XCEL Energy (XEL) director Megan Burkhart receives stock equivalent unit grant

Rhea-AI Filing Summary

XCEL ENERGY INC director Megan D. Burkhart received a grant of stock equivalent units. On this Form 4, she was awarded 2,253.944 stock equivalent units of common stock at no cost, bringing her direct holdings to 23,256.888 stock equivalent units.

The units are economically equivalent to common shares and will generally be settled in common stock after her service as a director ends, with any fractional units paid in cash. The new total includes 148.616 stock equivalent units that were acquired through reinvested dividend equivalents.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Burkhart Megan D

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,253.944	$0.00	--

Holdings After Transaction: Common Stock — 23,256.888 shares (Direct, null)

Footnotes (1)

1. Represents stock equivalent units. Each stock equivalent unit is the economic equivalent of one share of common stock. Whole stock equivalent units are payable in shares of common stock following termination of the reporting person's service as a director, and fractional units are payable at such time in cash. Includes 148.616 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units granted: 2,253.944 units Holdings after transaction: 23,256.888 units Dividend reinvestment units: 148.616 units +1 more

4 metrics

Stock equivalent units granted 2,253.944 units Award of common stock equivalent units to director

Holdings after transaction 23,256.888 units Total stock equivalent units directly held after award

Dividend reinvestment units 148.616 units Portion of holdings from reinvested dividend equivalents

Grant price per unit $0.0000 per unit Compensation grant, not a market purchase

Key Terms

stock equivalent units, dividend equivalents, Common Stock

3 terms

stock equivalent units financial

"Represents stock equivalent units. Each stock equivalent unit is the economic equivalent of one share of common stock."

Stock equivalent units are financial claims or instruments that are treated as if they were actual shares for purposes like calculating ownership, dilution, and earnings per share. Think of them as promises or placeholders for future slices of company pie—options, restricted units, or convertible securities—that don’t yet sit on the table but will reduce each existing slice when converted. Investors track them because they change how much of a company each share really represents and can affect valuation and voting power.

dividend equivalents financial

"Includes 148.616 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents."

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

Common Stock financial

"Each stock equivalent unit is the economic equivalent of one share of common stock."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Burkhart Megan D

(Last) (First) (Middle)

414 NICOLLET MALL

(Street)

MINNEAPOLIS MINNESOTA 55401

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
XCEL ENERGY INC [ XEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/21/2026		A		2,253.944(1)	A	$0	23,256.888(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents stock equivalent units. Each stock equivalent unit is the economic equivalent of one share of common stock. Whole stock equivalent units are payable in shares of common stock following termination of the reporting person's service as a director, and fractional units are payable at such time in cash.

2. Includes 148.616 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Remarks:

	Kristin L. Westlund, Attorney in Fact for Megan D. Burkhart	05/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did XCEL ENERGY INC (XEL) report for Megan D. Burkhart?

XCEL ENERGY INC reported that director Megan D. Burkhart received a grant of 2,253.944 stock equivalent units. These are compensation-related awards, not an open-market purchase or sale, and they increase her direct holdings in stock-based units tied to common shares.

How many stock equivalent units does Megan D. Burkhart now hold at XCEL ENERGY INC (XEL)?

After the reported award, Megan D. Burkhart directly holds 23,256.888 stock equivalent units. These units track the value of XCEL ENERGY INC common stock and are generally payable in shares of common stock after her service as a director ends.

What are stock equivalent units in the XCEL ENERGY INC (XEL) Form 4 filing?

Stock equivalent units are awards that are economically equivalent to one share of XCEL ENERGY INC common stock. Whole units are payable in shares after the director’s service terminates, while any fractional units are settled in cash at that time, according to the filing.

Did Megan D. Burkhart buy or sell XCEL ENERGY INC (XEL) stock on the market?

The Form 4 shows a grant of stock equivalent units to Megan D. Burkhart, not a market trade. The transaction code is a grant or award, with a price of $0.0000 per unit, indicating compensation rather than an open-market purchase or sale.

How many XCEL ENERGY INC (XEL) units came from dividend reinvestment for Megan D. Burkhart?

The filing notes that Megan D. Burkhart’s holdings include 148.616 stock equivalent units acquired through reinvestment of dividend equivalents. These dividend equivalents are credited in unit form instead of being paid out in cash, increasing her stock-based compensation position slightly over time.