Every 424B that Xcel Energy, Inc. (XEL) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow XEL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full XEL filings page.
Xcel Energy Inc. proposes to offer and sell up to $4,300,000,000 of common stock from time to time pursuant to an equity distribution agreement, including through "at-the-market" sales and structured forward transactions.
The prospectus supplement describes two forward structures: initially priced forward transactions and collared forward transactions, each of which may involve borrowed shares, prepayments, price collars, and settlement mechanics that can result in cash proceeds, share issuance, or cash/share obligations depending on election and market outcomes. The company noted $1.480 billion of consolidated short-term borrowings as of March 31, 2026 and disclosed a commission cap of 1.00% per share; the last reported sale price was $82.95 on April 30, 2026.
Xcel Energy Inc. is offering $800,000,000 of 5.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056.
The notes bear interest at 5.75% from the original issue date March 3, 2026 through the First Reset Date December 3, 2031, then reset every five years to the Five-Year U.S. Treasury Rate plus 2.168% (floor of 5.75%). Xcel may defer interest payments for up to twenty consecutive semi-annual periods, and the notes rank junior to senior indebtedness. Net proceeds, estimated at approximately $789,500,000, are intended to repay short-term borrowings including commercial paper and for general corporate purposes.
Xcel Energy filed a preliminary prospectus supplement subject to completion to offer a series of fixed-to-fixed reset rate junior subordinated notes due December 3, 2056. The notes bear an initial fixed rate until the First Reset Date (December 3, 2031), then reset every five years by reference to the Five-Year U.S. Treasury Rate plus a spread, with a floor equal to the initial rate.
The notes pay interest semiannually on June 3 and December 3, beginning June 3, 2026, may be deferred by the issuer for up to 20 consecutive semi-annual Interest Payment Periods per election, and are subordinated to Xcel Energy’s Senior Indebtedness. The offering is a new issue with no listing planned and proceeds are intended to repay short-term borrowings, including commercial paper.