Xcel Energy (XEL) EVP Lamb granted 4,655 restricted stock units in Form 4

Rhea-AI Filing Summary

Xcel Energy executive vice president and chief delivery officer Michael G. Lamb reported an equity award of 4,655 restricted stock units of common stock on March 2, 2026. These units vest on December 31, 2028 if he remains employed, and will then convert into an equal number of Xcel Energy common shares.

After this grant, Lamb directly holds 16,654.12 shares of common stock. Indirect holdings include 23,808.444 shares in the Michael G. Lamb Family Trust and 2,023.793 shares in the Xcel Energy Stock Fund within the company 401(k) Savings Plan as of a statement dated March 2, 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

OMB APPROVAL

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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^*

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)
03/02/2026

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	03/02/2026		A		4,655(1)	A	$0	16,654.12	D
Common Stock								23,808.444	I	By Michael G. Lamb Family Trust
Common Stock								2,023.793(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. Represents restricted stock units that vest on December 31, 2028 if the reporting person continues to be employed by Xcel Energy as of such date. Upon vesting, the restricted stock units will be settled in shares of Xcel Energy common stock on a one-for-one basis.

2. Shares held in the Xcel Energy Stock Fund under the Xcel Energy 401(k) Savings Plan as of a plan statement dated March 2, 2026.

	Kristin L. Westlund, Attorney in Fact for Michael G. Lamb	03/04/2026
	** 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.

FAQ

What did Xcel Energy (XEL) executive Michael G. Lamb report in this Form 4?

Michael G. Lamb reported receiving an award of 4,655 restricted stock units. These units will convert into Xcel Energy common shares if he remains employed through December 31, 2028, aligning his compensation more closely with shareholder outcomes.

When do Michael G. Lamb’s new Xcel Energy restricted stock units vest?

The 4,655 restricted stock units vest on December 31, 2028, contingent on Lamb’s continued employment with Xcel Energy. Upon vesting, each unit will be settled in one share of Xcel Energy common stock, turning the award into actual share ownership.

Did Michael G. Lamb buy or sell any Xcel Energy (XEL) shares for cash?

The filing shows an equity award, not a cash purchase or sale. Lamb received 4,655 restricted stock units at no price per share, which will convert to common stock if vesting conditions are met, rather than representing an open-market transaction.

How many Xcel Energy shares does Michael G. Lamb hold directly after this transaction?

Following the reported award, Lamb directly holds 16,654.12 Xcel Energy common shares. This direct ownership figure is separate from his indirect holdings through the Michael G. Lamb Family Trust and the company’s 401(k) savings plan stock fund.

What indirect Xcel Energy holdings does Michael G. Lamb report?

Lamb reports indirect holdings of 23,808.444 Xcel Energy common shares through the Michael G. Lamb Family Trust. He also holds 2,023.793 shares via the Xcel Energy Stock Fund in the company’s 401(k) Savings Plan, based on a statement dated March 2, 2026.

What does the 401(k) Xcel Energy Stock Fund position represent for Michael G. Lamb?

The 401(k) position represents 2,023.793 shares of Xcel Energy common stock held in the Xcel Energy Stock Fund. This balance comes from the company’s 401(k) Savings Plan statement dated March 2, 2026 and is reported as an indirect ownership interest.