XELLLNasdaq

XCEL ENERGY INC

Electric & Other Services Combined · MN · CIK 72903

Xcel Energy Inc. provides electricity and natural gas to millions of customers

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Market cap

$23.50

Last close

+0.3%

-0.8%

94K

Volume

Price · last 39 sessions-3.4%

May 4L $23.44 · H $24.47Jun 29

301

Total filings

Jun 25, 2026

Last filing

12/31

Fiscal year end

All 8-K · 195 11-K · 27 10-Q · 25 424B5 · 20 DEFA14A · 10 DEF 14A · 9 10-K · 8 SC 13G · 5

Insider Activity

In the 90 days to Mar 4, 2026: 2 sold $1.4M.

Date	Insider	Action	Shares	Price	Value
Mar 4, 2026	Long Ryan J.EVP, Chief Legal and	Sell	800	$82.91	$66K
Mar 2, 2026	Rome Amanda JEVP, Group President, Utilitie	Sell	15,969	$83.61	$1.3M

Open-market buys & sells (Form 4, transaction codes P/S). Source: SEC structured insider data.

What Changed

Risk factors · Feb 27, 2025 → Feb 25, 2026

30 added · 48 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

While we carry liability insurance, given an extreme event, damage amounts could exceed our coverage (as experienced with the Marshall Wildfire settlement in 2025) and negatively impact our results of operations, financial condition or cash flows. 16 Table of Contents We are subject to commodity risks and other risks associated with energy markets and energy production.
Threat actors may use artificial intelligence to enhance their attacks, increasing the frequency, sophistication and potential impact of cyber incidents affecting our IT and OT environment.
Reputational damage could have a material adverse effect and could result in negative customer perception, litigation and increased regulatory oversight.
Credit risk also includes the risk that counterparties that owe us money or product will become insolvent and may breach their obligations.
Advancements in artificial intelligence and large language models may increase cybersecurity threats and operational risks.
Changes in load growth, resource retirements, accreditation of resources, generation performance, extreme weather events, or delays in development or delivery of new resources, including the necessary transmission infrastructure, could affect resource adequacy and system reliability. 15 Table of Contents Most utility investments are planned to be used for decades.
Additionally, due to the uncertainty involved in price movements and potential deviation from historical pricing, our risk management programs may not be effective to protect against significant adverse market fluctuations and our results of operations, financial condition or cash flows could be materially impacted.
We could suffer negative impacts to our reputation as a result of actual or perceived fraud, misconduct, legal or regulatory violations, violations of corporate policies, inappropriate use of social media, or other actions by our employees, directors, third-party contractors or suppliers.
We are subject to comprehensive regulation by federal and state utility regulatory agencies, including siting and construction of facilities, customer service and the rates that we can charge customers. 17 Table of Contents The profitability of our utility operations is dependent on our ability to recover the costs of providing energy and utility services and earn a return on capital investment.
Public policy developments, including legislative actions and electoral changes at the state level, may affect recovery mechanisms or allowed returns and may limit recovery timing or cost allocation, negatively impacting our results of operations, financial condition or cash flows.
If a serious reliability, cybersecurity or safety incident did occur, it could have a material effect on our results of operations, financial condition or cash flows. 20 Table of Contents The continued use of natural gas for both power generation and gas distribution have increasingly become a public policy advocacy target.
If anticipated load growth does not materialize as expected or regulatory cost allocation mechanisms evolve, it could negatively impact our results of operations, financial condition or cash flows.

No longer disclosed

Credit risk is comprised of numerous factors including the price of products and services provided, the overall economy and unemployment rates. 18 Table of Contents Credit risk also includes the risk that counterparties that owe us money or product will become insolvent and may breach their obligations.
Generative Artificial Intelligence, such as large language models like ChatGPT, present a range of challenges and potential risks as we consider impacts to the business.
These challenges involve navigating the complexities of creating and deploying AI models that generate content autonomously.
Senior management presents and communicates a periodic risk assessment to the Board of Directors, providing information on the risks that management believes are material, including financial impact, timing, likelihood and mitigating factors.
Wildfires could jeopardize Xcel Energy’s electric and gas infrastructure and third-party property and result in temporary power outages or shortages in our service territories. 16 Table of Contents We have programs in place to mitigate the physical and financial risks associated with wildfires; however, Xcel Energy’s wildfire mitigation initiatives may not be successful or effective in preventing or reducing wildfire-related losses.
While we carry liability insurance, given an extreme event, if Xcel Energy was found to be liable for wildfire damages, amounts could potentially exceed our coverage and negatively impact our results of operations, financial condition or cash flows.
Due to the uncertainty involved in price movements and potential deviation from historical pricing, Xcel Energy is unable to fully assure that its risk management programs and procedures would be effective to protect against all significant adverse market deviations.
If such actions are taken against us we may suffer loss of reputation and such actions could have a material effect on our financial condition, results of operations and cash flows. 17 Table of Contents Our subsidiary, NSP-Minnesota, is subject to the risks of nuclear generation.
Also, the market for cybersecurity insurance is relatively new and coverage available for cybersecurity events is evolving as the industry matures. 20 Table of Contents Our operating results may fluctuate on a seasonal and quarterly basis and can be adversely affected by milder weather.
If the security were not replaced, the party could be in default under the contract.
Identification and risk analysis occurs formally through risk assessment conducted by senior management, the financial disclosure process, hazard risk procedures, internal audit and compliance with financial and operational controls.
Management also identifies and analyzes risk through the business planning process, development of goals and establishment of key performance indicators, including identification of barriers to implementing Xcel Energy’s strategy.

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