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Segment Information
 9 Months Ended
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 utilityRegulated natural gas utilityTotal segments
Operating revenues$3,638 $264 $3,902 
Intersegment revenue— 8 8 
Total segment revenues3,638 272 3,910 
Electric fuel and purchased power1,098 — 1,098 
Cost of natural gas sold and transported— 61 61 
O&M expenses582 105 687 
Depreciation and amortization640 106 746 
Other segment expenses, net443 28 471 
Interest charges and financing costs228 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 utilityRegulated natural gas utilityTotal segments
Operating revenues$3,393 $239 $3,632 
Electric fuel and purchased power1,060 — 1,060 
Cost of natural gas sold and transported— 63 63 
O&M expenses540 100 640 
Depreciation and amortization591 87 678 
Other segment expenses, net197 14 211 
Interest charges and financing costs198 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 utilityRegulated natural gas utilityTotal segments
Operating revenues$9,351 $1,715 $11,066 
Intersegment revenue— 19 19 
Total segment revenues9,351 1,734 11,085 
Electric fuel and purchased power3,036 — 3,036 
Cost of natural gas sold and transported— 708 708 
O&M expenses1,704 316 2,020 
Depreciation and amortization1,883 306 2,189 
Other segment expenses, net770 112 882 
Interest charges and financing costs645 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 utilityRegulated natural gas utilityTotal segments
Operating revenues$8,737 $1,535 $10,272 
Intersegment revenue1 1 2 
Total segment revenues8,738 1,536 10,274 
Electric fuel and purchased power2,863 — 2,863 
Cost of natural gas sold and transported— 664 664 
O&M expenses1,596 306 1,902 
Depreciation and amortization1,772 260 2,032 
Other segment expenses, net547 67 614 
Interest charges and financing costs582 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.