Xcel Energy director granted stock unit award

XCEL ENERGY INC director Devin W. Stockfish received an equity award in the form of stock equivalent units.

Rhea-AI Filing Summary

XCEL ENERGY INC director Devin W. Stockfish received an equity award in the form of stock equivalent units. On 2026-05-21, he was granted 2,253.944 stock equivalent units, bringing his direct holdings to 7,798.052 stock equivalent units.

Each stock equivalent unit is the economic equivalent of one share of common stock and will be settled in common shares (with fractional units in cash) after his service as a director ends. The holdings include 99.248 stock equivalent units acquired through the reinvestment of dividend equivalents, making this a non-cash, compensation-related increase rather than an open-market purchase.

Insider Trade Summary

Grant/Award: 2,253.944 shares

Grant/Award 1 txn

Insider Stockfish Devin W

Role Director

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

Holdings After Transaction: Common Stock — 7,798.052 shares (Direct)

Footnotes (2)

1. F1. 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. F2. Includes 99.248 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Equity award granted: 2,253.944 stock equivalent units Holdings after grant: 7,798.052 stock equivalent units Dividend reinvestment units: 99.248 stock equivalent units +1 more

4 metrics

Equity award granted 2,253.944 stock equivalent units Grant on May 21, 2026

Holdings after grant 7,798.052 stock equivalent units Total direct holdings following transaction

Dividend reinvestment units 99.248 stock equivalent units Acquired via reinvested dividend equivalents

Transaction price $0.0000 per unit Indicates non-cash grant/award

Key Terms

stock equivalent units, dividend equivalents, grant, award, or other acquisition

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 99.248 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.

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did XCEL ENERGY INC director Devin Stockfish report on this Form 4 for XEL?

Devin W. Stockfish reported receiving 2,253.944 stock equivalent units as an equity award. These units increase his total direct holdings to 7,798.052 stock equivalent units, reflecting routine director compensation rather than an open-market share purchase.

Are Devin Stockfish’s new XCEL ENERGY stock equivalent units a market purchase of XEL shares?

No, the units are a grant, not a market purchase. The Form 4 classifies the transaction as a grant or award acquisition, with a price per unit of $0.0000, indicating non-cash compensation rather than buying shares in the open market.

How many XCEL ENERGY stock equivalent units does Devin Stockfish hold after this grant?

After the reported grant, Devin W. Stockfish holds 7,798.052 stock equivalent units directly. This total includes the 2,253.944 units awarded on May 21, 2026, and 99.248 units that were previously accumulated through the reinvestment of dividend equivalents.

When will Devin Stockfish’s XCEL ENERGY stock equivalent units be paid out?

Whole stock equivalent units will be paid in shares of XCEL ENERGY common stock after Devin W. Stockfish’s service as a director ends. Any fractional units will be paid in cash at that time, according to the footnote disclosure in the filing.

What are dividend equivalents in Devin Stockfish’s XCEL ENERGY Form 4 filing?

Dividend equivalents are credits that mirror dividends paid on XCEL ENERGY common stock and are reinvested into additional stock equivalent units. The filing notes that 99.248 of Devin W. Stockfish’s stock equivalent units were acquired through the reinvestment of these dividend equivalents.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/22/2026 - 04:04 PM Learn about SEC filing dates

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^*

Stockfish Devin W

(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	7,798.052(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 99.248 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Remarks:

	Kristin L. Westlund, Attorney in Fact for Devin Stockfish	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)