XCEL ENERGY INC

Overview

Xcel Energy Inc. is a U.S. regulated electric and natural-gas utility. Through its utility businesses, it generates, purchases, transmits, distributes, and sells electricity, and in some areas provides natural-gas transportation and distribution. Its service territory spans parts of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin.[1]+3

For the year ended December 31, 2025, Xcel Energy reported $14.669 billion in consolidated operating revenue. The company’s About page reports approximately 3.7 million electricity customers and 2.1 million natural-gas customers, and its 2025 sustainability report gives a workforce of 11,500 employees. Its stated mission is “To make energy work better for our customers, helping them thrive every day.” [5]+3 [1]+6

Products & services

Xcel Energy’s principal customer offerings are regulated electric and natural-gas services. Electric service encompasses generating or purchasing electricity and transmitting, distributing and selling it; natural-gas service includes purchasing, transporting, distributing and selling gas, as well as transporting customer-owned gas.[1]

The company also offers customer programs such as rebates for efficient heating and cooling equipment, insulation and air sealing, smart thermostats, EV chargers and wiring, and refrigerator recycling. EV-related offerings include home-charging plans, rebates and rate or program options; business offerings include equipment rebates, energy assessments, building-efficiency support, renewable-energy options and demand-management rates. Program availability varies by service area.[8]+2 Renewable options for businesses include wind, solar, renewable subscriptions and on-site generation.[11]

For the first half of 2026, regulated electric and natural-gas utility operating revenues were $5.716 billion and $1.395 billion, respectively.[2] In 2025, the two segments generated $12.160 billion and $2.452 billion, respectively—approximately 82.9% and 16.7% of consolidated operating revenue of $14.669 billion.[12] [1]+6

Geographic presence

Xcel Energy’s utility operations are concentrated in the United States, serving customers across Minnesota, North Dakota, South Dakota, Wisconsin, Michigan, Colorado, New Mexico and Texas [13][14]. Its utility territories include Minnesota, North Dakota and South Dakota for NSP-Minnesota; Wisconsin and Michigan for NSP-Wisconsin; Colorado for Public Service Company of Colorado; and Texas and New Mexico for Southwestern Public Service Company [15]+3. The 2025 report lists approximately 1.6 million electric and 0.6 million natural-gas customers for NSP-Minnesota; 0.3 million electric and 0.1 million gas customers for NSP-Wisconsin; 1.6 million electric and 1.5 million gas customers for Public Service Company of Colorado; and 0.4 million electric customers for Southwestern Public Service Company [15]+3.

The company’s principal executive offices are at 414 Nicollet Mall, Minneapolis, Minnesota [19]. Xcel reported 11,500 employees companywide in its 2025 sustainability-report summary; a geographic breakdown of employees was not identified [6]. The available figures report revenue by utility business type rather than by state or region, so a geographic revenue allocation is not provided [12]. [13]+10

Business segments

For FY2025, Xcel Energy reported two segments: Regulated Electric Utility, which generates, purchases, transmits, distributes and sells electricity, and Regulated Natural Gas Utility, which purchases, transports, stores, distributes and sells natural gas. The electric business operates across Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin; the gas business operates primarily in portions of Colorado, Michigan, Minnesota, North Dakota and Wisconsin.[20][21]

The Regulated Electric Utility reported $12.160 billion in operating revenue, approximately 82.9% of consolidated operating revenue; the Regulated Natural Gas Utility reported $2.452 billion, approximately 16.7%. The percentages use consolidated FY2025 operating revenue of $14.669 billion as the denominator.[22] The company also reports utility operating companies separately, but aggregates state-level utility activities into its two reportable segments.[20][21] [20]+4

Company history

Xcel Energy’s history traces through several predecessor utilities. Denver Gas Company began supplying gas for street lighting in 1869, part of the Colorado utility lineage that later included Public Service Company of Colorado; an early power milestone in the state was the 1891 Ames hydroelectric plant.[23] Northern States Power Company, another major predecessor, began serving gas and electric customers in Minnesota in 1909.[24] In 1924, Northern States Power of Minnesota acquired Wisconsin-Minnesota Light and Power and renamed it NSP-Wisconsin.[25]

In 1997, Public Service Company of Colorado and Southwestern Public Service Company merged to form New Century Energies.[26] New Century Energies and Northern States Power merged in August 2000 to create Xcel Energy.[27]

Sources

• XCEL ENERGY INC — Full financial report (2025 Y)
  12 citations

  [1][2][3][5][7][15][16][17][18][20][21][22]
• co.my.xcelenergy.com[4]
• stories.xcelenergy.com[6]
• co.my.xcelenergy.com[8]
• mn.my.xcelenergy.com[9]
• www.xcelenergy.com[10]
• co.my.xcelenergy.com[11]
• XCEL ENERGY INC — Full financial report (2026 Q 2)
  3 citations

  [12][13][19]
• corporate.my.xcelenergy.com[14]
• stories.xcelenergy.com[23]
• corporate.my.xcelenergy.com[24]
• corporate.my.xcelenergy.com[25]
• www.xcelenergy.com[26]
• investors.xcelenergy.com[27]