olivLaw · US equity research
Xcel Energy Inc. XEL
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
Xcel Energy Inc. (XEL) is a major U.S. regulated electric and natural gas utility serving customers in eight states. In fiscal 2025 GAAP net income was 2018 million USD, and ongoing diluted EPS was 3.80 USD. For 2026 management reaffirmed ongoing EPS guidance of 4.04 to 4.16 USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Xcel Energy Inc. (XEL) stock was 80.50 USD (+2.21% on the day), with market capitalisation 51.7 bn USD, P/E 18.8 on diluted EPS of 4.29 USD over the last 12 months, dividend yield 2.91%, beta 0.14, 52-week range 69.39–83.91 USD. Latest reported quarter (Q3 2026): net income of 960.0 m USD (+83.2% YoY), diluted EPS 1.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.4
- strong (55–70)
- Bollinger (20, 2)
- 72.77 – 81.12
- in the upper half of the band · %B 0.93 · band width 10.8%
- SMA 50 / 200
- 74.83 / 78.31
- mixed trend
- MACD (12, 26, 9)
- 1.56 / 1.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.6% | −1.1% | +13.7 pp | — |
| 3 months | +4.3% | −0.5% | +4.7 pp | — |
| 6 months | −0.1% | +4.4% | −4.5 pp | — |
| Year to date | +9.0% | +12.3% | −3.3 pp | — |
| 1 year | −1.3% | +13.5% | −14.9 pp | +4.6% |
| 3 years | +31.9% | +76.4% | −44.5 pp | +40.4% |
| 5 years | +26.2% | +63.7% | −37.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Operating income | 347.0 m | 677.0 m | 577.0 m | 749.0 m | 580.0 m | 754.0 m | 706.0 m | 1.2 bn |
| Depreciation & amortisation | 714.0 m | 734.0 m | 727.0 m ≈ | 755.0 m ≈ | 752.0 m | 767.0 m | 657.0 m ≈ | 822.0 m ≈ |
| Interest expense | 319.0 m | 332.0 m | 349.0 m | 384.0 m | 403.0 m | 412.0 m | 443.0 m | 484.0 m |
| Pre-tax income | 167.0 m | 422.0 m | 384.0 m | 532.0 m | 435.0 m | 509.0 m | 526.0 m | 1.0 bn |
| Income tax | -297.0 m | -61.0 m | -60.0 m | 8.0 m | -132.0 m | -47.0 m | -60.0 m | 69.0 m |
| Net income | 464.0 m | 483.0 m | 444.0 m | 524.0 m | 567.0 m | 556.0 m | 586.0 m | 960.0 m |
| Diluted EPS | 0.81 ≈ | 0.84 | 0.75 | 0.88 | 0.95 ≈ | 0.89 | 0.93 | 1.52 |
| Operating cash flow | 664.0 m | 1.0 bn | 1.1 bn ≈ | 1.8 bn ≈ | 209.0 m | 1.7 bn | 1.1 bn ≈ | 2.1 bn ≈ |
| Capex | 2.2 bn | 2.0 bn | 2.4 bn ≈ | 3.1 bn ≈ | 3.4 bn | 3.0 bn | 2.9 bn ≈ | 3.3 bn ≈ |
| Dividends paid | 304.0 m | 306.0 m | 319.0 m ≈ | 329.0 m ≈ | 328.0 m | 347.0 m | 361.0 m ≈ | 362.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 14 percentile of its own 44-quarter history (min 15.9, median 21.0, max 26.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.5 bn | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | +1.2% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.0 bn |
| Net income YoY | +9.8% | +8.8% | +7.4% | +8.4% | +8.7% | +2.0% | +9.3% | +4.2% |
| Diluted EPS | 2.47 | 2.64 | 2.79 | 2.96 | 3.17 | 3.21 | 3.44 | 3.42 |
| Diluted EPS YoY | +9.8% | +6.9% | +5.7% | +6.1% | +7.1% | +1.3% | +7.2% | −0.6% |
| net % | 10.9% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -835.0 m | -962.0 m | -2.5 bn | -2.1 bn | -706.0 m | -527.0 m | -2.7 bn | -6.8 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 274.0 m USD
- Financial debt
- 33.9 bn USD
- Net debt
- 33.6 bn USD
- Equity
- 23.6 bn USD
- Total assets
- 81.4 bn USD
- Debt / equity
- 1.44x
- Current ratio
- 0.71x
- ROE
- 9.4%
- ROA
- 2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating income | 2.1 bn | 2.2 bn | 2.4 bn | 2.5 bn | 2.4 bn | 2.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 2.0 bn | 2.1 bn | 2.4 bn | 2.5 bn | 2.8 bn | 3.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 4.1 bn ≈ | 4.3 bn ≈ | 4.9 bn ≈ | 5.0 bn ≈ | 5.2 bn ≈ | 5.6 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 840.0 m | 842.0 m | 953.0 m | 1.1 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 1.5 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | -6.0 m | -70.0 m | -135.0 m | -146.0 m | -402.0 m | -245.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 1.5 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 2.79 | 2.96 | 3.17 | 3.21 | 3.44 | 3.42 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 528.0 m | 540.0 m | 547.0 m | 552.0 m | 563.0 m | 589.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | — | — | 1.95 | 2.08 | 2.19 | 2.28 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 129.0 m | 166.0 m | 111.0 m | 129.0 m | 179.0 m | 274.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | 916.0 m | 1.0 bn | 1.4 bn | 1.3 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 535.0 m | 631.0 m | 803.0 m | 711.0 m | 666.0 m | 761.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | 3.3 bn | 4.2 bn | 5.1 bn | 4.1 bn | 4.3 bn | 5.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 43.0 bn | 45.5 bn | 48.3 bn | 51.6 bn | 57.2 bn | 65.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 54.0 bn | 57.9 bn | 61.2 bn | 64.1 bn | 70.0 bn | 81.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 1.2 bn | 1.4 bn | 1.8 bn | 1.7 bn | 1.8 bn | 2.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 584.0 m | 1.0 bn | 813.0 m | 785.0 m | 695.0 m | 1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 20.1 bn | 22.4 bn | 24.0 bn | 25.5 bn | 27.3 bn | 32.3 bn | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | 4.2 bn | 5.0 bn | 6.1 bn | 5.7 bn | 6.5 bn | 7.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 14.6 bn | 15.6 bn | 16.7 bn | 17.6 bn | 19.5 bn | 23.6 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.8 bn | 2.2 bn | 3.9 bn | 5.3 bn | 4.6 bn | 4.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 5.4 bn | 4.2 bn | 4.6 bn | 5.9 bn | 7.4 bn | 10.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -2.5 bn ≈ | -2.1 bn ≈ | -706.0 m ≈ | -527.0 m ≈ | -2.7 bn ≈ | -6.8 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -4.7 bn | -4.3 bn | -4.7 bn | -5.9 bn | -7.4 bn | -11.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 1.8 bn | 2.1 bn | 666.0 m | 617.0 m | 2.8 bn | 7.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 856.0 m | 935.0 m | 1.0 bn | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 39 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 51.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet10
- Growth63
- Quality0
- Returns60
- Valuation51
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 29.96 – 96.65 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Dividend discount (DDM)29.96 – 40.29 (Mid 34.37)
- Peers: EV/EBITDA44.77 – 76.58 (Mid 64.96)8 companies used · median multiple 12.8x · quartiles 10.7x – 14.0xAEE, CMS, DUK, EVRG, EXC, LNT, NI, WEC
- Peers: P/E85.02 – 96.65 (Mid 89.15)10 companies used · median multiple 20.8x · quartiles 19.8x – 22.5xAEE, CMS, DUK, ED, EVRG, EXC, LNT, NI, PEG, WEC
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 39/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.6% | 0 (vs peers) | 7% |
| Net margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.5% | 35 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 8.4% | 84 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 6.1x | 13 (vs peers) | 14% |
| Interest coverage · Balance sheet | 1.9x | 10 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 18.8x | 73 (vs peers) | 14% |
| EV/EBITDA · Valuation | 14.4x | 25 (vs peers) | 11% |
| Dividend yield · Returns | 2.9% | 45 (vs peers) | 16% |
| Payout ratio (EPS) · Returns | 54.5% | 92 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 3/3 factors with a value
- Growth63/100 · 2/2 factors with a value
- Quality· partial0/100 · 1/2 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation51/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
XCEL ENERGY INC (XEL). Latest full fiscal year: 2018; data up to 2026-09-30.
Figures computed from the financial statements: YoY growth 1.2%; ROE 11.4%; net debt/EBITDA 6.1x.
The estimated value range is 44.77–76.58 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 64.96 USD, the price of 80.50 USD leaves a potential of -19.3% (value / price − 1) and a margin of safety of -23.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 39/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 8.4%
- P/E (TTM): 18.8x
- Payout ratio (EPS): 54.5%
What contradicts it
- ROIC: 4.6%
- Net debt / EBITDA: 6.1x
- Interest coverage: 1.9x
- Current ratio: 0.7x
- EV/EBITDA: 14.4x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin.
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 6.2 bn and 394.3 bn (within 8× of the company's); 6 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −1% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
1- and 3-year price returns: for XEL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Xcel Energy Inc. (XEL) is a major U.S. regulated electric and natural gas utility serving customers in eight states. In fiscal 2025 GAAP net income was 2018 million USD 1, and ongoing diluted EPS was 3.80 USD 1. For 2026 management reaffirmed ongoing EPS guidance of 4.04 to 4.16 USD 3.
SWOT
Strengths
- A base of regulated customers provides fairly predictable revenue, and the group has a long history of dividend growth.
- Its geographic footprint offers access to strong wind and solar resources, which supports competitive energy costs for customers.
- Operating efficiency programs have generated cumulative savings for customers and supported investment recovery.
Weaknesses
- Exposure to fuel and purchased power costs can affect margins if cost recovery through rates is delayed.
- Exposure to wildfire risk has produced large litigation and settlement costs in recent periods.
- Rising debt and interest charges have reduced earnings per share in some periods.
Opportunities
- Growth in data center and electrification demand could expand the regulated asset base and approved investment.
- Investment in renewables and storage can open new recoverable spending if regulatory approvals are favorable.
- Economic development projects in the service territories could bring new investment and local jobs.
Threats
- Changes in federal policy on renewables could slow planned clean energy development.
- Extreme weather and wildfires could exceed insurance coverage and affect results.
- Pressure for lower rates could limit cost recovery and recovery of infrastructure investment.
Risks
- Operational and safety riskshigh
Operating gas and electric networks involves risks of accidents, explosions and outages that can cause financial losses and penalties if not covered by insurance 1.
- Wildfire riskhigh
The company cites exposure to wildfires, and an extreme event could exceed insurance coverage, as seen in the Marshall Wildfire settlement 1.
- Regulatory and cost-recovery riskmedium
The ability to recover fuel costs and investments depends on regulators in each state, and delays can affect cash flow 12.
- Energy market riskmedium
Fluctuations in fuel and energy prices can affect customers and credit exposure, and hedging may not fully protect against sharp market moves 1.
- Cost and access to capitallow
A credit rating downgrade or higher financing costs could raise interest expense and limit access to capital markets 12.
Investment thesis
What would need to be true (bull case)
- Rising electricity demand, supported by data centers and electrification, could sustain steady growth in the regulated asset base and earnings per share.
- The large five-year capital plan offers visible growth in revenue if regulatory approvals remain on track.
- A long record of meeting guidance and growing the dividend may support investor confidence if execution stays consistent.
What would break the thesis
- Litigation and wildfire costs could recur and may exceed insurance coverage, affecting results.
- Higher interest expense and debt could compress margins if financing costs remain elevated.
- Affordability politics and rate pressure could delay cost recovery, and regulatory changes are hard to anticipate.
What to watch
- Delivery against 2026 ongoing EPS guidance2026
- Growth in data center and large-customer electric salesQ3 2026
- Trend in financing costs and any equity issuance2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Xcel Energy is a major regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota, serving customers in eight states 1. It serves about 3.9 million electric customers and 2.2 million natural gas customers through four utility subsidiaries: NSP-Minnesota, NSP-Wisconsin, PSCo and SPS 1. Total assets of the utility subsidiaries were 81.4 billion USD at year-end 2025 1.
The strategy rests on three priorities: customers, people and performance, with emphasis on keeping bills as low as possible and on the clean energy transition 1. The company plans 60 billion USD of capital investment over five years for reliability, resiliency and demand growth 1, of which about 29 billion USD is focused on transmission and distribution in 2026 to 2030 1.
Market context
Xcel Energy operates as a regulated utility in eight U.S. states, with demand supported by data centers, industrial electrification and electric vehicles, which the company says it serves through grid expansion 1. Electric sales growth and recovery of infrastructure investment are the main drivers of earnings per share, and results are seasonal and weather-sensitive 12.
Trends
- Data center and AI demand growthmixed
The company links rising demand to AI, data centers and electrification, which could support grid investment if these loads materialize 1. The risk is that very large loads can change resource planning and create unrecovered costs if demand falls short of expectations 1.
- Clean energy transitionmixed
Capital plans include wind, solar and battery storage alongside new natural gas generation for reliability, while federal policy toward renewables is described as uncertain 1. The targets are ambitious, and regulatory changes could alter the pace and cost of investment 1.
- Customer affordability pressureheadwind
Management emphasizes keeping long-term bill growth at inflation through cost control and efficiency programs 1. Political pressure for lower rates could limit cost recovery if rate adjustments are delayed 1.
- Cost of financingheadwind
Higher interest charges in 2026 reduced earnings per share, and equity issuance could dilute shareholders if additional funding is needed 2. Higher debt levels could weigh on margins if rates stay elevated 2.
Competitive position
Xcel Energy operates in regional territories where it is the principal regulated utility, so direct competition comes mainly from other utilities in the same states and from independent power producers 1. The sources do not identify listed competitors explicitly, and the competitive risks cited relate to new capacity, excess supply and shifting demand 1.
Transmission markets are run by regional operators such as MISO and SPP, which influence grid access and energy prices, and competition for resources could raise costs 1. The company views its resource mix and state regulation as the main factors shaping its long-term competitive position 1.
- Other regional utilities
Utilities operating in the same regions that may compete for investment and resources but are not named as direct competitors in the sources.
- Independent power producers
Entities that generate and sell power in wholesale markets, competing with the company's own generation under some market conditions.
- Regional transmission operators
Organizations such as MISO and SPP that administer grid access and can influence transmission earnings, though they are not direct competitors.
- Capacity and storage developers
New resource developers that could enter the market as demand and renewable and storage capacity grow.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Xcel Energy Stock: Is XEL Outperforming the Utility Sector?Yahoo Finance — News · 14 Sept 2026 · EN
- Xcel Building More Modern, Resilient, Sustainable Grid, Says CEO FrenzelBloomberg Markets · 03 Jun 2026 · EN
The latest news item in our archive is from 14 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report03 Nov 2026Other events · Financial statements and exhibits
- Current report02 Nov 2026Other events · Financial statements and exhibits
- Current report30 Oct 2026Other events · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report09 Oct 2026Other events
- Current report20 Aug 2026Other events
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 Jul 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Xcel Energy Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Xcel Energy Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Xcel Energy Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.