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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information
Segment information and reconciliation to Xcel Energy’s consolidated net income:
Three Months Ended March 31, 2025
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$2,835 $1,055 $3,890 
Intersegment revenue— 5 5 
Total segment revenues2,835 1,060 3,895 
Electric fuel and purchased power1,020 — 1,020 
Cost of natural gas sold and transported— 513 513 
O&M expenses567 106 673 
Depreciation and amortization625 99 724 
Other segment expenses, net172 56 228 
Interest charges and financing costs204 30 234 
Income tax (benefit) expense(95)61 (34)
Net income$342 $195 $537 
Total segment net income$537 
Non-segment net loss(54)
Consolidated net income$483 
Three Months Ended March 31, 2024
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$2,685 $941 $3,626 
Intersegment revenue1 1 2 
Total segment revenues2,686 942 3,628 
Electric fuel and purchased power948 — 948 
Cost of natural gas sold and transported— 483 483 
O&M expenses503 105 608 
Depreciation and amortization568 87 655 
Other segment expenses, net190 33 223 
Interest charges and financing costs186 27 213 
Income tax (benefit) expense(67)49 (18)
Net income$358 $158 $516 
Total segment net income$516 
Non-segment net loss(28)
Consolidated net income$488 
Equity method investments in the regulated natural gas utility segment of $85 million at both March 31, 2025 and Dec. 31, 2024, primarily relate to WYCO. Non-segment equity method investments of $156 million and $161 million as of March 31, 2025 and Dec. 31, 2024, 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 conservation and DSM expenses, taxes (other than income taxes), other income (expense), net, earnings from equity method investments, intersegment expenses and AFUDC - equity.