.
Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
Other segment expenses, net, for the reportable segments includes wildfire litigation expense, conservation and DSM expenses, taxes (other than income taxes), other income, net, earnings from equity method investments, intersegment expenses and AFUDC - equity.