Financial Analysis

Legal Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energys consolidated financial statements. Legal fees are generally expensed as incurred. Gas Trading Litigation e prime is a wholly owned subsidiary of Xcel Energy. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits involving multiple plaintiffs seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompet …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Short-Term Borrowings Short-Term Debt Xcel Energy meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facilities and term loan agreements. Commercial paper and other borrowings outstanding: (Millions of Dollars, Except Interest Rates) Three Months Ended Dec. 31, 2025 Year Ended Dec. 31 2025 2024 2023 Borrowing limit $ 4,750 $ 4,750 $ 3,550 $ 3,550 Amount outstanding at period end 1,550 1,550 695 785 Average amount outstanding 1,622 1,026 508 491 Maximum amount outstanding 2,965 2,965 1,314 1,241 Weighted average interest rate, computed on a daily basis 4.14 % 4.41 % 5.47 % 5.12 % Weighted average interest rate at period end 3.95 3.95 4.64 5.52 Bilateral Credit Agreement In April 2025, NSP-Minnesotas uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit. As of Dec. 31, 2025, NSP-Minnesota had $69 million outstanding letters of credit under the $75 million Bilateral Credit Agreement. Letters of Credit Xcel Energy uses letters of credit, typically with terms of one year, to provide financial guarantees for certain operating obligations. As of Dec. 31, 2025 and 2024, there were $92 million and $42 million of letters of credit outstanding under the credit facilities, respectively. Amounts approximate their fair value. Credit Facilities In order to use commercial paper programs to fulfill short-term funding need …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energys operating revenues consisted of the following: Year Ended Dec. 31, 2025 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 3,904 $ 1,411 $ 3 $ 5,318 C&I 5,948 742 30 6,720 Other 149 10 159 Total retail 10,001 2,153 43 12,197 Wholesale 715 715 Transmission 705 705 Other 69 174 243 Total revenue from contracts with customers 11,490 2,327 43 13,860 Alternative revenue and other 670 125 14 809 Total revenues $ 12,160 $ 2,452 $ 57 $ 14,669 Year Ended Dec. 31, 2024 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 3,552 $ 1,299 $ 11 $ 4,862 C&I 5,420 646 30 6,096 Other 142 9 151 Total retail 9,114 1,945 50 11,109 Wholesale 645 645 Transmission 648 648 Other 64 175 239 Total revenue from contracts with customers 10,471 2,120 50 12,641 Alternative revenue and other 676 110 14 800 Total revenues $ 11,147 $ 2,230 $ 64 $ 13,441 Year Ended Dec. 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 3,560 $ 1,560 $ 59 $ 5,179 C&I 5,703 833 30 6,566 Other 150 13 163 Total retail 9,413 2,393 102 11,908 Wholesale 815 815 Transmission 649 649 Other 63 156 219 Total revenue from contracts with customers 10,940 2,549 102 13,591 Alternative …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Incentive Plan Including Share-Based Compensation Xcel Energy has authorized 13.0 million shares under the Xcel Energy Inc. 2024 Equity Incentive Plan for grants made on May 22, 2024 or later and 6.0 million shares under the Amended and Restated 2015 Omnibus Incentive Plan for grants made prior to May 22, 2024. Xcel Energys Board of Directors has granted share based awards under these plans, which include various service, performance and market conditions. Following measurement at the end of a three-year restricted period settlement in shares or cash will occur if these conditions are met. Awards granted in 2023 and 2024 with conditions incremental to service requirements contain goals based on environmental performance or Xcel Energy TSR relative to a peer group of utility companies. For 2025, awards with conditions incremental to service contain goals based on EPS, operations and environmental performance, each with adjustments for relative TSR ranking. Equity award units granted to employees: (Units in Thousands) 2025 2024 2023 Granted units (a) 683 658 586 Weighted average grant date fair value $ 68.19 $ 63.02 $ 67.06 (a) Includes 2025, 2024 and 2023 grants of 379, 457 and 413 units (each in thousands), respectively, subject only to service conditions. Equity awards vested: (Units in Thousands, Fair Value in Millions) 2025 2024 2023 Vested Units 502 282 329 Total Fair Value $ 37 $ 19 $ 20 Changes in the nonvested portion of equity award units: (Units in Thousands) Units W …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value. Level 1 Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices. Level 2 Pricing inputs are other than actual trading prices in active markets but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs. Level 3 Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation. Specific valuation methods include: Investments in equity securities and other funds Equity securities are valued using quoted prices in active markets. The fair values for commingled funds and partnerships are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled funds require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. Effective income tax reconciliation for years ended Dec. 31: (Millions of Dollars) 2025 2024 2023 Income before income taxes (domestic) $ 1,773 $ 1,534 $ 1,625 Federal statutory rate impact 372 322 341 (Decreases) increases in tax from: Tax credits PTCs (a) (569) (663) (455) Other (14) (16) (17) Regulatory adjustments (b) Plant related excess deferred taxes (87) (87) (83) AFUDC equity (58) (34) (19) Other 29 14 17 State income taxes, net of federal tax effect (c) 78 58 73 Other 4 4 (3) Income tax benefit $ (245) $ (402) $ (146) 2025 2024 2023 Federal statutory rate 21.0 % 21.0 % 21.0 % (Decreases) increases in tax from: Tax credits PTCs (a) (32.3) (43.2) (28.1) Other (0.8) (1.1) (1.1) Regulatory adjustments (b) Plant related excess deferred taxes (4.9) (5.6) (5.1) AFUDC equity (3.2) (2.2) (1.2) Other 1.6 0.9 1.0 State income taxes, net of federal tax effect (c) 4.4 3.8 4.5 Other 0.4 0.2 Effective income tax rate (13.8) % (26.2) % (9.0) % (a) Wind, Solar and Nuclear PTCs (net of transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings. (b) Regulatory adjustments primarily relate to the credit of plant related excess deferred taxes to customers for tax rate increases as well as the capitalization of AFUDC equity for book purposes only. Income tax benefits assoc …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

11. Benefit Plans and Other Postretirement Benefits Pension and Postretirement Health Care Benefits Xcel Energy has several noncontributory, qualified, defined benefit pension plans that cover almost all employees. All newly hired or rehired employees participate under the Cash Balance formula, which is based on pay credits using a percentage of annual eligible pay and annual interest credits. The average annual interest crediting rates for these plans was 4.76, 4.90 and 4.72% in 2025, 2024, and 2023, respectively. Some employees may participate under legacy formulas such as the traditional final average pay or pension equity. Xcel Energys policy is to fully fund into an external trust the actuarially determined pension costs subject to the limitations of applicable employee benefit and tax laws. In addition to the qualified pension plans, Xcel Energy maintains a nonqualified pension plan, which provides benefits for compensation that is in excess of the limits applicable to the qualified pension plans, with distributions funded by Xcel Energys consolidated operating cash flows. Obligations of the nonqualified plan as of Dec. 31, 2025 and 2024 were $13 million. Xcel Energy recognized net benefit cost for the nonqualified plan of $3 million in 2025 and $2 million in 2024. Xcel Energys postretirement health care benefit plan is a continuation of certain welfare benefit programs for current employees. A full-time employees date of hire or a retirees date of retirement determine …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energys operating revenues consisted of the following: Year Ended Dec. 31, 2025 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 3,904 $ 1,411 $ 3 $ 5,318 C&I 5,948 742 30 6,720 Other 149 10 159 Total retail 10,001 2,153 43 12,197 Wholesale 715 715 Transmission 705 705 Other 69 174 243 Total revenue from contracts with customers 11,490 2,327 43 13,860 Alternative revenue and other 670 125 14 809 Total revenues $ 12,160 $ 2,452 $ 57 $ 14,669 Year Ended Dec. 31, 2024 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 3,552 $ 1,299 $ 11 $ 4,862 C&I 5,420 646 30 6,096 Other 142 9 151 Total retail 9,114 1,945 50 11,109 Wholesale 645 645 Transmission 648 648 Other 64 175 239 Total revenue from contracts with customers 10,471 2,120 50 12,641 Alternative revenue and other 676 110 14 800 Total revenues $ 11,147 $ 2,230 $ 64 $ 13,441 Year Ended Dec. 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 3,560 $ 1,560 $ 59 $ 5,179 C&I 5,703 833 30 6,566 Other 150 13 163 Total retail 9,413 2,393 102 11,908 Wholesale 815 815 Transmission 649 649 Other 63 156 219 Total revenue from contracts with customers 10,940 2,549 102 13,591 Alternative …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Xcel Energys chief operating decision maker, the CEO, sets financial performance objectives and budgets and establishes separate targets for the regulated electric utility net income of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility net income of NSP-Minnesota, NSP-Wisconsin and PSCo. The regulated electric utility and regulated natural gas utility segments are managed separately because of inherent differences between activities to serve electric customers and those required to serve natural gas customers, and as the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. The CEO assesses financial performance, including quarterly and annual budget-to-actual and year-over-year variances in revenues and expenses, to inform operating decisions, capital investments and cost recovery strategies. Xcel Energy has the following reportable segments: Regulated Electric Utility The regulated electric utility segment generates, purchases, transmits, distributes and sells electricity in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin; each states regulated electric utility activities qualify as an operating segment, and is aggregated into Xcel Energys regulated electric utility segment. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utilit …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

General Xcel Energy Inc.s utility subsidiaries are engaged in the regulated generation, purchase, transmission, distribution and sale of electricity and the regulated purchase, transportation, distribution and sale of natural gas. Xcel Energys regulated operations include the activities of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS. These utility subsidiaries serve electric and natural gas customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Also included in regulated operations are WGI, an interstate natural gas pipeline company, and WYCO, a joint venture with CIG to develop and lease natural gas pipeline and storage facilities. Xcel Energy Inc.s nonregulated subsidiaries include: Nonregulated Subsidiary Purpose Eloigne Invests in rental housing projects that qualify for low-income housing tax credits. Capital Services Procures equipment for Xcel Energy subsidiaries for construction of generation facilities and for other items with long lead times. Xcel Energy Venture Holdings, Inc. Invests in limited partnerships, including funds with portfolios of investments in energy technology companies. Nicollet Project Holdings Invests in nonregulated assets such as the Minnesota community solar gardens. Xcel Energy Inc. owns the following additional direct subsidiaries, some of which are intermediate holding companies with additional subsidiaries: Direct Subsidiary Xcel Energy Wholesale Group Inc. Xcel Energy Markets Hol …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Legal Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energys consolidated financial statements. Legal fees are generally expensed as incurred. 2024 Smokehouse Creek Fire Complex On February 26, 2024, multiple wildfires began in the Texas Panhandle, including the Smokehouse Creek Fire and the 687 Reamer Fire, which burned into the perimeter of the Smokehouse Creek Fire (together, referred to herein as the Smokehouse Creek Fire Complex). The Texas A&M Forest Service issued incident reports that determined that the Smokehouse Creek Fire and the 687 Reame …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Short-Term Borrowings Short-Term Debt Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements. Commercial paper and term loan borrowings outstanding for Xcel Energy: (Amounts in Millions, Except Interest Rates) Three Months Ended June 30, 2026 Year Ended Dec. 31, 2025 Borrowing limit $ 6,250 $ 4,750 Amount outstanding at period end 2,510 1,550 Average amount outstanding 1,863 1,026 Maximum amount outstanding 2,510 2,965 Weighted average interest rate, computed on a daily basis 4.38 % 4.41 % Weighted average interest rate at period end 4.31 3.95 Revolving Credit Facilities In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal to or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. As of June 30, 2026, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available: (Millions of Dollars) Credit Facility (a) Drawn (b) Available Xcel Energy Inc. $ 2,000 $ 965 $ 1,035 PSCo 1,200 48 1,152 NSP-Minnesota 800 44 756 SPS 600 45 555 NSP-Wisconsin 150 150 Total $ 4,750 $ 1,102 $ 3, …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energys operating revenues consisted of the following: Three Months Ended June 30, 2026 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 803 $ 184 $ 1 $ 988 C&I 1,324 105 6 1,435 Other 31 2 33 Total retail 2,158 289 9 2,456 Wholesale 89 89 Transmission 190 190 Other 13 44 57 Total revenue from contracts with customers 2,450 333 9 2,792 Alternative revenue and other 290 32 5 327 Total revenues $ 2,740 $ 365 $ 14 $ 3,119 Three Months Ended June 30, 2025 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 881 $ 212 $ $ 1,093 C&I 1,474 119 7 1,600 Other 38 2 40 Total retail 2,393 331 9 2,733 Wholesale 145 145 Transmission 169 169 Other 22 45 67 Total revenue from contracts with customers 2,729 376 9 3,114 Alternative revenue and other 149 20 4 173 Total revenues $ 2,878 $ 396 $ 13 $ 3,287 Six Months Ended June 30, 2026 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,707 $ 796 $ 2 $ 2,505 C&I 2,716 439 15 3,170 Other 66 4 70 Total retail 4,489 1,235 21 5,745 Wholesale 306 306 Transmission 376 376 Other 25 94 119 Total revenue from contracts with customers 5,196 1,329 21 6,546 Alternative revenue and other 520 66 8 594 Total revenues $ …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value. Level 1 Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices. Level 2 Pricing inputs are other than actual trading prices in active markets but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs. Level 3 Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation. Specific valuation methods include: Investments in equity securities and other funds Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled funds require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense. Effective income tax reconciliation: Three Months Ended June 30 Six Months Ended June 30 (Millions of Dollars) 2026 2025 2026 2025 Income before income taxes (domestic) $ 526 $ 384 $ 1,035 $ 806 Federal statutory rate impact 111 81 217 169 (Decreases) increases in tax from: Tax credits PTCs (a) (160) (130) (301) (269) Other (3) (4) (6) (8) Regulatory adjustments (b) AFUDC equity (17) (10) (35) (23) Plant related excess deferred taxes (12) (13) (27) (27) Other 3 4 7 7 State income taxes, net of federal tax effect (c) 20 13 42 26 Other (2) (1) (4) 4 Income tax benefit $ (60) $ (60) $ (107) $ (121) Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % (Decreases) increases in tax from: Tax credits PTCs (a) (30.4) (33.8) (29.1) (33.5) Other (0.6) (1.0) (0.7) (1.0) Regulatory adjustments (b) AFUDC equity (3.3) (2.7) (3.4) (2.8) Plant related excess deferred taxes (2.3) (3.5) (2.6) (3.3) Other 0.6 1.0 0.8 0.8 State income taxes, net of federal tax effect (c) 3.8 3.3 4.0 3.3 Other (0.2) 0.1 (0.3) 0.5 Effective income tax rate (11.4) % (15.6) % (10.3) % (15.0) % (a) Wind and Solar PTCs (net of transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings. (b) Regulatory adjustments primarily relate to th …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Components of Net Periodic Benefit Cost (Credit) Three Months Ended June 30 2026 2025 2026 2025 (Millions of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 20 $ 19 $ 1 $ Interest cost (a) 39 39 6 6 Expected return on plan assets (a) (50) (52) (5) (5) Amortization of prior service credit (a) (1) Amortization of net loss (a) 11 7 1 1 Net periodic benefit cost 19 13 3 2 Effects of regulation 2 Net benefit cost recognized for financial reporting $ 19 $ 15 $ 3 $ 2 Six Months Ended June 30 2026 2025 2026 2025 (Millions of Dollars) Pension Benefits Postretirement Health Care Benefits Service cost $ 40 $ 38 $ 1 $ Interest cost (a) 78 78 12 12 Expected return on plan assets (a) (100) (104) (10) (10) Amortization of prior service credit (a) (1) Amortization of net loss (a) 22 14 2 2 Net periodic benefit cost 39 26 5 4 Effects of regulation (1) 4 Net benefit cost recognized for financial reporting $ 38 $ 30 $ 5 $ 4 (a) The components of net periodic cost other than the service cost component are included in the line item Other income, net in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. In January 2026, contributions totaling $75 million were made across Xcel Energys pension plans. Xcel Energy does not expect additional pension contributions during 2026. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energys operating revenues consisted of the following: Three Months Ended June 30, 2026 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 803 $ 184 $ 1 $ 988 C&I 1,324 105 6 1,435 Other 31 2 33 Total retail 2,158 289 9 2,456 Wholesale 89 89 Transmission 190 190 Other 13 44 57 Total revenue from contracts with customers 2,450 333 9 2,792 Alternative revenue and other 290 32 5 327 Total revenues $ 2,740 $ 365 $ 14 $ 3,119 Three Months Ended June 30, 2025 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 881 $ 212 $ $ 1,093 C&I 1,474 119 7 1,600 Other 38 2 40 Total retail 2,393 331 9 2,733 Wholesale 145 145 Transmission 169 169 Other 22 45 67 Total revenue from contracts with customers 2,729 376 9 3,114 Alternative revenue and other 149 20 4 173 Total revenues $ 2,878 $ 396 $ 13 $ 3,287 Six Months Ended June 30, 2026 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 1,707 $ 796 $ 2 $ 2,505 C&I 2,716 439 15 3,170 Other 66 4 70 Total retail 4,489 1,235 21 5,745 Wholesale 306 306 Transmission 376 376 Other 25 94 119 Total revenue from contracts with customers 5,196 1,329 21 6,546 Alternative revenue and other 520 66 8 594 Total revenues $ …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment information and reconciliation to Xcel Energys consolidated net income: Three Months Ended June 30, 2026 (Millions of Dollars) Regulated electric utility Regulated natural gas utility Total segments Operating revenues $ 2,740 $ 365 $ 3,105 Intersegment revenue 1 4 5 Total segment revenues 2,741 369 3,110 Electric fuel and purchased power 678 678 Cost of natural gas sold and transported 93 93 O&M expenses 572 106 678 Depreciation and amortization 546 111 657 Other segment expenses, net 140 23 163 Interest charges and financing costs 265 35 300 Income tax benefit (58) (6) (64) Net income $ 598 $ 7 $ 605 Total segment net income $ 605 Non-segment net loss (19) Consolidated net income $ 586 Three Months Ended June 30, 2025 (Millions of Dollars) Regulated electric utility Regulated natural gas utility Total segments Operating revenues $ 2,878 $ 396 $ 3,274 Intersegment revenue 6 6 Total segment revenues 2,878 402 3,280 Electric fuel and purchased power 918 918 Cost of natural gas sold and transported 134 134 O&M expenses 554 106 660 Depreciation and amortization 617 102 719 Other segment expenses, net 156 27 183 Interest charges and financing costs 213 31 244 Income tax benefit (48) (4) (52) Net income $ 468 $ 6 $ 474 Total segment net income $ 474 Non-segment net loss (30) Consolidated net income $ 444 Six Months Ended June 30, 2026 (Millions of Dollars) Regulated electric utility Regulated natural gas utility Total segments Operating revenues $ 5,716 $ 1,395 $ 7, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2025 appropriately represent, in all material respects, the current status of accounting policies and are incorpora ted herein by reference.

SignificantAccountingPoliciesTextBlock