[Form 4] XCEL ENERGY INC Insider Trading Activity

Rhea-AI Filing Summary

Patricia L. Kampling, a director of Xcel Energy Inc. (XEL), received 363.269 stock-equivalent units on 09/28/2025 as director compensation. Of those units, 302.725 were granted in lieu of a quarterly cash retainer at a referenced unit price of $79.28 and 60.544 were granted at no cost as a 20% premium on the retainer amount. The total includes 68.25 units from reinvested dividend equivalents. After the reported grant, the filing shows beneficial ownership of 21,088.135 shares or share-equivalents. The Form 4 was executed by an attorney-in-fact and dated 09/30/2025.

Positive

• Equity alignment: Director compensation granted as stock-equivalent units aligns interests with shareholders.
• Dividend reinvestment: 68.25 units acquired via reinvested dividend equivalents, indicating reinvestment policy participation.
• Transparent breakdown: Filing explains that 302.725 units replaced cash retainer at a referenced price and 60.544 units were a 20% premium granted at no cost.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR Director compensation in equity aligns pay with shareholder interests; this appears to be a routine grant tied to retainer and dividend reinvestment.

The reported grant comprises stock-equivalent units paid in shares upon termination and fractional units payable in cash. A large portion (302.725 units) substituted for a cash retainer at a stated unit reference price, while 60.544 units were a gratis 20% premium. Inclusion of dividend-equivalent reinvestment (68.25 units) indicates continued use of equity-based retainers and dividend reinvestment to conserve cash and align incentives. This filing is standard for director pay and contains no disclosures of accelerated vesting, special one-time awards, or changes to compensation plans.

Securities Analyst

TL;DR The transaction is a non-cash director grant and is unlikely to be materially market-moving for XEL given scale relative to outstanding shares.

The Form 4 reports an acquisition code for 363.269 stock-equivalent units, with a notional reference price noted for part of the grant. The filing clarifies the makeup: units in lieu of cash retainer, a 20% premium portion granted at no cost, and reinvested dividend equivalents. The post-transaction beneficial ownership is reported as 21,088.135 shares/equivalents. There are no derivative transactions, sales, or special dispositions recorded. From a disclosure standpoint, this is a routine director equity grant consistent with standard compensation practices.

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).

1. Name and Address of Reporting Person^*

KAMPLING PATRICIA L

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/28/2025

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	09/28/2025		A		363.269(1)	A	$0(2)	21,088.135(3)	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. Retainer granted in the form of stock equivalent units payable in whole shares of common stock following termination of the reporting person's service as director and fractional units are payable at such time in cash.

2. Of the 363.269 stock equivalent units, 302.725 were granted at a price of $79.28 per unit in lieu of the reporting person's quarterly cash retainer, and 60.544 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

3. Includes 68.25 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

	Kristin L. Westlund, Attorney in Fact for Patricia L. Kampling	09/30/2025
	** 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.

FAQ

What did Patricia L. Kampling report on the Form 4 for XEL?

The Form 4 reports an acquisition of 363.269 stock-equivalent units on 09/28/2025, resulting in 21,088.135 shares/units beneficially owned.

How were the 363.269 units composed?

The filing states 302.725 units were granted in lieu of a quarterly cash retainer at a referenced price of $79.28 per unit and 60.544 units were granted at no cost as a 20% premium on the retainer amount; 68.25 units came from reinvested dividend equivalents.

Was any cash sale or option exercise reported in this Form 4 for XEL?

No. The Form 4 reports an acquisition of stock-equivalent units and does not show any sales, dispositions, or derivative exercises.

Who signed the Form 4 and when was it dated?

The form was signed by Kristin L. Westlund, Attorney in Fact for Patricia L. Kampling and dated 09/30/2025.

Does the filing indicate accelerated vesting or special one-time awards?

The filing provides details on the grant composition but does not disclose any accelerated vesting or other special one-time award provisions.