Welcome to our dedicated page for Xcel Energy SEC filings (Ticker: XEL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Xcel Energy Inc. filings document the regulatory record of a public utility holding company and its electric and natural gas utility subsidiaries. The filings cover operating and financial results, common stock and registered note securities, subsidiary registrants including Northern States Power, Public Service Company of Colorado and Southwestern Public Service Company, and material events reported on Form 8-K.
Company disclosures include proxy materials for annual shareholder voting, board and committee governance, executive compensation matters, debt and liquidity arrangements, equity distribution programs, junior subordinated notes, first mortgage bond transactions and other capital-structure activity. The record also identifies Nasdaq-listed securities under XEL and XELLL and provides formal disclosures tied to utility operations, financing, governance and risk oversight.
XCEL ENERGY INC director Maria Demaree Hutchinson reported a stock award that increased her direct holdings. She acquired 2,253.944 shares of common stock at no cost as a grant or award, bringing her direct position to 3,234.051 shares. This total includes 563.944 stock equivalent units, which are economically equal to common shares and are generally settled in stock after her board service ends, with fractional units paid in cash. The holdings also include 3.645 additional stock equivalent units that came from reinvested dividend equivalents.
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.
Xcel Energy director Charles G. Pardee received an equity award of 2,253.944 shares of common stock on May 21, 2026 at no cost, classified as a grant or award acquisition. Following this transaction, he directly owns 33,311.119 shares, including 0.944 stock equivalent units payable after his board service and 116.383 units acquired through reinvested dividend equivalents. This is a compensation-related award, not an open-market purchase or sale.
XCEL ENERGY INC director Megan D. Burkhart received a grant of stock equivalent units. On this Form 4, she was awarded 2,253.944 stock equivalent units of common stock at no cost, bringing her direct holdings to 23,256.888 stock equivalent units.
The units are economically equivalent to common shares and will generally be settled in common stock after her service as a director ends, with any fractional units paid in cash. The new total includes 148.616 stock equivalent units that were acquired through reinvested dividend equivalents.
XCEL ENERGY INC director George J. Kehl received a grant of 2,253.944 stock equivalent units of common stock. These units are the economic equivalent of common shares and will be paid in stock after his service as a director ends, with fractional units settled in cash. Following this award, he holds a total of 19,424.647 shares and stock equivalent units directly. The filing notes that the grant includes 18.045 stock equivalent units and 486.952 shares acquired through the reinvestment of dividend equivalents.
Xcel Energy’s Minnesota gas utility reached a partial settlement in its 2025 Minnesota natural gas rate case. Northern States Power Company – Minnesota originally sought a total revenue increase of $62 million (a 8.2% hike) based on a 2026 forecast test year, including a 10.65% return on equity, a 52.5% equity ratio and $1.5 billion of rate base.
The non‑unanimous settlement instead reflects a smaller total revenue increase of $38 million and a weighted average cost of capital of 7.21%, up slightly from the previously authorized 7.16%. Interim rates of $51 million were already in effect from January 1, 2026. An evidentiary hearing is scheduled for May 11‑12, 2026, with an administrative law judge report due by September 1, 2026 and a Minnesota Public Utilities Commission decision expected in November 2026.
Southwestern Public Service Company, an Xcel Energy subsidiary, is pursuing a New Mexico electric rate case seeking a $168 million revenue increase, equal to 16.0%, based on a future test year ending Nov. 30, 2027. The request assumes a 10.5% return on equity, a 56% equity ratio and a $3.9 billion retail rate base. On May 1, 2026, key intervenors proposed substantially lower outcomes, with total revenue changes of $48 million (Staff), $105 million (NMDOJ), $28 million (NMLCG) and $113 million (LES-FEA), alongside recommended ROEs between 8.10% and 9.75%. Rebuttal testimony is scheduled for May 29, 2026, a hearing on July 7, 2026, and the end of the rate suspension on Nov. 30, 2026, with a final NMPRC decision and rate implementation anticipated in the fourth quarter of 2026.
Xcel Energy Inc. entered into an equity distribution agreement allowing it to offer and sell shares of common stock with an aggregate gross sales price of up to $4,300,000,000 through sales agents and forward transactions. This structure includes traditional at-the-market offerings, “Initially Priced Forward Transactions,” and “Collared Forward Transactions.”
Sales may occur on Nasdaq or through other permitted methods, with sales agent and forward seller commissions of up to 1.00% of the sales price. All shares are registered under an existing Form S-3 shelf registration and a new prospectus supplement dated May 1, 2026.
Xcel Energy Inc. proposes to offer and sell up to $4,300,000,000 of common stock from time to time pursuant to an equity distribution agreement, including through "at-the-market" sales and structured forward transactions.
The prospectus supplement describes two forward structures: initially priced forward transactions and collared forward transactions, each of which may involve borrowed shares, prepayments, price collars, and settlement mechanics that can result in cash proceeds, share issuance, or cash/share obligations depending on election and market outcomes. The company noted $1.480 billion of consolidated short-term borrowings as of March 31, 2026 and disclosed a commission cap of 1.00% per share; the last reported sale price was $82.95 on April 30, 2026.
Xcel Energy Inc. reported higher first-quarter 2026 results and detailed major wildfire-related exposures. Net income rose to $556 million from $483 million, with diluted EPS increasing to $0.89 from $0.84. Ongoing EPS, excluding certain items, was $0.91.
Total operating revenues grew modestly to $4.02 billion from $3.91 billion, driven mainly by higher recovery of electric infrastructure investments, alternative revenue and stronger commercial and industrial electric sales, partly offset by warm weather and lower natural gas usage.
Xcel highlighted substantial wildfire matters. For the Smokehouse Creek Fire Complex, it has recorded an estimated $460 million loss before insurance and about $500 million including legal costs, with only about $90 million of wildfire insurance coverage remaining for the policy period. The company also updated the largely settled Marshall Fire litigation, where settlement payments of $640 million led to prior charges but produced a $22 million insurance recovery benefit this quarter.
Liquidity increased, with cash and cash equivalents rising to $1.76 billion from $274 million, supported by $3.26 billion of new long-term debt issuance and a $1.5 billion term loan facility of which $750 million was drawn. Capital expenditures were elevated at $3.02 billion, reflecting continued investment in regulated utility infrastructure.