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Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
Segment information and reconciliation to Xcel Energy’s consolidated net income:
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 
Three Months Ended June 30, 2024
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$2,659 $355 $3,014 
Electric fuel and purchased power855 — 855 
Cost of natural gas sold and transported— 118 118 
O&M expenses553 101 654 
Depreciation and amortization612 87 699 
Other segment expenses, net161 19 180 
Interest charges and financing costs198 30 228 
Income tax benefit(73)(3)(76)
Net income$353 $3 $356 
Total segment net income$356 
Non-segment net loss(54)
Consolidated net income$302 
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 
Six Months Ended June 30, 2024
(Millions of Dollars)Regulated electric utilityRegulated natural gas utilityTotal segments
Operating revenues$5,344 $1,296 $6,640 
Intersegment revenue1 1 2 
Total segment revenues5,345 1,297 6,642 
Electric fuel and purchased power1,803 — 1,803 
Cost of natural gas sold and transported— 601 601 
O&M expenses1,056 206 1,262 
Depreciation and amortization1,181 173 1,354 
Other segment expenses, net350 53 403 
Interest charges and financing costs384 57 441 
Income tax (benefit) expense(140)46 (94)
Net income$711 $161 $872 
Total segment net income$872 
Non-segment net loss(82)
Consolidated net income$790 
Equity method investments in the regulated natural gas utility segment of $84 million and $85 million at June 30, 2025 and Dec. 31, 2024, respectively, primarily relate to WYCO. Non-segment equity method investments of $148 million and $161 million as of June 30, 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, net, earnings from equity method investments, intersegment expenses and AFUDC - equity.