Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding.

Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled.

Common Stock Equivalents — Common stock equivalents include commitments to issue common stock related to forward equity agreements, collared forward equity agreements and time-based equity compensation awards. To the extent dilutive, these items are included in diluted shares outstanding using the treasury stock method.

Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted.

Share-based compensation arrangements for which there is currently no dilutive impact to EPS include equity and liability awards subject to a performance condition.

Common shares outstanding used in the basic and diluted EPS computation:


	Three Months Ended Sept. 30		Nine Months Ended Sept. 30
(Shares in Millions)	2026	2025	2026	2025
Basic	629	592	626	584
Diluted (a)	632	595	629	587

(a)Diluted common shares outstanding included common stock equivalents of 3.3 million and 3.1 million for the three months ended Sept. 30, 2026 and 2025, respectively. Diluted common shares outstanding included common stock equivalents of 2.5 million and 2.2 million for the nine months ended Sept. 30, 2026 and 2025, respectively.