Xcel Energy Inc SEC Filings

Xcel Energy’s Colorado utility, Public Service Company of Colorado, has filed for a significant electric rate increase with state regulators. The company is asking the Colorado Public Utilities Commission to approve an additional $356 million in annual revenue, a 9.9% increase, or $526 million when including rider roll-ins. The request is built on a 9.8% return on equity, a 55% equity ratio, and a 2025 test year with a projected rate base of $13 billion.

The proposal is driven mainly by $294 million of distribution system investment, higher liability insurance of $65 million, additional operating costs of $51 million, and $49 million from changes in cost of capital, partly offset by $(120) million related to coal retirements. A decision and implementation of final rates are anticipated in the third quarter of 2026, and outcomes will depend on the regulatory process and identified risk factors.

Xcel Energy Inc., through its subsidiary Southwestern Public Service Company (SPS), has filed an electric rate case with the New Mexico Public Regulation Commission seeking a $175 million increase in base rate revenue, described as 16.7%. The request uses a future test year ending November 30, 2027 and is based on a proposed return on equity of 10.5%, an equity ratio of 56% and a New Mexico retail rate base of $3.9 billion.

The filing reflects significant retail revenue growth, continued capital investment to support the clean energy transition and load growth, and the planned roll-off of 100 megawatts of wholesale load in 2026. Key drivers of the request include capital investment of $133 million, a $148 million increase in allocation of assets and costs to New Mexico retail, $36 million of higher O&M expenses, $34 million from depreciation and amortization changes, and $28 million from a higher requested return on equity, partly offset by a $204 million impact from retail revenue growth. A commission decision and implementation of final rates are anticipated in the fourth quarter of 2026.

Xcel Energy’s Wisconsin utility, NSP‑Wisconsin, reported a verbal decision from the Public Service Commission of Wisconsin approving a multi‑year rate increase totaling $126 million for electric service and $22 million for natural gas. The decision reflects a 9.8% ROE and 52.5% equity ratio, compared with the company’s request based on a 10.0% ROE and 53.5% equity ratio.

For electric, the approved two‑year change is $126 million, split between $68 million in 2026 and an incremental $58 million in 2027. For natural gas, the approved two‑year change is $22 million, split between $18 million in 2026 and an incremental $4 million in 2027. Versus NSP‑Wisconsin’s filed request of $151 million (electric) and $24 million (gas), adjustments include reductions for capital investments, rate of return, O&M, and a nuclear decommissioning accrual update, partially offset by recovery of excess liability insurance deferrals. A final written PSCW order is expected in December 2025, with new rates effective in January 2026.

Xcel Energy (XEL) reported Q3 results with total revenue of $3.915 billion, up from $3.644 billion a year ago. Net income was $524 million versus $682 million, and diluted EPS was $0.88 compared with $1.21. Operating income declined to $749 million from $911 million, primarily due to a $287 million Marshall Wildfire litigation expense, alongside higher O&M and depreciation.

For the nine months, operating cash flow was $3.874 billion, while capital expenditures were $7.470 billion. Financing activity included $4.883 billion of long-term debt issuances and $1.151 billion from common stock. In October 2025, the company issued $900 million of 6.25% junior subordinated notes due 2085. Xcel amended and extended its revolving credit facilities to an aggregate $4.75 billion capacity (available $3.346 billion at Sept. 30, 2025). Common shares outstanding were 591,539,773 as of Oct. 28, 2025.

Xcel Energy Inc. filed a Form 8-K stating it released earnings results for the third quarter of 2025. The company furnished an Earnings Release as Exhibit 99.01 under Item 2.02.

Xcel Energy Inc. executed a Junior Subordinated Indenture dated October 1, 2025 and a Supplemental Indenture No. 1 dated October 7, 2025 that creates $900,000,000 aggregate principal amount of 6.25% Junior Subordinated Notes due 2085. Legal and tax opinions from Jones Day are included, and the filing contains the interactive cover page XBRL file. The filing is signed by Todd A. Wehner, Vice President and Treasurer.

This action documents the issuance framework for long‑dated subordinated notes carrying a fixed coupon of 6.25% and a final maturity in 2085, establishing a new long‑term liability class on the company’s capital structure.

Timothy A. Welsh, a director of Xcel Energy (XEL), received 473.007 stock-equivalent units as part of his director retainer on 09/28/2025. The grant consists of 394.173 units issued in lieu of a quarterly cash retainer at an attributable price of $79.28 per unit and 78.834 units granted at no cost as a 20% premium on that retainer. Of the total, 99.85 units were acquired through reinvestment of dividend equivalents. Following the reported transaction, Mr. Welsh beneficially owns 13,479.333 shares or share-equivalents.

The units are payable in whole shares after termination of service, with fractional units payable in cash, and the Form 4 was submitted by an attorney-in-fact on behalf of the reporting person.

Patricia L. Kampling, a director of Xcel Energy Inc. (XEL), received 363.269 stock-equivalent units on 09/28/2025 as director compensation. Of those units, 302.725 were granted in lieu of a quarterly cash retainer at a referenced unit price of $79.28 and 60.544 were granted at no cost as a 20% premium on the retainer amount. The total includes 68.25 units from reinvested dividend equivalents. After the reported grant, the filing shows beneficial ownership of 21,088.135 shares or share-equivalents. The Form 4 was executed by an attorney-in-fact and dated 09/30/2025.

Xcel Energy (XEL) prospectus supplement excerpt describes unsecured notes that include an issuer option to defer interest payments for up to 40 consecutive quarterly Interest Payment Periods (an "Optional Deferral Period"). During any Optional Deferral Period deferred interest will accrue additional interest, compounded quarterly, at a rate shown in the prospectus supplement (rate not shown in this excerpt). If interest is deferred for U.S. federal income tax purposes the deferred interest is treated as original issue discount, meaning holders taxable on a net income basis must include deferred interest in income before receiving cash. The notes rank equally in right of payment with future unsecured indebtedness but are effectively subordinated to any secured debt and structurally subordinated to obligations of Xcel Energy's subsidiaries. As of June 30, 2025, Xcel Energy reported approximately $7.5 billion of outstanding Senior Indebtedness and its operating subsidiaries reported approximately $45.7 billion of indebtedness. The excerpt also contains interim financial line amounts and other offering mechanics and tax withholding rules for non-U.S. holders.