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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment information and reconciliation to Xcel Energy’s consolidated net income:
|  | Three Months Ended Sept. 30, 2025
(Millions of Dollars) |  | Regulated electric utility |  | Regulated natural gas utility |  | Total segments
Operating revenues |  | $ | 3,638 |  |  | $ | 264 |  |  | $ | 3,902 |
Intersegment revenue |  | — |  |  | 8 |  |  | 8 |
Total segment revenues |  | 3,638 |  |  | 272 |  |  | 3,910 |
Electric fuel and purchased power |  | 1,098 |  |  | — |  |  | 1,098 |
Cost of natural gas sold and transported |  | — |  |  | 61 |  |  | 61 |
O&M expenses |  | 582 |  |  | 105 |  |  | 687 |
Depreciation and amortization |  | 640 |  |  | 106 |  |  | 746 |
Other segment expenses, net |  | 443 |  |  | 28 |  |  | 471 |
Interest charges and financing costs |  | 228 |  |  | 31 |  |  | 259 |
Income tax expense (benefit) |  | 55 |  |  | (20) |  |  | 35 |
Net income (loss) |  | $ | 592 |  |  | $ | (39) |  |  | $ | 553 |
Total segment net income |  |  |  |  |  | $ | 553 |
Non-segment net loss |  |  |  |  |  | (29) |
Consolidated net income |  |  |  |  |  | $ | 524 |
|  | Three Months Ended Sept. 30, 2024
(Millions of Dollars) |  | Regulated electric utility |  | Regulated natural gas utility |  | Total segments
Operating revenues |  | $ | 3,393 |  |  | $ | 239 |  |  | $ | 3,632 |
Electric fuel and purchased power |  | 1,060 |  |  | — |  |  | 1,060 |
Cost of natural gas sold and transported |  | — |  |  | 63 |  |  | 63 |
O&M expenses |  | 540 |  |  | 100 |  |  | 640 |
Depreciation and amortization |  | 591 |  |  | 87 |  |  | 678 |
Other segment expenses, net |  | 197 |  |  | 14 |  |  | 211 |
Interest charges and financing costs |  | 198 |  |  | 29 |  |  | 227 |
Income tax expense (benefit) |  | 55 |  |  | (18) |  |  | 37 |
Net income (loss) |  | $ | 752 |  |  | $ | (36) |  |  | $ | 716 |
Total segment net income |  |  |  |  |  | $ | 716 |
Non-segment net loss |  |  |  |  |  | (34) |
Consolidated net income |  |  |  |  |  | $ | 682 |
|  | Nine Months Ended Sept. 30, 2025
(Millions of Dollars) |  | Regulated electric utility |  | Regulated natural gas utility |  | Total segments
Operating revenues |  | $ | 9,351 |  |  | $ | 1,715 |  |  | $ | 11,066 |
Intersegment revenue |  | — |  |  | 19 |  |  | 19 |
Total segment revenues |  | 9,351 |  |  | 1,734 |  |  | 11,085 |
Electric fuel and purchased power |  | 3,036 |  |  | — |  |  | 3,036 |
Cost of natural gas sold and transported |  | — |  |  | 708 |  |  | 708 |
O&M expenses |  | 1,704 |  |  | 316 |  |  | 2,020 |
Depreciation and amortization |  | 1,883 |  |  | 306 |  |  | 2,189 |
Other segment expenses, net |  | 770 |  |  | 112 |  |  | 882 |
Interest charges and financing costs |  | 645 |  |  | 92 |  |  | 737 |
Income tax (benefit) expense |  | (88) |  |  | 37 |  |  | (51) |
Net income |  | $ | 1,401 |  |  | $ | 163 |  |  | $ | 1,564 |
Total segment net income |  |  |  |  |  | $ | 1,564 |
Non-segment net loss |  |  |  |  |  | (113) |
Consolidated net income |  |  |  |  |  | $ | 1,451 |
|  | Nine Months Ended Sept. 30, 2024
(Millions of Dollars) |  | Regulated electric utility |  | Regulated natural gas utility |  | Total segments
Operating revenues |  | $ | 8,737 |  |  | $ | 1,535 |  |  | $ | 10,272 |
Intersegment revenue |  | 1 |  |  | 1 |  |  | 2 |
Total segment revenues |  | 8,738 |  |  | 1,536 |  |  | 10,274 |
Electric fuel and purchased power |  | 2,863 |  |  | — |  |  | 2,863 |
Cost of natural gas sold and transported |  | — |  |  | 664 |  |  | 664 |
O&M expenses |  | 1,596 |  |  | 306 |  |  | 1,902 |
Depreciation and amortization |  | 1,772 |  |  | 260 |  |  | 2,032 |
Other segment expenses, net |  | 547 |  |  | 67 |  |  | 614 |
Interest charges and financing costs |  | 582 |  |  | 86 |  |  | 668 |
Income tax (benefit) expense |  | (85) |  |  | 28 |  |  | (57) |
Net income |  | $ | 1,463 |  |  | $ | 125 |  |  | $ | 1,588 |
Total segment net income |  |  |  |  |  | $ | 1,588 |
Non-segment net loss |  |  |  |  |  | (116) |
Consolidated net income |  |  |  |  |  | $ | 1,472 |
Equity method investments in the regulated natural gas utility segment of $90 million and $85 million at Sept. 30, 2025 and Dec. 31, 2024, respectively, primarily relate to WYCO. Non-segment equity method investments of $149 million and $161 million as of Sept. 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 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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