Xcel Energy (XEL) EVP Long gets stock grant and withholds shares for taxes

Rhea-AI Filing Summary

Xcel Energy EVP Ryan J. Long reported equity compensation activity involving restricted stock units and performance share units. On February 24, 2026, 1,127.357 restricted stock units were exercised and converted into common stock, consistent with the one-for-one settlement described.

He also acquired 4,322 shares of common stock as a grant or award and received 1,127.357 shares from the derivative settlement, bringing his direct common stock holdings to 16,916.251 shares before tax withholding. To cover tax obligations on these performance and restricted share settlements, 1,725.357 shares were withheld at $83.35 per share, leaving 15,190.894 shares held directly.

Footnotes explain these transactions relate to settlement of performance share unit awards for the 2023–2025 period, including additional units from reinvested dividend equivalents. Separately, 1,919.802 shares are held indirectly in the Xcel Energy Stock Fund under the company’s 401(k) Savings Plan as of a statement dated February 20, 2026.

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

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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^*

Long Ryan J.

(Last) (First) (Middle)

414 NICOLLET MALL

(Street)

MINNEAPOLIS MN 55401

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Legal and

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

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

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

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

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	02/24/2026		A		4,322(1)	A	$0	15,788.894	D
Common Stock	02/24/2026		M		1,127.357	A	(2)	16,916.251	D
Common Stock	02/24/2026		F		1,725.357(3)	D	$83.35	15,190.894	D
Common Stock								1,919.802(4)	I	401(k)

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
Restricted Stock Units	(2)	02/24/2026		M			1,127.357(5)	(6)	(6)	Common Stock	1,127.357	$0	0	D

Explanation of Responses:

1. Represents the settlement of performance share unit awards for the 2023-2025 performance period.

2. Restricted stock units are settled in common stock on a one-for-one basis.

3. Represents the withholding of shares to satisfy tax obligations upon the settlement of the 2023-2025 performance share unit awards and restricted stock unit awards. Fractional share interests were settled in cash.

4. Shares held in the Xcel Energy Stock Fund under the Xcel Energy 401(k) Savings Plan as of a plan statement dated February 20, 2026.

5. Number of units shown reflects 103.357 additional units as a result of the reinvestment of dividend equivalents since the original grant.

6. Award vested on December 31, 2025 but was settled in shares of common stock on February 24, 2026.

	Kristin L. Westlund, Attorney in Fact for Ryan Long	02/26/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did XEL executive Ryan J. Long report on this Form 4?

Ryan J. Long reported equity compensation activity, including exercising 1,127.357 restricted stock units into common stock and receiving a 4,322-share common stock grant. He also had shares withheld to cover tax obligations tied to these awards, with no open-market purchases or sales disclosed.

How many Xcel Energy (XEL) shares does Ryan J. Long hold after these transactions?

After these transactions, Ryan J. Long directly holds 15,190.894 shares of Xcel Energy common stock. In addition, 1,919.802 shares are held indirectly through the Xcel Energy Stock Fund in the company’s 401(k) Savings Plan, based on a plan statement dated February 20, 2026.

Were any Xcel Energy (XEL) shares sold on the market in this Form 4 filing?

The filing shows no open-market sale. Instead, 1,725.357 shares of common stock were withheld at $83.35 per share to satisfy tax obligations on settled performance share unit and restricted stock unit awards, a common non-market mechanism for covering related tax liabilities.

What equity awards for Xcel Energy (XEL) did Ryan J. Long settle or receive?

The filing describes settlement of performance share unit awards for the 2023–2025 performance period and restricted stock units that convert one-for-one into common stock. He also received a separate 4,322-share common stock grant classified as a grant, award, or other acquisition.

How are dividend equivalents reflected in Ryan J. Long’s XEL performance awards?

The number of performance-related units includes 103.357 additional units from reinvested dividend equivalents since the original grant. This means dividends paid during the performance period were converted into additional units, increasing the final share count delivered upon award settlement.

When did the Xcel Energy (XEL) performance share award vest and settle for Ryan J. Long?

The performance share unit award vested on December 31, 2025, but was settled in shares of Xcel Energy common stock on February 24, 2026. This timing aligns with the reported Form 4 transactions and associated tax-withholding share disposition on that same settlement date.