Xcel Energy Inc. filings document the regulatory record of a public utility holding company and its electric and natural gas utility subsidiaries. The filings cover operating and financial results, common stock and registered note securities, subsidiary registrants including Northern States Power, Public Service Company of Colorado and Southwestern Public Service Company, and material events reported on Form 8-K.
Company disclosures include proxy materials for annual shareholder voting, board and committee governance, executive compensation matters, debt and liquidity arrangements, equity distribution programs, junior subordinated notes, first mortgage bond transactions and other capital-structure activity. The record also identifies Nasdaq-listed securities under XEL and XELLL and provides formal disclosures tied to utility operations, financing, governance and risk oversight.
Xcel Energy (XEL) Chairman, President and CEO Robert Frenzel reported gifts of 1,350 shares to a donor-advised fund and 142,288 shares to the Robert C. Frenzel Jr. Revocable Trust on November 4, 2026. The trust held 142,288 shares after the transfer; Frenzel is its trustee and sole beneficiary and remains the beneficial owner of the trust-held shares.
Xcel Energy Inc. (XEL) issued $2.5 billion aggregate principal amount of 2.625% Convertible Senior Notes due 2027 on November 5, 2026, including $300 million issued after the initial purchasers exercised their option in full. The notes bear interest at 2.625% per year, payable semiannually in arrears on June 15 and December 15, beginning June 15, 2027. They mature December 15, 2027 unless earlier repurchased or converted; Xcel cannot redeem them before maturity, and no sinking fund is provided.
The initial conversion rate is 11.4596 common shares per $1,000 principal amount, equivalent to an initial conversion price of approximately $87.26 per share. Initially, a maximum of 31,513,750 shares may be issued using a maximum conversion rate of 12.6055 shares per $1,000, subject to anti-dilution adjustments. Xcel will pay cash up to principal upon conversion and may settle any excess conversion obligation in cash, shares or both, at its election. The notes are senior unsecured obligations, equal in payment priority to Xcel’s unsecured debt that is not subordinated; they are effectively junior to secured debt to the extent of collateral value and structurally junior to subsidiary liabilities. After a Fundamental Change other than an Exempted Fundamental Change, holders may require cash repurchase at 100% of principal plus accrued and unpaid interest.
Xcel Energy priced a private offering of $2,200,000,000 aggregate principal amount of 2.625% convertible senior notes due 2027, up from the previously announced $2,000,000,000. Initial purchasers may buy up to another $300,000,000 during a 13-day period beginning when the notes are first issued. The sale is expected to close November 5, 2026, subject to customary closing conditions. Expected net proceeds are approximately $2,178,500,000, or $2,476,250,000 if the option is exercised in full; Xcel Energy intends to use proceeds to repay short-term borrowings and for general corporate purposes.
The notes are senior unsecured obligations, bear 2.625% annual interest payable semiannually beginning June 15, 2027, and mature December 15, 2027, unless earlier converted or repurchased. The initial conversion rate is 11.4596 common shares per $1,000 principal amount, equivalent to an approximately $87.26 conversion price. Before September 15, 2027, conversion is available only upon certain conditions and during certain periods; from that date, holders may convert until the close of business on the second scheduled trading day before maturity. Subject to conditions, holders may require cash repurchase at 100% of principal following a fundamental change.
Xcel Energy Inc. (XEL) intends to offer $2 billion in aggregate principal amount of convertible senior notes due 2027 in a private placement, subject to market and other conditions. The company expects to grant the initial purchasers an option to buy up to an additional $300 million, for settlement within a 13-day period beginning on and including the date the notes are first issued.
Xcel Energy intends to use the proceeds to repay short-term borrowings, including portions of its commercial paper borrowings and borrowings under its 364-day delayed draw term loan agreement, and for other general corporate purposes. The notes will be senior unsecured obligations, with interest payable semiannually in arrears. Holders may convert them upon satisfaction of certain conditions and during certain periods; Xcel Energy will pay cash up to the principal amount converted and may settle any excess conversion obligation in cash, common shares, or a combination. Final terms, including the initial conversion price and interest rate, will be determined at pricing.
Xcel Energy Inc. (XEL) entered into an equity distribution agreement under which it may offer and sell common stock with an aggregate gross sales price of up to $6,000,000,000 through sales agents and forward sellers. Xcel Energy will pay sales agents commissions of up to 1.00% on shares sold through them as agents.
The agreement also permits initially priced and collared forward transactions. Xcel Energy expects proceeds from physical settlement of initially priced forwards; cash or net-share settlement may yield no proceeds and may require the company to pay cash or deliver shares. The May 1, 2026 agreement was terminated with shares having approximately $448.6 million in aggregate offering price unsold. Forward-sale agreements under it covering shares with an aggregate offering price of approximately $3.8 billion remain outstanding after its termination. Shares with an aggregate offering price of approximately $2.2 billion are subject to outstanding forward-sale agreements entered under an August 1, 2025 agreement, which was terminated before the May 2026 agreement.
Xcel Energy Inc. may offer and sell common stock with an aggregate gross sales price of up to $6,000,000,000 from time to time through sales agents, directly to agents acting as principals, and through forward transactions. Sales may be at-the-market or negotiated; sales-agent commissions are capped at 1.00% of sales price. Xcel expects to use net proceeds for general corporate purposes, including repaying or refinancing short-term borrowings and contributing to operating subsidiaries for capital expenditures or short-term debt. Consolidated short-term borrowings were approximately $3.1 billion as of September 30, 2026.
Sales of borrowed shares by forward sellers initially generate no proceeds for Xcel; Xcel expects proceeds from initially priced forwards at physical settlement, while cash or net-share settlement can reduce or eliminate them. Collared forwards include prepayment and physical-settlement terms with floor and cap prices. Separately, NSP-Wisconsin announced agreements in October 2026 to sell approximately $150.0 million of Michigan electric and gas assets to Upper Peninsula Power Company and SEMCO ENERGY Gas Company, subject to regulatory approvals; closing is anticipated in 2027.
Xcel Energy Inc. (XEL) reported third-quarter 2026 operating revenues of $4.172 billion, compared with $3.915 billion a year earlier, and net income of $960 million, versus $524 million. GAAP diluted earnings per share were $1.52, compared with $0.88; ongoing diluted EPS, a non-GAAP measure, was $1.52 versus $1.24. Xcel attributed the change in ongoing EPS primarily to increased recovery of electric infrastructure investments, earnings on equity-method investments and unseasonably warm weather, partially offset by higher financing costs.
The net-income comparison includes a $287 million Marshall Wildfire litigation charge in third-quarter 2025. For the nine months ended September 30, 2026, PSCo recorded an $18 million net reduction in operating expenses, primarily from an increased estimated insurance recovery. Xcel's nine-month operating cash flow was $4.868 billion and capital/construction expenditures were $9.255 billion. It issued 0.5 million common shares through ATM cash transactions for $38 million in net proceeds and physically settled forward-sale agreements involving 10.0 million shares, generating $781 million in cash proceeds and incurring $5.1 million in transaction fees.
Xcel Energy Inc. (XEL) reported third-quarter 2026 GAAP net income of $960 million, or $1.52 per diluted share, compared with $524 million and $0.88 in 2025. Ongoing earnings were $961 million, or $1.52 per share, versus $737 million and $1.24. Total operating revenue was $4.172 billion, up from $3.915 billion. Xcel said increased recovery of electric infrastructure investments, equity-method earnings and unseasonably warm weather were partly offset by higher financing costs.
Xcel narrowed 2026 ongoing EPS guidance to $4.10 to $4.16 per share from original guidance of $4.04 to $4.16, and initiated 2027 guidance of $4.48 to $4.62. Its long-term objectives include annual EPS growth of 6% to 8+% and dividend growth of 4% to 6%. The 2027–2031 base capital expenditure forecast is $70 billion. Current estimated financing for that period lists $35.81 billion from operations, $26.19 billion of new debt and $8 billion of equity issuances; financing plans are subject to change.
Xcel Energy Inc. reported that its wholly owned subsidiary, Northern States Power Company, filed a proposed Electric Customer Rate Stability Plan with the Minnesota Public Utilities Commission as an alternative to its planned upcoming electric rate case. The plan would freeze customer base rates for calendar years 2027 and 2028.
It also proposes accelerated recognition over two years of federal Investment Tax Credit benefits tied to five battery storage projects, to offset the incremental revenue requirement from ongoing necessary capital improvements, and continuation of true-up and tracker mechanisms approved in the subsidiary’s most recent electric rate case. A commission decision has been requested by January 2027.
Xcel Energy Inc (XEL) director Peter W. Carter acquired 403.638 stock equivalent units on September 28, 2026. The units are payable in whole common shares after his service as a director ends; fractional units are payable in cash then. Of the award, 336.365 units were granted at $69.80 per unit in lieu of his quarterly cash retainer, and 67.273 units were granted at no cost as a 20% premium. His reported direct position following the transaction was 2,222 shares.