[Form 4] Xcel Energy, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Michael G. Lamb, who is listed as a director and as EVP, Chief Delivery Officer of Xcel Energy Inc. (XEL), reported transactions dated 09/04/2025 on a Form 4 filed 09/05/2025. The filing shows a disposition of 24,508.444 shares of XEL common stock at $0 (coded as a gift) and a contemporaneous acquisition of 24,508.444 shares recorded as indirect ownership through the Michael G. Lamb Family Trust. Following the reported transactions, the form lists 7,474.12 shares as directly owned and 1,995.876 shares held in the Xcel Energy 401(k) Savings Plan (per a plan statement dated 08/29/2025). The filing includes an explanatory note that the shares were gifted to a revocable trust for the benefit of the reporting person’s wife. The Form 4 was signed by Kristin L. Westlund as attorney-in-fact.

Positive

• Transaction transparency: The Form 4 clearly discloses the gift and the resulting indirect ownership via the Michael G. Lamb Family Trust.
• Timely filing: The Form 4 was executed and filed promptly (transactions dated 09/04/2025, form signed 09/05/2025).
• Explanatory notes included: The filing explicitly explains the gift and documents 401(k) holdings as of 08/29/2025.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider moved shares into a family trust via gift; transaction appears administrative, not a sale.

The Form 4 discloses a non-cash transfer of 24,508.444 XEL shares on 09/04/2025, recorded as a gift and reclassified to indirect ownership via a revocable family trust. Such transfers commonly reflect estate or family planning rather than a change in economic exposure to the issuer. The filing also reconfirms 1,995.876 shares held in the company 401(k) as of 08/29/2025. There are no cash proceeds reported and no derivative activity disclosed. From a financial-impact standpoint, this Form 4 does not indicate material changes to outstanding insider holdings that would immediately affect company valuation.

Corporate Governance Expert

TL;DR: The disclosure is routine and compliant; the gift to a revocable trust is explicitly documented.

The Form 4 provides clear itemization of non-derivative transfers and includes an explanatory footnote specifying the gift to a revocable trust for the benefit of the reporting person’s spouse. The filing was executed by an attorney-in-fact and signed on 09/05/2025, consistent with Form 4 execution practices. No indications of beneficial ownership relinquishment beyond the trust reclassification are present. This is a standard insider reporting event from a governance and compliance perspective.

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^*

Lamb Michael G.

(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 Delivery Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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	09/04/2025		G		24,508.444(1)	D	$0	7,474.12	D
Common Stock	09/04/2025		G		24,508.444(1)	A	$0	24,508.444(1)	I	By Michael G. Lamb Family Trust
Common Stock								1,995.876(2)	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

Explanation of Responses:

1. The shares were gifted to a revocable trust for the benefit of the reporting person's wife.

2. Shares held in the Xcel Energy Stock Fund under the Xcel Energy 401(k) Savings Plan as of a plan statement dated August 29, 2025.

	Kristin L. Westlund, Attorney in Fact for Michael G. Lamb	09/05/2025
	** 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 Michael G. Lamb report on the XEL Form 4?

The Form 4 reports a disposition (gift) of 24,508.444 XEL shares on 09/04/2025 and a simultaneous recording of 24,508.444 shares as indirect ownership via the Michael G. Lamb Family Trust.

Was any cash received from the transaction reported on the Form 4 for XEL?

No cash was reported; the price is listed as $0, and the filing explains the transfer was a gift to a revocable trust.

How many XEL shares does Michael G. Lamb still directly and indirectly own after the transaction?

The filing shows 7,474.12 shares as directly owned and 24,508.444 shares as indirectly owned through the family trust, plus 1,995.876 shares in the Xcel Energy 401(k) plan per an 08/29/2025 statement.

Who signed the Form 4 for Michael G. Lamb and when?

The Form 4 was signed by Kristin L. Westlund, Attorney in Fact for Michael G. Lamb on 09/05/2025.

Does the Form 4 show any derivative transactions for XEL by Michael G. Lamb?

No derivative securities (options, warrants, or similar) are reported in Table II of this Form 4.